This case study is a continuation of the case study from Chapters 4 through 7. Create a risk assessment matrix including a response plan for each of the risks.

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This case study is a continuation of the case study from Chapters 4 through 7. Create a risk assessment matrix including a response plan for each of the risks.

A Not-for-Profit Medical Research Center

This case study is a continuation of the case study from Chapters 4 through 7.

Create a risk assessment matrix including a response plan for each of the risks.

Answer & Explanation (1)

Explanation
A risk assessment matrix is used to calculate the risk associated with a project considering its impact, the likelihood of occurrence, and degree of impact on the project. It helps to identify the risk and prepare an effective plan of action to overcome it.

The problem in funding, competition, time risk, and usability risk are some uncertain events that may take place while conducting a project.

The problem in funding can halt the operations in the organization and can result in inefficiency. The likelihood of such a problem is medium, but the degree of impact on the project is very high. This can be a result of the changing expectations of the stakeholders. The research center can make efforts to meet the expectations of the stakeholders by changing the report layout and providing them detailed financial statements.

The increasing competition can be one of the reasons for the diminishing interest of the stakeholders. This can lead to the shift of the stakeholders toward the competitors' firms. The likelihood of such a competition is high and so is its degree of impact. The research firm can align the format of the financial statements with that of its competitors and make efforts to create a competitive advantage in the market for its products.

The tight deadline can cause a delay in the report submission and create a bad image of the company in front of its stakeholders. The likelihood of such a problem is medium, but the degree of impact on the project is very high. Making a proper plan and arranging resources accordingly can help to resolve this issue.

Usability risk for the research center can be calculated on the basis of new designs and plans prescribed by the stakeholders. The likelihood of such a problem is low, but the degree of impact on the project is medium. The firm can hire an individual who holds expertise in the new design for effective report generation and eye catching formatting.

Sample Response
The various risks associate with the project are problem in funding, competition, time risk, and usability risk. These risks can be analyzed considering their effects, likelihood of occurrence, degree of impact, action, and response plan

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