Project Risk Management Plan Essay

Custom Student Mr. Teacher ENG 1001-04 31 May 2016

Project Risk Management Plan

First of all we identify our project risks, which are let us know what to expect in the future and how to act during the problem.

1) Risks identification – We highlighted couple categories of risks, which are most important to be ready against them.

Procedural and technical failures – from failures of internal systems and control errors, organization, fraud, technical failures. Such as non- responding servers, any mistakes in the internal systems, broken servers, late updates, missing information, etc. Human – from individuals or organizations, illness, death. For example if the main IT person do not work cause the illness, we have to be ready to have any other backup to take action if needed. Operational – loss of control of organizational operations. Reputational – damage to reputation in the market. Such as customers dissatisfaction of the slow app working.

2) Qualitative risk analysis – prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact. Our project idea related with the internet, servers and so on, so our main priority looking into probability of risks are to ensure a well-functioning app without any errors and failures. As a result we have priority of our risks.

1) Procedural and technical failures
2) Human
3) Operational
4) Reputational

3) Quantitative risk analysis – numerically analyzing the effect of identified risks on overall project objectives.

1) Procedural and technical failures – could bring dissatisfaction of customers. 2) Human – slower working of the app, errors and failures of the app cause the misunderstanding information of the servers. 3) Operational – loss of control of the organization. 4) Reputational- dissatisfaction of the customers, stakeholders, suppliers, employees.

4) Risk response planning – developing options and actions to enhance opportunities and to reduce threats to project objectives

To ensure well-functioning app we have to be ready for any risk and have a plan how to react. To reduce any threats we have to have professional IT specialists, have a great training system, that every employee would know basics how to react in any situation. The training system could lead to faster activities. Every department should be related with each other to get and know the newest information. Also we have to have backup specialists, which would help, if the other employee can’t work cause the illness.

Also we can react using different strategies (depending on the risk situation) such as avoid-eliminate the threat entirely, transfer- shift the problem to the third party, mitigate – reduce the probability of occurrence or impact of a risk (adopt less complex processes, conduct more tests), or accept the risk before knowing all the details about that problem.

5) Risk control – implementing risk response plans, tracking identified risks, identifying new risks.

Some employees have to be responsible for tracking identified risks, also identify new risks and be ready to act. Checking for newest information, threats and opportunities it is one of the way, how to control risks.

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  • University/College: University of Chicago

  • Type of paper: Thesis/Dissertation Chapter

  • Date: 31 May 2016

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