risk assignment

Drop Box Week 7 Group Assignment

Read the Case titled “Silver Fiddle Construction” on page 233 and complete:

1) Identify 4 Risk Events and provide a brief explanation why these are risk events and not the consequences of an event.

Risk Event 1: ______________________________________________________________________________________

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Risk Event 2: ______________________________________________________________________________________

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Riske Event 3: _____________________________________________________________________________________

_________________________________________________________________________________________________

Risk Event 4: ______________________________________________________________________________________

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2) Complete a Risk Assessment Matrix (Use the Form Provided below) – 4 Risk Events

3) Complete a Risk Response Matrix (Use the form Provided below) – 4 Risk Events

NOTE that you must use a different Response for each of the 4 risks. You will Mitigate one, Transfer one, Avoid one and Retain one.

2. Risk Assessment Matrix

Event	Likelihood	Impact	Risk Rating
		Cost	Time	Scope
1.
2.
3.
4.
Example	2	2	2	2	2 x 2 x 2 x 2 =16

Risk Event – What is the actual risk event that you have identified?

Likelihood – How likely is the event to occur? Scale: 1 = Not Likely to 5 = Very Likely

Cost Impact – What is the cost of the event? Scale: 1 = Low cost to 5 = High Cost

Time Impact – How much time will be lost? Scale: 1 = Little Time to 5 = Lots of Time

Scope Impact – How will the event effect the quality of the project? Scale: 1 = Little Effect to Major Effect

Risk Rating – Multiply the individual ratings from each category to get an overall Risk Rating

3. Risk Response Matrix

Event	Response	Contingency	Trigger	Responsibility
1.	Mitigate:
2.	Transfer:
3.	Avoid:
4.	Retain:

Risk Event – What is the actual risk event that you are planning for

Response – How do expect to respond to that event - Mitigate, Share, Avoid, Transfer or Retain

Contingency – What do you do if your initial response doesn’t work (Plan B)

Trigger – When do you implement your contingency (Plan B)

Responsibility – Who is responsible for initiating the contingency (Plan B)