Assignment: Risk Matrix

Assignment: Risk Matrix
Assignment: Risk Matrix
As a project manager for this company, you are to analyze the risks associated with the project. Risks should be identified and defined as cost, probability, impact, and mitigation plans for each risk. Below, you are to provide a risk assessment for the project based on the criteria and template provided.
Identify and name at least three risks and name them (risk name).
Determine the expected costs for each named risk.
Provide expected costs for each of the name risks using clear 2 examples.
Include factored risk value (should automatically calculate using the template 1).Determined risk using clear examples.
Determine the risk impact to project (using the drop-down menu in the template 2).
Provide the Risk Mitigation Plan.Determined the impact of risk on the project for each named risk using 2 examples.
Determined risk end date for each named risk using clear examples.
Assume you’ve been assigned as the project manager for a high-profile project.
The project scope has been determined, key stakeholders have agreed, you’re confident you’ll be able to stick to the budget, and the project team is ready to get started.
They begin working furiously to accomplish the agreed-upon goals — and then, midway through the project, an unforeseen risk appears.
You weren’t expecting this, so you’re not sure how you’ll get the project back on track and see it through to completion.
You might have felt more equipped to overcome the risk if you had identified and assessed it during the project planning phase.
That is the purpose of a risk assessment matrix, and why you will need one for your initiatives.
In project management, what is a risk assessment matrix?
In project management, risks are unforeseen occurrences that may or may not occur and have an impact on the project’s conclusion.
Analyzing and managing risks is a crucial technique in project management, according to the Project Management Institute (PMI).
It increases the likelihood of a successful project completion while minimizing the repercussions of any risks that arise.
Risks can arise in every area of a project, including the budget, resources, processes, and technology, to mention a few.
While it’s tempting to believe that all risks have negative outcomes, it’s important to remember that positive risks can emerge over the project life cycle as well.
A risk assessment matrix (also known as a risk control matrix) is a tool used in project planning during the risk assessment stage.
It’s used to identify and document the possibility of project risks, as well as to assess the possible harm or disruption that such risks could create.
The risk assessment matrix is a visual depiction of the risk analysis that categorizes risks according to their likelihood, severity, and impact.
This tool is a simple, effective approach to acquire a holistic perspective of project risks that all team members and key stakeholders can understand.
What are some of the advantages of using a risk assessment matrix?
You might be wondering if taking the time to assess risks and construct a matrix for each of your projects is worthwhile.
The advantages of a risk assessment matrix are self-evident:
With a clear awareness of the severity of each risk, you can prioritize them.
If several risks materialize, having an overview of all potential risks allows you to weigh them against one another.
This priority will benefit your project team and keep them on track if something goes wrong with the project.
You can plan for the unexpected by devising strategies and allocating resources.
While it’s hard to completely plan for the unexpected, recognising and comprehending the risks that may arise allows you to develop action plans for such unforeseen situations.
The possibility of a project’s completion and success increases when risks are properly planned for.
You’ll lessen or eliminate the impact of any hazards that arise.
The unanticipated repercussions of a danger that isn’t considered ahead of time may appear to be more severe and devastating than a risk that is discovered and addressed early on.
Being aware of the potential effects can help to mitigate or eliminate the impact of a project risk before it occurs.
Prepare for the worst while hoping for the best.