project 8: Project Risk Management

Since several problems have been occurring on the Green Computing Research Project (see the case information in Part 7), you decide to be more proactive in managing risks. You also want to address positive and negative risks.

Tasks

1. Create a risk register for the project, using the template (risk_register.xls). Identify six potential risks, including at least two positive risks.

2. Plot the six risks on a probability/impact matrix, using the template (prob_impact_matrix.ppt) and print it out. Assign a numeric value for the probability of each risk, and its impact on meeting the main project objectives. Use a scale of 1 to 10 to assign the values, with 1 being lowest and 10 being highest. For a simple risk factor calculation, multiply these two values (the probability score and the impact score). Document the results in a one-page paper, including your rationale for how you determined the scores for one of the negative risks and one of the positive risks.

3. Develop a response strategy for one of the negative risks and one of the positive risks. Enter the information in the risk register and print out your complete risk register. Also write a one-page paper describing what specific tasks would need to be done to implement these two strategies. Include time and cost estimates for each strategy.