CMPS307 Intro. to Project Management & Entrep. Class Work 2 (Estimated Time to make this work = 30') In the following project we are interested in assessing the risk of the project, based on two criteria: 1. Likelihood: the probability of a risk 2. Consequences: the severity of the impact or the extent of damage caused by the risk. The following table gives: ? The pessimistic, most likely and optimistic values to evaluate the probability of likelihood for the tasks of an project (The expected value use the following weights: 2 P, 6 M, 8 O). ? The consequences percentage for each task. Pessimistic Most Likely Optimistic Task Consequence Expected Likelihood Likelihood Likelihood (%) P M O Likelihood (%) (%) (%) (%) A 10 7 5 45 B 24 22 20 2 C 15 14 10 4 D 10 6 2 69 F E 2 1 0 0 60 52 47 53 G 32 29 27 10 The following scale is used for both Likelihood and Consequence : Very High: more than 50% High between 35% and 50% Moderate: More than 15% and less than 35% Low: between 5 and 15% Very Low: less than 5% 1) Estimate the expected likelihood values from the given table. 2) Use a 5x5 Matrix to evaluate the risk criticalities for the given tasks (Dark Color=High criticality, White-Medium Criticality, Light Color=Low criticality). 3) Explain the criticalities.