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 companyâs 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, âMake this product
better.â 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)