BN205 Project Risk Management Plan †Free Samples for Students

Question: Discuss About The BN205 Project Risk Management Plan? Answer: Introduction Risk management is a tool to identify threats and opportunities, and then analyze them to provide proper ranking, then on the basis of ranks, mitigation plans are defined[1]. This knowledge area of project management deals with the threats and plan accordingly so that it doesnt let impact any of the three constraints of the project. Background of the case study All the information system related activity in the whole institute SFSU (Silicon Forest State University) is being taken care by the department OIT (Office of Information Technology). The back end users of OIT used Request Tracker for communicating and tracking the ticketing system based on UNIX, whereas the front end user were using Remedy system for generating and tracking ticketing system. For any kind of request to back end users, the front end users need to manually type the issue to Request tracker and this pain remained for three years. But now the business development decided to change the front end system to Request tracker and handed the project to Ron Bashley as project leader with the team of Harry Bonnett. But the issue is the reporting office of Ron and Harry is different and moreover they both are at similar organization level. Risk Management Plan The threats or the opportunity in any project are regulated on the preface of the techniques portrayed in the risk management and administration plan. The exercises which incorporate into the planning of risk administration design are identification of Risk, risk analysis, risk Mitigation and Hazard Monitoring throughout the project life cycle[2]. The dangers can be of many sorts, and fit for affecting cost, plan, quality, specialized, legally binding, acquisition, approaches and so on. A definitive point of the arrangement is to set the relief activity get ready for all the distinguished dangers exceptionally at a range by mentioning rank from 1 to 5, where 1 is the lowest level and 5 is the extremely high or critical. There are different sorts of dangers alleviation procedures or steps which should be taken after ranking all the identified risks. There can be principally four sorts of reaction after the evaluations of dangers are accept it, avoid it, mitigate it or transfer it[3]. Risk Identification The first step of the risk management is the identification of risk. Few identified risks are: Risk Number Date Logged Raised By Type Description and Cause 1 25/08/2017 Pike Risk Since the activity 'collection of requirement' has already consumed three months so there is a risk of schedule overrun. 2 27/08/2017 Ron Risk There is risk of having communication gap during the project phase when none of the system shall be available and only need to be depended on email service 3 28/08/2017 Baken Opportunity There is an opportunity of completing the project before schedule due to the already availability of 'Request Tracker' with back end users Risk Analysis Risk / Opportunity Analysis Risk Number Description and Cause Likelihood Consequence 1 Since the activity 'collection of requirement' has already consumed three months so there is a risk of schedule overrun. 3 4 2 There is risk of having communication gap during the project phase when none of the system shall be available and only need to be depended on email service 3 5 3 There is an opportunity of completing the project before schedule due to the already availability of 'Request Tracker' with back end users 3 4 Now let us rank them according to the score produced after the risk analysis[4]. Figure1: Risk matrix Risk responses After the ranking of the risks and opportunity are done, we need to plan for the mitigation by avoiding, accepting, reducing or sharing. Since all the risks identified are HIGH, so the responses are: Risk 1: to control the time schedule, more resources are recommended to mobilize for the project from other department for these three months Risk 2: all the measures to minimize the communication gap should be adopted like often and early communicate[5] and many other. Opportunity 3: the experience of back end users must be explored more for early completion of the project. Risk - Monitoring and Controlling All the information gathered in all above steps need to be mentioned in the common risk register and then the job of Ron should be to present and discuss the same in every review meetings. Also any more risks which are identified by any of the stakeholders must be analyzed and provide rank to help in mitigating. This way the risk register must be monitored throughout the project. Justification So after reviewing the report, it can be recommended that the risk register need to be updated according to the step described and all the approaches need to be followed closely to avoid any risk to impact the triple constraints of the project undertaken by OIT. Conclusion To conclude the whole report, first the risks involved in OITs project to change the ticketing software of the front end users are identified and then by following the approaches defined in PMBoK are used. So the risks are analyzed and the risks are given proper ranking and accordingly the mitigation planning is done. References Educba. (2016, July) 6 Basic Steps to Develop a Project Risk Management Plan. [Online]. https://www.educba.com/project-risk-management-plan/ Vivian Kloosterman. (2014) What are the 5 Risk Management Steps in a Sound Risk Management Process? [Online]. https://continuingprofessionaldevelopment.org/risk-management-steps-in-risk-management- The MITRE Corporation. (2017) Risk Mitigation Planning, Implementation, and Progress Monitoring. [Online]. https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/risk-management/risk-mitigation-planning-implementation-and-progress-monitori Nassim Nicholas. (2015, August) Marketing A Risk Matrix Useful. [Online]. https://causalcapital.blogspot.in/2015/08/making-risk-matrix-useful.html Naomi Karten. (2013, August) Communication Gaps and How to Close Them. [Online]. https://www.informit.com/articles/article.aspx?p=2122