Risk Mitigation
Owner: Dr Philip Shields
Number of students: 1-6
Formative Deadline: Friday W25
Learning Outcomes
Use a risk management process to identify, evaluate and mitigate risks (the effects of uncertainty) associated with a particular project or activity.
Knowledge Requirements
For Knowledge, you should complete the “Risk Mitigation” Moodle quiz available on this unit’s Moodle page.
Application Requirements
Achieving the skill at application requires completion of the skill at Knowledge and additionally… The page should include a section entitled ‘Risk assessment’, that includes: 1) A risk assessment matrix using the provided template as a PDF document (screenshots are not acceptable) which identifies the risks to the project (minimum of 5 risks), describes them concisely, and identifies their periodicity and severity, and ranks them according to the combination of periodicity and severity weighting. 2) Further risk mitigation should be described (20-50 words each) to ensure all risks are at an acceptable level, with new values of either periodicity or severity, and risk rating. 3) The levels of periodicity must be quantitatively defined. 4) The severity scale must be defined in terms of criteria and relate clearly to the context of the project. 5) A risk acceptance matrix that has been colour coded to identify what risk ratings are acceptable, require mitigation or must be avoided.
Synthesis Requirements
Achieving the skill at Synthesis requires: 1) Completion of the requirements detailed at the Application level, and 2) Your independent project must use this skill alongside the Project Management and Time Management skills and have consistent content.
Knowledge Opportunities
After the lecture W21
Application Opportunities
Project week 3 W24