Project Risk Management

Tony and his team identified some risks during the first month of the Recreation and Wellness Intranet Project. However, all they did was document the risks in a list. They never ranked the risks or developed any response strategies. Because the project has had several problems, such as key team members leaving the company, users being uncooperative, and team members not providing good status information, Tony has decided to be more proactive in managing risks. He also wants to address positive risks as well as negative risks.

Tasks

1. Using the template provided in your instructions, create a risk register for the project (using Table 11-5 on pg 484 as a guide), including negative and positive risks. Identify at least six potential risks, including the (four) risks related to the problems described in the previous paragraph (and in the previous Project #8).
2. Plot the (six or more) risks on a probability/impact matrix template provided, using Figure 11-5 (pg 482) as a guide. Also assign a numeric value for the probability and impact of each risk on meeting the main project objective using a scale of 1 to 10 in assigning the values, with 1 representing the lowest values. For a simple risk factor calculation, multiply the probability score and the impact score. Enter this data in the risk register (from Task 1). Write a rationale for how you determined the scores for one of the negative risks and one of the positive risks.
3. Develop a response strategy (refer to pg 491) for one of the negative risks and one of the positive risks, including what specific tasks would be required to implement the strategy. (Be sure to update all this information on the risk register from Task 1). You may also want to include time and cost estimates for each strategy.

Team Name: Team Member 1: Team Member 2: TASK 1 Team Member 3: Team Member 4: Risk Register for Recreation and Wellness Intranet Project Recreation and Wellness Intranet Project Project Name: Risk Risk Risk Event Rank This Month Rank Last Month Number of Months in Top Ten Risk Resolution Progress Risk Response Strategy ID No. Probability Impact Score 1 2 3 4 5 6 7 8 9 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 10 11 12 * NOTES Your Probability and Impact values shown here should match what you have determined on your matrix in Task 2. Your Risk Score will automatically populate here as there is a formula linking these cells to the values calculated in Task 2. The Risk Response strategies should match with what you have determined in Task 3. Probability/Impact Legend High Medium Low Risk Response Strategy Legend Risk Avoidance Risk Acceptance Risk Transference Risk Mitigation Risk Escalation TASK 2 1) Plot the six risks on a probability/impact matrix (using Figure 11-5 on page 482 as a guide). Label as Risk in the matrix according to the assigned Risk ID No. in Task 1. 2) Assign a numeric value for the probability and impact of each risk on meeting the main project objective using a scale of 1 to 10 (with 1 representing the lowest values) 3) For a simply risk factor calculation multiply the probabiliy score and the impact score 4) Write a rationale for how you determined the risk score of one of the negative risks. 5) Write a rationale for how you determined the risk score of one of the positive risks. Negative Risk Rationale Positive Risk Rationale High PROBABILITY Medium Low Low Medium High IMPACT Note: This table contains preformatted formulas Only fill in the ranking columns and the risk factor will pulate Risk Event Probability Ranking (1-10) Impact Ranking (1-10) Risk Factor 0 0 0 0 0 0 0 0 0 0 0 0 0