It301 Risk Management

818 Words4 Pages
Quantifying Risk and Its Impact IT301-1301C By Amanda Johnson April 19, 2013 Ten risk events that may or may not impact Johnson’s Event Management Project: Laurel’s Baby Shower. * Key Personnel Unavailable * Delivery Delay * Weather * Material Shortage * Material Damages * Unavailable Staff * Early Delivery * Cost * Time * Quality Risk Event Chart Risks | Probability of Risk | Magnitude of Damage | Planned Action | Activity | Rank | Low/0.05 | Med./0.1 | High/0.5 | Low/0.1 | Med./ 0.3 | High/0.5 | Total Rating | Type of Action | Key Personnel Un-available. | 3 | | X | | | | X | 0.05 | Insure caterers/decorators are available if necessary. | Delayed delivery of materials and equipment | 1 | | X | | | | X | 0.05 | Make delivery a requirement in supplier contracts. (Food, decorations, entertainment) | Weather | 5 | | X | | X | | | 0.01 | Change Schedule if necessary | Materials Shortages | 4 | X | | | | X | | 0.03 | Make available extra materials to avoid this risk. | Damage to materials. | 2 | X | | | | X | | 0.03 | Insure a back up account to repurchase decorations or food items. | Project Staff becomes unavailable. | 4 | | x | | | x | | 0.03 | Have a backup person to fill in. | Baby delivers early. | 4 | | x | | | x | | 0.03 | Reschedule date prior to delivery due date. | Cost increase | 5 | | | x | | x | | 0.03 | Have a backup account just for such. | Time increase | 4 | | | x | | x | | 0.03 | Use a scheduling tool but be prepared to address issues. | Quality | 5 | | | x | | | x | 0.05 | Maintain a high quality standard. | The chart above examines each risk evens probability and impact. It also considers the impact to the project’s expected value, quality and schedule. Executive Summary Every project needs risk assessment in order to be
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