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Risk assessment matrix for a fictitious project

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Please develop a risk assessment matrix for a fictitious project. Write something describing the benefits of this matrix.

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Solution Summary

Your tutorial is 357 words and includes a risk map with four events shown and discussed. Two important outcomes of using a risk matrix are mentioned.

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See the diagram in the file attached.

Each activity is place in the quadrants based on the probability of occurrence and the severity of consequence if it happens.

Activity #1: Lightning strike will ruin all the productions equipment. It is rare that lightning will hit the factory electrical system but when it does, it is extremely damaging and expensive in terms of replacing equipment and lost production time. So, it is a low probability but high consequence.

Activity #2: The process used to produce wire produces a toxic by product. The probability is ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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