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Risk ID

The document outlines a project risk log template that identifies 9 key risks for an automotive project. Each risk is assigned an ID number, priority level, responsible person, description, potential impact on cost, schedule, and quality, likelihood of occurring, and proposed mitigation and contingency strategies. The highest priority risks include insufficient funds being raised, design issues, delays in materials or construction, and incorrect cost estimates, with proposed strategies such as targeting a higher fundraising amount, independent design reviews, expedited shipping, and added schedule contingencies.

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Vinay Jaiswal
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34 views1 page

Risk ID

The document outlines a project risk log template that identifies 9 key risks for an automotive project. Each risk is assigned an ID number, priority level, responsible person, description, potential impact on cost, schedule, and quality, likelihood of occurring, and proposed mitigation and contingency strategies. The highest priority risks include insufficient funds being raised, design issues, delays in materials or construction, and incorrect cost estimates, with proposed strategies such as targeting a higher fundraising amount, independent design reviews, expedited shipping, and added schedule contingencies.

Uploaded by

Vinay Jaiswal
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
Download as docx, pdf, or txt
Download as docx, pdf, or txt
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Project Risk Log Template

Dates- 30/08/2020 Analysis Impact


Risk Priorit WB Responsibl Risk Description Open Close Impact Likelihood Severity Prior to After Mitigation Strategy Contingency Status
ID y S e d Rating Rating Mitigatio Mitigatio
Person n n
1 1 Abhijeet Sufficient funds cannot be raised in the required time 1-Aug-20 5 3 15 >4 week <1 week Target fund raising at 20% over budget. $10,000
frame delay delay Pursue using club funds as a stop gap
measure
2 2 Ashish Design is not approved by competition committee 1-Aug-20 5 2 10 Double check design. Have
independent design review.

3 2. Vijay Design is not completed in a timely manner 1-Aug-20 3 3 9 Add schedule contingency in plan
to allow design to be complete.
Add additional staff.
4 3 Kunal Selected team members are not available. 1-Aug-20 4 1 4 Confirm team members early in
process. Identify alternates

5 1 Alwin Cost estimate is incorrect. Not enough funds based on 1-Aug-20 5 3 15 >4 week <1 week Target fund raising at 20% over $10,000
estimate delay delay budget. Double check estimate
after design approval.
6 2 Abhishek Delay in materials arriving, or materials unavailable 1-Aug-20 4 3 12 Use expedited shipping. Confirm
availability with suppliers during
design. Modify design if
required.
7 2 Bhavesh Construction takes longer than expected. 1-Aug-20 4 3 12 Add schedule contingency in plan
to allow construction to be
complete. Add additional staff.
8 3 Satyendra Tests find fatal flaws in design. 1-Aug-20 5 1 5 Double check design. Have
independent design review.

9 3 Raman Travel is delayed due to weather 1-Aug-20 2 4 8 Allow 2-3 extra days of travel
time. Add cost for additional stay
at competition.

Description

Impact Rating Scale Cost Schedule Scope Quality


5 Very High >$10,000 >4 weeks delay Car will not operation
4 High <$8,000 >2 weeks delay Car will not meet specs
3 Moderate <$5,000 >1-week delay Performance is reduced
2 Low <$3,000 <1 week delay Some compensation is required
1 Very Low <$500 1 day delay May require correction

Likelihood Rating Scale Description


5 Nearly Certain >80% Probability of occurring
4 Likely 50-80% chance of occurring
3 Possible 21-49% chance of occurring
2 Unlikely 1-20% chance of occurring
1 Rare <1% chance of occurring

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