1.Assessing Risk Factors. Consider that you are a member of a Rotary Club that has been part of the Midlothian Food Festival project. Consider that there is a surplus of festivals thrown each year in the Richmond area (there may be too many festivals for the number of people that will show up or more attendees than required for each festival). Construct a risk analysis that examines the various forms of risk (technical, commercial, financial, etc.) related to the creation of this event. How would your analysis change if there were very few festivals each year and festivals were in high demand in Richmond?
2.Qualitative Risk Assessment. Imagine that you are a member of a project team that has been charged to develop a new fundraiser for Rotary. Using a qualitative risk analysis matrix, develop a risk assessment for a project based on the following information:
Identified Risk Factors Likelihood
1. Key team members pulled off project High
2. Chance of economic downturn Low
3. Project funding cut Medium
4. Project scope changes High
5. Poor spec. performance Low
Based on this information, how would you rate the consequences of each of the identified risk factors? Why? Construct the risk matrix and classify each of the risk factors in the matrix.
3.Developing Risk Mitigation Strategies. Develop a preliminary risk mitigation strategy for each of the risk factors identified in Problem 2. If you were to prioritize your efforts, which risk factors would you address first? Why?
4.Quantitative Risk Assessment. Assume the following information:
Probability of Failure Consequences of Failure
Maturity = .3 Cost = .1
Complexity = .3 Schedule = .7
Dependency = .5 Performance = .5
Calculate the overall risk factor for this project. Would you assess this level of risk as low, moderate, or high? Why?