University of Phoenix Material Risk Identification Scenarios Review each of the

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
focusing 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)
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)
Scenario
Three
A telecommunications
company has just assigned you to be project manager for a product improvement
project. The scope statement of the project simply says, “Make this product
better.” The engineering team believes that they know how to make the product
better and have ignored ideas from the sales team. The project funds are secure,
as the company believes that improving this product will give them strategic
advantages.
Risk event
Probability of risk event
(1=high; 3=medium; 5=low)
Impact of risk event
(1=high; 3=medium; 5=low)