Hrm 531 Course Project Risk Management

Develop and submit a risk register based on the 10 risks you have assessed within the project you selected. Your register should have four sections.

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In my past job, the company mandates risk assessment before doing for any business transactions, so that we are in compliant with relevant regulations and do not do any risky deals that end up with litigation or incur losses to our business. The guidelines also apply for non-business transactions and any internal decisions. The strategy is to take a risk that is known and manageable or spread, so that we add value to the company's profit and shareholders. The task was to scale the current information system, so that we can comply with regulatory requirement which always has time commitment.

Coaching is a useful way to develop people’s skills and abilities, and of boosting performance. It can also help deal with issues and challenges before they become major problems. Coaching typically begins with a personal interview with the employee to assess the situation, review current opportunities and challenges. After the interview, priorities for action are established along with specific desired outcomes. Individuals may also be asked to complete specific action items in a certain period of time that support the achievement of desired goals. Resources may also be provided such as articles, checklists and assessments.

You make a valid point; event planners are better equipped to deal with the constant changes required for risk management planning. “The risk management plan should detail your strategy for dealing with risks specific to your business” (Identify risks to your business, 2014, para.2). Therefore, putting together a solid risk management plan will take careful planning and foresight. However, foresight will not stop the risks from changing over time, so it is important to have a risk plan that can be adapted to fit the constant changes that can happen. Additionally, the ability to think about the about the worst case scenario will assist the event planner, and stop them from having to make too many changes to the risk management

It is used as a means of input to the risk management plan processes (Heldman, 2005). It usually helps the project managers and the project team to recognize the components of a project that are at risk or certain risks that are unique to a specific area of the project than compared to a risk that is commonly found throughout the project. There also various qualitative analysis that can be used to in identifying and analyzing risk in a project. The method of qualitative risk analysis involves the assignment of a numeric value to the scales. This risk analysis is normally used for projects that are larger and that risks have a greater and more significant impact (Heldman, 2005). There are various software tools and methods that can be used, an example would be the use of Monte Carlo analysis for calculating values for projects that are large and difficult. There are various values that are assigned to the magnitude or intensity of the risk, for example, High-.80, Medimum-.50, Low-.10; these are used to rate and prioritize the risks (Heldman, 2005). A risk registry is also an essential documentation that can be used analyze the quantitative aspect related to risk and threats that are found throughout the project. The Risk Breakdown Structure is created to identify the various risks categories in the project so that they can be in the prioritized response plan (Heldman,

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Analyze and describe the founding leader(s), leadership style, and major business principles of a profit-oriented entrepreneurial approach in which the primary goal is to provide a product or service to consumers and to make a profit.

I decided to research the article “Shift the Focus of the PMO From IT Project Risk Management to Business Investment Risk Management.” This topic interests me because I will be interning at Ernst and Young next summer and will be primarily engaged in IT risk advisory, with an emphasis on financial services. I want to develop an understanding of the type of work I will perform in this position and believe this topic relates most appropriately to the position. The title suggests that the article will be a higher-level analysis, something I was looking for when choosing an article.

Advancing from level 2 to level 3 requires using a risk register. 'The Risk Register is a tool to assist Project Managers in identifying likely sources of risk and the impact they may have on achieving objective. ' (Government office from the North West,2008). The first step is a brainstorm session to identify risk that may affect the project. It is important that the risks are clearly defined so that the risk is understood clearly and can be tackled. Secondly, consequence and probability of risks need to be rated (e.g. 1-5) and define each rating by their impact or likelihood. Finally, multiply the ratings of consequence and impact, rank the risks from highest severity to lowest severity. (Government office from the North West,2008). Every risks should be assigned to a risk owner which is responsible for managing the risk, a risk response to minimise both the likelihood and impact of the risk and a target completion date for the mitigation. Regular risk reviews need to be done because risks might emerge or become no longer relevant constantly. However, the impact

To ensure optimal level of productivity from project resources, INDITEX has to develop an accurate resource breakdown structure which is a base document with all the project elements to achieve the objects. Consultation from historical information with the types of resources required and garments industry standards is valuable input for resource planning. The scope statement contains the project justification and the project objectives should be considered. Also, resource estimation is needed. It is a structured prediction of the cost and other resources required to execute a task. The amount of effort that it will take to complete a task is important as well. A responsibility assignment matrix to allocate roles and responsibilities is important for human resource planning.

In addition to reading the course notes, I also looked at what APMBOK (Association for Project Management, Body of Knowledge 2009, 6th Edition, UK) said about this critical area of Project Management. Additionally, I researched what my Company does to maximize their effectiveness in this area by studying their attitude towards Risk Management throughout the complete life-cycle of a project, and finally I drew from my own knowledge and experiences in this critical area.

The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete the project to satisfactory levels, the project must be completed within the stipulated timelines, fall within the approximate budget and be of the required quality standards. However, most of the projects are affected by adverse changes and unforeseen events that occur during the execution period. Research shows that the magnitude of change is dependent on the size of the project, with large projects experiencing more uncertainties due to several factors including; planning and design complexity, interest groups having deferring opinions, resource availability, Economic and political climate and statutory regulations, which may necessitate change of plan. Most of the uncertainties are known to occur in the concept phase and if not intervened, they may affect the entire project. The burden falls on the management of such risk as some managers choose to ignore the uncertainties since they call for additional costs. Other inherent risks may go unnoticed and therefore remain unsolved,

The multi-faceted risk management approach is when you put in place the needed precautions such as risk profile to protect yourself to the best of your ability. With this approach we realize that 100% secure is probably not attainable, and is even more likely not sustainable [1]. This means that there is really no possible way to make ourselves completely bullet-proof from attackers, while still keeping our ability to interact with the New World and use cyber-space. But the overall goal of this multi-faceted risk management approach is to make the return on investment for the hacker so low that they will give up and go elsewhere [1]. Why would the hacker just give up and go elsewhere? Well if you are secure to the point that the hacker is not skilled enough to get past your defense systems, and they do not want to spend the days, weeks, or months of time to find an exploit to make their way into your system, then they will just end up moving along to someone else that isn’t as secure as you. Hackers generally aren’t going to waste large amounts of time such as months trying to break into your secure system. They want to cause damage as soon as possible, or they want to obtain financial gain soon as possible. So if you are secure to the point that they cannot find a way into your system within a reasonable amount of time, they will just go find their way into someone else’s system that is not secure.

ABC Company has held a spot among top assembling organizations in the United States for quite a long while. Be that as it may, because of expanded rivalry and client request administration has chosen to execute a few changes. The essential change to ABC Company that has been sketched out by administration is a supplier worldwide extension venture. Administration has its eyes set on China as another supply base. Similarly as with any venture, the advantages might be clear yet undertaking the task likewise accompanies what 's coming to its of dangers.