How does project risk change as a project progresses? What changes are made to the risk assessment matrix as the changes occur?

How does project risk change as a project progresses? What changes are made to the risk assessment matrix as the changes occur?

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July 2, 2021
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How does project risk change as a project progresses? What changes are made to the risk assessment matrix as the changes occur?

Answer and ExplanationSolution by a verified expert

Explanation
The project progresses with time. This causes various factors, such as estimated cost, duration of specific activities, need of workers, and more to change. Some of the factors can be internal, while others can be external. All of these changes eventually lead to change in the project risk as the project progresses. This is the reason why risks are constantly monitored so that they can be identified at the earliest.

A risk assessment matrix involves the assessment of types of potential risks, degree of impact, probability of occurrence, trigger points of action, and response plan. As the project moves forward, the risk matrix changes in the following ways:

There is a change in priority of the risks involved. A risk that might have been of high priority may change after being solved.
Trigger points may change as well. The matrix has to be altered as the preventive measures to reduce risk are initiated at a different time.
The action plan may change altogether due to contingency.
The people responsible for the risk can also change as the risk may arise in different departments at different times. The personnel associated with it may change with time.
Sample Response
As the project progresses, every internal and external factor changes, and gives rise to new risks that can be identified by constant monitoring. The project progresses and causes change in the amount of risk associated with various areas. This is because the internal and external environments of the project change continuously.

The change in priority levels can alter the risk assessment matrix in the following ways:

Type of risks involved in the matrix
Trigger points
Action plan
People responsible for the same

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