Consider Figure 32.1 “Risk Response Matrix” in the textbook on page 322. Imagine that you have developed a base matrix for a project similar to the Figure with “+” and “-” signs.

Explain what it means if there is no “+” or “-” in one of the rows (the row is blank). Is there a problem when identifying risk, identifying risk strategies, or developing the matrix? If so, how would you address it?

        The risk response matrix is a sufficient tool to develop the preliminary risk reports and requires the proper distillation of issues for the development of risk responses. In the risk response matrix as mentioned below in figure 1, there is no blank row, therefore, the assessment of risk is not facing any issues for the identification of risk, development of the matrix, and risk strategies. In the response matrix, less information is provided about the strategies and issues. The mentioned signs of "+" demonstrate risk regarding the legal challenges and copyright issues. The risk response matrix is not supporting the status of the report but provides information on the basis of the collected data (Pritchard 2015).

Explain what it means if there is no “+” or “-” in one of the columns (the column is blank). Is there a problem when identifying risk, identifying risk strategies, or developing the matrix? If so, how would you address it?

        In the risk response matrix, the diverse contract strategies are mentioned for the loaded approaches. The effective approach is related to the contract strategy and there is no empty or blank column in the matrix while the approach is expanded for the additional columns to record the follow up requirements, outcomes, and response strategies. All the columns included in the matrix recorded collection of data, retention of data, and evaluation of the data. In figure 1, the risk event and the strategies are filtered for the incorporation of budget, allocation, and cost.  The expanded risk response matrix provides information for the potential conflicts and supports, therefore, the number of risk for the information can be identified from the expanded version of the risk response matrix. The matrix provides support to the risk quantification and qualification (Pritchard 2015)

Explain what it means if all the cells in one of the columns are full with “+” or “-”. Is there a problem when identifying risk, identifying risk strategies, or developing the matrix? If so, how would you address it?

        The matrix presents all possible pairs for the conditions and results in action and conditions. The tool provides an integrated process for the evaluation of potential budget and project conditions. In the matrix, only a single column provides maximum "+" and the column is written the entire website in a simple HTML code. It means the matrix provides a vision and proper process for the development of the website and to reduce the possible issues in the development of the website (Pritchard 2015).

Reference of Risk Response Matrix

Pritchard, Carl L. 2015. "Risk Management Concepts and Guidance ." 465. CRC Press .