Question: Make a risk Matrix table, identifying 4 to 5 risk factors. I've included the risks below. 1. Potential Risks: Risk identification is the first and
Make a risk Matrix table, identifying 4 to 5 risk factors. I've included the risks below.
1. Potential Risks: Risk identification is the first and foremost process of risk management. Risk identification should focus not only on objectives but also the events that could cause consequences. Critical thinking is the key factor in risk identificaton. Some of the Potential risks associated with the project given in the case are: (i) Technical Risk: Backup strategies if chosen technology fails and if required Windows platforms are not available
(ii) Schedule Risk: Compression of project schedules due to a shortened project duration date, Imposed duration dates.
(iii) Resource Constraints: The absence, shortage, or unique interrelationship and interaction characteristics of resources that require a particular sequencing of project activities.
(iv) Cost Risk: Time/cost dependency links: costs increase when problems take longer to solve than expected. Price protection risks increase if the duration of a project is increased.
(v) Funding Risk: Changes in the supply of funds for the project can dramatically affect the likelihood of implementation or successful completion of a project.
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