FEMA, the Federal Emergency Management Agency, is responsible for mitigating or responding to natural disasters within the United States. Go to https://www.fema.gov/mitigation-fact-sheets. Look around the site and scroll down to see examples of projects in which the agency is involved. You can also search for the terms “mitigation” and “risk” to find additional resources on their site. How does FEMA apply the the various mitigation strategies (accept, minimize, share, and transfer) in its approach to risk management?
Imagine that you are a member of a project team that has been charged to develop a new product for the residential building industry. Using a qualitative risk analysis matrix, develop a risk assessment for a project based on the table found on page 245 under the problem 7.2. Based on this information, how would you rate the consequences of each of the identified risk factors? Why? Construct the risk matrix and classify each of the risk factors in the matrix.
Consider the following observation: “The problem with risk analysis is that it is possible to imagine virtually anything going wrong on a project. Where do you draw the line? In other words, how far do you take risk analysis before it becomes overkill?” How would you respond?
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