Part $1$: Risk Assessment Assignment

Objective: Choose a product or service in any industry that interests you and conduct a detailed risk assessment. You will identify and analyze potential risks, assess their impact and likelihood, and recommend strategies for managing these risks. A risk matrix will be used to organize and present your findings.

Task details:

Product or Service Selection:

Select a specific product or service that you want to explore. It can be from sectors such as technology, healthcare, retail, etc.

Risk Identification:

Conduct internet research to determine the types of threats commonly associated with your chosen product or service. If you select software development, for instance, investigate the various risks that software development projects typically face.

Risk Analysis:

Assess each identified risk, considering the likelihood of occurrence and the potential impact on the product or service. Complete the risk matrix provided.

Risk Strategy:

Propose strategies to address each risk. Consider whether to escalate, avoid, mitigate, or accept each risk. Use the course slides as a guide to help you select the most suitable strategy for each risk.

List of Risks:

Try to list at least $5$ risks with detailed descriptions, probabilities, impacts, and control strategies.

Types of risk:

If you identify any potential opportunities while assessing risks, feel free to include them!

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Use the risk matrix template available on Brightspace for this assignment. An example regarding the risks of developing a hydraulic system for a hospital bed has been provided as a guide.

Remember, risk assessment is typically a team effort in project management, but for this assignment, give it your best shot as an individual exercise. Use online resources to understand the risk environment for your selected product or service and apply this knowledge to fill out the risk matrix accurately.