PM4620: Week 4 Improving Risk Assessment Exercise 4.1 Risk Probability and Impact Matrix Consider the following partial risk register for a project: Risk Risk C L Responsibility ID 25 Failure in Catastrophic Possible T. Smith Moderate Unlikely F. Jones Low Likely S. Basu Moderate Possible C. Johnson Very high Almost A. Hidori Thermal Vacuum 31 Parts shortage 32 Increase in overhead rate 41 Late delivery of operation software 56 Inadequate funding certain available for next phase of project 58 Loss of key Insignificant Unlikely personnel 64 Battery N. Adam chewski Very high Possible M. Jansen Moderate Possible G. Reynolds losses charge 72 Detectors fail to meet specifications After analyzing the given partial risk register, do the following: Analyze the risk register and determine the ranking of risks from greatest to smallest, using just the descriptions. Next, calculate the risk factors for each of the risks in the table using the equation in Cooper (page 65, paragraph 5.2): RF = P+C-(P*C) 1 PM4620: Week 4 Improving Risk Assessment Exercise 4.1 Risk Probability and Impact Matrix In order to do this, you will have to convert the likelihood and consequence scores from descriptions to a scale from 0 to 1. (hint: use tables 5.4 and 5.7 for conversions) After calculating the risk factors, list the risks and their risk factor in order from greatest to smallest. Now, perform the following tasks: Task 1: Answer the following questions: How did the risk factor calculation improve your ability to rank the risks? How does having a risk ranking done with the risk factor equation help in focusing on the most strategic risks? Task 2: For at least one risk: Create a risk probability chart and provide an explanation. Analyze the risk impact. Suggest a mitigation measure. Submission Requirements: Save your risk impact matrix in an Excel spreadsheet and your answers to the analytical questions in a minimum of 2 pages, and submit both files to your instructor through the Questa Learning Plan. Include APA formatting for references and in-text citations. Evaluation Criteria: Your instructor will use the Lab Rubric to evaluate your responses. Click here to view the Lab Rubric. 2 Project: Element: Reference: Rating (High- Low) Likelihood indicators Discussion, key assumptions and responses Score ABCDEF Consequence indicators Rating (High- Low) Average likelihood score: Discussion, key assumptions and responses Score ABCDEF Scoring: A B 0.9 AverageConsequence score: C D E F 0.8 0.7 0.5 0.3 Risk factor: Likelihood score+Consequence scoreProduct of scores Compiler: Date: Reveiwer: Date: 0.1 \f