Risk Workshop and Risk Register Free Essay Example, 2000 words

Medium risks would be considered crucial too and the low Risks would be considered containable for the project. Alternatively, a high risks posts much threat to the project, a medium Risk could occur occasionally and a low risk would not be likely to affect the project. These scales provide standard measures for the stakeholders (Heldman, 2005). In the above mention analysis, numeric values play a vital role in the estimation of the impacts of the risks felt. This analysis is normally applied for big projects where Risks could cause serious problems. There is System software specifically designed for the above task though smaller projects can be handled manually. The values can be estimated and specific points. In the above mention analysis, numeric values play a vital role in the estimation of the impacts of the risks felt. This analysis is normally applied for big projects where Risks could cause serious problems. There is System software specifically designed for the above task t hough smaller projects can be handled manually. The values can be analyzed depending on level of the threat to be analyzed. Flayton electronics had the following problems or risks. We will write a custom essay sample on Risk Workshop and Risk Register or any topic specifically for you Only $17.96 $11.86/pageorder now ID CATEGORY RISK IMPACT DESCRIPTION PROBABILITY RISK VALUE 1 Technical Scope definition Vague scoop allows scoop throughout the project Caused by the technical errors made 89 80 management Project management Project management vaguely established Management problems encountered 78 80 Commercial Contractual terms and the tendering conditions The Memorandum of Understanding signed is not clear and specific Problems involving the system of commerce in the project 80 80 Each of the Risks tabled above are critical to the well being of the project. According to Gray & Larson (2008), â€Å"Defining the Project Scope sets the stage for developing a project plan. Project scope is a definition of the end result or missions of the project- a product or service for your client/ customer† (p. 92) a well-defined scoop ensures the success of a project since it is the main motive of the project. If a project misses a scoop then it is as well a dead project. The scoop outlines all the aspects of the project. Other factors critical to the success of a project include such as risk analysis are equally crucial to the success of a project. If these factors are not brought out prior to the project then the stake holders are clearly handling a visionless project that will crumble the moment Risks start knocking. Furthermore, agreeing on proper terms helps in making a logic approach to the project.