Risk Assessment Matrix for New Athletics Stadium Project

This project presents a risk assessment matrix designed for a new athletics stadium, addressing various potential risks associated with the project. The matrix includes an analysis of financial risks, such as insufficient funding, and schedule risks, such as potential delays, along with their respective probabilities and impacts. It also considers the risks related to stakeholders and safety concerns. The project outlines mitigation strategies, such as ensuring proper financial planning, communicating with stakeholders, and implementing safety measures. The matrix provides a framework for assessing and managing project risks, including the assignment of responsibilities and the development of mitigation plans. The document also references relevant literature to support its findings and recommendations.

Running head: RISK ASSESSMENT MATRIX
Risk Assessment Matrix
Name of the Stusent
Name of the University
Author’s note

Risk Assessment Matrix Template
Risk event Risk
Category
Probability
(Likelihood)
Impact
(Severity)
Risk Priority
Number (P x
I)
Rank Mitigation Owner
The risk could be
based on the fact
that there would be
insufficient amount
of funding for the
project. This mighty
hamper the
successful delivery
of the project.
Financial
risk
5 9 45 3 Ensure all the
monetary factors
and thus prepare a
final plan for the
project.
Project
Manager
and
Project
Sponsor
The activities and
other schedules
would might not be
followed.
Schedule
risk
4 7 28 2 The project
manager should
communicate with
each of the
stakeholders and
thus decide on the
best factors that
would fit within the
project schedule.
Project
Manager
The sponsors might
not be available
Sponsorshi
p risks
4 5 20 4 The sponsors
should be hired on
Project
Sponsor

during the event
process and this
might lead to severe
project implications.
a contractual basis.
They should be
signed with a
negotiation
contract with which
they be bounded to
follow the process
The safety officers
might not install the
different safety
devices within the
event place.
Safety
related risks
5 4 20 4 The safety devices
should be installed
properly. This
would ensure that
the safety within
the workplace
would be
maintained and
thus ensure higher
safety for the
visitors.
Safety
Officer
and
Project
Manager
Tutorial – Risk
New athletics stadium

• Client is City of Statville
• Opens 1st August 2013 for Continental Athletic Championships in October
• Internationally renowned architect
• Environmentally state of the art design
• Brownfield site – old railway yards
• Close to thousands of homes
• Paid for by proposed local sales tax
• Plan for stadium to be sponsored by global sports firm
The City of Statville is planning for a new athletics stadium. The stadium is to be housed in a relatively under-developed part of the city and has
been given planning approval by the local government.

As a group, consider the different risks involved with such a project, while bearing in mind the different risk categories below.
Also consider the impact and probability of each of the risks you have identified as well as any potential remedies or approaches that can be
undertaken to mitigate them. As part of
risk assessment consider the following
items in a risk assessment matrix and map
these on the matrix provided.

Bibliography
Hillson, D., 2017. Managing risk in projects. Routledge.
Ho, W., Zheng, T., Yildiz, H. and Talluri, S., 2015. Supply chain risk management: a literature review. International Journal of Production
Research, 53(16), pp.5031-5069.
Hulett, D., 2016. Integrated cost-schedule risk analysis. Routledge.