Risk matrix

Assignment 7 is a display of your knowledge around applying the risk matrix to your risks for your project.

For this assignment you will need to create a list of at least ten identified risks from your project. After you have completed your list, you will then create a risk matrix to show the probability and impact assessment.

Please use clear if/then statements, as discussed. The if/then statements should cover the risk and the impact to the project. This will help with determining the probability and the impact levels during the assessment.

A template has been provided and the following should be covered for each of the identified ten risks:

· Risk ID: a number that indicates the risk

· Risk Statement: a clear if/then statement

· Probability: The probability the risk will occur (Can use high, medium, low or numeric system).

· Impact: The impact on the project because of the risk (Can use high, medium, low or numeric system).

· Overall Score: This is the final ranking score to determine where each risk falls among all other risks.

Once the risks have been assessed, you must prioritize the risks in order of importance. This is helpful in the real world, for the next step and it is an important understanding to have when dealing with risks.

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