The purpose of this assignment is for the team to identify risk items related to the Team Garage project. The team will assemble the collection of project risks into an assessment matrix that can be used by the project manager (PM) to track and manage risks. The risk matrix must be submitted in Excel format and must include a the following list of seven columns.
1. Risk Description
2. Risk Category – Used to group risks (human resource, budget, vendor, Etc.
3. Impact in terms of Cost, Time, Scope.
4. Probability of Occurrence – The likelihood of occurrence rated on a 1 to 10 scale.
5. Response Strategy – Accept, transfer, or mitigate.
6. Contingency Plan – Outline the steps that will be taken if risk occurs.
7. Owner – Who is keeping an eye on the risk event and will take the point if it occurs