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Assignment #4 Risks

The document outlines a Risk Management Plan assignment that requires students to identify risks associated with a chosen scenario and develop a mitigation plan using a Probability and Impact Matrix. Students must work in teams to select one scenario from a provided list and assess three types of risks, categorizing them as low, medium, or high. The document also includes guidelines on how to evaluate risks based on their probability and impact.

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3 views2 pages

Assignment #4 Risks

The document outlines a Risk Management Plan assignment that requires students to identify risks associated with a chosen scenario and develop a mitigation plan using a Probability and Impact Matrix. Students must work in teams to select one scenario from a provided list and assess three types of risks, categorizing them as low, medium, or high. The document also includes guidelines on how to evaluate risks based on their probability and impact.

Uploaded by

falcon020302
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Project Management Prepared by Imankulova B.B.

Assignment #4 – RISK MANAGEMENT PLAN

PURPOSE
Understanding of risk concepts, assessment techniques and mitigation
strategies.

ACTIVITIES
1) Work in a team (not necessarily with your team);

ASSIGNMENT
1. Choose one (1) scenario from the list below and identify three (3) types of
risks. Write mitigation plan.
2. Use Probability and Impact Matrix (read the hint in the Appendix).
3. Fill the table with your answers.

Scenarios:
1. Apply for a loan to buy an old house.
2. Organize a large-scale music festival in a city.
3. Travel trip.
4. Open an internet shop.
5. Investment of 10.000$ in a stock market.

Risk to project
Scenario/Risks (Low/Medium/ Mitigation Plan
High)

Risk 1:

Risk 2:

Risk 3:
Project Management Prepared by Imankulova B.B.
APPENDIX

Probability and Impact Matrix:


Inherent Risk
Impact
Low Medium High
High Medium High High
Probability Medium Low Medium High
Low Low Low Medium

Hint. Consider the intersection of Impact and Probability; for instance, if the probability
of a situation occurring is LOW, but the impact, when it does happen, is HIGH, then the
intersection of these two factors is deemed MEDIUM. In general, this risk is classified as
Medium.

The significance of each characteristic on the Probability and Impact chart.


Probability chart:
Probability
Qualitative Quantitative (if measurable)

Low Very low chance of risk occurring. Less than <10% chance of risk occurring.

Medium Medium chance of risk occurring. 10%-49% chance of risk occurring.

High High chance of risk occurring. 50%-100% chance of risk occurring.

Impact chart:
Types of
Impact Low Medium High
Low financial impact, Medium financial impact, High financial impact,
Financial costing the company $0- costing the company costing the company
$14,000 $15,000-$29,000 $30,000 or more
Medium impact to
Low impact to project project operations, High impact to project
Operational operations, causing with potential to delay operations,
delays of a few days to a project by a month or with potential to cause
few weeks more project failure
Low impact to employee Medium impact to High impact to employee
attrition, with 5%+ of employee attrition, with attrition, with 50%+
People
employees quitting 25%+ of employees employees quitting
quitting

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