W5 D647 Risk Assessment Matrix - Essay Example

Risk Assessment Matrix For the Briargrove Project al Affiliation Risk Assessment Matrix for the Briargrove Project The RiskAssessment MatrixPotential RisksSeriousnessLikelihoodProbabilityImpactSystem FailureMediumHigh 61-80%SignificantCorrections and revisions needed MediumLow41-60%NegligibleNegative Image on Organization’s NetworkMediumHigh61-80%SignificantMore resources needed for training and orientation for comprehensive rolloutMediumMedium41-60%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.ReferencesBright 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-matrixOracle. (2009). The Benefits of Risk Assessment for Projects, Portfolios, and Businesses. Retrieved from oracle.com: http://www.oracle.com/us/products/applications/042743.pdf