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- What exactly does risk management entail? Discuss the process of risk management using the diagram.RISK REGISTER : CYBER SECURITY LAB (KEYLOGGING SOFTWARE). Please add 3 more risks. Intructions: please see below. 1) Have your team identify the top 5-10 risks for your project (i.e. one of the computers don't work, the electrical system is overloaded when all the computers are on, a component of one of the computers is misplaced or stolen, etc.). 2) Label each of these risks (R1, R2, R3, etc. 3) Identify the Probability/Risk (Likelihood/Consequence) for each of these. 4) Rate each risk as HIGH, MEDIUM, or SMALL. 5) Identify who is responsible for the risk. 6) Identify the steps you will incorporate to mitigate the risk (lessen the risk). please write following the table given in the image.Create a risk matrix for this project:Event Cost ($000) ProbabilityEquipment breakdown 40 .20Vendor is late with key segment 200 .60Subcontractor has labor issues 140 .30Weather problems 15 UnknownFunding delays 50 .40 to .60Testing delays 20 .40Explain your reasoning for your placement of the events Weather problems and Funding delays.
- create a risk assessment matrix including a reponse plan for each risk identified.Conduct a formal Risk Plan for a project covering the following critical aspects;1. Identify the risks to start preparing a risk register and Analyse the risks (both qualitative and quantitative risk analysis)2. Plan risk responses3. Track and control risksMinimum 10 risks to be identified.Read and analyze the following article. Manila Bay Beach Nourishment Project After years of being known for its polluted waters, Manila Bay suddenly got a facelift as the government decided to take a big risk by overlaying mounds of artificial white sand (dolomite) on a part of the bay's naturally gray shoreline. This project, which is spearheaded by the Department of Environment and Natural Resources (DENR), was instantly met with harsh disapproval. In September, the overlaying of the dolomite in Manila Bay beach or the beach nourishment project caught public attention, stirring curiosity and setting off waves of people flocking to the area to get a glimpse of the "white sands". Many criticized the project, throwing allegations at the DENR, calling the project a health hazard and a waste of public funds. But the DENR emphasized that the beach nourishment with the use of dolomite is a significant component of the rehabilitation aimed to protect the coastal resources in the area and…
- The motivation of study : Why do we need a risk assessment? What are the benefits of it with respect to OHS? Roles and Responsibilities of Engineers in OHS Aim of Risk AssessmentYou have been tasked to conduct an urgent risk assessment for a short‐term, yetcritical project affecting the whole organisation, and the FRAAP approach has beenprescribed to the team. Defend the decision of prescribing the FRAAP approach.What does the term "risk management" mean? Discuss the risk management process using the diagram.