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Project Risk Management

Project Risk Management


According to Engemann (2021), risk management is essential in project management because it influences the project’s success. Risk management includes identifying, analyzing, prioritizing, assigning risks to specific risk owners, and responding to the risk. The two main tools used in the process are the risk register and risk matrix (Salama, 2021). A risk register is a table that summarizes all relevant information about the risks in a project. Consequently, a risk matrix is a tool that captures and identifies the likelihood of a risk and evaluates potential interruption or damage caused by the risks. Software development projects are technical and require proper risk management to avoid major risks that could cost project owners a lot of resources. The risk matrix and risk register below identify ten risks in the software development project, the likelihood of occurrence, impact on the project, and mitigating actions.

Acceptable Tolerable Unacceptable Intolerable
Likelihood Very likely Changes in project scope Exceeding project budget Cyber-attack Low productivity among team members
Likely Change in customer requirements Conflict between project team members Delays in project completion
Unlikely Code issues Improper allocation of resources
Very unlikely Stakeholder withdrawal from the project

Risk matrix

Risk Register

Risk ID Risk description Likelihood Impact Risk owner Mitigation actions
1 Changes in project scope Very likely High Project manager ·         Maintain constant communication between the project team members, stakeholders, and sponsor to ensure project requirements are met at every step of the project.

·         Create a written contract with the project sponsors specifying the project scope and the conditions for adding new tasks and requirements.

2 Exceeding project budget Very likely High Project sponsor ·         Involve project sponsors in creating the project budget.

·         Use a project schedule to create the project budget to ensure that every task is considered in allocating the financial resources required for the project.

·         Set a slightly higher budget to cater for unforeseen costs that may arise within the project.

3 Low productivity among team members Very likely High Project manager ·         Assign tasks to every team member and set a deadline for their completion.

·         Set performance standards for team members.

4 Change in customer requirements Likely High Project sponsor ·         Implement customer feedback in setting project specifications.

·         Create a backup code that considers additional requirements that customers may request.

5 Conflict between project team members Likely Low Project manager ·         Create a conflict management strategy defining the procedure conflicting team members should follow to solve their conflict.

·         Identify conflict warning signs to prevent conflicts.

6 Delays in project completion Likely High Project manager ·         Create a project schedule.

·         Address issues as soon as they arise to avoid wasting time that could be used to complete tasks within the project.

·         Motivate project team members to increase commitment to the project.

7 Code issues Unlikely Moderate Project manager ·         Create a backup code.
8 Improper allocation of resources Unlikely Moderate Project manager ·         Regularly audit the use of resources in the project to avoid misappropriation of resources allocated for the project.
9 Stakeholder withdrawal from the project Very unlikely Moderate Project sponsor ·         Engage all stakeholders in the project by involving them in decision-making and updating them on its progress.

·         Implement stakeholder feedback in the project.

10 Cyber-attack Very likely High Project manager ·         Use a firewall to prevent intrusion.

·         Regularly review the hardware and software used in the project to identify vulnerabilities that could be used by cyber-attacks and eliminate them.


Engemann, K. J. (2021). Advances in project risk management. Project Risk Management, VII-XIV.

Salama, M. (2021). Risk management and Agile project management. Event Project Management.


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Risk Register
Create a risk matrix for the project of your choice:

Project Management Certifications

Project Management Certifications

a) Identify and list at least 10 risks of the project of your choice.
b) Determine the likelihood and the impact of each risk on the list.
c) Design your own risk matrix with proper categorization.
d) Map your risks onto the risk matrix.
Create a risk register using the risk matrix you created.

a) Create your risk register as instructed and demonstrated in the text.
b) You may customize the design of your risk register to improve it.

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