Developing a risk response matrix
Risk is inherent to every project. Some risks are more likely to occur than others, and some will have a greater impact to the project if realized. Although you cannot account for every risk, a thorough risk analysis and assessment can help minimize the liabilities of the project and ensure that your projects are successful.
Refer to Case 7.1, 7.2, 7.3, and 7.4 of your text. Each of these cases presents you with a project scope statement for a fictional project. You are to pick 1 of these cases on which to perform a risk analysis. After picking a case of your choice, you should address the following:
Summarize the project.
Discuss how the risk management process will be applied.
Identify potential risks associated with this project (you must come up with at least 5 different risks).
Use a risk assessment form to analyze identified risks.
Develop a risk response matrix to outline how you would deal with each of the risks.