Risk Identification and Management Plan-Samples for Students

Question: You are required to follow the Project Management Institute Process for Managing Project Risks. Answer: Introduction Risk management is the technique we need to use in project management to control the three constraints of the project that is the time, the scope and the cost[1]. This risk management plan provides a technique or step to control the changes in the scope, the time and the cost from getting overrun. Background of the case study OIT (Office of Information Technology) of SFSU (Silicon Forest State University) use ticketing software to track and report the bugs which gets generated in all the departments in the university. The front end users were using Window based Remedy software, but the back end users uses UNIX based software Request Tracker. Because of which the transfer of information between front and back end need to be done manually entering the data from Remedy to Request Tracker. So, it was decided by head of the department of USS (User Support Services) to replace the ticketing software of front end user by Request Tracker. The project was supervised by Ron Bashley, additionally he was responsible for creating interfaces and Harry Bonnett for replacing the by Request Tracker. So the project scope is to replace the Remedy by Project Tracker system. Risk Management Plan The dangers in any undertaking are overseen on the premise of the procedures characterized in the risk and hazards administration design. The activities which includes in the preparation of risk management plan are Identification of Risk, Risk Analysis, Risk Monitoring and Risk Mitigation[2]. The risks are of two types, one is positive risk which is the opportunities and we must always adopt procedure to explore for the maximization and the negative risks are the risk for which mitigation plan is done. The risks can be of many types, and capable of effecting cost, schedule, quality, technical, contractual, procurement, policies etc.[3]. The ultimate aim of the plan is to set the mitigation action plan for all the identified risks specially the high or medium-high zone[4]. There are various types of risks mitigation processes or steps which need to be followed to for the proper mitigation planning. There can be mainly four types of response after the assessment of risks are done, Avoi dance, Acceptance, Mitigation and Deflection. Risk Identification Recognizable proof of dangers should be done insightfully to get to the entire circumstance of the task and look past the limits and out of the case considering. The maximum detailed identification of risks needs to be done. While identifying risk it must be kept in mind that the risks will not delay the project unless it is identified and mitigation planning done, but the threat will remain with those which are yet to be identified if could not be identified. Accordingly all the probable list of risks (positive or negative) needs to be documented in register. Risk / Opportunity Identification Number Date Logged Raised By Status Type Description and Cause 1 24/08/2017 Ron Open Risk There is a risk of making some miss communication during the project phase due to the non-using of 'Remedy' software in the front end user group 2 24/08/2017 Ron Open Risk There is a risk of non-delivery of the e-mail sent from end use group to back end group for some bug rectification 3 24/08/2017 Harry Open Opportunity There is an opportunity of improving the communication and minimizing any errors between the users and back end by the implantation of 'Request Tracker' all over throughout the departments of the university. So if doing the user interface and replacement of the software 'Remedy' could be expedited, the communication can be made easier well before six months of time 4 24/08/2017 Pike Open Risk There is a risk of slipping the delivery date because of taking so much time in gathering the requirements from the users Risk Analysis [5] Risk / Opportunity Analysis Number Description and Cause Likelihood Consequence 1 There is a risk of making some miss communication during the project phase due to the non-using of 'Remedy' software in the front end user group Almost Certain Major 2 There is a risk of non-delivery of the e-mail sent from end use group to back end group for some bug rectification Possible Major 3 There is an opportunity of improving the communication and minimizing any errors between the users and back end by the implantation of 'Request Tracker' all over throughout the departments of the university. So if doing the user interface and replacement of the software 'Remedy' could be expedited, the communication can be made easier well before six months of time Possible Moderate 4 There is a risk of slipping the delivery date because of taking so much time in gathering the requirements from the users Possible Major So after plotting it in the matrix Risk responses plan for identified risks. Following actions can be taken to increase the opportunity and decrease the threat: Risk No. 1 (Extreme Risk): the risk must be avoided at any cost to avoid raise of any major issue during the project phase. So, review meeting frequency need to be increased for personal interaction an avoid any miss communication Risk No. 2 (High): any major issue which has been sent through e-mails must again be verified verbally over phone regarding its receipt Opportunity No. 3 (Medium): more dedicated team members need to be involved and assets should be expanded if conceivable from some division for the task stage. Risk No. 4 (High): need to avoid by increasing the resources in the project Monitoring and Controlling Risks The risks identified need to be discussed first in all review meetings so that the issues can be tracked throughout the project life cycle and whenever felt is going serious, some extra measures need to be taken to again reduce the possibility and impact of the negative risk. At the same time if any other risks come in to mind of any team members, it must be documented first n the register and then traced according to the earlier risks too after doing the proper analysis and mitigation plan. Justification This plan has captured all the required parameters for analyzing it properly and monitor during the project phase by discussing the issue or the opportunities first during all the weekly review meetings so that it gets the maximum importance among all stakeholders. In case of change in status of any risks or opportunities, it need to be informed to all the related team members. Conclusion This is to conclude the whole report is developed on the basis of the risks and the opportunities being identified which the team can faces in execution stage. Then the analysis is performed in the best possible manner, although the numbers of risks in the register are less, but it can be increased by collecting further data from other team members too. The mitigation plans are also strong enough to counter the risks and enhance the opportunity. References Rajman Md. Rawi. (2013, December) Project Risk Identification for New Project Manager. [Online]. https://www.projecttimes.com/articles/project-risk-identification-for-new-project-manager.html mark Piscopo. (2017) Risk Management Plan. [Online]. https://www.projectmanagementdocs.com/project-planning-templates/risk-management-plan.html#axzz4qmTwRGbJ et al. Wiley. (2017) 11.2 Risk Management Process. [Online]. https://pm4id.org/chapter/11-2-risk-management-process/ Science Enginerng Medicine. (2017) Chapter: 5 Risk Mitigation. [Online]. https://www.nap.edu/read/11183/chapter/7#51 Sidharth Thakur. (2015, June) A Critical Tool for Assessing Project Risk. [Online]. https://www.brighthubpm.com/risk-management/88566-tool-for-assessing-project-risk/