Week 5 – Assignment 1: Construct Your Risk Matrix and Risk Register

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Instructions

Using your ongoing project scenario for your Signature Assignment, construct your risk register and risk matrices. The Project Management Docs Portal, sponsored by PMI, provides sample templates or formats to develop your risk register and risk matrix. Microsoft Excel can also be used to complete this assignment.

The risk register in its most basic definition is a log (table, spreadsheet, matrix, etc.) where identified risks are logged on the register along with impact and corrective actions or countermeasures taken to mitigate them for future reference. A sample risk register is shown below:

Date
Issue
Is
RaisedRisk DescriptionLikelihoodImpactSeverityOwnerMitigating
or
Corrective
ActionObserved
ResultsProgressDate
ResolvedStatus

Table 5.1: Sample Risk Register

The risk matrix, or risk assessment matrix, is developed and used to define and reference the likelihood or probability of a risk to rise or happen during project execution, set levels to classify risks, and recommend action depending on the likelihood and impact of the defined risk. A sample risk matrix is shown below:

Levels

Non-Significant

Low- Significant

Moderate

Critical

Catastrophic – Disaster

Detected

High

High

Elevated

Elevated

Elevated

Likely

Medium

High

High

Elevated

Elevated

Occasional

Low

Medium

High

Elevated

Elevated

Unlikely

Low

Low

Medium

High

High

Table 5.2: Sample Risk Matrix

Once you have completed your risk matrix and risk register (populated with data, that is, issues or incidents, along with action or response was taken and resolution), synthesize further escalated risk considerations related to technical information and innovation management projects. Provide a concise response that extends the key risk areas deserving special attention beyond generic projects. As you discuss the risk matrix structure, explain why is it critical to establish categories for incidents and their impact on projects or operations, and how the response levels for risks, from avoidance, mitigation, transfer, contingency, share, accept, enhance or exploit, and the implications of each action taken or response towards integrity of projects and final outcome or delivery.

Include recent scholarly sources (published within the last 3 years) to provide support for your position and identify areas requiring further research. Note that this assignment requires a synthesis of issues; it should not be a mere summary of the reading.

Submit your paper where you will insert the risk matrix and risk register as part of Sprint 4 of your Signature Assignment—Risk Management Plan as part of the  Project Plan.

Length: 5-7 pages, not including title and reference pages

References: Minimum of 5 scholarly resources published in the last 3 years.

The document must observe APA formatting specifications for citations and references using the most recent APA standards. If templates were used for the risk register and matrix, they must be cited using APA standards for citations and references at the bottom portion of the tables.