02 Sep Risk Assessment
I want you to modify the ppt for risk and fill it with the same material for risk assessment for a Resturant. The picture shows instruction and the ppt have the example and you can you some of them and make it similar to it. The second one is the schedule I just want you to add comments on the right for them and change the sub-section on the left by taking new or couple same ones from the word document. you can change the date like the triangles. make the project sound like it’s going well and have one negative thing not too bad though I will upload my project writing that I did for the Resturant if you want to understand more of what I am doing . Check the picture for the instruction and the example in the ppt
The following provides additional information in support of this Risk assignment:
- In general, risks differ from issues….in that risks may be predicted, assesssed, and mitigation strategies may be developed / executed.
- Different firms utilize various approaches to categorizing risks. For our purposes, we will use the following risk categories: External – Predictable Risks, Internal Non-Technical Risks, Internal Technical Risks, and Legal Risks.
- Depending on the nature of your project, it may be helpful to develop risks using these categories for Project Risks and Operational Risks. Vis a vis…Project Risks being risks that may be experienced in the course of developing the product or service anticipated by your class project….and Operational Risks being risks that might occur once the non-recurring project has been completed and you are downstream from the project completion / project launch.
- Risks may be assessed by assessing the probability of occurance of the risk (ie. likelihood that this risk may actually occur)…and the potential impact that the risk portends. In general, the judgement on these parameters are up to you. It is noteworthy that you will not be graded on the accuracy of these predictions…..given that this assignment speaks to familiarizing you with the Risk Management process vice actual risk predictions.
- Once a risk has been identified, you should determine an approach for mitigating the risk. This input may include actions to avoid the risk and/or to minimize the impact of a risk if it should actually occur.
- You should also be able to assess what would cause the risk to be come into play with your project. In other words what “precedent” or “trip wire” would cause you to have to actually employ a risk mitigation strategy.
- Risk Management includes periodic reviews of your Risk Portfolio Summary. Basically, this is a simple graph that reflects a summary of the current status of a project’s Risk Portfolo elements. Risk status may be communicated via status colors…(e.g. red for a critical risk, yellow for a watch item, green for a managed risk, clear for a closed risk that has been mitigated). It is noteworthy that new risks may be added to the Risk Portfolio as new risks may be identified over the course of a project.
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