Pm586 Project Management Week 5 Risk Matrix Analysis

Topics: Butterfly effect, Economics, Project management Pages: 2 (362 words) Published: April 7, 2013
PM586 Project Management
Week 5 Risk Matrix Analysis

Identification| Assessment| Response Plan|
Risk| Consequence| Probability| Impact| Trigger| Resp.| Response| Overtime and Cost | Going Over Budget| Low| High| Rise in Resources and Labor| PM| Continues follow up of spending and hours’ work. Monitor Financial atmosphere for price hikes.| Permit Delay| Could cause progress to cease momentarily causing schedule date to be pushed back.| High| High| Permit not being acquired in time.|  | All permits must be submitted in time to ensure schedule is maintained. Follow all local government rules and guidelines.| Weather| Delayed work| High| Low| Snow storms, Tornado, floods. |  | Weather can be predicted. Monitor weather in area during seasons that are known for a specific danger, or obsticle.|

An increased resources and materials can cause issues that will affect the project severely if not monitored and addressed in time. The probability may be low, but can change due to several economic and/or political issues that may arise. If such an event happens, it can easily have a ripple effect throughout the project. It can cause the budget to be derailed, which can cause the project be put on hold until more affordable materials can be acquired, or the project as a whole not come to completion. To address this issue, the budget and the economic situation must be closely monitored. Permits are controlled by the local laws and guidelines. It is important to have a strong understanding of the local government’s laws in this matter, and the procedures. This must be done in a timely manner and in sequence to all scheduled plans to ensure all proper steps are being taken. It has to be submitted to the local government office so they can do their inspections and for us to address whatever issues that may be found during the inspection. When it comes to the weather, it can be monitored, for all intents and purposes. But for longer...
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