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Plushie CompanyRisk Assessment

IntroductionIn this report, our team analyses the possible risks that our project may face.Risk is determined based on the probability of it happening and the impact thatthe risk will cause on the project.

List of possible risksRefer to Appendix A

Top 5 risksRefer to Appendix B

The top 5 risks were chosen based on the probability of it happening and how

large the impact will be on the project. Priority is given to the risks that will incurlarge impacts, as these risks will be the ones that affect the outcome of theproject, resulting in project failure. Measures to reduce the probability of suchhigh impact risks are needed to ensure the success of our project.

Top 2 risks analysisRefer to Appendix C

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Appendix AList of possible risks

Task Risk Description Probability Impact Risk Category

1 Lack of suitable property agent 2 2 Low Probability Low Impact

2 Quotation too high 5 3 High Probability Low Impact

3 Lack of suitable location 3 5 Low Probability High Impact

4 Unable to source for the right equipments 3 4 Low Probability High Impact

5 Contrator's asking price too high 4 2 High Probability Low Impact

6 Lack of employees with suitable qualifications 3 4 Low Probability High Impact

7 Workplace accidents 1 5 Low Probability High Impact

8 Safety officer not qualified (bogus) 1 5 Low Probability High Impact

9 Materials transportation is delayed 3 2 Low Probability Low Impact

10 Damage to equipments 4 4 High Probability High Impact

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11 Failed prototype 4 1 High Probability Low Impact

12 Production unable to hit targets 2 3 Low Probability Low Impact

13 Incompetent sales promoter 2 3 Low Probability Low Impact

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Appendix BTop 5 risks

S/N Risk Description

Ways to solve

Probability Impact

1 Damage to equipments Hire experience movers/workers Claim warranty for the damaged equipments

2 Lack of suitable locationAdjust criteria for location to suit current

conditionRequest temporary location from third-party

3 Unable to source for the right equipments Source on a wider scope of suppliers Use suitable substitution

4 Lack of employees with suitable qualifications Recruit foreign talentsRecruit workers that fit the criteria more and

send for periodic training

5 Workplace accidents Engage safety officers on checks more often Claim insurance

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Appendix CTop 2 risks

S/N Risk Description

Impact on

Costs Schedule

1 Damage to equipmentsExtra costs required to repair/buy new

equipmentSchedule delayed while equipment is being

repaired

2 Lack of suitable locationExtra costs required to rent temporarylocation until suitable location is found

Schedule delayed since unable to finaliselocation to send equipment to and more time

needed to find new site