Assessing Task 2: Determining The Risk Factors

Running head: ASSESSING RISK 1

Assessing Risk
Natasha Bing
Grantham University

ASSESSING RISK 2 In the majority of all project activity, it entails some kind of risk of which may overall impact the successful project completion. Upon the completion of the project with its scope, tasks, budget and timeline, it is imperative to make an overall risk assessment to access any risk that may be considered impactful in the project (Lock, 2007). Any associated risk assessment is well-thought-out

In all aspects, risk assessments should measure the risks and foretell the impact of the project. Project management utilize risk assessments in order to

The risk factors signify the causes that are measured to have the most influence on project risk. Looking at everything in its entirety the risk ranking guidelines are ‘probability and impact’ determining the occurrences and impact of each of the risk factors to the project and assigned to low, medium, and high rank categories (Frenkel, 2005). However, as it correlates to the J. Smith & Associates, risk assessment is vital to get a better understanding of risks associated in this project and what could be there possible impact to the project. Such risk assessment is organized using one risk assessment tool ‘Risk Assessment Matrix’. For this project, risk factors and their probability and impacts are described below:
Risk Assessment