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Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

3. What is (are) the critical path(s) in the project? What is the level of risk in completing tasks on the critical path(s)? Explain.

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

When implementing project 1, you face technical and market risk. How would you assess the risks embedded in Project 1?

Full implementation should be completed in six months. The boundaries are the human resource system. Crossing over into design or inclusion of other departments such as accounting or sales would be out of scope. The business requirements are that the system is to be a single system instead of the multiple tools they are using now. The other business requirement is more vague, only stating that they would like to take advantage of more sophisticated, state-of-the-art technology. Project feasibility is determining if the technical, economical, and operational factors of the project can be accomplished under the schedule given. Technical looks at what hardware and software are available compared to what the requirements of the project are. Economic compares the cost of the overall project to what is budgeted and what can be justified by potential financial returns. Operational factors examine if the system will receive support from the people that use it and make it work (“System Development Life Cycle”, 1998).

One of the first steps involved in carrying out a preliminary investigation include understanding the problem or opportunity in sight. The analyst must first identify which department, users and business processes the system request is involved in to evaluate and assess the causes and effects related in the proposed system. Defining the project scope and constraints is the second step. With clear indications of the projects boundaries or extent the project scope is determined, while the requirements or conditions the system must confer to or achieve determine the projects constraints. The third step in a preliminary investigation consists of fact finding techniques, that involve the analyses of charts, interviews with users, managers and review of documents , observing operations and finally user surveys. Followed by the fourth step that includes the process of evaluating feasibility. This step consists of evaluating the feasibility of the proposed projects operational, technical, economical and

The system champion will be responsible for leading the team and that particular team will come together and determine the expectations of the project while creating a project plan. The assembled team must get a list together of goals needed to accomplish within the new system and access the way these goals are going to be accomplished. The goal of the information system is to process and store data while keeping information safe and secure for the organization and within this process the important goals need to be understood by all members of the team, and implemented within the system. There are surveys given to the implementation team, and staff members so that the goals are identified by the importance it holds and will play within the process. Once the goals are determined the team is ready to find a vendor who fits the requirements by creating a list of all vendors to send a request for a proposal to the chosen vendors. The only time an organization accepts a request from the chosen vendors is when and if they are willing to do a demonstration for the staff and team members on the site. This on-site demonstration will help the staff to have a better understanding of the system while making an informed decision based on the information presented. This demonstration will also help the implementation team decide which vendor produces the better system while meeting the

Identify types of employees involved in the SDLC process and their roles (project manager, system analyst, developer).

After the risk assessment tool was used to evaluate the risk to the organization, an appraisal of all potential risks were identified, for the initial part of the project through brainstorming. The following are risks that have been identified initially for this project:

4 . Imagine that three of the greatest risk events presented themselves in worst-case scenarios. What would be some of these worst-case scenarios?

1) Identify potential risks associated with this project. Try to come up with at least five different risks.

Below we will address each risk as well as explain why we think each risk is important to consider when implementing a project.

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project

4. Describe the steps you would have taken to control the risk in these projects.

The Feasibility study is an analysis of possible alternative solutions to a problem and a recommendation on the best alternative. It can decide whether a process be carried out by a new system more efficiently than the existing one.