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Risk Mitigation Plan For The Same Project

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Introduction and Objectives of the study
Risk is considered a negative factor because of its down side exposure to cost overruns, time splippages, technical performance shortfalls, unrealised benefits, retaliation from affected parties that may result in substantial business costs. Project risk management involves two processes: evaluation of sources of risk before project commencement, managing risk during project execution. OBJECTIVES OF THE STUDY 1. To identify Risk sources & Risk categories for a particular project of US based automobile project in Vadodara Division of L&T 2. To Evaluate, Categorize & Prioritize the risks based on its impact for the same project 3. To calculate risk factor/Probability of occurrence & risk exposure for
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B. W. Boehm in his book “Software Risk Management: Principles and Practices “has also demonstrated the same. The importance of risk as a criterion for managing IT projects has been noted in the IS literature. Alter S. in “Implementation Risk Analysis” suggested that analysis of risk factors would facilitate implementation success. Mc Farlan F.W. in “Portfolio Approach to Information Systems” Harvard Business review, argued that appropriate attention to risk management in the systems development lifecycle would avert some common IT project fiascos. Davis G.D. in “Strategies for Informations Requirements Determination” IBM system journal January 1982, advocated the selection of strategies for analysing information requirements be based on the degree of requirements uncertainty.
Methodology and References
There are two main steps in risk management: Risk assessment & Risk control. The first primary step, risk assessment, involves risk identification, risk analysis, and risk prioritization. The second primary step, risk control, involves risk- management planning, risk resolution, and risk monitoring. An effective project risk management process consists of nine components they are: System Characterization, Threat Identification, quantify risk impact, Control Analysis, Likelihood Determination & prioritize risks, impact Analysis, Risk Determination, Control Recommendations, Results Documentation. Above sequence is the most effective as
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