Analyzing How Your Organization Or Projects Identify Risks

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. Using your own words, describe how to identify risks. Share your experiences of how your organization or projects identify risks. (10 points) To identify risk you need to use different techniques such brainstorming technique, assumption, SWOT analysis, cause and effect, historical records review, check lists, diagramming techniques and checklist analysis. In my work place brainstorming technique was used widely to identify the potential risks that may arise during the project life cycle. Other technique such historical records review also were used, but generally brainstorming was the most favorable to me and to other team members. Brainstorming technique promoted creativity and cooperation within my project team. Having a…show more content…
To rank our project risks we used the following elements (risk probability, impact and exposure). Probability is a number greater than zero and less than one. By using risk impact we assessed the probabilities and effects of the cost risk and then prioritized these risks regarding to their rating scale and importance. A high risk probability meant a high cost impact. In addition, multiplying probability by impact helped us to measure the exposure rate, which represented the overall threat of the cost risk. We generally gave a great attention to deal first with risks that have high rates, using the probability and impact matrix as a reference during the entire project development course. 3. Using your favorite project in assignment 1 of section 1, identify risks, analyze and prioritize risks, and develop risk response plans. (20 points) Identification: Successful software project managers usually are concerned with different type of risks that can affect the project performance and objectives. In order to, to reduce the impact of risk issues and have a good project, my project team in ENB were able to develop a risk plan in advance to identify, prioritize and analyze these risk. These risks represented in schedule risks, cost and technical. 1. Schedule risk Analysis of schedule risk. Such a risk can be measured in relation to the
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