Risk Matrix

Table 3 is the project's risk matrix. According to PMI (2013),

A probability and impact matrix is a grid for mapping the probability of each risk occurrence and its impact on project objectives if that risk occurs. Risks are prioritized according to their potential implications for having an effect on the project's objectives. A typical approach to prioritizing risks is to use a look-up table or a probability and impact matrix. The specific combinations of probability and impact that lead to a risk being rated as "high", "moderate", or "low" importance are usually set by the organization (p. 13)

Table 3

Risk Matrix (adapted from PMI, 2013)

Project Risk Matrix
VH (.9)	ID	ID	ID	ID	ID
H (.7)	ID	ID	ID	S	ID
M (.5)	ID	ID	ID	ID	ID
L (.3)	ID	ID	ID	ID	ID
VL (.1)	ID	ID	ID	ID	ID
Probability / Impact	VL (.05)	L (.10)	M (.20)	H (.40)	VH (.80)
Notes. The table color indicates the overall risk rating (i.e., High/Red, Moderate/Yellow, Low/Green)

Risk register

Table 4 is the project's risk register.According to PMI (2013),

The risk register is a document in which the results of risk analysis and risk response planning are recorded. It contains the outcomes of the other risk management processes as they are conducted, resulting in an increase in the level and type of information contained in the risk register over time (p. 326)

Table 4

Risk Register

ID	Risk Description	Impact	Probability	Total
S	Sample. Something is anticipated to cause a 35% cost increase, to a specific activity and is likely to occur.	H (0.40)	H (0.70)	H (0.28)
1	Estimates are inaccurate. The estimate uses the current market rate for memory. The market price of memory has fluctuated wildly over the last several weeks with a potential cost increase of 8%. A price change during this time period has an even chance of occurring.	XX (0.00)	XX (0.00)	XX (0.00)
2	Low team motivation. The project team members are in the 80 percentiles for pay and the work is considered cutting edge; low morale is almost sure not to occur.	XX (0.00)	XX (0.00)	XX (0.00)
3	Lack of user input. Poorly defined interfaces could cause a greater than 20% increase in schedule changes due to rework and is almost certain to occur.	XX (0.00)	XX (0.00)	XX (0.00)
4	Incomplete requirements. Poorly defined requirements could affect major areas of scope however, it is almost sure not to occur.	XX (0.00)	XX (0.00)	XX (0.00)
5	Changing requirements. Fluctuating requirements may require the sponsor to approve quality reductions, which is likely to occur.	XX (0.00)	XX (0.00)	XX (0.00)
6	Lack of executive support. Waning support from sponsors may affect minor areas of the project scope, and may or may not occur.	XX (0.00)	XX (0.00)	XX (0.00)
7	Technology incompetence. Project developers will need to adapt to the changes in the newest version of our software development tool, but should have insignificant impact to cost and time. This learning curve is likely to occur.	XX (0.00)	XX (0.00)	XX (0.00)
8	Unrealistic expectations. Suspected changes in regulations would require a 35% cost increase however, it is not very likely to occur	XX (0.00)	XX (0.00)	XX (0.00)
9	Technical inability for a given feature to be implemented. One of the requirements is difficult to implement without experienced developers, causing a 6% time increase; however, it is not very likely to occur.	XX (0.00)	XX (0.00)	XX (0.00)
10	A key employee leaves. The company has capped developer salary increases and a loss would cause an 9% cost increase, which is almost certain to occur.	XX (0.00)	XX (0.00)	XX (0.00)
Note. Add applicable notes here.