Scribd
Upload
39 views5 pages

BUS 361 Assignment 5-1

SFU Connie Liu

Uploaded by

adhikarid
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
39 views5 pages

BUS 361 Assignment 5-1

SFU Connie Liu

Uploaded by

adhikarid
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 5

Assignment 5: Risk Management

Project: Updated Website for Ventas Security System

RISK LEGEND

Risk Matrix Legend

Low Risk that does not require significant concern, as it can be easily addressed.

Medium Risk that requires focus and allocation of resources to prevent it from becoming a
bigger problem. Should be monitored on a regular basis.

High Risk that carries a significant potential impact on the project’s success. It’s
imperative to plan for them, take immediate action, sustain continuous monitoring

Very High Risk that if occur, it would be detrimental to the project and produce catastrophic
outcomes. Mitigation must be planned for prior to the occurrence of these risks.

RISK REGISTRY

Ref Risk Potential Inherent risk (before controls) Safety controls Acceptance Residual Risk (RR) Risk
no. Description Consequences 1 - low, 5 - high Owner

Probability Severity Inherent Probability Severity Inherent


(P) 1-5 (S) 1-5 risk (P) 1-5 (S) 1-5 risk
(P x S) (P x S)
1 Delays in The project could face 4 4 16 Team members Prioritize quality and 2 3 6 Avery,
acquiring delays if the media remain prepared relevance of media Katie
media content content is not ready on to take over content, even in the
due to time. The quality of photography event of delays, to
photographer media content may be tasks if needed. ensure that final
availability or compromised if rushed product meets client
bad weather, or if alternatives are expectations and
equipment used. satisfies project
failure, etc. requirements.

2 Difficulty in Project timelines may 3 4 12 Utilizing Maintain 2 2 4 Himika,


obtaining be extended, leading prototyping and transparency through Dibesh
approval from to delays in completion visualization the design process
the client for of tasks. techniques can and a frequent
design allow clients to feedback cycle for
elements. better understand proposed designs.
proposed design
concepts.

3 Client's Unclear or delayed 3 3 9 In the event of Create a 2 2 4 Melanie


inadequate feedback can delayed client collaborative
responses or contribute to scope feedback, partnership with
delayed creep and delays as implement a client by involving
feedback. the team may need to temporary shift in them in the website
make assumptions focus project development
and proceed with tasks that do not process (seeking
incomplete and require input at key stages:
inadequate immediate client figma wireframing,
information. input, minimizing content creation, and
downtime and design mockups)
maintaining
progress.

4 Scope creep Rushing work to 2 3 6 If scope creep is Practicing flexibility 2 1 2 Mina


resulting from accommodate newly detected, discuss and adaptability in
changes in established scope the additional addressing changing
project scope. requirements may tasks and project requirements
compromise the determine if while balancing
quality of deliverables they're necessary project constraints.
as the timeline is or if they can be
inflexible. scaled back or
removed.
Evaluate the
impact on the
project timeline
and resources,
then update the
project plan.

RISK MATRIX

← More Hazard Probability Less →

Safety Controls 5 4 3 2 1
Matrix Almost Certain Likely Possible Unlikely Rare

5
Very High Very High Very High High Medium
Catastrophic

4
Very High Very High High High Medium
Critical

3
Very High High High Medium Low
Moderate

2
High High Medium Low Low
Minor

1
Medium Medium Low Low Low
Not Significant

You might also like