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This assignment has two parts. In the first part, prepare and submit an Excel spreadsheet in which you quantitatively rate the project risks that you identified in the Week 2 assignment. Calculate a Risk Factor for each risk, and then sort the risks from highest to lowest Risk Factor. Be sure to use a scale of 1-10 for the Likelihood (with 1 being not very likely and 10 being practically certain) and a scale of 1-10 for the Impact (or Consequence) (with 1 being negligible and 10 being catastrophic). Use the RF = P X C method for calculating the Risk Factor for each risk and use a formula in Excel so that if the Likelihood or Impact rating changed, the Risk Factor would automatically change. You must sort all of the risks in your Excel spreadsheet from the highest Risk Factor to the lowest Risk Factor.
The meaning behind the RF = P X C method for calculating risk factor. RF is defined as Risk Factor where P stands for Risk Probability and C means Risk Consequence. The value for weight (W) is dependent upon project priority within the triple constraint. W1, W2, and W3 are valued 0 through 1.0 on the priorities of the project, in which together, must sum to 1.0.
For example, the question facing the risk management team is, what to do with the results? Values for each WRF can be used to place risks into one of three categories—low, medium, and high which can then be used to determine the proper risk response. Risk factors are usually calculated for various aspects of the project such as cost, schedule, and technical aspects.
Weighted Risk Factor
Risk Level
Risk Response
0.0 to 0.4
Low
None
0.4 to 0.7
Moderate
Judgment Call
0.7 to 1.0
High
Develop Abatement Plans
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards, and adhere to Northcentral University’s Academic Integrity Policy.