This week’s exercise will be to create a Risk Register for the Week 2 Business Case that you have utilized throughout the semester. Additional instructions are in the Word template.
You will complete the attached Risk Register in the Word template provided. A risk needs to be identified for each of your six (6) Key Deliverables (this would be listed under the Deliverable column). An example of the Risk Register is available in Exhibit 11.9 on page 370 of the textbook.
The following is a description of what should go under each column.
Risk Description: Identify the Risk associated with the Deliverable. These should not be failures of management, planning or execution. These should be out of the control of the project team.
Impact Statement: This is a narrative of potential impact if the risk should occur. This statement should specifically justify scores provided in Impact and Probability columns.
Deliverable: This will be the associated Deliverable. Identify one risk for each of your six (6) deliverables.
Probability: This is a score of 1-5. A score of 1 would be if the probability of the risk occurring is very slight and a score of 5 is that it will almost likely occur.
Impact: This is a score of 1-5. A score of 1 would be the impact would have little impact if the risk occurs and a score of 5 would be catastrophic impact if risk event occurs.
Score: This is the Probability multiplied by the Impact.
Response Strategy/Solution: This should identify one of the risk response strategies from the textbook. Then provide a brief plan on how respond to risk if it should occur. This must include direct correlation to the scores assigned to Probability/Impact. At least one risk response strategy needs to be identified for each and make logical sense. For example, you cannot Avoid a natural disaster so you would not select Avoid as the risk response strategy.