Develop a risk assessment matrix for a ficticious project (on something simple). Write a paper describing the benefits of this matrix.© BrainMass Inc. brainmass.com March 4, 2021, 10:49 pm ad1c9bdddf
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Projects face risks at every phase of the project life cycle. A project risk matrix analyzes risks and rates a risk's probability against its impact. One way to assess risks and their effects on the project is to rate the risks as Very High, High, Medium, Low, etc. Risks with high-probability and high-impact require more attention and the risk assessment tool is beneficial in trying to reduce these risks.
XYZ Pub is opening in June 2011. Four partners own the pub and each invests in the pub equally. However, only one owner will actively manage the pub and its eight staff members. The pub has a separate room with a dance floor for live-music events.
Risk Assessment Matrix
The risk assessment matrix addresses only risks associated with liquid sales at the XYZ Pub. The owners identified six risks.
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This solution provides a tutorial on creating a risk assessment matrix and analyzing the benefits of the matrix.