Risk is a possible event that could cause harm or loss, or affect the ability to achieve
objectives. A risk is measured by the probability of a threat, the vulnerability of the asset to
that threat, and the impact it would have if it occurred.
The objective in risk management is to increase the likelihood and effect of positive events,
while decreasing that of negative events.
Planning risk responses involves identifying and detailing options and actions to bring about
the enhancement of opportunities and the reduction of threats to the project objectives. It
also involves assigning the persons responsible for each identified risk response.
Construct a Risk Register by carrying out the following steps:
1. Using the Risk Scoring Grid presented above, identify at least 2 risks for each match of Impact and Probability Levels
2. Determine the severity and owner of the risk
3. Recommend mitigating actions.
Present your answers using the table template given below. An example is given for your guide.
Risk Description Probability Impact Score Risk Owner Mitigating Action
Level Level Product Level (Person who will (Actions to reduce the
(Severity) manage the risk) likelihood of the risk)
1 Delay in the delivery of 2 3 6 Moderate Project Manager Make preliminary calls to
materials the supplier to have a
confirmation of the
delivery.
2
.
.
Scoring Criteria:
Comprehensiveness =50
Rationality of level assessments = 20
Practicability of mitigating actions =20
Presentation = 10