Analyze the Risks and Find Mitigation Plan †MyAssignmenthelp.com

Question: Discuss about the Analyze the Risks and Find Mitigation Plan. Answer: Introduction The approach or technique which are being adopted by the project manager to manage its three constraints of any project from getting overrun of schedule, then extra expenditure and not matching the quality standards with the available number of resources is called the risk management[1]. Background Silicon Forest State University (SFSU) has many different departments, among all OIT (Office of Information Technology) looks about the Information technology systems. Currently, SFSU was facing the problem in managing the proper track of their ticketing system which is being used to communicate and keep track regarding the issues which are faced on daily basis. So they decided to scrap is old software and configure the new one which is already present in the system but in very few departments only. So for the above discussed job Ron Bashley was selected as the team leader and Harry Bonnett along with Bob Biyon shall support him. Risk Management Plan The procedure developed to handle the situation in case some risks occurs, that what need to be done whether shall accept it, divert it, share it or many more on the basis of pre studied the issue or the opportunities which can be enhanced but using the proper technique is basically the risk management plan. The details and all the steps of the plan shall be discussed with proper examples in below sections[2]. The very first step in the process is to identify the positive and negative risks and then analyze it properly by putting the numbers on the severity and the likelihood of the risk. Accordingly they are categorized and the mitigation plan is developed. Identify Risk Risks of any project can be identified in to two broad categories positive and negative risks[3]. So below table shows the identified risk in the current case with the originators name and date it was first identified. Risk / Opportunity Identification Number Date Logged Raised By Status Type Description and Cause 1 15/08/2017 Bob Biyon Open Opportunity There is the opportunity in the project to finish at the earliest and start using the new ticketing system, this will reduce the risk of down time 2 16/08/2017 Ron Bashley Open Risk There is risk that the communication structure during the project stage fails and no bugs tracker remains stand 3 22/08/2017 Ron Bashley Open Risk There is risk that the installed software 'Request Tracker' could not be configured properly in new areas 4 24/08/2017 Pike Gresham Open Risk There is a risk of few left out information or expectations are missed out and may come up during project execution phase 5 24/08/2017 Harry Bonnett Open Risk there is a risk from the back end of receiving some errored message from user and the action would have taken n thr basis of bug received can harm the system. Table 1: Risk Identification Risk Analysis Now on the basis of the identified risks, the likelihood and the consequence of the risk shall be documented in below format to access the severity and probability of the risks in the project life cycle. Risk / Opportunity Analysis Number Date Logged Raised By Status Type Likelihood Consequence 1 15/08/2017 Bob Biyon Open Opportunity 3 3 2 16/08/2017 Ron Bashley Open Risk 2 5 3 22/08/2017 Ron Bashley Open Risk 3 5 4 24/08/2017 Pike Gresham Open Risk 3 4 5 24/08/2017 Harry Bonnett Open Risk 4 4 Table 2: Risk Analysis The above developed analysis table can be plotted in the likelihood Vs consequence block Risk response plan This step describes the way or procedure to eliminate threat or at least reduce its impact by having the home work done well before the risk occurs[4]. To just categorize, Risk No. 2, 3, 4 and 5 falls in High severity category but the opportunity No. 1 is in Medium category. Following actions can be taken to increase the opportunity and decrease the threat: Category: High Risk No. 2: in such case personally should meet to each other to resolve the issue Risk No. 3: the project must be insured with third party to share the risk Risk No. 4: need to incorporate in the risk register and do similar analysis Risk No. 5: regular basis both the team and members must meet Category: Medium Opportunity No. 1: the opportunity need to be enhanced Monitor and Control Risks This stage deals with the properly monitoring of identified risks at every review meeting, search for new risks need to go on and if something identified must be again routed through the same process to add in the register and check the proper implementation of risks[5]. Justification According to the developed risk matrix, the responses planned are the exact solution possible for the case. All the risks need to be properly monitored in every review meeting so that it remains on the head of every stakeholder so that they can act promptly Conclusion To conclude the whole report on developing the risk management plan, we need to first brainstorm and consider as much as risks which can impact the project in terms of schedule, cost or resources. After the identification are done proper analysis and then their mitigation plan and its monitoring need to be done throughout the project life cycle. References Institute of Risk Management. (2016) About Risk Management. [Online]. https://www.theirm.org/the-risk-profession/risk-management.aspxMichael Stanleigh. (2017) Risk Managementthe What, Why, and How. [Online]. https://bia.ca/risk-management-the-what-why-and-how/The MITRE Corporation. (2017) Risk Identification. [Online]. https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/risk-management/risk-identificationOneCampus. (2017) Plan Risk Responses. [Online]. https://www.greycampus.com/opencampus/project-management-professional/plan-risk-responsesWes Balakian. (2010, September) Applying the Risk Monitoring and Control Process. [Online]. https://project-management.truesolutions.com/2010/09/21/applying-the-risk-monitoring-and-control-process/