Project Management for Risk Identification - myassignmenthelp.com

Question: Discuss about theProject Managementfor Risk Identification and Analysis. Answer: Introduction The document which defines the processes need to perform to handle risks properly by first identifying them, then analyze them and then finally think about the procedures to mitigate them[1] is risk management plan. Risk Management also defines that how to address any risks in case it arises. Executive summary This report shall provide an overview of the issue which may arise at the time of project execution phase due to many inter linked activities. So how to make a note of the items which can impact any of the three constraints of a project, then analyze and find the mitigation plan. During the execution stage the risks must be monitored properly. Background of OIT project OIT stands for Office of Information Technology, the department which looks after the needs related to IT infrastructure maintenance, providing training etc. at Silicon Forest State University. At this university they have ticketing software to manage and track the bugs. The users working for interfaces use different software than the server guys who actually perform the job in case of bugs. Due to different software, manual work increases and so the chances of error. So, head of University IT department decided to change the software of whole university according to that of back end users. Ron Bashley was assigned the job to act as lead and for supporting him Harry Bonnett and Bob Biyon were nominated but the former is from another department of similar level to Ron and the latter is from the other institution all together. Risk Management Plan of OIT project This planning document should become the part of the overall project management. But to discuss it separately, it is the written approach or procedure which needs to take for different kinds of risks and project. This document varies from project to project depending on the types, location, culture, hazards, and uncertainties of project. There are few common steps which need to be done to address each risk first is to identify the risks and their consequences, then need to do the analysis by providing some more information regarding the probability of occurring the risk and if it happens how much it can impact the project (called probability impact matrix), on the basis of the analysis the risks are categorized as per the severity and then plan to mitigate those risks by either eliminating form the project or reducing its impact[2]. So to develop this document we shall perform the similar task for OIT project. Identify Risk in OIT project The risks must be identified thoroughly so that no risks must be such which are not identified. This process starts from the owner of the system[3]. Few identified risks present in OIT project are: Risk 1. (Raised by Ron Bashley on 15th August 2017): there is a risk of developing some communication gap between the user interface (Rons team) and the software updating (Harrys team) and may become big issue. Risk 2. (Raised by Harry Bonnett on 20th August 2017): there is a risk of getting some bugs error in the system from users end, due to non-functioning of Request Tracker during project phase and if the necessary changes are made in back end, then it may cause huge problem Opportunity 3. (Raised by Pike Gresham on 24th August 2017): there is a good opportunity to complete the work before the schedule period of six months, this can really minimize the risk of miss communication and gap. Risk Analysis of OIT project The probability of occurring each risk is assessed and if it happens then how much it can impact the project either way is measured in this section[4]. On the basis of the ratings given to any risk number, the probability and its impact analysis is done. Risk 1. Probability is high and impact is also high. Risk 2. Probability is high but impact is low. Opportunity 3. Probability is low and impact is also low. Risk response plan The plan which is developed to increase the chances of happening opportunities and to reduce the chances of occurring any risk is known as the response plan[5]. From the above diagram it is concluded that the probability and impact of: Risk 1 is HIGH: to minimize the severity rate of occurring the risk should be avoided. It can be reduced by conducting more personal interactions and frequent review meetings to narrow the information gap between the teams. Risk 2 is MEDIUM: the mitigation plan is same, need to increase the frequency of review meeting Opportunity 3 is LOW: few more additional resource allotments to project from other departments may help in expediting. Monitor and Control Risks Now once the mitigation plan is also developed the only remaining activity in risk management is the proper implementation at execution stage and monitoring the status of risks during every review meetings. Even the new risks need to be keep on searching, if found then again the steps discussed above need to be performed for the risk till some mitigation plan is developed. Justification All the processes considered for the development of risk management plan for OOIT project is as per the standards of the project management techniques starting from the Risk Identification, Risk Analysis, Rating of risks and Mitigation Planning are professionally done. So it is recommended to follow the process in case of any new risk is identified. Conclusion This can be concluded that the risks are the events which can cause either positive or put negative impacts on the three constraints of the project. So at the beginning stage of the project itself, the probable risks are required to be identified and the analysis mitigation plan are also required to be performed according to the discussed method in this report. References [1] The MITRE Corporation. (2017) Risk Management Approach and Plan. [Online]. https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/risk-management/risk-management-approach-and-plan [2] Amanda Dcosta. (2015, July) Risk Management Plan: Example. [Online]. https://www.brighthubpm.com/risk-management/5141-risk-management-plan-examples/ [3] The National Academies of Science Engineering Medicine. (2005) 4 Risk Identification and Analysis. [Online]. https://www.nap.edu/read/11183/chapter/6 [4] N. Lavanya and T. Malarvizhi. (2008) Risk analysis and management--a vital key to effective project management. [Online]. https://www.pmi.org/learning/library/risk-analysis-management-project-management-7070 [5] Karsten Reincke. (2009) (8.5) Risk Response Planning. [Online]. https://www.mypmps.net/en/mypmps/knowledgeareas/risk/risk-response-planning.html