Information Technology Project Management
9th Edition
ISBN: 9781337101356
Author: Kathy Schwalbe
Publisher: Cengage Learning
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The purpose of risk management is to identify potential problems before they occur so that risk-handling activities may be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives. You are a newly appointed Risk Management Manager. Your first task is to explain to your team members the definition of Risk Management and then list the steps for risk assessment activities with the aid of flow chart.
Explain the importance of aligning a risk mitigation plan's scope with the original risk assessment. Discuss the consequences of scope creep and how to effectively manage project boundaries to prevent cost escalation.
Provide examples of situations where maintaining scope requires saying "no" to additional countermeasures or functionalities that fall outside the defined boundaries of the mitigation plan.
This part of the project is a continuation of Project Part 1 in which you prepared an RA plan and a risk mitigation plan for Health Network. Senior management at the company has decided to allocate funds for a business impact analysis (BIA). Because of the importance of risk management to the organization, senior management is committed to and supportive of performing a BIA. You have been assigned to develop the BIA plan.
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- Pick any 10 project management-related hazards. Give examples of project risk management and the essential procedures.arrow_forwardAdditionally, include the possible project scope and risk issues, you may encounter.arrow_forwardThe output of Risk identification is: Select one: a. Risk description b. Risk assessment c. Root cause analysis d. Dependibility requirementsarrow_forward
- Suppose you are working as a lead developer for a software house (This software house is a new startup so the developers are not well trained) and you are asked to deliver the project before the estimated time with the same available resources (i.e. neither the salary nor the practitioners are added).In this kind of situation: Which type of risks are identified? Discuss how would you plan the situation being a team leader (hint: Contingency plan)?arrow_forwardYou need to enter the risk factors into the risk register for obtaining an external consultant.Using the GCCG Risk Event Impact Scale and the Probability Rating tables, use your judgement to assign a risk probability rating for each task.arrow_forwardPlot the six risks on a probability/impact matrix. Also assign a numeric value for the probability and impact of each risk on meeting the main project objective. Use a scale of 1 to 10 in assigning the values, with 1 representing the lowest values. For a simple risk factor calculation, multiply the probability score and the impact score. Add a column called Risk Score to your risk register to the right of the impact column. Enter the new data in the risk register. Write your rationale for how you determined the scores for one of the negative risks and one of the positive risks.arrow_forward
- What is the appropriate response to a risk that is coded yellow? Do nothing so as to not exacerbate the risk. Accept the fact the risk may occur. Take action to prevent the risk from impeding the project. Monitor closely to reevaluate the probability of occurrence.arrow_forwardRisk analysis is typically a two-step process: qualitative risk analysis and quantitative risk analysis. As a systems analyst, for which sorts of project management decisions would you use the results from qualitative risk analysis? From the quantitative risk analysis?arrow_forwardDiscuss the role of risk assessment in the development of a continuity plan. How does it influence the planning process?arrow_forward
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