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Risk Management Help in Project Management

Risk management

For effective risk management, it is not enough to merely identify potential risks to a project. While this is better than nothing, in order to fully realise the benefit of risk management processes, you need to also analyse (and document) how each risk identified may impact a project as well as the probability of their occurrence. Moreover, you need to have a strategy already in mind for addressing said risks should they come to pass. With respect given to these points, consider the following scenario:

‘You have been assigned as the manager on a project to develop a new application system for your business partner. You were given two weeks to develop a project plan and high level cost estimates.

Unfortunately, this is a relatively new technology for the company, and although the technology has been tried and tested elsewhere, there are no previous internal projects you can use to help make your estimates. Your initial estimate calls for a six-month development effort with a planned staff of 10.

The new system takes data feeds from three upstream applications, and sends information back to two of them. You have never worked with these three systems in the past, although one of your developers used to work in the group that supports one of them. Note that an upstream application is one of which your own program is not aware. Essentially, it is a program that feeds data to an ETL (extract, transform and load) process which in turn feeds the data to another process.

Your application knows about the ETL, but it does not know from where the data loader is getting its data (the upstream program)’.

For this Assignment, identify the top three risks associated with the given scenario. For each risk, document its risk event, impact and probability for occurrence. Use this information to develop and recommend mitigation strategies for each risk.

To complete this Assignment:

Submit a paper in which you address the given scenario by identifying its top three risks and explaining the risk event for each. Furthermore, analyse each of your risks in terms of how it will impact the scenario’s project as well as how likely the risk is to occur. Explain your reasoning and use your analyses to develop strategies for minimising, or completely avoiding, your identified risks. Be sure to explain how and why your strategies will work.

For all Assignments:

Your document should have 700–1,000 words (not including the list of works cited), but it is the quality of the answer that matters, not the number of words. Cite and reference all sources using the Harvard Liverpool Referencing System. By Day 7, upload your document using the Turnitin submission link for this Assignment.

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