negative risk events

Project Risk Management
Running Case
You and your team identified some risks during the first week of the Global Treps Project. However, you never ranked the risks or developed any response strategies. Because several negative risk events have already occurred (such as Ashok breaking his wrist and poor communications with a key stakeholder in Ethiopia, as described in Chapter 10), you have decided to be more proactive in managing risks. You also want to address positive risks as well as negative risks. 1. Create a risk register for the project, using Table 11-4 and the template called risk register. Identify six potential risks, including risks related to the problems described in the preceding paragraph. Include three negative and three positive risks. Describe the risks using the format: ‘Because of , might occur, which would lead to .” 2. Plot the six risks on a probability/impact matrix, using Figure 11-5 as a guide and the template called probability impact matrix. Also assign a numeric value for the probability that a risk will occur and the impact of each risk on meeting the main project objectives. Use a scale of 1 to 10 to assign the values, with 1 representing the lowest value. For a simple risk factor calculation, multiply the probability score and the impact score. Add a column called Risk Score to your risk register to the right of the impact column. Enter the new data in the risk register. Write your rationale for how you determined the scores for one of the negative risks and one of the positive risks. 3. Develop a response strategy for one of the negative risks and one of the positive risks. Enter the information in the risk register. Also write a separate paragraph describing what specific tasks would be required to implement the strategy. Include time and cost estimates for each strategy as well.

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