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Case Study (Risk Assessment)

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Case Study (Risk Assessment)
Creating a risk matrix in EXCEL
In order to prepare the risk matrix, we have first to identify and list down all the risks that
may be faced during the project of creating the business expense software. Then, we have to rate
the probability and the impact of the risk and classify them.
In our case, the risk factors identified include:
1. The project's key members pulling off
2. Probability of economic downturn during the project
3. The funding of the project being cut
4. Change of the business project scope
5. Poor specification performance
The identified risks can have varying degrees of impact on the project, and their
consequences may be felt.
The consequences of a key team member leaving the project would be severe and
devastating. Since the member possesses extraordinary abilities and competencies that other
team members lack, the project is likely to be delayed, or the project's output may be impacted
(Pinto, 2016).
Because there are indicators of an economic downturn, the risk of a potential economic
downturn will have a moderate impact on the project. The project involves the creation of a new
version of business expense software for the entry, ...