Identifying And Analyzing Risk

Identifying And Analyzing Risk
Individual Project Unit 2
Your Name
institution
Month Day, 2020
Professor’s Name
Running head: ASSIGNMENT TITLE HERE
4
RISK IDENTIFICATION AND ANALYSIS
Introduction
Explanation: In this section, describe what will be discussed in this report. Briefly describe all of the main components. The main requirements can be found in the assignment description or in this template as separate sections under specific titles. Please delete explanations and replace them with project-specific text.
Risk Identification Techniques
Explanation: Discuss the characteristics of five risk identification techniques listed below. Once done, select one or more that your team will use to identify risks. Justify your choice of risk identification techniques.
Brainstorming: text, text
Interviewing: text, text
Experience: text, text
Expert opinion: text, text
Root cause analysis: text, text
Your selected technique(s): text, text
Risk Identification
Explanation: Complete the table below, and include at least 15 risks. At least 3 out of these 15 risks must be positive risks (also known as opportunities). The remaining risks should be negative risks (also known as threats). A risk can be only negative or positive and cannot be both at the same time. In the column titled Negative Risk, type in Yes if the risk is a threat. In the column titled Positive Risk, type in Yes if the risk is an opportunity. Provide detailed descriptions of the risks.
Risk ID
Risk Description
Negative Risk
Positive Risk
Example
Unable to finish homework because the Internet is down
Yes
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Risk Breakdown Structure
Explanation: Sort identified risks into common categories (e.g., technology, schedule, budget, compliance, human resources), and create a risk breakdown structure. You must use the 15 risks from the table above (in the Risk Identification section), and assign each to one category only.
PROJECT
Category 1
Example: Technology
Category 2
Category 3
Category 4
Category 5
Risk 1
Example: Complex system interfaces
Risk 2
Risk 3
Risk 4
Risk 5
Qualitative Versus Quantitative Risk Analysis
Explanation: Discuss the characteristics of qualitative risk analysis. Discuss the characteristics of quantitative risk analysis.
Qualitative risk analysis: text, text
Quantitative risk analysis: text, text
Perform a Qualitative Risk Analysis
Explanation: Perform a qualitative risk analysis of the 15 risks that you previously identified. Assess the probability and impact of each risk. The probability can be high, medium, or low; the impact can also be high, medium, or low. You can select only one option for the impact and the probability. Copy and paste 15 risks from the Risk Identification table, and only update the new three columns: Impact, Probability, and Ranking.
Risk ID
Risk Description
Negative Risk
Positive Risk
Impact
Probability
Ranking
Example
Unable to finish homework because the Internet is down
Yes
High
Low
Medium
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Create an Impact and Probability Matrix
Explanation: Once all 15 risks are ranked based on their impact and probability, update the risk and probability matrix by entering risk IDs in appropriate fields. For example, if risk IDs 1, 4, and 8 were low-probability and low-impact, enter numbers 1, 4, and 8 in the cell that is on the intersection of low impact and low probability, as shown in the table below. For your project, delete numbers 1, 4, and 8 and replace them with the ID numbers identified in the previous section (Perform a Qualitative Risk Analysis).
IMPACT
LOW
MEDIUM
HIGH
PROBABILITY
LOW
LOW
1, 4, 8
LOW
MEDIUM
MEDIUM
LOW
MEDIUM
HIGH
HIGH
MEDIUM
HIGH
HIGH
Conclusion
Explanation: In this section, describe what has been discussed in this report.
References
Explanation: In this section, you should list all of the resources that you used to complete this paper. If you did not use any external resources, locate the Syllabus section in your Virtual Class. Scroll down to “Unit Overview,” and locate the Reading and Other Resource Materials section for each unit. Please list these and any other resources that you used to create this paper. In addition to the textbook, several videos are available to you to learn about main concepts and categories. References should be presented in accordance with the APA style.