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Risk Matrix - Essay Example

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The risk are arranged in the matrix based on the consequences and likelihood of occurrence. The diagram below shows risk matrix plan
GREEN-low severity and…
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Risk Matrix
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Procurement plan and risk matrix PROCUREMENT PLAN PROJECT Bakery PREPARED BY Myself 24th april PROCUREMENT STATEMENT:
The products to be procured include wheat, yeast, premix, salt sugar, oven and proofers.
DATE TO ORDER:
The date 30th April, 2015
ESTIMATED COST:
The estimated cost for the entire project is $15000
VENDOR SELECTION:
The vendor selection criteria will be based on the qualification and experience.
CONTRACT TYPE:
The contract will be for two years subject to performance.
SIGNATURE: xyz
Risk matrix is a tool for risk evaluation used to determine the size of risk and whether or the risk is controlled or not. The risk are arranged in the matrix based on the consequences and likelihood of occurrence. The diagram below shows risk matrix plan
Risk matrix has the following color bands:
GREEN-low severity and low probability area showing the risk occurrence is not high and can be controlled. In the case of the project (procurement plan) it is the contract by the suppliers. The risk of not supplying is low.
RED-high severity and high probability area showing that an event needs a lot of control to mitigate low probability and severity. The breakdown of ovens and proofer will be risky and therefore, extra machinery to be bought will minimize the severity of risk.
YELLOW-this is sandwiched between red and green. Any events falling in this area should be monitored but controlled as low as reasonably practicable. (ALARP). Quality of loaves produced can be controlled. Read More
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