Plot the six risks on a probability/impact matrix using the project impact matrix 2023 template. Write one to two sentences stating the rationale for how you determined the quadrant placement for each risk - justify the risk and impact rating selected for each risk.

Category of Risk	Specific Risk	Potential Cause(s)	Potential Response(s)	Owner	Trigger	Response Strategy
Project Management	Delay in the project timeline	Team members leaving the company, inaccurate timeline estimation	Develop a contingency plan, hire new team members if needed, revise the project timeline, communicate with stakeholders	Project Manager	Project timeline delay	Develop a contingency plan and communicate with stakeholders
Technical	System failure	Inadequate testing, technology failure	Develop a backup system, perform rigorous testing before and during implementation, and train users to manage system failures	Technical Lead	System failure	Implement a backup system and initiate corrective measures
Financial	Budget overrun	Unforeseen costs, poor budget estimation	Develop a contingency plan, prioritize project components, and seek additional funding if required	Project Manager	Budget overrun	Implement a contingency plan and communicate with stakeholders
Personnel	Inadequate team skills	Inexperienced team members, lack of skill development opportunities	Provide training to team members, reassign tasks to team members with relevant skills, seek external expertise if required	Project Manager	Inadequate skills	Provide training or seek external expertise
Stakeholder	Resistance to change	Fear of the unknown, lack of understanding of project benefits	Develop a communication plan, involve stakeholders in the project, demonstrate the benefits of the project to stakeholders	Project Manager	Stakeholder resistance	Communicate project benefits and involve stakeholders in the project
Schedule	Unforeseen dependencies	Delay in completion of dependent tasks, change in task priorities	Identify dependencies early, develop contingency plans, prioritize critical tasks	Project Manager	Unexpected dependencies	Develop contingency plans and prioritize critical tasks

Transcribed Image Text:

Probability high moderate low Probability/Impact Matrix Date low moderate Impact high Probability high moderate low Probability/Impact Matrix Date low moderate Impact high

Answer rating: 100% (QA)

Here is the probabilityimpact matrix for the six risks you provided along with the justification for ... View the full answer