University of Phoenix Material Risk Identification Scenarios Review each of the following scenarios and identify the risk events, the probability of those risks, and the impact of the risk events....


University of Phoenix Material


Risk

Identification Scenarios


Review each of

the following scenarios and identify the risk events, the probability of those

risks, and the impact of the risk events. Some scenarios may have more risks

than others.


Scenario One


A retail firm

has a project that is focused on expansion into third-world countries to sell

pharmaceutical products. The project timeline is, as always, aggressive. The

scope is well documented and understood by the project team and key members of

the firm. The firm is financially sound, with project funds secure; however,

the stakeholders expect that the project will pay for itself within 2 years of

deployment.


Risk event


Probability of risk

event

(1=high; 3=medium; 5=low)


Impact of risk event

(1=high; 3=medium; 5=low)


Scenario Two


A construction

company has been awarded the contract to build a pipeline in Alaska. The

project timeline is of the highest priority because work can only be completed

during summer months due to adverse weather conditions. One of the suppliers of

a key component has longer lead time than is required to complete the pipeline,

but may be able to deliver if the construction company will pay fees to

expedite. There are other suppliers, but these suppliers are not on the

construction company’s approved suppler list and it would take time to get them

approved. There is a huge penalty in the contract if the project is not

completed on time.


Risk event


Probability of risk

event

(1=high; 3=medium; 5=low)


Impact of risk event

(1=high; 3=medium; 5=low)


Scenario Three


A telecommunications

company has just assigned you to be project manager for a product improvement

project. The scope statement of the project simply says, “Make this product

better.” The engineering team believes that they know how to make the product

better and have ignored ideas from the sales team. The project funds are secure,

as the company believes that improving this product will give them strategic

advantages.


Risk event


Probability of risk

event

(1=high; 3=medium; 5=low)


Impact of risk event

(1=high; 3=medium; 5=low)

May 15, 2022
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