The project team has started the risk management plan and needs now to identify, assess, and manage the project risks. In order to identify individual project risks, the team will examine those tasks on the project schedule with potential issues during their execution.

The Project Manager has asked their team to go over the instructions to complete the risk register and identify four negative and two positive risks.

$[$Double$-$click the Risk Register on the next page and follow the instructions presented in Table A below to complete this assignment$]$

Table A: Instructions to Complete the Risk Register

Process Instructions

Identify Risks Task Name: Using the project schedule you developed in Week $5,$ select a task and enter it in the risk register.

Risk Identified: Ask yourself the question: What can go wrong during the execution of the task? Describe the risk you have identified.

Assess Risks Probability: Ask yourself the question: What is the likelihood of occurrence of the identified risk in the task you have selected?

Enter a number between $1$ and $5.$ When the probability of occurrence is very high enter a $5,$ high enter a $4,$ medium enter a $3,$ low enter a $2,$ very low enter a $1.$

Impact: Ask yourself the question: What will be the risk impact on the project objectives if the identified risk occurs? Enter a number between $1$ and $5$ in the Impact columns. When the impact on the project objective is Very High enter a $5$; when the Impact is High enter a $4$; when the Impact is Medium enter a $3$; when the Impact is Low enter a $2,$ or when the impact is Very low enter a $1.$

Risk Score: The Risk Score is calculated by multiplying the Probability of occurrence $($P$)$ times the risk Impact $($I$).$

Plan

Risk Response

Risk Owner: The risk owner is a subject matter expert $($SME$)$ from the core team, PMO, or from a different department who is familiar with the project task. Therefore, the risk owner is suitable to create a risk response plan. Enter the risk owner for each identified risk. Use the dropdown menu for this cell

Risk Strategy $(+$ or $-)$: This column presents Risk response strategies for negative & positive risks. Select a suitable risk strategy for positive and negative risks, using the dropdown menu in the cell.

Strategies for negative risks include the Escalate, Avoiding, Transferring, Mitigating, & Accept risk strategies.

Strategies for positive risks include the Escalate, Enhance, Exploit, Share, & Accept riskFor a demonstration of how to create a risk register, please view the Risk Register video in the Course Project Overview.

$.\hspace{1em}$Tiny House Project $-$ Risk Register for Negative RiskTHE TINY HOUSE PROJECT

Risk Management $-($Due Week $6)$

The project team has started the risk management plan and needs now to identify, assess, and manage the project risks. In order to identify

individual project risks, the team will examine those tasks on the project schedule with potential issues during their execution.

The Project Manager has asked their team to go over the instructions to complete the risk register and identify four negative and two positive

risks.

$[$Double$-$click the Risk Register on the next page and follow the instructions presented in Table A below to complete this assignment$]$

Table A: Instructions to Complete the Risk Register

For a demonstration of how to create a risk register, please view the Risk Register video in the Course Project Overview.Tiny House Project $-$ Risk Register for Negative Risk

$\backslash$table$[[\backslash$table$[[$IDENUFY$],[$RISK$]],\backslash$table$[[$PERFORM QUALITATIVE$],[$RISK ASSESSMENT$]],$PLAN RISK RESPONSE$],[$ID$,$Task Name,$\backslash$table$[[$Risk Identified$],[($Description$)]],$Prob.,Impact,$\backslash$table$[[$Risk$],[$Score$]],\backslash$table$[[$Risk$],[$Owner$]],\backslash$table$[[$Risk$],[$Strategy$]],$Risk Response Plan$],[$NEGATIVE RISK$],[1],[2],[3],[4],[$POSITIVE RISKS$],[1,,,,,,,,]]$

Risk score is calculated from the probability times the highest risk score.

$\backslash$table$[[,20$ to $25],[,10$ to $19\mathrm{.}99],[,0$ to $9\mathrm{.}99]]$Risk Marnagement $-($Due Week $6)$

The projact teom has storted the risk monogement plon and noods now to identify, aseess, and monoge the projact risks. In order to identify

individuol project risks, the teom wil examine those tosks on the project schadule with potantiol eseues during their axecution.

The Projact Monoger has osked their toom to po our the instructions to complete the risk reqister and identify four nogotive and two positive

risks.

Table A: instructions to Complete the Risk Register

Tiny House Project $-$ Riak Register for Negetive Riak