300 words Risks are the negative or positive events that may occur and impact a
ID: 3874775 • Letter: 3
Question
300 words Risks are the negative or positive events that may occur and impact a project. Risks can impact all areas of project elements such as the schedule, budget, quality, and deliverable. Based on the risk categories you produced in Unit 1, respond to the following questions: Describe at least 5 specific risks that can occur in your project. How can they potentially impact the project? What is a risk register? Describe the probability and impact matrix. How it can be used in your project? Write 2 more paragraphs that are an introduction and conclusion to this topic
Explanation / Answer
Answer:
Interduction:
Project risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective. Risk management focuses on identifying and assessing the risks to the project and managing those risks to minimize the impact on theproject.
Risk is future uncertain events with a probability of occurrence and a potential for loss”
Risk identification and management are the main concerns in every software project. Effective analysis of software risks will help to effective planning and assignments of work.
Categories of risks:
Schedule Risk:
Project schedule get slip when project tasks and schedule release risks are not addressed properly.
Schedule risks mainly affect on a project and finally on company economy and may lead to project failure.
Schedules often slip due to following reasons:
Budget Risk:
Operational Risks:
Risks of loss due to improper process implementation failed system or some external events risks.
Causes of Operational risks:
Technical risks:
Technical risks generally lead to failure of functionality and performance.
Causes of technical risks are:
Programmatic Risks:
These are the external risks beyond the operational limits. These are all uncertain risks are outside the control of the program.
These external events can be:
risk register:
A Risk Register, also referred to as a Risk Log, is a master document which is created during the early stages of your project. It is a tool that plays an important part in your Risk Management Plan, helping you to track issues and address problems as they arise.
Risk registers provide project managers with a list ofrisks identified, stated clearly and assessed as to their importance to meeting project objectives. The risk register can lead directly to risk handling, such as riskmitigation.
probability and impact matrix:
Probability and Impact Matrix is a tool for the project team to aid in prioritizing risks. As you know, there may be several risks in any project. Depending on the size and complexity of the project in hand, the risks may vary somewhere from double digits to triple digits. But, do we have the time and money to look into all these risks, let alone the response action. The answer is NO; we do not have such luxury of time. So, it is necessary to find a way to identify those critical risks which needs the most attention from the project team.
Probability and Impact Matrix uses the combination of probability and impact scores of individual risks and ranks/ prioritizes them for easy handling of the risks. In other words, the probability and impact matrix helps to determine which risks need detailed risk response plans. It is vital to understand the priority for each risk as it allows the project team to appreciate the relative importance of each risk.
For example, a risk with a high probability/ likelihood of occurring and which will have a high impact on the project objectives will likely need a response plan.
The matrix generally used is a 3x3 matrix (with Low, Medium, High rating for Probability and Impact) or 5x5 matrix (with Very Low, Low, Medium, High and Very High ratings for probability and impact).
How to use this matrix?
If a particular risk has a moderate probability and the estimated impact of this risk is major, then you look into the respective row and column to identify the risk rating. For a moderate probability and major impact, the risk rating in the above matrix is "Medium". The colors are visual indications of the seriousness of the risks.
We will use this matrix in the risk assessment process to determine the risk rating for each risk.
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