Measurement Risk Management and Control †Free Samples to Students

Question: Discuss about the Measurement Risk Management and Control. Answer: Introduction Risk administration is a device to recognize opportunity and threat afterward break down the identified items to give appropriate ranking, then the mitigation need to be considered on the basis of positions. This information regarding project administration manages the opportunity and threat and plan in like manner with the goal that it doesn't let affect any of the three limitations of the project[1]. SFSU (Silicon Forest State University) has many information system related activities which are being overseen by the OIT (Office of Information Technology) department. The users at back end of OIT utilized 'Request Tracker' for conveying and following the ticketing framework in light of UNIX, while the users at front end were utilizing Remedy framework for creating and following ticketing framework which is being used for monitoring and tracking the bugs. For any sort of demand to users of back end, the users of front end need to physically sort the issue to 'Request Tracker' and this agony stayed for around three years. Yet, now the office chose to change the software being used by the users of front end to 'Request Tracker' and gave the assignment to Ron Bashley to lead the project with the group of Harry Bonnett, but both of them report to two different officers. Opportunity and threats in any task are directed on the prelude of the methods depicted in the risk administration. The activities which fuse into the arranging of risk organization configuration are identified, analyze and rank them[2]. Then accordingly Mitigation and Monitoring risk all through the undertaking life cycle. The opportunities and threats can be of many sorts, and fit for influencing cost, design and quality, specific, legitimately authoritative, obtaining, methodologies etc. A complete purpose of the risk plan is to set the action prepare for all the recognized risks particularly at a range by saying rank low or high. There are distinctive sorts of threats easing strategies or steps which ought to be taken in the wake of positioning all the recognized opportunities and threats. There can be many action plans to mitigate the risk like transferring it, sharing it with any outsider, avoiding it totally or accepting the threats and in case of opportunity, it should be exp lored more. Risk and Opportunity Identification Risk No. 1. Identified on August 27, 2017 by Pike Gresham: there is risk of having cost overrun due to the constraints in the budget made during the financial year Risk No. 2. Identified on August 29, 2017 by Ron Bashley: due to same organizational level of himself and Harry, there can be communication gap during the project execution phase Opportunity No. 1. Identified on September 1, 2017 by Baken Dryhed: because of the already availability of the software with the users of back end the implementation must not take more than a month and help in minimizing the gap Serial No. Description and Cause Likelihood Impact Risk No. 1 There is risk of having cost overrun due to the constraints in the budget made during the financial year High High Risk No. 2 Due to same organizational level of Ron and Harry, there can be communication gap during the project execution phase Low High Opportunity No. 1 Because of the already availability of the software with the users of back end the implementation must not take more than a month and help in minimizing the gap Low Low Risk and Opportunity responses Risk No. 1: since the rank is high and the issue cannot be avoided, so we can plan for its mitigation by having some additional cash reserve as management reserve to counter the miss happening. Risk No. 2: the threat of getting the communication gap causing impact on the project is medium, so it should also be addressed properly by conducting more and more review meetings as per the need of the time. Opportunity No. 1: need to be explored to its maximum extent, so that the project can be finished sooner by assigning more resources. Monitoring and Controlling Risk and Opportunity After executing all the steps of risk and opportunity identifications, analysis and ranking the list must be maintained in the updated risk register. The register must be maintained dynamic by introducing many more risks or opportunities which can be identified during the course of the project being handled by OIT department[4]. Like we performed earlier steps, any more dangers which are distinguished by any of the partners must be examined and given rank accordingly. Along these lines the risks and opportunities must be cross checked all through the project tenure. It can be supported that the identification, analysis and monitoring of the risks and opportunities of OIT project is an absolute necessity prerequisite for any project administration action. In addition once the mitigation design of the considerable number of risks and opportunities are done, they should be checked routinely and register should be refreshed in like manner for controlling the triple limitations of the task. Conclusion So now it can be concluded finally that the project conceived by OIT need to be tracked very cautiously and moreover the cash flow to avoid any kind of overrun, because any overrun can stop the project immediately due to unavailability of excess fund. For maintaining all above constraints, risks and opportunities are required to be assessed and managed properly. References The MITRE Corporation. (2017) Risk Management Approach and Plan. [Online]. https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/risk-management/risk-management-approach-and-plan Palmetto Document Systems. (2017) Risk Plan. [Online]. https://www.method123.com/risk-management-plan.php WordPress. (2009, July) Eight to Late: Coxs risk matrix theorem and its implications for project risk management. [Online]. https://eight2late.wordpress.com/2009/07/01/cox%E2%80%99s-risk-matrix-theorem-and-its-implications-for-project-risk-management/ Karen Yvonne Lucas. (2009, February) Effective Risk Management, Measurement, Monitoring Control. [Online]. https://pmibaltimore.org/pmi/events/attachments/Effective-Risk_23-Feb-09_presentation_Columbia.pdf