PROJECT RISK MATRIX

Create A Risk Probability Matrix Annual Office Picnic

 

is a display of your knowledge around applying the risk matrix to your risks for your project.

For this assignment, you will need to create a list of at least ten identified risks from your project. After you have completed your list, you will then create a risk matrix to show the probability and impact assessment.

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Please use clear if/then statements, as discussed. The if/then statements should cover the risk and the impact on the project. This will help with determining the probability and the impact levels during the assessment.

A template has been provided and the following should be covered for each of the identified ten risks:

  • Risk ID: a number that indicates the risk
  • Risk Statement: a clear if/then statement
  • Probability: The probability the risk will occur (Can use high, medium, low or numeric system).
  • Impact: The impact on the project because of the risk (Can use high, medium, low or numeric system).
  • Overall Score: This is the final ranking score to determine where each risk falls among all other risks.

Once the risks have been assessed, you must prioritize the risks in order of importance. This is helpful in the real world, for the next step and it is an important understanding to have when dealing with risks.

PROJECT RISK MATRIX

Project Title: Annual Office Picnic

Date Prepared: 02 March 2019

RISK ID RISK STATEMENT PROBABILITY IMPACT OVERALL SCORE

5 IF no venue is contracted THEN picnic will not occur Low High 1

4

IF caterer isn’t contracted THEN there will be no food for the

picnic Low Medium 2

3 IF guest list is not established

THEN invitations cannot be sent out Medium Medium 3

3

IF invitations aren’t sent out THEN personnel attendance will be

low Low Medium 4

4

IF employee menu poll is not distributed

THEN caterer cannot finalize the menu Medium Medium

5

2

IF no DJ is contracted THEN picnic will not have

narrator/music Low Medium 6

3

IF equipment is not rented THEN vendors cannot complete their

jobs Low Medium 7

1

IF theme/motto isn’t decided THEN party will have no

decorations/direction Low Low 8

1

IF prizes aren’t purchased THEN members won’t have incentive

to attend Low Low 9

2

IF marketing company isn’t contracted

THEN no advertisement will be developed Low Low

10

 

 

 

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