As we know there are some uncertain events that can impact to the project objective that called Risk. Therefore, I consider the following set of process that Risk Management must do these. Overall, Risk management should involve identifying, assessing, and responding to project risks in order to minimize the likelihood of the potential impact of the events on the accomplishment the project out comes. Managing risk includes taking action to prevent or minimize the impacts.
Risk management should try to plan the risk levels during the initial phase of the project life cycle to make sure. However, I believe that whole of ...view middle of the document...
If a contractor will explain about when risk plan should be identified, then the contractor could try to identify risks in a proposal to the customer in the initial phase. It might be a positive point for the project manager because it would show the customer that they have experience and could realize sufficient approach to performing the project and want to avoid surprises.
In the project, I can identify risks that might occur and establish some categories for ease of understanding that consist of:
* New addressing system (IPv6),
* New devices adopted with faster cables and IPv6,
* Vendor delay in delivery of needed Hardware,
* Material cost and their inflation cost, and vendors
* Human resource
* May not have expert persons available for any part of the project,
* Electrical problems and some building obstacles duration of replacing cables might be external risks,
* Delay in approvals, reports and plans,
* Security about funding,
Definitions of Risk and impact
For each risk that has been identified, the potential impacts must be estimated, since the project manager and customer could expect the new surprises. Therefore, the risks and their impacts should be noted at the beginning phase in the short-time project.
I stated about risk categories and their impacts might be schedule delay, additional expenditures, the lack of acceptance quality, and the lack of consumer acceptance of new product. It is usual that risk rate would be 5% of budget and schedule in each part of the project. As a result, we would observe that budget rate might be $11,000 and time delay might be two weeks.
I can identify both positive and negative risks associated with the project by SWOT. Therefore, positive risks that the project manager may choose to attempt to make them happen (opportunity). The positive risk would be caused strength of the project. Conversely, negative risks that a project manager may choose to prevent them from happening. Also, the negative risks would be caused weakness of the project in whatever acceptance of the end product. Actually, “should be converted threats to opportunities”. Likewise, I have used the data from the Project Charter and Scope statement for risk assessment matrix that are in the below:
Identification | Assessment | Response Plan |
Positive Risks | Consequence | Probability | Impact | Trigger | Resp. | Response |
New application and software | H | M | Increase financial | Studying and analyzing Customer’s requirements | Financial Manager | Analyze needed application & order them |
More expert persons (more resource) | H | H | Increase financial& Reduced revenue | Developing new technology | HR Manager | Identify and use them in technological parts and add to WBS |
New addressing IPv6 | M | M |...