A firm stores data for other organizations. The company stores data across many

Question

A firm stores data for other organizations. The company stores data across many states, providing backup data storage for state, municipal governments, and large corporations. The firm is deploying a new set of storage devices that are faster, denser, and more energy efficient.

Part 1: List and discuss the major risk management functions from a project management perspective for the new data storage project.

Part 2: Describe a positive and a negative risk event, the related consequences, and the risk response plan for each of the two risks for the new data storage projec

Explanation / Answer

The major risk management functions from a project management prespective for the new data storage project are as below.

1.Risk management planning: The data mining project is able to utilize the rsk management template when procurable in the organisation to study the typical risks which happen hence they are able to asemble for them,often which assist them to initiate the risk management method.

2.Risk identification: The overall data management team must encounter earler in a project hence they are able to recognize and discuss the different risks which they can reveal to.

3.Quantitaive and qualitative risks: post recognition of a risk the team data mining project manager will tell the potential influence of each risk onm project which will assist to elucidate the risk which can generate the large influence which is required to handled well.

4.Risk response planning: Risks are recognised and furtherly ranked based on the influence the events which are to handled recognised and response plan done for the events.This is a preeminent guide which assist to prepare the sutiable response must a risk event really happen.

5.Risk monitoring and control: The risks required are monitored in every part of the project including the different policies which is good to utilize for handling the risk.Hence the data mining project ,at each level of project the risk response plan needs to be updated and different control policies formulated to risks.

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Negative risk are undesirable and potentially able to produce bad trouble where as the positive risks are chances ntended through the project manager and stakeholder ,often might positively influence the project like raising the ROI or completing the project inadvance of duration.positve risk is not complicated to generate a negative risk.lastly the positive risks are great but it is required to accountable to and considered seriously.

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