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Importance Of Risk Assessments In Project Management Information Technology Essay

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Published: Mon, 5 Dec 2016

The risk management progression begins by trying to engender a list of all probable risks that could affect the project (Gray & Larson 2008, pg 199). Whenever a new projects starts, it start with risk and uncertainty levels which sometimes create deadlocks for project completion. Risk management ensures if risks are evaluated and decreased as assessment carried, then it increased opportunities. This is for sure project management cannot eliminate all risk from the project but with good planning and statistics level of risk can be minimized, and which will acceptable for project making. Some of risk can be beyond the range of control which can affect the project length or budget, for that instance planning should carry out before those risk hit to project and prior to unwanted events occurring. Analysis and planning are the factor for key to success for project management. In the start of project major decision are carried out which impact on multiple stages for the project which base on incomplete information or inaccurate. To ensuring the best decision policy it is needed to have all risk assessment n the start of project as early as possible, to make the decision very powerful and effective. Risk can occur in any stage of the project some are associated with particular task and some are distinct and may originate outside the boundary of project management. (S. Nokes & S. Kelly, 2003, 2007)

Aim:

To identify and prioritize the potential risks involved in undertaking a project management and to take actions to minimize the risk by developing a contingency plan.

Methods:

Identifying and Prioritizing Risks

The most ideal and unique way to deal with risk is to identify and conduct the systematic research to phases of the project which could go wrong. Risk identification process for project can be conduct with three ideal ways which discuss below. (Harvard University press, 2006) Usually the project manager pulls together, during the planning stage, a risk management squad consisting of core team members and other relevant stakeholders. Participants are encouraged to keep an open mind and produce as many probable risks as possible. (Gray & Larson 2008, pp 199)

Mitigating Risk

Most of the authors wrote two basic strategies for mitigating risk:

Reduce the likelihood event occur during project

Reduce the adverse condition impact on project

Project team always takes care about such event which possibly can halt situation in projects. If likelihood events reduce it can eliminate the potential cost for another strategy. Probability to avoiding risk during projects is necessary; it is the responsibility of team to carry out research for risk assessment and work on them to eliminate or to reduce the size of risk. For avoiding risk there are some procedures to adopt in making project projects very strong. Such as avoiding risk, transferring risk, sharing risk, and retaining risk. These common terminologies are capable to avoid risk during project length and eventually give rise for project objectives. Gray, Larson, D. Lock (2008, 1988)

Contingency planning for risk analysis

There is always an alternative plan if any possible risk arises in projects commonly known as contingency plan. In contingency plan table symbolize the proceedings to reduce or to mitigate the risk. Every project contingency plan in the start of it, and further more documented and clearly identified this plan include the cost, estimation and funding for avoiding risk. (S. Nokes, S. Kelly, 2007)

In the initiate of projects there are diverse risk identified in contingency planning which contain the list possible risk arise. The nature of project differ the risk identifications processes and their scheduling and costing.

Change control Management

For effective completion of project is to minimize risk and for minimization there is one change control, or change management control. It is the responsibility of the project manager to discover the change to minimize the negative impact for successful completion of project. In change control it is not possible that every single strategy materialized. Project change control management has different prioritize and capability to cope the project as change should applied in to it. (C.F. Gray & E.W. Larson, 2008)

Risk identification

The risk identification process should not be limited to just the core team. Input from customers, sponsors, subcontractors, vendors and other stakeholders should be solicited. (Gray & Larson 2008, pp 201). Risk identification sets out to identify the uncertainty level of exposure for any working organization. Most of literature writers have least attention to write over it. It is decided by most of the professorial who actually involve in massive projects commonly says, risk identification is most critical and time consuming job. In realistic approach it is not easy to have complete command over risk in project but perfect planning with perfect team members are combined to making the best in result with experience and practice. Usually it is very good result found when team members work closely and consider explicitly with concerned areas.

By breaking projects in different work pieces, as risk associated

Risk external to project and from its physical relation

Consider each single entity with project perspective to anticipate sources of claims.

(S.E. Donaldson and S.G. Siegel, 2007)

Risk Analysis

Analysis contains itself the identification description and estimation methods and techniques to deal with certain kind of risk. Project tenure increases when there is loop in planning and managing risk. Each project making stories risk identification takes place separately and one complete team work on it to judgment and help professionals to carry work smoothly. Each single task concerned with its own kind of risk and identifies in structure format. Risk table allocated for each risk its opportunities its threats, how to sort it out and certain level for individual risk to attain the risk priority. Risk identification and then its description is made due to project different areas such as operation and planning and testing.

Risk Treatment

Risk treatment is cycle to identify the risk measure and to implement for modifying risk. Risk treatment includes risk control and avoidance. This process refers those risks which are serious and which need to be solving by management bodies. Then management performs the priorities to handle with risk control actions.

Critical evaluation of RISK

Risk can be identifying by research for project which is to be develop, and identify risk in start of project is effective then risk identify post of planning. I have read in one article which was indicating the evolution for risk on personal experiences. That article performed ten identical rules to evaluating, Identify and for perfect cure to risk in project planning.

Risk management is one of the parts of risk

Identification of risk in start of project

Discuss about risk within team member

Threats and opportunities under consideration

Ownership issues limits

Risk prioritization

Analysis of risk

Planning and implementation of risk

Project agreed

Identification of risk with associated task

(Bart Jute, 2008)

Above ten rules are indicating the project lifeline on which project run effectively and generate the results as accordingly plan. Rules indicate the risk management should be embedding in project making from which any fault can be encountering those problems can easily sort out. While other end those projects which have no approach towards risk management , either they belief there planning will face no risk and they assume the over confident level in them in both cases sometimes project faces deadlocks and time schedule change the whole project and which result become sometime void on time.

Planning should include risk assessment in start of project yielding project very strong, assessment of risk achievable with two sources team members and documentation. Team members have experiences and expertise which make project strong enough to be complete on time. And documentation is needed at every single step in project making. It is very easily to identify risk in broad cases, every single project comprises of so many risks from which manager or team members are aware but sometime it goes opposite to risk handlers to deal with risk. If risk is not communicated with team members and project leaders then sometimes project got sufficient problem which are unwanted. Once risk identify and there are some opportunities and threats, opportunities are always with projects but hidden to carry with them and makes most out of it assessment is needed, opportunities helpful for projects makes it strong.

Discussion:

Not least along with the areas of indistinctness and ambiguity are political environment in the project. It is common nature of the peoples give the impression of being good to their officers, or else they want relax life without any hassle, in addition several others intention may wish to hide the restrictions in their project tactics. It may because some of the project managers will able to move beyond the date line for his work, it is in interest of his own to keep continue rather to experience the distress and then project back on follow. It is seen, some of the project goes fail because there is project completion culture adopted by users, in which only project deliverable done on time but not the quality, standards and requirement.

To identify and understanding of the user requirements for projects, project scheduling, and project planning contingency planning, avoid risk and gather handsome resources are the essential part of project. These are the objectives usually carried out in the start.

To identify the project risk its importance and nature in completion of project, and extra risk about user requirements, budgeting, response change control are the legs of round table, table can be topple if these legs are not accurate. Absolute certainty of their consistency is of immense importance.

After that, I suggest in order to complete the Risk Assessment; all that need to be done is to perform the exploration of each single task and its uncertainty level. Each task gets its priority in project plan and notes them in contingency table. And if not do so then project may late as it is planned. Project late itself is not a risk it is an effect of task which could go wrong in during projects, so considered every single task in project which can delay the length.

Conclusion:

In session like shared problem solving in which member of team spontaneously contribute ideas, people from different prospective and unique functions scenarios will have very sophisticated ways to minimize the impact of risk. It is very obvious that single person can never evaluate the things which possibly could go wrong. It is the responsibility of all members to generate the possible risk in to list in their own perspectives and underlying the problems. In addition, develop serious risk list and unify them in to manageable groups. Those groups try to find out the basis of risk and the possible outcomes to resolve them. In every projects things can change by timely manner once you sure from where the risk is arising then it is very easy to avoid them.


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