Modify The Excel Spreadsheet You Created And Submitted

Modify The Excel Spreadsheet You Created And Submitted In Week 4 So Th

Modify the Excel spreadsheet you created and submitted in Week 4 so that it includes, to the right of the Risk Factor value column, columns titled Risk Management Strategy, Action Prior to Risk Event Realization, Action in the Event of Risk Event Realization, and Rationale, respectively. In the Risk Management Strategy column, enter one of the following for each of the risks: Avoid, Transfer, Mitigate, Accept, or Exploit. Enter any action to take in advance of the risk event occurring; if any action will be taken, based on the strategy selected, in the Action Prior to Risk Event Realization column, indicate “none” if no action will be taken. Enter the action that will be taken if the risk event does indeed occur in the “Action in the Event of Risk Event Realization” column. Finally, enter your rationale for how you populated these three columns for each risk in the Rationale column. Format all cells using a combination of the wrap-text function, column width specification, and row height specification such that your instructor does not have to manipulate the spreadsheet in any way to read all contents of all cells. When the spreadsheet file is opened, all text in all cells should be readable if the instructor scrolls the spreadsheet vertically or horizontally, but no other navigation commands in the spreadsheet should be required to read all text.

Paper For Above instruction

The task at hand involves modifying an existing Excel spreadsheet developed in Week 4 to enhance its clarity, comprehensiveness, and readability concerning risk management strategies. This process necessitates adding specific columns to document the mitigation approach, actions before and during a risk event, and the rationale behind these choices—aiming to support effective decision-making in risk management.

Initially, the spreadsheet should be expanded horizontally by inserting four new columns immediately to the right of the existing Risk Factor value column. These columns are titled: Risk Management Strategy, Action Prior to Risk Event Realization, Action in the Event of Risk Event Realization, and Rationale, respectively. Each of these columns serves a distinct purpose in delineating the approach to risk handling and the rationale behind selected strategies.

In the 'Risk Management Strategy' column, for each identified risk, a suitable strategy must be selected from predefined options: Avoid, Transfer, Mitigate, Accept, or Exploit. These options encapsulate different approaches such as eliminating the risk, shifting the risk to another party, reducing the risk impact, accepting the risk without further action, or exploiting opportunities arising from the risk. Choosing the appropriate strategy requires a careful assessment of the risk's nature, likelihood, and impact on the project or organization.

The 'Action Prior to Risk Event Realization' column requires detailing any proactive measures or preparations to be undertaken before the risk materializes, based on the chosen strategy. If no such action is planned, the cell should explicitly state “none.” This step emphasizes the importance of planning and preparedness in effective risk management, acknowledging that some risks may require no preemptive measures.

Following this, the 'Action in the Event of Risk Event Realization' column should specify the specific response or contingency plan to be enacted should the risk event actually occur. This could include mitigation efforts, communication plans, or operational adjustments designed to minimize damage or capitalize on opportunities.

The final addition, the 'Rationale' column, plays a critical role in documenting the reasoning behind the strategy and action choices for each risk. This explanation serves as a justification for why specific strategies and actions were selected, considering the nature of the risk, the organization's risk appetite, resource availability, and other contextual factors.

To ensure clarity and accessibility, all cells should be formatted with the wrap-text feature enabled, allowing content to be fully visible without manually adjusting the view. Moreover, consistent column widths and row heights should be applied so that when the spreadsheet is opened, all cell contents are fully legible through scrolling—eliminating the need for additional adjustments or navigation by the instructor.

References

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