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See att. doc to complete this assignment.
Students will learn how to create a risk register (the current term for what used to be called the risk matrix), a tool that helps management make decisions about project risks. This assignment will ensure that students:
are able to clearly define a risk and distinguish a risk from an issue and from issue symptoms
are able to explain how assumptions and constraints can influence risk exposure and management
can distinguish between “positive” risks and “negative” risks
are exposed to the process of identifying, categorizing, and assessing risks to the project;
can identify appropriate risks to the project and assess the likelihood and potential impact of each risk;
can identify appropriate risk response strategies and their effects (i.e., decisions and actions to take prior to the risk occurring);
can identify appropriate contingency plans that should be executed if the risk event does occur.
Outcomes Met With This Assignment:
contribute to a team activity to accomplish the goals of a project, recognizing the unique strengths and talents of individual team members
plan a project that meets organizational goals and that has a high probability of success
This assignment is the sixth of seven team assignments. As a team, you will develop a risk register.
Step 1: Brainstorm.
Under Discussion on the main navigation bar, locate your group.
In the LEO classroom (do not use external systems), participate in a brainstorming and collaboration session to
define a risk and distinguish a risk from an issue and from issue symptoms
explain how assumptions and constraints can influence risk exposure and management (note that the risk register/matrix contains ONLY risks)
explain the difference between “positive” risks and “negative” risks, giving examples
identify, categorize and assess risks associated with your group project;
assess the likelihood and potential impact of each risk on the project;
identify appropriate risk response strategies and their effects (i.e., decisions and actions to take prior to the risk occurring); and
identify appropriate contingency plans that should be executive in the risk event occurs.
Step 2: Completing the Project Risk Register
Open the Project Risk Register (in the LEO classroom as a link) and review the elements on each of the three tabs.
Complete the risk register with the information identified in the brainstorming session. Make sure to follow the specific instructions provided within the risk register. Ensure that you specify a minimum of 10 risks across the various categories of risks.
Step 3: Review
Review the file to ensure all required elements are present and correct.