Enterprise Project Management MSPM1-GC4000
Risk Management: Probability (P) and Impact (I) Risk Matrix
1 – None
1 – None
Probability x Impact
Identify and Describe Risk Response
2 – Low
2 – Little
3 – Medium
3 – Moderate
4 – High
4 – Heavy
5 – Certain
5 – Devastate
1. Increase price on the cleaning services
2 – Low
Sign a contract with specific pricing, scope and time for the task to be completed.
2. Change on the prices for food and beverages offer to stakeholders
Agree with suppliers on a price range in case prices drop or go up to be justified on both ways.
Choose a manager and formulate a rule to strictly manage workers.
Keep social distance and prepare disinfection supplies and masks.
5. Shortage power
Reach out to the venue technicians on site and try to find a solution as soon as possible.
6. Not enough gowns for graduates
Agree with the vendor to have more gowns on site than need in different sizes in case of an emergency
7. Vendor delay in delivery of critical equipment
We can find multiple suppliers in advance.
8. Inclement weather(Rain)
We need to find an indoor place to hold the event.
9.Increase in the price of decorative materials
We need to sign a contract with the supplier in advance, so as to restrain the price.
10. Flowers picked for decoration not available for event day
We need to complete a work order, and the vendor compromises for this specific type of flower or product.
Principles of Project Management
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