Week 8 Group 1 Risk Assessment

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University of Maryland Global Campus (UMGC) *

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PMAN634

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Information Systems

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Apr 3, 2024

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docx

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GIZMOTRON RISK ASSESSMENT Group 1, PMAN 634 MARCH 5, 2024 GIZMOTRON

Group 1, PMAN 634 Gizmotron Risk Assessment Risk assessment is the process of identifying factors that can affect the project and assessing ways to mitigate them. These identified risks need to be identified if they are, or are not, worth taking. Several risks were identified as my team and I prepared for Gizmotron’s product rollout. The identified risks include: 1. Technological hazards (data hack, breaching, data loss) 2. Biological hazards (unexpected illnesses (i.e. COVID or flu)) 3. Interruptions in the supply chain (delay in receiving needed technology equipment, delivery delays, unexpected cost increases from supplier) 4. Regulatory risk (not following the required guidelines) These identified risks are potential hazards that can be measured using the risk assessment tool. They will be evaluated to determine if the project manager wants to mitigate or remove them. The danger of accepting these risks is that they all can affect the cost and schedule of this project. Modeling by performing a Quantitative Risk Analysis (QRA) will be needed for the identified risks. This is a major assistance used for calculating the budget and ensuring the possible losses are minimal. There are several techniques used for QRA including, but not limited to: Expected Monetary Value (EMV), decision tree risk analysis, Monte Carlo risk analysis, and three-point risk analysis. The following techniques will be used to assist in identifying risky areas within the project: assessing the cost of each risk, concluding the probability of each occurring risk, and finally calculating the cost expectancy of each identified risk. A 1

Group 1, PMAN 634 To avoid schedule delays and negative impacts on the budget due to technological hazards, my team would make sure we are utilizing virtual private networks (VPN) when submitting data. It is very common for most people to use passwords that are either short or easy to remember, however, this is a risk because a hacker can more than likely retrieve access to your information. It is recommended to create passwords that require eight or more characters, containing a combination of uppercase letters, lowercase letters, and symbols. Furthermore, it is recommended to require regulatory password changes. Team education training that would teach my team how to spot phishing emails, suspicious links, attachments, and how to react to them would be regularly taught and required. Regular data and software updates would be needed on the organizational network and devices to address vulnerabilities. It is also recommended to include programming all technology with firewalls and installing antivirus software on all devices. A network monitoring tool is required to detect any suspicious activity, along with a dedicated information technology employee to monitor suspicious activities. A data loss prevention plan is recommended to address the possibility of an employee mistakenly disclosing sensitive information. Lastly, two-factor authentication would help prevent unauthorized access to organizational data. Unexpected illnesses such as the common cold, flu, COVID are a top risk that can be difficult to prevent as these specific illnesses are contagious. Working in an office full of employees and with the public can increase the risk of catching an illness due to working closely together on projects. Some employees also share devices and office supplies which can increase the risk of contracting an illness. To avoid this, it is recommended to provide employees with the ability to telework on a preapproved 2

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