Solve the question: Tony and his team identified some risks during the first month of the Recreation and Wellness Intranet Project. However, all they did was document the risks in a list. They never ranked the risks or developed any response strategies. Because the project has had several problems, such as key team members leaving the company, users being uncooperative, and team members not providing good status information. Tony has decided to be more proactive in managing risks. He also wants to address positive risks as well as negative risks. Plot the six risks on a probability/impact matrix. Also assign a numeric value for the probability and impact of each risk on meeting the main project objective.
Solve the question: Tony and his team identified some risks during the first month of the Recreation and Wellness Intranet Project. However, all they did was document the risks in a list. They never ranked the risks or developed any response strategies. Because the project has had several problems, such as key team members leaving the company, users being uncooperative, and team members not providing good status information. Tony has decided to be more proactive in managing risks. He also wants to address positive risks as well as negative risks. Plot the six risks on a probability/impact matrix. Also assign a numeric value for the probability and impact of each risk on meeting the main project objective.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Tony and his team identified some risks during the first month of the Recreation and Wellness Intranet Project. However, all they did was document the risks in a list. They never ranked the risks or developed any response strategies. Because the project has had several problems, such as key team members leaving the company, users being uncooperative, and team members not providing good status information. Tony has decided to be more proactive in managing risks. He also wants to address positive risks as well as negative risks.
Plot the six risks on a probability/impact matrix. Also assign a numeric value for the probability and impact of each risk on meeting the main project objective.

Transcribed Image Text:5G lI.
Project Risk Management
• It lists the relative probability of a risk occurrin
and the relative impact of the risk occurring o
project.
- Top ten risk item tracking technique
Performing Qualitative Risk
1-.
risk 1
High
risk 6
risk 9
risk 4
risk 2
risk 3
Medium
risk 5
risk 7
risk 11
risk 8
Low
risk 12
risk 10
Low
Medium
High
Impact
O Cengage Learning 2014
FIGURE 11-5 Sample probability/impact matrix
Performing Qualitative Risk
Analysis
ABLE 11-6 Example of Top Ten Risk Item Tracking
MONTHLY RANKING
Number of
Rank Last Months in
Rank This
Risk Event
Month
Month
Тop Ten
Risk Resolution Progress
1
Inadequate
planning
Working on revising the entire project
management plan
2
4
Holding meetings with project customer
sponsor to elarify scope
Роor
3
definition
Absence of
After previous project manager quit,
assigned a new one to lead the project
3
leadership
Poor cost
4
3.
Revising cost estimates
estimates
Poor time
Ravisind schedule estimates
estimates
Probability
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