Risk Management Case Study

Risk is a factor of everyday life. From driving a car to work to cooking dinner for the family, there is a certain level of risk associated with most of the daily tasks completed an individual in their daily routine. However, most of the daily risks taken by an individual does not affect their daily routine because the individual understands the risk associated with each task and has a contingency plan, which was developed through life experiences. The same is true for project and program managers. In order for project and program managers to create and execute successful projects, they must fully understand the importance of identifying and dealing with risks associated with their projects. According to Bezzina, Grima, and Mamo (2014), “effective risk management frameworks and strategies are developed with the intention of improving performance, and creating the baseline for the continuity of uninterrupted efficient business processes through risk management good practice” (p. 593).

Case Overview In this

1). There are several different methods available to project and program managers for identifying and dealing with project risks; however, for this scenario the following two methods were used: the risk assessment form and the risk response matrix. The risk assessment form allows project managers to identify risks associated with a project, determine the likelihood of the risk happening, the impact of the risk to the project, how difficult the risk can be to detect, and finally, identify what stage of the project the risk will likely happen. The risk response matrix allows project managers to identity risk associated with a project and determine how to handle the risk by either “mitigating, avoiding, transferring, sharing, or retaining” (Larson & Gray, 2014, p.