Environmental Project: Risk Assignment: Worth 25% of Final Course Grade

Overview

For this assignment, Team members will identify the most significant risks that could impact their project during the project implementation phase between September 1, 2022, and December 31, 2022. For further clarity, your identified risks should be risks that occur during project implementation and NOT after the project is handed over to the client.

To assist your Team to complete this assignment, login to the MGMT4019 course on Blackboard and review the class 7-10 slide decks which address project risk.

Each Team member will be responsible for identifying, analysing and submitting a risk response for one significant risk to the project. Therefore, the number of risks included in the Teams submission will equal the number of Team members.

Each Team member will complete the Individual Risk Assessment template which is attached to the Risk Assignment located in the Assignments and Peer Evaluation folder on Blackboard. The Individual Risk Assessment template contains sections to provide the following information: risk description and assumptions; risk probability matrix; risk impact assessment matrix and risk responses. 90% of the assignment grade will be based on the information provided in the Individual Risk Assessment template.

The remaining 10% of the course grade will be based on information provided on the Team Risk Assessment template which will be prepared jointly by the Team. The Team Risk Assessment template includes the risk priority matrix and risk log to be completed by the Team.

The assignment is comprised of two parts:

Part 1: Individual Submission (to be completed by each member of the Team) worth 90% of assignment grade using the Individual Risk Assessment template

1. Risk Description:

Each Team member will identify and describe a significant risk associated with this project that has a risk priority score of 4 or higher. Define the risk and why you believe the risk has potential to occur. Also, make sure to list any assumptions related to your chosen risk in the Risk Identification section.

2. Risk Probability:

• Complete the Risk Probability section: Determine the probability of your identified risk. As indicated above, only identify a risk that has at a risk priority score of at least a 4. Risks that have a lower priority score than 4 will not be accepted or graded. Be sure to explain the reasons why you have chosen to include the risk probability in the M or H column. (As stated above low (L) probability risks will not be accepted or graded).

3. Risk Impact:

• Complete the Risk Impact Assessment section to indicate how your identified risks would impact the projects cost, time, scope and/or quality. In addition to identifying the risk impact (L,M,H) you need to provide sufficient explanation to support your risk impact assessment. If you provide percentages you must provide a source to support the percentage. Also ensure that you assess the inherent risk (as opposed to residual risk) when completing your five Risk Impact Assessment Matrices.

4. Risk Response Strategy

• Develop a strategy for responding to the risk that you have identified. Make use of the terminology and tools presented in this course. Be specific regarding which of the risk response strategies you are using. Your risk response should provide sufficient explanation of the strategy you have chosen and why you believe this is an appropriate strategy. You may include both primary and secondary risks, if appropriate.