Reference no: EM131172133

Consider the following partial risk register for a project:

Risk ID	Risk	C	L	Responsibility
25	Failure in Thermal Vacuum	Catastrophic	Possible	T. Smith
31	Parts shortage	Moderate	Unlikely	F. Jones
32	Increase in overhead rate	Low	Likely	S. Basu
41	Late delivery of operation software	Moderate	Possible	C. Johnson
56	Inadequate funding available for next phase of project	Very high	Almost certain	A. Hidori
58	Loss of key personnel	Insignificant	Unlikely	N. Adam chewski
64	Battery losses charge	Very high	Possible	M. Jansen
72	Detectors fail to meet specifications	Moderate	Possible	G. Reynolds

After analyzing the given partial risk register, do the following:

Analyze the risk register and determine the ranking of risks from greatest to smallest, using just the descriptions. Next, calculate the risk factors for each of the risks in the table using the equation in Cooper (page 65, paragraph 5.2):

RF = P+C-(P*C)

In order to do this, you will have to convert the likelihood and consequence scores from descriptions to a scale from 0 to 1. (hint: use tables 5.4 and 5.7 for conversions)

After calculating the risk factors, list the risks and their risk factor in order from greatest to smallest.

Now, perform the following tasks:

Task 1:

Answer the following questions:

How did the risk factor calculation improve your ability to rank the risks?

How does having a risk ranking done with the risk factor equation help in focusing on the most strategic risks?

Task 2:

For at least one risk:

Create a risk probability chart and provide an explanation. Analyze the risk impact. Suggest a mitigation measure.

Submission Requirements:

Save your risk impact matrix in an Excel spreadsheet and your answers to the analytical questions in a minimum of 2 pages, and submit both files to your instructor through the Questa Learning Plan.

Include APA formatting for references and in-text citations.