Exercise $1$:

For a software development project, a cross$-$functional team is currently assessing the impact and likelihood of risks that could impact the project scope delivery, budget and timeline. The team has decided to use a $5$ scale rank for impact and likelihood, attributing a number from $1($low$)$ to $5($high$).$

The team wants to group the risks in $4$ categories based on their risk scores. For better visual management, they agreed on the below color$-$coding: Green for Risk Scores below $5,$ Red for Risk Scores above $10,$ and Amber for the rest.

a$)$ Draw the impact$-$likelihood matrix with the correct color$-$coding.

b$)$ List and explain the $4$ risk response strategies that this team can use as part of their action plan