Chapter 8: Managing Risks
Questions
1. Describe what needs to be done to manage risk on a project. When should this be done? How
can a risk assessment matrix help in this process?
To manage risk on a project, the team needs to identify and assess risks to determine their impact
and likelihood. Identification and assessment of risk occurs throughout the project. Project team
meetings are good times to review risks and the risk management plan. The risk assessment matrix
helps the process by organizing the identified risks and assessing the risks' impact, likelihood, degree
of impact, the action trigger for the risk, who is responsible, and the response plan.
2. From your experience working on projects, list and categorize three risks. Was the response
plan for those projects adequate to mitigate these risks? How would you respond to these
risks now?
Risk categories could include technical, schedule, cost, human resources, external, or
sponsor/customer and other categories. Answers should include an evaluation of the response plan
for the risks and how the risk could have been mitigated if they were not adequately addressed.
Students should also define a trigger point and a risk response plan for the risks.
3. What risks for a project have the highest priority? Does the priority for a risk change as the
project progresses?
Risks that have the highest priority are those on the critical path and those that have high degree of
impact and high likelihood of occurrence. Yes, the priority of a risk can increase or decrease in priority
as the project progresses due to the evolving project environment .
4. How does project risk change as a project progresses? What changes are made to the risk
assessment matrix as the changes occur?
As the project progresses, some initial risks may no longer be a factor and other risks may be identified
that need to be addressed. The risk assessment matrix is adjusted to update the likelihood of occurrence,
the degree or impact, the action trigger, the responsibility, and the response plan