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W5 D647 Risk Assessment Matrix - Essay Example

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From the matrix, it could be deduced that the potential risks that were identified included the system failure, the corrections and revisions needed, the negative image that the failure has impacted on the organization’s network, and the need for more resources for training…
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W5 D647 Risk Assessment Matrix
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Risk Assessment Matrix For the Briargrove Project al Affiliation Risk Assessment Matrix for the Briargrove Project The RiskAssessment Matrix
Potential Risks
Seriousness
Likelihood
Probability
Impact
System Failure
Medium
High
61-80%
Significant
Corrections and revisions needed
Medium
Low
41-60%
Negligible
Negative Image on Organization’s Network
Medium
High
61-80%
Significant
More resources needed for training and orientation for comprehensive rollout
Medium
Medium
41-60%
Moderate
From the matrix, it could be deduced that the potential risks that were identified included the system failure, the corrections and revisions needed, the negative image that the failure has impacted on the organization’s network, and the need for more resources for training and orientation for comprehensive rollout of the project on the learning library. The seriousness, likelihood of occurrence, probability, and impact have been accurately identified (Chittoor, 2013).
Benefits of the Matrix
The risk assessment matrix would benefit the project proponents in terms of enabling
them to focus on high risk areas and to prepare strategies to address these risks (Bright Hub, Inc., 2014). Moreover, as revealed “risk assessment—or allowing for uncertainty within estimates—helps set contingency levels, with a preferred level of risk, and gives the confidence level of outcome targets” (Oracle, 2009, p. 6). The development of a risk assessment matrix also assists the project team to prioritize the need to address risk response strategies depending on the risk indicators. It also provides opportunities for brainstorming activities that would likewise assist in designing strategies to mitigate or even prevent potential risks and bottlenecks from happening anytime in the near future.
References
Bright Hub, Inc. (2014). Tool for Assessing Project Risk. Retrieved from brighthubpm.com: http://www.brighthubpm.com/risk-management/88566-tool-for-assessing-project-risk/
Chittoor, A. (2013, April 14). What is a Risk Matrix? Retrieved from projectmanagers.net: http://network.projectmanagers.net/profiles/blogs/what-is-a-risk-matrix
Oracle. (2009). The Benefits of Risk Assessment for Projects, Portfolios, and Businesses. Retrieved from oracle.com: http://www.oracle.com/us/products/applications/042743.pdf Read More
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