Approach to risk management: Throughout the course of this task we ensured that our approach followed the

four foundational steps in risk management: 1 Risk Identification: Whilst discussing/brainstorming as a group, our first task
to tackle this section was to create a list of as many common or project
specific risks that could have an impact on the project. We were able to
convert our Work Breakdown Structure into a Risk Breakdown Structure and
apply a risk profile to each of our work packages to help us determine their
associated risks.
2 Risk Assessment: In this section we refined the list of potential risks by
getting rid of redundant or inconsequential ones. We then rated them using
the scenario analysis technique through which we analysed each risk based
specifically on their impact vs probability. Using a system similar to the risk
severity matrix in an excel spreadsheet we were able give each risk a risk
value which was colour coded for ease of risk detection (red=high risk,
yellow = low risk)
Image of spreadsheet
3 Risk Response Development: Our main goal in this section was to determine
what the best response would me in order to address a risk in the project.
The way in which we address the risk always depended on the significance
of the risk as dictated in the risk assessment. We then decided whether to
mitigate, avoid, transfer, share or retain the risk.
4 Risk Response Control: After formulating the risk registry by following the
first three steps, we needed to ensure that the risks are monitored,
contingencies initiated and new risks predicted. The main method that we
used was to assign responsibility for the risks listed in the registry, this
promotes control in the management environment and suppresses the
Thats not my worry mentality by holding someone accountable.