George Selmeister Risk Identification S
University of Phoenix Material
Risk Identification Scenarios
Review each of the following scenarios and identify the risk events, the probability of those risks, and the impact of the risk events. Some scenarios may have more risks than others.
Scenario One
A retail firm has a project that is focused on expansion into third-world countries to sell pharmaceutical products. The project timeline is, as always, aggressive. The scope is well documented and understood by the project team and key members of the firm. The firm is financially sound, with project funds secure; however, the stakeholders expect that the project will pay for itself within 2 years of deployment.
Risk event
Probability of risk event
(1=high; 3=medium; 5=low)
Impact of risk event
(1=high; 3=medium; 5=low)
Schedule delays
1
1
Risk in pharmaceutical industry
3
1
Local Government Regulations changes
3
3
International trade in pharmaceuticals regulations changes
5
1
Stability within the local government changes
3
1
Scenario Two
A construction company has been awarded the contract to build a pipeline in Alaska. The project timeline is of the highest priority because work can only be completed during summer months due to adverse weather conditions. One of the suppliers of a key component has longer lead time than is required to complete the pipeline, but may be able to deliver if the construction company will pay fees to expedite. There are other suppliers, but these suppliers are not on the construction company’s approved suppler list and it would take time to get them approved. There is a huge penalty in the contract if the project is not completed on time.
Risk event
Probability of risk event
(1=high; 3=medium; 5=low)
Impact of risk event
(1=high; 3=medium; 5=low)
Schedule delays
1
1
Approved Suppliers long lead time
1
1
Weather Conditions lead to less productive in summer months
3
1
Exceeding budget to pay fees to expedite for sole supplier lead time
1
1
Scenario Three
A
Risk Identification Scenarios
Review each of the following scenarios and identify the risk events, the probability of those risks, and the impact of the risk events. Some scenarios may have more risks than others.
Scenario One
A retail firm has a project that is focused on expansion into third-world countries to sell pharmaceutical products. The project timeline is, as always, aggressive. The scope is well documented and understood by the project team and key members of the firm. The firm is financially sound, with project funds secure; however, the stakeholders expect that the project will pay for itself within 2 years of deployment.
Risk event
Probability of risk event
(1=high; 3=medium; 5=low)
Impact of risk event
(1=high; 3=medium; 5=low)
Schedule delays
1
1
Risk in pharmaceutical industry
3
1
Local Government Regulations changes
3
3
International trade in pharmaceuticals regulations changes
5
1
Stability within the local government changes
3
1
Scenario Two
A construction company has been awarded the contract to build a pipeline in Alaska. The project timeline is of the highest priority because work can only be completed during summer months due to adverse weather conditions. One of the suppliers of a key component has longer lead time than is required to complete the pipeline, but may be able to deliver if the construction company will pay fees to expedite. There are other suppliers, but these suppliers are not on the construction company’s approved suppler list and it would take time to get them approved. There is a huge penalty in the contract if the project is not completed on time.
Risk event
Probability of risk event
(1=high; 3=medium; 5=low)
Impact of risk event
(1=high; 3=medium; 5=low)
Schedule delays
1
1
Approved Suppliers long lead time
1
1
Weather Conditions lead to less productive in summer months
3
1
Exceeding budget to pay fees to expedite for sole supplier lead time
1
1
Scenario Three
A