project management
myfrst
ProjectRiskMatrix-TD6.xlsxRISKS (Blank)
| Feedback for Team Deliverable 6 Submission Feedback Good work team. I think a permit failure or delay risk should be identified. A risk of imprecise measurements should be identified, too. Appliances may not fit. I found a lot of spelling errors. Overall, this is good work but may need some editing. | |||||||||||||||||||||
| Project Risk Matrix | |||||||||||||||||||||
| Tips for filling in the spreadsheet: | |||||||||||||||||||||
| To specify multiple items in any cell (particularly for Risk Response Action(s) and Contingency Plans), after entering the first item, press Alt+Enter to start a new line within the same cell. | |||||||||||||||||||||
| Only enter numerical values in the severity sections; the verbal descriptions will populate automatically depending on the numerical values. | |||||||||||||||||||||
| To add a line to any section, highlight the bottom line of the section and insert a new line above it. Then copy the formulas from the severity cells and paste them in the new line. | |||||||||||||||||||||
| To add an entire section (to create a new category of risks), copy an entire section and paste a new section at the bottom this document. | |||||||||||||||||||||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||
| Technical | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||||
| T1 | Non-compliance with inspection | Threat | 1 | Low Medium | 3 | Moderate | 2 | Low Medium | Avoid | Choose experienced contractor who is famaliar with inspection codes Ensure plan for inspection failure is stated in contract Contractor will perform quality work that is up to code | 1 | Very Unlikley | 1 | Negligible | 1 | Low | Discuss findings with inspector and correct in timely manner | In progress | Contractor | ||
| T2 | Project Design | Threat | 2 | Possible | 5 | Severe | 2 | Medium High | Avoid | Research and understand design options Throughly discuss and review project design with homeowner/contractor | 1 | Very Unlikely | 2 | Minor | 2 | Low | Create new design or alter current one with the assistance of a professional designer | Underway | Project team, homeowner | ||
| T3 | Existing plumbing, electrical, or flooring issues | Threat | 1 | Possible | 4 | Severe | 3 | Medium High | Mitigate | Perform pre-inspection prior to project start Homeowner will disclose any knowledge of pre-existing damage Contractor will inform shareholders of the potential for existing damage Homewowner will set aside additioanal reserve fund to ensure project continuation | 1 | Unlikely | 1 | Negligible | 1 | Low | Repair existing damage | In progress | Contractor | ||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||
| Financial | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||||
| F1 | Going over budget | Threat | 3 | Possible | 3 | Significant | 3 | Medium High | Mitigate | Ensure every stakeholder and materials/product for the project are properly budgeted. Maintain inventory supply Hold accountability meetings with project team | 1 | Unlikely | 5 | Severe | 3 | Medium | Avoid and adjust the budget for any unnessary items or spending Notify the client of any delay to project due to budget changes | In progress | Budget Manager | ||
| F2 | Failing to budget for full project scope | Threat | 1 | Possible | 3 | Significant | 2 | Medium High | Mitigate | Include salary/wages for all stakeholders as well as required products/materials Calculate additional funding to budget for possible adjustments | 1 | Very Unlikley | 5 | Severe | 3 | Medium | Adjust budget for unnessary items or spending Notify client of any delay to project due to budget changes | In progress | Budget Manager | ||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||
| Operational | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||||
| O1 | Install exceeds timeline | Threat | 3 | Possible | 5 | Severe | 4 | Medium High | Mitigate | Ensure team understands the timeline and adheres to the schedule Keep open communication with the team to be on top of any prolonged issues that would cause a change in the schedule | 4 | Likely | 5 | Significant | 5 | High | Hold an emergeny team meeting to adjust the schedule and accommodate any changes that would delay the project's completion | In Progress | Project Team | ||
| O2 | Delayed Delivery of Materials/Appliances | Threat | 4 | Likely | 5 | Severe | 5 | High | Mitigate | Ensure team is aware of date/time of when materials will be delivered and make detailed scheduled of each material being delivered Choose in-stock items that don't require backorder | 3 | Possible | 3 | Moderate | 3 | Medium | Contant customer service of products/material suppliers Pick-up products/materials using own transportation methods Receive updated shipment notifications from postal carrier | In Progress | Project Manger | ||
| O3 | Demolition exceeds timeline | Threat | 2 | Unlikely | 4 | Significant | 3 | Medium | Mitigate | Ensure the demolition team is aware of date/time of completion. Make sure that all team members are aware of any necessary changes that need to be implemented to meet the deadline | 3 | Possible | 3 | Moderate | 3 | Medium | Request more dumpsters with project/buget manager's approval Contractor will provide additional laborers to speed up demolition | In Progress | Project Manager | ||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||
| Reputational | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column |
Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept |
Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||
| R1 | Management Team Communication Issues | Threat | 2 | Unlikely | 5 | Severe | 4 | Medium High | Mitigate | Adhere to communication plan: Attend required meetings. Complete assigned correspondences. Follow up with team and stakeholders on progress. Solicit feedback from team and stakeholders on communications. | 1 | Very Unlikley | 3 | Moderate | 2 | Low Medium | Regroup: Hold an emergency team meeting to determine the extent of miscommunication and its effect on the project completion. Adjust existing manpower to bring the outstanding deliverable into alignment. | Underway- Monitor | Project Manager | ||
| R2 | Undocumented Project Alterations | Threat | 2 | Unlikely | 4 | Significant | 3 | Medium | Avoid | Familiarize team with project scope. Perform only services as identified in scope. Advise PM of any events that may diverge from scope. Purchase only items identified in client meeting. Remove only items identified in scope. Make no alterations to the defined scope without receiving approval from PM. | 1 | Very Unlikley | 2 | Minor | 1 | Low | Rescope: Re-draft scope to include work performed or materials used. Check with client to ensure the alteration is acceptable. Adjust budget allocations to accommodate changes. Notify team members of alterations to address any changes in timelines. | Actions to be agreed | Project Team | ||
| R3 | Exceeding Completion Date | Threat | 3 | Possible | 5 | Severe | 4 | Medium High | Mitigate | Incoporate time for testing and repair in schedule. Plan an additional 20% of time to the projected completion date to allow for scope creep and unforseen events. Maintain communication between phases and team members to account for issues in execution of labor or delays in delivery. | 2 | Unlikely | 3 | Moderate | 2 | Low Medium | Allocate all available resources to the completion of the remaining deliverables. Consider authorization of overtime in longer workdays or work-weeks to complete the project within the defined limits. | Underway- Monitor | Project Manager Assistant Project Manager | ||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||
| [Other] | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column |
Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept |
Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||
| 1 | Very Unlikley | 1 | Negligible | 1 | Low | 1 | Very Unlikley | 1 | Negligible | 1 | Low | ||||||||||
| 1 | Very Unlikley | 1 | Negligible | 1 | Low | 1 | Very Unlikley | 1 | Negligible | 1 | Low |
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RISKS (Example)
| Project Risk Matrix | |||||||||||||||||||||||
| Tips for filling in the spreadsheet: | |||||||||||||||||||||||
| To specify multiple items in any cell (particularly for Risk Response Action(s) and Contingency Plans), after entering the first item, press Alt+Enter to start a new line within the same cell. | |||||||||||||||||||||||
| Only enter numerical values in the severity sections; the verbal descriptions will populate automatically depending on the numerical values. | |||||||||||||||||||||||
| To add a line to any section, highlight the bottom line of the section and insert a new line above it. Then copy the formulas from the severity cells and paste them in the new line. | |||||||||||||||||||||||
| To add an entire section (to create a new category of risks), copy an entire section and paste a new section at the bottom this document. | |||||||||||||||||||||||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||||
| Technical | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||||||
| T1 | Product does not pass validation testing | 3 | Possible | 4 | Significant | 4 | Medium High | Mitigate | • Build adequate time into project schedule to allow for multiple design options to go through preliminary testing • Verification testing to be completed prior to start of validation | 2 | Unlikely | 3 | Moderate | 2 | Low Medium | • Switch to phased implementation | Actions complete - monitor | Project Team | |||||
| T2 | etc | 2 | Unlikely | 4 | Significant | 3 | Medium | TBD | • etc | 3 | Possible | 3 | Moderate | 3 | Medium | • etc | New | Finance Director | |||||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||||
| Financial | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||||||
| F1 | Start-up costs and investments might prove too steep to endure | 3 | Possible | 4 | Significant | 4 | Medium High | Mitigate (possibly Transfer) | • Good estimation and modelling of financial flows to inform investment decision, expectations and actions • tbc Adopt an evolving model | 2 | Unlikely | 3 | Moderate | 2 | Low Medium | • Switch to phased implementation | Actions complete - monitor | Project Team | |||||
| F2 | etc | 4 | Likely | 4 | Significant | 4 | Medium High | TBD | • etc | 3 | Possible | 3 | Moderate | 3 | Medium | • etc | New | Finance Director | |||||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||||
| Operational | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||||||
| O1 | Some influential stakeholders might consider this is not an appropriate initiative and therefore do not adequately engage with it | 4 | Likely | 4 | Significant | 4 | Medium High | Mitigate | • PR/comms strategy • Comprehensive stakeholder management Board support • Effective communications to all stakeholders • Demonstrate the potential benefits to the stakeholders | 4 | Likely | 3 | Moderate | 3 | Medium | • Chief Executive prepared to act 1 to 1 | Actions in progress | Project Team | |||||
| O2 | etc | 5 | Very Likely | 4 | Significant | 5 | High | TBD | • etc | 4 | Likely | 3 | Moderate | 3 | Medium | • etc | Closed | Team | |||||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||||
| Reputational | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept |
Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column |
Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||||
| R1 | A bad result might dent our reputation and/or cause contagion for other business lines | 2 | Unlikely | 4 | Significant | 3 | Medium | Mitigate | • Quality processes, standards, reviews, controls • Essential to have an experienced engagement manager • tbc - Ability to separate the brands • PR/comms contingency planning | 3 | Possible | 4 | Significant | 4 | Medium High | • Distance new venture from the robust main business | For board approval | Steering Committee | |||||
| R2 | etc | 3 | Possible | 3 | Moderate | 3 | Medium | TBD | • etc | 2 | Unlikely | 3 | Moderate | 2 | Low Medium | • etc | Actions to be agreed | Team | |||||
| Severity prior to risk response | Severity after risk response | ||||||||||||||||||||||
| [Other] | Threat or Opportunity? | Likelihood | Impact | Rating | Risk Response Strategy
(identify an appropriate strategy - see comment) Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept |
Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept | Risk Response Action(s)
(define actions to implement risk response strategy) Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column |
Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column |
Wills, Kyle: Wills, Kyle: For Threats, choose Avoid, Transfer, Mitigate, or Accept For Opportunities, choose Exploit, Share, Enhance, or Accept |
Wills, Kyle: Wills, Kyle: If "Accept" is selected as the risk response strategy, enter "N/A" in this column | Likelihood | Impact | Rating | Contingency Plans (explain what will be done if the risk actually occurs) | Status | Owner | |||||||
| 2 | Unlikely | 4 | Significant | 3 | Medium | • Other • Other | 3 | Possible | 4 | Significant | 4 | Medium High | • Other | ||||||||||
| 3 | Possible | 3 | Moderate | 3 | Medium | • etc | 2 | Unlikely | 3 | Moderate | 2 | Low Medium | • etc |
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Risk Matrix
| Impact | |||||||
| 1 | 2 | 3 | 4 | 5 | |||
| Probability | Negligible | Minor | Moderate | Significant | Severe | ||
| 5 | Very Likely | Low Medium | Medium | Medium High | High | High | |
| 4 | Likely | Low | Low Medium | Medium | Medium High | High | |
| 3 | Possible | Low | Low Medium | Medium | Medium High | Medium High | |
| 2 | Unlikely | Low | Low Medium | Low Medium | Medium | Medium High | |
| 1 | Very Unlikley | Low | Low | Low Medium | Medium | Medium | |
| 1 | 2 | 3 | 4 | 5 | |||
| Negligible | Minor | Moderate | Significant | Severe | |||
| 5 | Very Likely | 2 | 3 | 4 | 5 | 5 | |
| 4 | Likely | 1 | 2 | 3 | 4 | 5 | |
| 3 | Possible | 1 | 2 | 3 | 4 | 4 | |
| 2 | Unlikely | 1 | 2 | 2 | 3 | 4 | |
| 1 | Very Unlikley | 1 | 1 | 2 | 3 | 3 | |
| nb Standard UK Public Sector Risk Management matrix |
