TRACKING PROJECT RISKS

You are to produce a Project Risks document and track the risks throughout the project.  In a project such as this, the risks are unlikely to be dramatic, but they exist, and teams have had to manage them in order to finish their projects in a reasonable fashion.  

This document will partly mirror section 1.5 of your Vision and Scope document (ref the Wiegers template from processimpact.com), but will include only the top 5 risks to your project overall (in the context of the CPE 308 class itself).  What things do you need to track and manage to assure some reasonable success to your project?  Create and maintain a document to monitor and work with these risks.  Each risk should have a team member responsible for monitoring and resolving or mitigating the risk (this could be the whole risks document).  The risk manager should be periodically asked for a report at meetings to assure the team that they are understood and reasonably managed.  

The basic template (you may add or modify to your own team needs) -

RISK ID <sequence number>

Date Opened: <when was the risk identified?>
Date Closed: <if the risk was resolved, when was it resolved?>

Description: <Describe the risk in the form of "condition - consequence">

Probability: <give the likelihood of this risk becoming a real problem>

Impact: <what is the overall impact on the project if this risk is realized?>

Exposure: <what is the probability multiplied by the impact - the overall damage if the risk is realized?>

Mitigation plan: <what approaches to control or mitigation can be taken if the risk becomes more real?>

Owner: <who on the team is responsible for tracking and resolving the risk?>

Date Due: <time by which the mitigation plan should have been executed, if applicable.>
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