This is our risk assessment and management for our project (building a solar panel on top of HDB flats). We have it ranked according to the risk level (from the highest probability and highest impact). Now, lets look at the first 3 risk that we need to find a solution for.
First risk was delaying in installing the Solar Panel which has a higher probability of occurring and it will give us a higher impact.
The second risk was the poor design of the Solar Panel which has a low probability and a high impact.
The third was wrong materials used and it has a low probability of occurring and it will give a high impact to our project.
First risk was delaying in installing the Solar Panel which has a higher probability of occurring and it will give us a higher impact.
The second risk was the poor design of the Solar Panel which has a low probability and a high impact.
The third was wrong materials used and it has a low probability of occurring and it will give a high impact to our project.
This is our new AON for our project (picture shown below). Due to evaluation from our risk assessment, we might need an additional cost of $505k and a extension of schedule by 1 month. By doing this, we can reduce the probability and the impact of delaying in installing the Solar Panels and a poor design of our Solar Panel.
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