Week 7 Final Report-1

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May 9, 2024

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2024 Sylvia Dabrowski PROJ-595 4/12/2024 KARP BUS TRANSPORTATION-AI DRIVEN INTEGRATION
Risk Strategy: Describe the general approach to managing risk on your selected project. - The general approach for my project is to develop a user friendly advanced AI-technologically process to ensure a better transportation experience for workers and customers that will be integrated into the database of the commuter system. In which will require a strict management to avoid any potential risks and mitigate risks quickly and effectively. That is why it’s best to implement a model risk management (MRM) framework that incorporates model development, validation, and governance processes. But with the ever-increasing use of machine learning in modeling, financial organizations need to be able to maintain their regulatory compliance, while deploying these increasingly sophisticated models. Methodology: Define the specific approaches, tools, and data sources that will be used to perform risk management on the project. The specific approaches that will be used to perform risk management on the project using smart sheets to help achieve balance and cohesion from the project flows to a dynamic portfolios management tool that will keep projects plans and schedules on track, as well as using the Gantt charts stick to deadlines to create a critical path for success.
Stakeholder Risk Appetite: The risk attitude of an organization or stakeholders is typically calculated in measurable units. KARP Stakeholders has people with different attitudes about risk. This is how our company will perceive risk. The worth of the contract is estimated to be 500,000. In the middle of the process, it’s possible you are told that your organization is encountering some financial problems and they are unable to go beyond 5,000, in addition to 500,000. In this situation, my threshold for the project comes out to be 5,000 USD. In the case of Risk Threshold, we also take into account the level of certainty. This means that we need to further quantify the risk attitude. We need to ask ourselves, are we willing to accept the risk of 10,000 USD with a 50% probability of occurring? Therefore with risk threshold, I will suggest the PM will need to hold interviews and conduct meetings with stakeholders involved and determine the risk appetite. Afterwards, I will evaluate the risk tolerance and eventually define the risk threshold Risk Identification: Table chart to the right >
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Risk-response strategies for managing negative and positive risks”. (2019).Reference: https://nz.linkedin.com/in/stephenwarren2?trk=article-ssr-frontend-pulse_publisher-author- card
Qualitative Risk Analysis: Impact Type Very Low Low Medium Schedule 1 to 5 days 6 to 10 days 11 to 20 days Cost <100,000 100,000 to 120,000 200,000 to 300,000 Scope Barely Noticeable Minor scope change Major scope change Quality Very few test cases impacted 1 to 10 test cases impacted 11 to 30 test cases impacted Impact Type High Very High Schedule 21 to 30 days >30 days Cost 200,000 to 300,000 >330,000 Scope Not acceptable to the stakeholders extremely high scope change Quality 31 to 50 test cases failing >50 test cases impacted
Quantitative Risk Analysis: The risk measure derived from many assessments that require a hands on approach. The AI enhanced system hardware value: US$1 million (SLE for HW).However you must also consider the maintenance of the Integrated AI system and make sure that in a failure what the quantitative cost potentially be: AI system management software value: US$250,000 (SLE for SW) Vendor statistics inform that a system catastrophic failure (due to software or hardware) occurs one time every 10 years (ARO = 1/10 = 0.1) ALE for HW = 1M * 1 = US$100,000 ALE for SW = 250K * 0.1 = US$25,000 In this case, my organization has an annual risk of suffering a loss of US$100,000 for hardware or $25,000 for the AI software individually in the event of the loss of its virtualization system. Any implemented control for e.g. backup, disaster recovery, fault tolerance system that costs less than these values would be profitable. Risk Response Strategies: The appropriate risk responses strategies from the risk analyst are as follows; My team will conduct a risk assessment and vulnerability study to determine the risk factors. To offset any major risks. The PM will determine the exposure factor (EF), which is the percentage of asset loss caused by the identified threat. Therefore, based on the risk factors determined in the value of tangible or intangible assets under risk, we will determine the SLE, which subsequently equals the asset value multiplied by the exposure factor. Very good calculation to formulate a proper risk response strategy. Also, in evaluating the historical background and business culture of the KARP Bus Transportation in terms of reporting software crashes, glitches that occurred which in turn delayed the schedule of the bus operating system. To adjust which is known as the adjustment factor of incidents and losses.
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Estimate the ARO for each risk factor. Determining the opposite risk response required to overcome each risk factor. Ensuring that our team member- strategist will develop a chart by adding a ranking number from one to 10 for quantifying severity (with 10 being the most severe) as a size correction factor for the risk estimate obtained from company risk profile. Determine the ALE for each risk factor. As well as determining the return on investment (ROI) based on the cost/benefit analysis using internal rate of return (IRR). Risk Monitoring and Control: To improve process efficiency and help achieve desired security levels. The new potential risks would be the cost in maintaining the technology from failure after the project closes. To ensure the fundamentals are in place now while the project is in process to completion. Therefore, in the risk assessment process, it is relatively easy to determine risk assessment is quick to implement due to the lack of mathematical dependence and measurements and can be performed easily. KARP Bus Transportations also benefit from the employees who are experienced in asset/processes; however, they may also bring biases in determining probability and impact. In which is very crucial to identify any previously developed components such as; a mobile integrated system that quickly allows check-ins and at the same times keeps the bus schedule on track... Overall, expected performance approaches with good assessment planning and appropriate modeling may be the best alternative for a risk management plan to ensure validity and make appropriate adjustments assessment process. Data that are difficult to collect or whose accuracy is suspect can lead to inaccurate results in terms of value. In that case, business units cannot provide successful protection or may make false-risk treatment decisions and waste resources without specifying actions to reduce or eliminate risk. With this being the potential for new risks, as mentioned above could fully impact and potentially divert any other upgrades for not only for our company but other companies as well that more so than not are looking to see how KARP handles and succeeds such undertaking of a fully AI integrated software. Roles and Responsibilities table below:
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