Lecture for Project Risk Management

risks and determine the likelihood and consequence of that risk occurring during the project. The

Which of the following best describes how the composite risk management process should be reflected in your safety briefing?

Develop a list of risk breakdown structure (RBS) categories for this purpose. Justify each category within your RBS.

In the risk register it covers the category, response, and ranking of each risk. When thinking of a big project the company has to address which risk is most likely going to happen and how to prevent it. When looking at the excel spreadsheet it shows the

Colorado State University-Global (CSU-Global), located in Greenwood Village, offers students 100% online courses to complete a Bachelor’s and/or Master’s degree. Hazard or pure risks exist for this scholarly institution. Traditional risk management allows CSU-Global to assess and treat these risks. Generally, this is accomplished through insurance, specifically property-casualty, which transfers the risk of loss from the policyholder to the insurer. For this university, five loss exposures will be identified and studied using the six-step traditional risk management process.

Each program IPT submits the information shown in Table 5 to the ROMC and the Risk and Opportunity Management Board for the prioritized risk items in each WBS work element. All risk items are input to the risk and opportunity management tool Likelihood and consequence values for technical, cost, schedule and other team impacts are validated by the ROMB.

A decision has to take place based on risk evaluation in order to mitigate or control the risk. This step is known as Risk Control. Before implementing risk control measures, the level of risk has to be determined in order to decide which hazard to start treating [5]. One of the conventional methods used to rank or prioritize risks is the Risk Matrix shown

The quantitative risk analysis is a method for further evaluating the effect of proposed risks identified by project stakeholders and teams on the ability to achieve project objectives (Heldman, 2013, p. 274). Project teams use methods including sensitivity analyses or predictive modeling and simulation techniques to determine how the risk will affect project progress (Heldman, 2013, pp. 276,278). During the quantitative analysis processes, each risk is rated based on its characteristics using an impact scale (Project Management Institute, 2013, p. 318). The analysis ratings are divided into two categories, probability and impact, whose product indicates the risk’s severity. Moreover, project teams use an impact scale to organize and prioritize risks in a probability and impact matrix by project objective and impact categories (e.g. low, medium, high) (Project Management Institute, 2013, p. 318). If the risk severity exceeds the stakeholder or project team’s risk tolerances, then the project teams can proactively monitor and mitigate risks based on their priority (Project Management Institute, 2013, p. 318).

The second part deals with the Risk Assessment for the models chosen. The Risk Assessment considers the Risks, Impact the risks can cause, the likelihood the risk can occur, and prevention and contingency plans for the risks.

Scientific knowledge shouldn’t have been mixed with risk assessment policy. The conservative approach adopted by the part which deals with regulatory issues could affect a risk assessment negatively. This could happen due to the fact that it might fail to take into account relevant scientific knowledge.

This report aims to discuss risks and difficulties faced in Information Technology projects during its development stage and also how to avoid these risks in Information Technology projects. Improving project management remains a primary concern for managers. Successful projects in Information Systems and Technology enables organizations to develop a powerful supply network and improve the capability of operations management (Liu 2015).

1. Risks are on the basis of wide range of deliverables such as any migration and update of existing data required before

This essay aims to debate an advanced Risk Management method while slightly in comparison to other advanced or not-so-advanced processes to deduct the importance on an effective mitigation phase. The Risk Management method that is examined in this essay will be used to compare and to make a conclusion on the mitigation’s effectiveness with the help of a detailed assessment phase.

Setting up a project makes it necessary that risks that are likely to affect the business are determined. The characteristics of the risks are to be documented. Participants in the risk management process vary, and they include personnel such as end users, customers, risk management team, project team, outside experts, stakeholders and other project managers (Piazza-Waggoner, Adams, Goldfarb, & Slater, 2002). The risk identification process is therefore supposed to be interactive. The project team for example forms the first interaction, primary stakeholders and the entire project team forms the second interaction. To reduce the level of biases, it is important to have the third interaction; third persons need to form the third interaction.

Based on the table above, we can define the risks into 7 fields and define the lever of impacts into 5 ranks.