ASIP-PM3-6 Risk Matrix - Yasmin
Description
Scenario: Let's evaluate the risks that Yasmin identified earlier.
- Risk 1: There was an update to the software between now and report completion that presented new, unanticipated features.
- Risk Evaluation: Based on previous updates, if this update were to occur, it is unlikely that it would change the software significantly enough to alter Yasmin's recommendations for the team; this will have "little to no effect". Yasmin reviewed the update logs and found that the next update was announced to launch six months after her project is completed. This risk is "improbable".
- Risk 2: She has emailed the ASIPStudio Sales and Marketing Team to respond to a few of her questions. What if they do not reply or are unable to answer her questions in a timely manner?
- Risk Evaluation: If the Sales and Marketing Team does not respond to Yasmin, her project will have a few pieces of useful information missing. She knows that she will likely not get final approval without this information, and she has determined that this "could result in a disaster". In speaking with her team members who have worked with the Sales and Marketing Team in the past, she discovered that they are notorious for not responding to requests for information; it is "probable" that they will not respond in a reasonable amount of time.
- Risk 3: What if there is an increase in the team's budget and the team can now consider purchasing a more advanced subscription for the software that offers superior services and more features?
- Risk Evaluation: If the team has access to a more advanced subscription, the additional features may curve Yasmin's recommendations positively. This depends on the results of other aspects of her research. Yasmin's manager has put in a request for an increased budget. In their last meeting, her manager said that their chances were "50/50" that it will be approved.
Instruction: Place each risk corresponding to the evaluations above in the appropriate category on the risk matrix. Click the blue "Check" button to check your answers.
Attribution: This activity is used in the Arts & Science Internship Program's open educational resource, "Ideation and Planning Skills for Employment Success", available through eCampusOntario's Open Library in Spring 2023.
This project is made possible with funding by the Government of Ontario and through eCampusOntario’s support of the Virtual Learning Strategy. To learn more about the Virtual Learning Strategy visit: https://vls.ecampusontario.ca.