Control Risks Tools and Techniques †Free Samples to Students

Question: Discuss about the Control Risks Tools and Techniques. Answer: Introduction of Risk Management Plan It is also sometimes known as risk mitigation plan[1]. It is an official document which is developed to provide the knowledge of tackling any identified risks or opportunities and even the risks which are not yet identified. This document covers all the processes of risk management, like identification, analysis and mitigation plans. SFSU (Silicon Forest State University) has various divisions, among all OIT looks about the Information innovation frameworks. At present, SFSU was confronting the issue in dealing with the best possible track of their ticketing framework which is being utilized to impart and keep track in regards to the issues which are confronted on regular schedule. So they chose to scrap is old programming and design the better one which is as of now introduce in the framework yet in not very many offices as it were. So for the above examined work Ron Bashley was chosen as the group pioneer and Harry Bonnett alongside Bob Biyon should bolster him. This document helps to prepare the team on the approach they should take to manage the risk so that the impact can be eliminated or minimized[2]. The plan in this document is required to be developed separately for different types of projects[3]. But a common process or approach is there which we need to follow as per the project management techniques. The common steps of assessing a risk is first we need to identify the risk and document it in the risk register with all possible details. Next step in the developing management plan is the analysis of the identified risks by assigning the rating to it as per its likelihood to happen and its impact. This diagram shall be developed during the phase to rank the risks in the order of high, medium and low intensity to plan for their mitigation. Again the mitigation can be of many types, either we accept the risk or minimize its impact either by sharing with third party or reducing by some other means. The risks must be planned identified for the project being handled by OIT for the changing of ticketing software from Remedy to Request Tracker. While doing so, we must take care in considering the big risks first and identify all sorts of risks available in the project since from its design phase to close-out[4]. Two negative risk and one positive risk is identified as follows: There is chance that the introduced programming 'Request Tracker' couldn't be designed legitimately in new environment There is chance that the correspondence structure amid the undertaking stage comes up short and no bugs tracker remains stand and create confusions among team members There is the open door in the undertaking to complete at the earliest and begin utilizing the new ticketing framework, this will decrease the danger of down time Risk Analysis of Case Study project Now the step is to rank the risks based on it probability of occurring and the impact it can have on the case study project[5]. The rankings are: This table can be used to develop the probability-impact matrix, which can further be used for the ranking of the risks, so that on the basis of the information, proper mitigation plan can be made. In the case studys risk assessment we have identified the risks and analyses them, so now the task is to plan its mitigation actions as per the ranks obtained[6]. The ranks obtained are: High Risk: Risk No. 2 to avoid any confusion during the project phase, more review meetings are proposed Medium Risk: Risk No. 1 some expert need to be employed for continuous supervision of the job and assure the correctness Medium Risk: Opportunity No. 3 additional manpower are required to be deployed As the identification, analysis and mitigation plans are done, so the remaining task is the process of verifying the status of risks at every meeting. Even in case of new risk generation, it must also be introduced in the risk register by following the same method or steps. So up to this stage the job of risk management comes to end, but the process will continue till the close-out phase. The mitigation reactions arranged are the correct arrangement feasible for the case. Every one of the dangers should be legitimately checked in each audit meeting so it stays on the leader of each partner so they can act speedily. Every one of the procedures considered for the advancement of risks administration get ready for case study project is according to the measures of the task administration methods beginning from the identification, analyzing, ranking and plan mitigation, all the steps are done properly. So it is prescribed to take after the procedure if there should be an occurrence of any new hazard is distinguished. Conclusion Now after studying all the deliverables of the risk management plan and the approaches of developing the document is well known. So this example can be used for developing the risk management plan in any professional world. For academic purpose the numbers of risks were restricted to 3 only but there may be many more risks involved in the case. References MyManagementGuide. (2010, May) 2. Risk management plan for a project: Definition, Purpose, Software, Content and Approaches. [Online]. https://www.mymanagementguide.com/guidelines/project-management/risk-management/risk-management-plan-for-a-project-definition-purpose-software-content-and-approaches/ Palmetto Document Systems. (2017) Risk Plan. [Online]. https://www.method123.com/risk-management-plan.php ProjectEngineer. (2017) Plan Risk Responses. [Online]. https://www.projectengineer.net/knowledge-areas/project-risk/plan-risk-responses/ Larry Winters, "Deadliest catch: risk identification in the vast Bering Sea," in PMI Global Congress 2009, North America, Orlando, 2009. Chandana. (2017, March) Risk Assessment in Project Management. [Online]. https://www.simplilearn.com/risk-assessment-project-management-article Cynthia Snyder. (2017) Control Risks Tools and Techniques You Should Know for the PMP Certification Exam. [Online]. https://www.dummies.com/careers/project-management/pmp-certification/control-risks-tools-and-techniques-you-should-know-for-the-pmp-certification-exam/