Table of Contents Project Outline. …………………………………………………………………….docx

Table of Contents
Project Outline.
……………………………………………………………………..…
………………………………………… 3
Risk Management
Justification…………………………………………………………
…………………………….…….…5
Project Risks
Identification……………………………..……………………….…
…………………………………….…….7
Project Risks
Assessment…………….……………………………………………
……………….………………………….12
Project Risks Response
Strategy………………………………………………………………
…………………………... 15
Project Risks Responsibility
Plan..…………………………….………..…………………………
……………………….19
Project Risks Monitoring &Control
Plan………….…………………………………….…………………
……………..20
Project Risks WBS & Budget
Updates………………………………………………………………
……………………21
Project Risks Communication
Plan……………………………………………………………………
……………………22
References……………………………………………………………
……………………………………………………………….20

Project Outline
The institution that I will be focusing my individual project on
is that of the Scotia Bank Institution. Scotia Bank is a world-
renowned banking institution founded over fifty years ago. The
company whose headquarters are in California has many
divisions of business, the most profitable being banking,
insurance and stocks. The company features over one hundred
and seventy branches that are all connected to one platform and
database. The institution has sought to give their clients some
degree of unlimited access focusing on alternate means of
updating and accessing multiple accounts at once regardless of
location.
The information technology department of the scotia bank group
has recently launched the development of a mobile application
that will increase client relations through the use of improved
mediums and levels of access for everyday business
transactions. It has come to the attention of the business
segment of the. The board of directors that the level of
productivity within the organization is rapidly depreciating and
as such reevaluation of both software and employee
Personnel have been put in place to identify the reason, risk and
solution for the dip in productivity following the
implementation of the latest software tactic.
The department of information technology software and
development protocols currently uses an agile methodological
approach in developing all software. The pros and cons of this
approach have long been preferred based on the ever-changing
needs of the company. However stakeholders involved would
prefer a complete overview of this approach to determine the
degree of success or possible need for change as such the a
project manager has been selected to provide through detailing

on the process of evaluating human and software elements
affecting the cooperation as it regards to production.
The company has one branch in every state of the United
States as well as twenty branches in the Caribbean and the
remaining branches are located in Europe and Asia. The
branches hold a little over three hundred employees total with
an Information technology of two per branch .The information
technology department is focused on developing software and
maintaining existing software needed for the day to day
processing and activities of the bank. The department places
strong emphasis on the security of client data and innovative
methods of improving the quality of service within each
establishment. Currently the company has just completed the
development of the mobile app and has incorporated its use
accessing the main database of the company. While
implementing further measure in attempt to improve the
application, the information technology department is now
seeking to expand the application to include the access to view
existing stocks and purchase available stocks.
The purpose of this document is to go in to detail assessing the
varied risks and how they will affect the overall productivity of
the software .Not only will the project go into detail regarding
the different risks that can and will affect the production of the
company, but also the implications whether positive or negative
must be document and solutions prepared in the event of such
an occurrence to ensure continuance of business. .
Risk Management Justification
A project risk is defined in the book “A guide to the project
management body of knowledge: as an uncertain event or
condition, that if it occurs has a positive or negative impact on
numerous project objectives such as scope schedule cost and
quality. When considering the amount of time and resources
that have me been put towards a project it would be fool hardy
not consider the different risks that may face the project at

every stage. Risk Management is one additionally and important
step necessary to ensure that even in the event of unforeseen
difficulties and changes to the master plan, the project must still
be able to run successfully and there must always be an
adequate and efficient back up plan. A risk can occur from a
range of different reasons and as such can be impacting in more
than one area. Risk management therefore is the process by
which risks are identified, analyzed and resolved in order to
keep the project running successfully. Project risks must be
taken seriously as they have the potential to fail a project
however the effective manipulation of risks can make all the
difference in a project. Identification of risks is just one major
aspect of risk management, as identifying alone will not solve
the problem, rather steps must be taken to find means of
resolving the risks in such a manner that even if they do occur
they will have little or more positive impact on the project as
possible.
Risk Management helps the project management team to avoid
major project pitfalls by acting as looking glass as it were and
identifying risks that may or may not direct the project in a
direct way. It also fuels proactive development as opposed to
reactive damage control. Planning for a crisis before one
occurs allows for open minded clear thought processing rather
than trying to resolve a present crisis. Risk Management fuels
objective cohesive and comprehensive planning in order to
combat unforeseen and foreseen risks that may occur.
Risk Management takes place at every aspect of the project
management process during initialization when the project is
just being defined and it is necessary to define the scope of the
project, risk management is utilized that the pros are more
than the cons in the project. This is a critical stage in the risk
management process as it is important to thoroughly identify if
the project being taken into consideration will be worth time
and resources, if it will be effective and if there are too much
unresolved risks present that will jeopardize the success ratio of
the project. In this phase risks are evaluated and the design of

the project if approved takes into consideration major risks to
avoid ensuring that the project does what is desired. The
project manager, team and sponsors are key in identifying the
different risks that will affect the project during the
development of the project. Remembering that a risk can be
something deemed as minute as the schedule to something as
critical as the budget, risks will have impacts no matter how
inconsequential they are viewed. During the project planning
phase, when the project is being explained and a schedule and
budget are agreed upon risk management once again comes into
place to ensure that the plans made for the project are adequate,
while evaluating the decisions made to determine the
likelihood of a risk being face. Throughout the execution and
control phase these same risk management plans are
continuously updated, reviewed and if needs be executed.
Include a risk management plan in any software development
plan increases the sturdiness of the plan, reduces the amount of
loopholes for error and significantly improves the efficiency of
the plan. A diagrammatic representation of the risk management
process is shown below.
Project Risk Identification
According to the MITRE corporation risk identification is the
critical first step of the risk management process, the main
objective therefore of the risk identification process is the early
and continuous identifying of events that may occur and pose a
threat to the overall success of the project Risks as the term
would suggest are negative in perspective. Negative referring to
an event that would cause some degree of fiscal loss indirectly
or directly. Most individuals don’t see the sense of risk
identification or analysis, however the famous saying
prevention is better than cure applies to the development plan as
well .It is better to identify potential problematic issues than to
search to find a solution after the fact. Risk identifications
offers potential positive outcomes by exploring tentative
negative ones.

. Risk identification is just one aspect of the problem. The
next phase of the project is to mitigate these risks. The ability
of the development team to look at these issues and risks and
ensure that the qualified personnel are given the job so as to
ensure that they best possible job is done with a degree of
accuracy that will cover potential risks and increase
efficiency.
It is important to note that individual project risks are different
from overall project risks. An overall project risks represents
the varying uncertainty that faces the project as a whole. It acts
as a sum of the individual project risks within the project .The
overall project risks takes into consideration, issues that may be
considered risks to stakeholders and project managers alike and
takes into consideration implications of outcomes both positive
and negative.
Organizations perceive risks as the effect of uncertainty within
a project now these risks can or may be accepted based on the
degree of implications that they may pose to the overall project.
The risk identification process starts with the project team
gathering the project's risk events. The identification process
wills may differ from scenario to scenario depending on the
nature of the project and the degree of capability of the team
members, but most identification processes begin with an
examination of issues and concerns created by the project
development team. These issues and concerns can come from an
analyzing the project description, work breakdown structure,
cost estimate, design and construction schedule, procurement
plan, or general risk checklists. By creating a database of
recurring risks the risk management team can seek to organize a
method or noting and solving recurring issues faced throughout
the project as well as getting a head start on how best to deal
with complex situations. The best way to create a database that
is detailed enough to identify the basis of the most recurring of
risks, this is done by reducing each risk into a basic detail that
permits the person evaluating to understand the significance of
any risk and identify its causes, that is the varying risk drivers

This is an effective way of addressing the large and varying
numbers of potential risks that often occur throughout design
and software development projects.
After the risks are identified, they should be classified into
groups of like risks. Classification of risks helps reduce
redundancy and provides for easier management of the risks in
later phases of the risk analysis process. Classifying risks also
provides for the creation of risk checklists, risk registers, and
databases for future projects.
There are a few notable risks that have been identified within
this project the first of which has to do with the requirements
phase. Not having access to all the requirements can prove to be
a challenge for the development team, as a new requirement
may change the dimension, direction of focus of an existing
software development plan. Failure to have an accurate
requirements list results in inflated budget, inaccurate timelines
and schedules, missing deliverables for the final project.
Requirements are designed or decided on by the various
stakeholders within the project .It is therefore the responsibility
of the stakeholders to ensure that they primarily have a good
understanding of what they want from the project in order to
relay that information to their project team in such a way that
their interpretation fits the requirement. In order to mitigate the
effect of this risk at each phase the requirements listing must be
reevaluated with the stakeholders, in an attempt to verify any
existing requirement as well as to re-evaluate and ensure that
the plan is going in the right direction and that everyone
understand what is needed as a deliverable from the project.
With each progressive phase there are multiple risks that will
present themselves. Similarly so, in the methodology phase the
agile methodology relies on frequent communication through
the right channels to ensure that everyone is processing
information in the right manner. Communication is a very big
aspect of this methodology, and is imperative that the
programmers know how to communicate effectively so as to
ensure that the correct information is passed and not

misinterpreted and that the people that have been chosen for the
job are quite capable of handling the requirements in such a way
that they can actively provide high class type of work and
ensure that the quality of the task is beyond expectations.
The design phase also has a multiplicity of risks associated with
the architectural design of the software project, the
performance associated with the design structure and ensuring
that the testing whether it be black or white box testing capture
most if not all the errors that may occur in the development and
integration phases. Having poor specifications such as not
adequately defining the software architecture, performance
requirements and constraints will create numerous flaws in the
design structure of the document. Project design specifications
are well documented and defined in the SDS document. The
development team needs to ensure that the criteria, such as the
architecture, constraints, requirements and performance, and so
on are documented correctly in order to conserve time, effort,
and costs for the project. Risks such as these can be mitigated
through the use of careful planning
Risk identification is critical to the overall success of the
project. It is important to ensure that each identified factor that
can be considered a risk is brought to light and dealt with.
Having capable individuals working on the assignment increases
the ratio for success by improving on efficiency and
responsibility in helping identify additional factors that could
increase risk. Preparing for the worst increases chances of
success. The table below highlights the different risk
identification tools and techniques that can be used within this
process
Table 1: Risk identification tools and techniques

Project – Specific Documents
Programmatic Documents
Techniques
Project description
Historic data
Brainstorming
Work breakdown structure
Checklists
Scenario planning
Cost estimate
Final project reports
Expert interviews
Design and construction schedule
Risk response plans
Delphi methods
Procurement plan
Organized lessons learned
Nominal group methods (Allows each team member to create a
list individually)
Listing of team's issues and concerns
Academic studies
Influence or risk diagramming
Published commercial databases
The risk identification process seeks to find and categorize risks
that may affect the project. By documenting theses risks, they
can be best handled by divisional focused where groups are
segmented to target a risk factor. This is a continual process and
must be continuously updated in an attempt to keep the database
of risks accurate and complete. As long as new risks are always
being incorporated into the process, the database and thus the
back up plans for risk identified will be useful and up to date

when the time comes for the incorporation of such methods.
Project Risk Assessment
Risk Name
Risk Description
Possible Outcome
Probability of Risk
Impact of Risk
Overall Risk/ Severity
Contingency Plan
Risk Impact
Description
RK-01
Schedule Flaws
Based on the complexity level of the software it may be hard to
estimate effectively the schedule of the project leading to
inaccurate and far fetched timelines
Medium
(6)
High
(8)

Medium
(48)
Involve the team in planning and estimating. Get feedback from
development team and communicate with stakeholders
Deadlines cannot be met and there will be communication
errors if there are conflicting schedules and clashing of
deliverables that may be dependent on each other
RK-02
Requirement inflation
As the project development continue more features not initially
identified will have to be added causing new risks and
incorrect estimates and timelines
High
(10)
High
(10)
High
(100)
Constant communication and involvement of development
process between customers and developers to verify aim of
project
This will affect the available resources for the project and
create a distortion as to the direction of the project. resulting in
budget changes and risk of communication breakdown
RK-03
Employee Turnover
Key personnel leave the project taking human resource and
critical knowledge needed for the development of the project.
Resulting in a slow down of the project
Medium
(5)
Low
(2)
Medium
(10)
Increased collaboration and information sharing on the team

If there aren’t enough employees to do the job or no personnel
trained to do the task this leads to insufficient quality of work.
Increased errors and timeline distortions.
RK-04
Poor Productivity
Over the course of the project the sense of urgency to complete
the project dwindles resulting in missing deadlines
Medium
(7)
Medium
(7)
Medium
(49)
Focusing on shorter iterations. Use the right people on the team
and have frequent coaching and team development
This risk goes hand in hand with the existing risk of high
employee turnover. If there is not enough human resource to do
the job, there will higher degree of stress, lower quality work
and in turn poor productivity. This will affect all areas
RK-05
Specification Breakdown
If there are conflicting requirements it will show up during
coding and integration resulting in issues that require decisions
of what to throw out and what to keep
Low
(2)
Medium
(7)
Medium
(14)
Allow for the product manager to analyze and make trade off
decisions
Breakdown in communication resulting in delays in the
development of the project
RK-06
Testing documents unclear for acceptance testing

If it is unclear how to check the functionality of the software
then inadequate testing will be done leading to inaccurate data
and faults in the next build
Low
(2)
High
(8)
Medium
(16)
Detailed documentation from all parties involved and the
integration of at least 2 developers on the testing team
Errors not caught in testing phase results in longer
implementation phase and developing times to backtrack and
find the source of problems. Software development phase
cannot be successfully completed until errors are caught
RK-07
Budget estimation error
If there is a budget estimation error there could be significant
time delays for stakeholders and the project may be
discontinued if additional funds cannot be allocated
Low
(4)
High
(9)
Medium
(36)
Constantly review estimates and available alternatives to
secure and utilize resources as a means of ensuring costs remain
low and within the budget
Stakeholders can pull out of the project based on budget
estimation errors, resource allocation tables would be
inaccurate and the project risks not being completed because
of lack of funds.
RK-08
Insufficient resources

The project will potentially come to standstill if there is no
resource to see through the completion of the project which
would result in wrong time estimation and cost overruns
Medium
(7)
High
(9)
High
(63)
Have a member of the project team and stakeholders monitor
the usage and allocation of resources to ensure that there is
enough for the development of the project
Lack of resources will affect the quality of final product
produced and lead to delays in the development of the project or
an increased budget.
Both the impact and likelihood of risks are calculated from 1-
10 with ten being the highest and one being the lowest. The
risks with the highest impact would be those with a high
likelihood and impact for example. In order to determine the
severity of the risk the likelihood and possibility of impact are
multiplied by each other. This way the project team can gage
just how serious a risk is to be taken. The project team will all
have an active role in the identification and analysis of the risks
highlighted in the table above. Through the means of
questionnaires, and cause and effect diagrams as well as
interviews and analysis. The members of the project team can
take part in providing solutions to some of the risks that are
likely to be faced. The first risks in the table are described as
schedule flaws and this has to do with activities being
completed in timeframe that is contradictory to their
dependence. An example of this is if a particular task is
dependent on a nether task but the deadline for the dependent
task is before that of the first task that is a schedule flaw, which
will lead to delays and errors in the development strategy.

Another very popular error that is faced in the development of
software is poor productivity; this risk actually goes hand in
hand with the risk of employee turnover rate. If there is a high
turnover rate, the employees will not have a good chance to
learn the products and the individuals in the software
development process will not be equip to adequately perform
the tasks needed. In addition if there are a lot of employees
leaving that means that there will not be enough hands on deck
to get the work done. Fewer individuals to do the same amount
of work increases the pressure on the remaining levels leading
to a drop in the quality of work because it lacks the proper
resource it needs to be done properly and in addition to that the
productivity level declines rapidly because even after hiring to
replenish the human resource additional time and resource has
to be applied to train the newer individuals and arm them with
the right tools needed to be successful in the work environment.
Requirement inflation is another major risk that can be faced
within the project .To fully understand how requirements
inflation affects the project one must consider the resources
available. Resources allocated are based on the amount and
extents of the requirements of the project deliverables. Each
time additional requirements are added to a project already in
development, the result is the project members need to utilize
more resources, time and effort to review completed phases to
see how the new requirement will affect the existing software as
well as reevaluating risks, direction and scope. Similarly so is
the specification risk associated with the breakdown of the
project, just as it is important to properly identify the scope to
determine which direction the project is going towards. In
order to properly assess the direction and progress of the project
the specifications need to be properly broken down and
discussed to ensure that communication and direction is clear
and understood by all parties. If this is not done then there will
be confusion as it regards to what is expected and what is
priority in the development of the project then the project can
easily fall off track and be developed while missing key

milestones.
Even after the project has been developed there are still risks
that can be faced throughout the project .In the testing phase of
the project it is critical that all aspects of the project be tested
to ensure thorough evaluation and responses are obtained.
Failure to do this in the right stage of the project will lead to
additional costs and expenditure, delayed timing in terms of the
implementation of the system into the working environment.
Budgeting issues and insufficient resources are continuous
risks that are faced from the onset of the project throughout the
very and both are correlated to the other with the same degree
of impact and likelihood. Having too little resources will result
increase expenditure and delays. Once there is not enough
resources for the project then the budget becomes inaccurate
and so has to be revised to take into consideration the lack or
need thereof or additional resources. Typically the coders and
testers of the project team are responsible for identifying risks
related to the development of the code itself such as
requirements inflation, and testing failures, while the
stakeholders are responsible for the fiscal and budgeting
management of the project .It is up to the project manager to
oversee all these areas and ensure that all timelines and
deadlines are met as well.
Below is an example of the diagrammatic tool that will be used
to identify the various risks within the project. Note that it
evaluates the environment, materials processes and people that
may have a cause or effect on identified risks.
(1) Impact is low Likelihood is low
(2) Impact is low Likelihood is High

(4) Impact is high Likelihood is high
(3) Impact is high Likelihood is low
Project Risk Response Strategy
Risk Name
Risk Description
Risk Response Type
Risk Response Description
RK-01
Schedule Flaws
Avoid
Before any phase of development begins the schedule for that
phase must be reviewed thoroughly and a timetable provided so
there are no misunderstandings
RK-02
Requirement Inflation
Transfer
There is a limit as to how much additional requirement a
project can handle within budget unless critical these
requirements must be transferred to future projects so as to keep
current project within scale
RK-03
Employee Turnover
Avoid
If employee’s skills were critical to the development of the
contract it would be best to put them under contract for the
duration of the project. This will avoid this risk altogether
RK-04
Poor Productivity
Mitigate
Include clear instruction and targets for daily development to
increase direction and provide and boost motivation by
providing phase rewards.

RK-05
Specification Breakdown
Avoid
Have specification reviewed and broken down by the project
team in to basic detail and explained and discussed with project
team, and reviewed at every stage to ensure everyone is on the
same page.
RK-06
Testing documents unclear for acceptance testing
Transfer
Testing is critical and if the document are unclear for
acceptance testing they must be transferred to a vendor who can
test the product thoroughly to ensure effectiveness
RK-07
Budget Estimation Error
Mitigate
Contingency budget must be obtained from the stakeholders to
reduce impact of budget estimation errors
RK-08
Insufficient Resources
Mitigate
Resources must be evaluated at every stage and used only when
authorized by project manager and stakeholders to reduce waste
and ensure that strict monitoring and usage of resources allows
it to last
Each risk has to be handled in a particular fashion too ensure
that the best possible response is garnered from a situation.
Generally there are four different options one will have when it
comes to handling a risk. The first option is to avoid the risk
altogether, this is usually advised in a situation with a high
impact ratio as well as a high degree of likelihood. To avoid a
risk would mean that the threat it poses is to great to even try to

mitigate. The next option is a step down from avoiding a risk
totally and that is to mitigate the effect, Mitigating is the form
of action taken when avoiding is not a choice and is usually the
approach taken regarding risks of a medium severity. Another
option that is sometimes used within the scope of risks and their
handling is the transference of risks. This option is trickier and
cannot be used in all situations as sometimes the risk genuinely
cannot be transferred and so it is dependent on the situation
and the options available. The last available option is to
accept the risk, usually this is the unfamiliar option as
accepting a risk means no alternate course of alternate action
will be taken to avoid or mitigate the risk.
For he purpose of this project, different approaches have been
taken towards the identified risks .The first risk is that of
scheduling flaws, which has a severity flaw of medium. The
decision was taken by the project team that this is a risk that
should be avoided all together as not only was it preventable but
the likelihood of occurrence would be based on neglect and
carelessness on the part of the preparer. In order to ensure this
risk is avoided all together the schedule should be prepared and
reviewed at every phase of the project and just to ensure that
there are no preventable errors in the scheduling a timetable
that highlight dependent activities and their due date and
processing times should also be printed and discussed with the
project team. It has been advised that two days be allowed at the
end of every activity just in case that particular task goes over
schedule so as to prevent clashes and inter dependencies that
will result in scheduling flaws. Overall however this is a risk
that can be avoided.
The next risk in question is that of requirements inflation
which is tricky in that in any project there is a likelihood of an
increase in the requirements of the project however, there has to
be some level at which the line is drawn to prevent the project
from going over budget, over time and utilizing more resources
that is available. A risk such as this can be transferred, to
expound on this one must take into consideration that software

for example have multiple releases and updates and developers
seek to improve on past versions of perfection. If a requirement
is not absolutely critical to the existing design infrastructure it
must be evaluated to see if it can be accommodated or must be
transferred to the design team for future releases of the project.
In this way the risk of requirement inflation getting way above
what can be done in a give time frame and existing budget.
Employee turnover is an issue that plagues every administration
of every company. The rate of turnover of employees affects the
level of productivity as well, so it is crucial that the employee
turnover rate be as low as possible. The best way to handle this
risk is avoid it completely and the best way to do this would
be to put the critical assets of the human resource, that is
individuals who are hands on and instrumental to the design and
coding of the project on a contract, that will pay sixty percent
up front and forty percent when the job is completed, that way
not only does the employee have motivation to work to the
best of their ability but they will also have reason to complete
the job, rather than leaving in the middle of the design or
coding stage .Doing this will remove the risk of employee
turnover as they would financially and legally lied to the
project through its duration.
Poor productivity has to deal with the motivational levels and
the capacity of the workers to provide the quality of work that
is expected. The response to this would be to mitigate. Based on
the fact that to avoid employee turnover, vendors and critical
members of the project team have been placed on contract, there
is no way to transfer the risk, and accepting it will cost the
company in the end as the software will be poorly developed
.The best course of action would be to mitigate, in a two step
approach. Firstly by providing the team with the training
necessary to get the job done properly and clearly defining
what needs to be done and then by adding motivational prizes
and rewards for meeting goals and deadlines. This method
will boost the employee’s capability to provide excellent quality
work and increase their enthusiasm to improve the productivity

level.
Risks such as budget estimation and insufficient resources go
hand in hand and in both cases the response chosen was to
mitigate the risks. In a software development project, there is
no way to complete avoid the risk but by properly handling the
resources and careful tracking spending these two risks can be
mitigated, close monitoring and review can lead to a more
accurate budget by having a variance of the product chosen,
its cost as well as the most expensive version of the product
.By doing this one can determine the absolute most any Item
will cost and will be able to distinguish an accurate budget.
Similarly so by discussing alternatives the project can
determine the best utilization techniques to manage resources so
as to have them stretch as far as possible. In addition having a
tracker to map the utilization of the resources will help to
reduce the waste or improper use of resources.
Testing documents unclear for acceptance testing is another
critical risk. In a situation such as this with a software
development project to consider and the stakes pretty high .in
order to ensure that the maximum quality is maintained and
that testing is thorough and accurate this risk can be transferred
to a third party to ensure that all loop holes are explored and
accounted for .If the original testing group cannot provide
conclusive documents and testing results then it is up to the
project team to get a third party to do that testing with coders
and end users and ensure that the software is ready for
acceptance and integration
The last risk that the project has taken into consideration is that
of specification breakdown, the best way to address this risk is
to avoid it. Each member of the project team must be provided
with detailed technical documentation an outline, and a
timetable of the requirements and deliverables and
specifications regarding these deliverables .In addition, prior to
the start of each phase of the project, meetings should be held to
discuss the course of action relative to the upcoming phase and
the steps that will be taken in order to ensure that the

specifications are met. This way there is no confusion as to
what is needed for the project and the route that will be taken
to achieve these specifications.
Project Risks Responsibility Plan

Project Risks Monitoring & Control Plan
Project Risks WBS &Budget Updates

Project Risks Communication Plan
References
Risk Management within an Organization Retrieved from
https://campus.ctuonline.edu/courses/MPM344/p1/hub1/5787.pd
f on 5.24.2015
Risk Identification Retrieved from
http://www.palisade.com/risk/risk_analysis.asp on 05.11.2015
A Guide to the Project Management Body of Knowledge
(PMBOK Guide) – Fifth Edition Retrieved from
http://wow.coursesmart.com/9781935589679/firstsection on
5.24.2015
Risk Identification Retrieved from
http://international.fhwa.dot.gov/riskassess/risk_hcm06_02.cfm
#stab4 on 5.24.2015
Risks faced within Software Development Project Retrieved
from http://www.projectsmart.co.uk/top-five-software-project-
risks.php on 6.1.2015

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Table of Contents
Project Outline. ……………………………
………………………………………
..
…………………………………………… 3
Risk Management Justification………
………………………………………
……………………………………….…….…5
Project Risks Identification……………
……………….
.………………………
.
……………………………………….…….7
Project Risks Assessment…………….
…………………………………
………………………….………………………….12
Project Risks Response S

trategy
………………………
…………
………………………………………………………... 15
Plan..
…
…
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Plan………….…………………………………….…………………
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Project
Risks WBS
&
Budget
Updates………………………………………………………………
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Plan……………………………………………………………………
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References…………………………………
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1
Table of Contents
Project Outline.
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Risk Management
Justification…………………………………………………………
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Project Risks
Identification……………………………..……………………….…
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Project Risks
Assessment…………….……………………………………………
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Project Risks Response
Strategy………………………………………………………………
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Plan..…………………………….………..…………………………
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Plan………….…………………………………….…………………
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Project Risks WBS & Budget

Updates………………………………………………………………
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Plan……………………………………………………………………
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References……………………………………………………………
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Risk management Phase 1-5 Individual Project
Table of Contents
Introduction 3
Project Outline 3
Project risk identification4
Project risk assessment 6

Project Risks, Responses Strategy 7
Project Risks Monitoring & Control Plan 10
Project Risks WBS & Budget Updates 11
Project Risks, Communications Plan 11
References 12
Introduction
The project that is planned by the company is to divest and
move into a global perspective. Let’s ay for instance a possible
expansion in the expansion of an oil refinery plant, such as a
sulphur plant, my project will be to research Savage Gulf
Sulphur Services. The project is supposed to ensure that the
company will generate more revenue, and then it shall move
into a global perspective. With the project, the company shall
also increase its production due to large demand generated by
the new market in the globe. Every project is faced with a
certain degree of risk in the activities that it takes in an
organization. It is important for organizations should carry out
risk assessment procedures that are inclined in ensuring that an
effective strategy shall be formulated to eliminate risk. This
paper will discuss the risk management strategy and the
processes that are taken in the management of risk in an
organizational structure.
Project Outline
The project is it intended to increase the organized capacity and
move into the global market structure. This will involve the
purchase of new factors of production such as land, investors
and business owners invest large amounts of capital to such
investments. The project will also
Risk management justification
Risk management is identified and can be described as an
assesment that has all these prioritization of risks, the
management of risk could involve precise coordination and
ecomonical application strategies with ereasons to minimize,

control and monitor the probability and impact of unfortunate
events. Risk management also helps in maximization and the act
of realization of opportunities. In an organizational structure,
risk management has a variety of functions which makes it an
important department in an organization, based on the many
roles that the risk management. This is the implementation of a
strong and effective risk management and controls within
securities firm, a helps in promoting stability throughout the
entire firm. Risk management controls are divided into two
categories. The internal and external control categories help in
providing useful and effective control systems. The internal
controls help in protecting the firms against market, credit,
operational and legal risks. Secondly, it helps in protecting the
financial industry from all the systemic risks in the organization
structure (Merna, 2008)
Risk management is useful in protecting the firm's customers
from enormous and large non-market related losses such as
misappropriation of resources, fraud and firm failure. Such
failures can result in enormous risk in the organization. Risk
management also helps in the act or protecting the firm and its
franchise from suffering adversely from reputational risk. If a
company loses its reputation in a market structure, then it is
subjected to incur heavy losses as customers and clients will not
have the required. Risk management helps in promoting and
inspiring confidence in people, hence attracting large number of
clients who will in turn bring enormous business to the firm. An
effective risk management also helps in risk management and
control measures that help in the protection against serious and
anticipated loss Loosemore, 2006).
Project risk identification
The risk identification processes are categorized as the risks
that are done to identify and also to categorize the risks that
affect the development of a project. The risk identification
process includes the development of a list of lists that are done
with the risks, depending on the character of the project and its
continuity. In non-complex projects that are characterized by

low-cost projects with little uncertainty, the risks are commonly
kept simply as a list of red flags items. In such situation, the
items can be assigned to individual teams who are given the
responsibility to watch throughout the project development
process. Since risks are events that when triggered will cause
problems or benefits the main and most effective place to start
with risk identification process is the source of the problems
and the problems of the competitors who are experiencing the
same problem. The sources of risks can either be internal or
external where the target risk management can use mitigation
instead of management. The risk management and the process of
identification. The problem analysis, identification involves
risks that are related to the identified threats, the threats of
losing money, accidents and the casualty threat of abuse and
wrong use of confidential information or human errors. Such
threats may be in existence in a variety of various entities where
they do come in the form of customers, shareholders or even the
legislative bodies such as they govern or even the board of
governors (Loosemore, 2006).
When a problem source is well known then, the events that a
source may trigger, or the events that can lead to a problem can
be investigated. Such problems include an investor or a
shareholder withdrawing during the continuity of a project that
may endanger funding of the project. Such a move would lead to
stoppage of the project due to lack of funds to support the
activities that are carried out during a project. On the other
hand, the access or vital confidential information ay be stolen
by employees even within a closed network. Competitors may
use such information that in turn will disadvantage the project.
It is important to ensure that project information is kept in a
secured area with a limited access control. Other natural
calamities such as lightning that may strike an aircraft during a
takeoff may make all people on board to be immediate
casualties.
During the risk identification process, there are always varying
processes that are conducted depending on the nature and the

form of the project and the risk management skills of the team
members who are involved in the project. However, it is true
that identification processes begin with an examination of
issues and concerns that are created by the project development
team. The issues and concerns that are brought about by a
project can be derived from an examination of the project
description, cost estimates, design and construction, work
breakdown and procurement plan. In the process the team
should be able to identify and examine a project effect by
reducing them to a level and detail that tends to permit a risk
evaluator to understand the significance or any risk and identify
its causes.
There are different methods that can be used in the process of
risk identification. However, the method mainly depends on the
culture, industry practice and the compliance. Among the
commonly used acids include the scenario based risk
identification method where the different scenario is created.
The different scenarios may be the alternative ways to achieve
an objective or an analysis of the interactions of forces in which
a market or battle in the market structure. Any event that
triggers an undesired scenario is then identified as a risk.
Secondly the objective-based risk identification method where
organizations and project teams have objectives. Any event that
may endanger achieving an objective partly or completely is
identified as risk. Other methods used include the risk chatting,
common-risk checking and the taxonomy-based risk
identification method.
Project risk assessment
After risk identification, the process of ascertaining the degree
of severity, the probability of occurrence and the negative
impacts and effects that may be caused by the risk is then
conducted. The risk assessment process in carried with an aim
of determining the qualitative and quantitative value of risk
related to a concrete situation The assessment process is critical
and useful as it helps in making the best-educated decisions in
order to prioritize the implementation of risk management plan

properly. A short-term positive improvement can result in long-
term negative impacts. The fundamental difficulties in risk
assessments are determining the rate of occurrence since
statistical information is not obtainable on all kinds of past
incidents. When dealing with intangible assets and property
such as loyalty, it becomes difficult to attribute a given cost to
them. Risk assessment should provide information to the
management team in the given project, hence pointing the
primary risks that are easy to understand and hence ensuring
effective prioritization of management decisions
Project Risks, Responses Strategy
When a risk has been identified and effectively assessed, a
quality and quantity of that risk is then established. The process
of risk response plan is then laid out to plan for how each type
of risk will be managed and who will handle the risk. A risk
can either cause a negative or a positive impact, it is important
to consider the two types of risk responses. In this process, a
risk register that contains all the information that is gathered
from the previous four processes and necessary to establish the
most appropriate responses. Secondly, a risk management plan
which acts as a risk tolerance for the project. The plan outlines
how the management will plan the risk responses and how the
risks are to be communicated.
The negative risk threats are responded by the use of different
strategies that are done do reduce the frequency of the threat.
Among the most commonly used include the avoidance strategy
where the risk responses take the action up front to either
reduce the probability to zero or the impact or even both(Merna,
2008). The response enables the risks to be sidestepped as a
whole. An example might be that if a certain process is to be
used in the creation of a product then the choosing of a different
and in such case a low-risk process would remove the risk
altogether. When a project or an activity is through to be more
harm to the organization than good, then the project is avoided.
The transfer strategy where the risk is transferred to a third
party so that they handle the management and the impact of a

particulate risk. The strategy is normally done via a contractual
agreement where the risk can be transferred to a third party
giving the examples of the insurance company. In case of a risk
than the insurance company shall cover the risk incurred during
the time. The insurance policy paid is meant to cater for the cost
of the impact that the company gets.
Lastly, the project managers can also choose to accept the risk
that is posed by the project. Such decisions are arrived at after
investigating the risk and establishing that the risk severity is
relatively low. Additionally the risk can also either be in lowest
terms or the impact, or its probability is also low. On the other
hand, the cost and efforts of taking a different action are out of
the proportion to the risk itself. Incase acceptance is selected as
the response to the risk; then it should be documented and
entered in the risk register. However, during the project
continuity is is important to observe the risk and ensure that
acceptance is still the most desired response to take (Merna,
2008)
On the other hand the strategies for the positive risks,
opportunities ay involve exploiting the risk where the
management ay tries to remove any uncertainty so that the
opportunity is certain to happen. This can be done by training
the team to have the required and desired skills that may enable
the product and services to be enhanced in some ways hence
getting more benefits. Training also helps in making the
management effective in their work and hence raising their
working morale. Secondly the project may also select to share
the risk through the identification of opportunities presented by
the project. The project then may be more likely to be informed
of a partnership where the organization may invite a second and
third party to share the revenue hence getting more funds to
invest and diversify. This type of response is also commonly
used when negotiating to win a contract and partnering may
improve their chances of contract award.
Thirdly, the project managers may also choose to enhance the
risk management where they may choose to depend on providing

a clear and an unambiguous expression of each identified risk.
The enhance strategy of risk response mainly focuses on the
cause of the opportunity and then goes on to influence these
triggers to augment the likelihood of the opportunity occurring.
The strategy also leads to increase in production of good and
services where the company will register increased sales hence
more revenue. On the other hand, the strategy can also involve
adding extra features to a product, hence increasing its market
value through enhancing of its quality that intron creates
customer loyalty and increased revenue stream.
After the establishment of the strategies that are to be
implemented in the response in case due to the risk identified
and assessed. The need to have a responsible plan is required.
Every team member is given the responsibility of handling the
risk. The team needs to be concerned with the activities of that
are involved in handling and assessment of risk both near the
beginning in the project building, planning and carry it on
during the execution to detect new risk as more become known.
An individual with expertise and experiences in differing
NMBHrent leadership and particular areas are known where
they are required to develop the mitigation plan for the
identified risks. The management of risk, responsibility will
then reside with the project manager who is tasked with the sole
responsibility of monitoring the project progress including the
progress on any work that is built. He also helps in minimizing
or eradicating specific risks
The employees are allowed to make their different opinions on
an adequate strategy to implement for risk management.
However, the management should hold the duty to make the
decisions that are meant to foster effective management of the
project (Merna, 2008).
Project Risks Monitoring & Control Plan
The need to keep track of the identified risks and also monitors
the effects of the risks reins' and also to identify new or
changed risks. Having an effective reporting mechanism in
place and also to ensure that the risk is well covered is

identified as the key reports and reviews. The effective
monitoring and the control also involve creating the right
conditions for the openness and the transparency in the project.
The management should also listen to the opinions to ensure
that the employees to not hide problems until the last possible
minute. The project managers are also to communicate risk to
the stakeholders this makes them be prepared in case of unseen
and unprecedented occurrence. Since risk will remain at the
scene, even if the management chooses to implement the
avoidance technique. The process of creating a plan that will be
used in controlling the effects brought about by risk is the most
effective way. Risk should also be turned into an opportunity
and a proactive approach made to the risk management in
creating new opportunities for an organization. The analysis of
acceptable and unacceptable risks may reveal one or even more
potential unacceptable risks (Jordão, 2010).
Project Risks WBS & Budget Updates
This is the organization of a team's work into manageable
sections that look at the hierarchical decomposition of the work
that is to be executed by the project plan. Work Breakdown is
divided into manageable chunks that a project team can
understand at each level of work breakdown structure is meant
to provide further details and definition of work. First the major
functions in the projects are identified and defined. The sub-
deliverables are then further decomposed by a single person is
assigned the responsibility to share that the work is well catered
for. The work packages mainly represent the lists of the task
that the individuals are assigned. The cost perspective of these
work packages is usually grouped and assigned to a specific
department, which is meant to produce work. The departments
are then defined in an organizational breakdown structure and
then allowed a budget to produce the specific deliverables (Joint
Technical Committee, 2004).
Budget updates act as the reminders that give information about
the projects. In case of any change in the working on the
projects, then the budgets are responsibility in ensuring that

every member is aware of the progress of the work
Project Risks, Communications Plan
Communication is a vital component in project development and
risk management. This is because it enables people to provide
the required skills as they are aware of what is required from
them. Efficient and effective communication should be
promoted in an environment.
1) Financial risk.
The project presents a certain percentage of financial risk
(Kaplan, 2000). There is the uncertainty of whether the funds
which are requested for the completion of the project will be
enough or they will be depleted before the project can be
completed. It is prudent for the project to be able to be
contained within the available savings as well having the
confidence that the project goals and objectives will be
achieved within the set period of period (Thompson, 1994). This
is a risk which can be mitigated by reviewing a similar project
and using monitoring and verification methodologies to analyze
the other projects so as to be able to have deductions which are
relevant to the project being analyzed. Sensibility analysis is
also important which will help in accounting for the variability
in the assumptions made with respect to the costs of the project.
2) Strategic risk.
This a situation whereby a wide range of projects are competing
for investment. This is the aspect which outputs the need to
justify the validity of the project especially in financial terms.
The project should be able to deliver on the specified corporate
goals for it to be considered a viable project. In this area, the
question of whether the funds will be used inappropriately
hence hindering the projects ability to deliver on corporate
goals arises (Kaplan, 2000). This calls for demonstration of how
the project links to preexisting strategies and policies hence the
need to follow processes outlined in the project specifications.
A lot of strategic management is therefore required in
mitigating this type of risk hence it calls for critical analysis.
3) The issue of operational risks.

This type of risk arises due to the fact there are new
technologies and practices of project doing which are constantly
cropping up. It is noted that the means of doing projects which
were being used a decade ago are now obsolete and new means
are constantly cropping up (Kaplan, 2000). The newer means
are usually better and more convenient than their earlier ones
albeit being more complex to understand and grasp (Thompson,
1994). The project which is meant to impact on the
organization’s operations or operations quality can present high
cost implications. It’s also prudent to as whether the project is
affected by interruptions which ae normal to plant operations
hence this calls for consulting with the relevant specialist
expertise. Operational risks may also encompass smaller risks
which might be related hence they should be looked into
accordingly and have them addressed.
4) Safety risks.
Safety is also a consideration in all aspects of project processes
(Thompson, 1994). Should the project present any safety issues
then it’s prudent to show that safety assessment has been done
and that the identified risks have been managed appropriately.
In most organizations here will be the availability of a protocol
which helps in safety risk assessment hence it’s essential to
follow these protocols in the assessment of the project’s risk
factors. This calls for the description of the risk and their
mitigation strategies in the project case as well as the inclusion
of relevant supporting information. Different projects pose
different safety threats hence each and every projects risks
should be analyzed on its own and have its safety specifications
stipulated accordingly (Thompson, 1994).
5) Schedule risk.
This arises from the fact that using new technologies in the
accomplishment of the project can lead to the using of more
time than it was anticipated. In the programming of the time
which a project will be based on, the consideration is usually
based on past projects which may have been facilitated by other
types of technologies which might not be in use at the present

times (Kaplan, 2000). There is the possibility of the project
schedule being stretched to points whereby the set time limits of
the project are threatened. It is therefore prudent to have a
certain grace period of time in which the project can be
completed. During this time, the project’s completion is not
harried although it is already stipulated that this is the period
over which the project’s schedule ends at. In some cases, the
schedule is not flexible enough to accommodate corrections
done to the project after its completion or some additions to the
project during its development stages.
6) Resource risks.
This is a risk which is majorly related to the allocation of
resources to the project. Under allocation of resources is a very
serious mistake which can lead to the project stalling half way
hence this should be addressed before the onset of the project
(Kaplan, 2000). Over allocation of resources is also not a good
idea since some resources are perishable hence after they have
been allocated to a particular project, it becomes difficulty to
reallocate them to a different project. Existing facilities and
resources should be sufficient enough to facilitate the
completion of the project with respect to the set period of time
and the available technology and methodology of project doing.
It is noted that some resources have a limited life cycle hence
their allocation should be aligned to the time specified by their
life cycles (Thompson, 1994). This calls for strategic planning
for the project.
7) Life cycle stage risks.
This is a situation whereby there is spending of insufficient
time and resources on one or a group of the stages. In this case,
there is the scenario whereby the project facilitator moves to
subsequent stages before the completion of previous stages
(Kaplan, 2000). This happens especially when there is some
back ground information which is missing or is not in writing
which prompts some specification of the project to be left
behind. A lot of feasibility study needs to be done in order to be
able to mitigate this type of risk. Care should be taken so that

there is recording of all necessary ideas and that every detail of
the project is put into writing to avoid the skipping of some
stages or the processing to subsequent stages while some of the
stages are not completed (Thompson, 1994). Some stages are
usually interrelated hence the failure of one stage may lead to
the failure of the whole project. Strategic management of the
project is required whereby every stage’s goals are identified on
individual basis hence there will be no way of skipping a stage
without having accomplished its goals and objectives.
8) Requirements inflation.
This is an issue which is caused by the addition of more
features into the project development which had not been
identified when the project was being formulated. This new
additions in most5 cases threaten the resources estimates
allocated to the project as well as the time schedule allocated to
the project. This is usually the case in situations whereby some
feedback on the progress of the project is being given by a
concerned party such as the project analyst (Kaplan, 2000). In
this case, new additions to the project will be frequently be
requested for hence by the time the project is being completed,
the project will have surpassed its original specifications. This
additions have the effect of stretching the time limit of the
project and in cases whereby there are limited resources, it
might become difficult to accommodate any additions especially
if the additions calls newer or other types of resources
(Thompson, 1994). This calls for limitations on the amount of
additions which are allowed on the project during its
development phase.
RISK ASSESSMENT GRIDS.
RISK ASSESSMENT.
PRÉCIS
In the analyzing of the projects risk assessment, eight risks
were presented and discussed upon. This encompassed the
requirement that the project’s potential risks had to be

considered as well as being managed appropriately (Kaplan,
2000). The risks presented were those which were inherently
associated with the project together with their analysis. This
article will therefore be based upon those risks. There will be
the discussion on the types of responses which can counter
those risks as well as the thorough description for the responses
advised upon as well as the presentation of additional tasks
which can help in mitigation of the risks (Thompson, 1994).
PROJECT RISKS RESPONSES STRATEGY
The risks identified together with their responses are as follows.
· Financial risks. These are the risks which are associated with
allocation of funds for the project. Problems arise if there is
over allocation or under allocation of funds since the
completion of the project depends on the availability of
resources which entirely depend on the available funds
(Thompson, 1994). The response strategy for this type of risk is
carrying out extensive research on the financial aspects of the
project, coming up with an effective budget and allocating
funds with an additional money set aside in case of additional
expenses (Kaplan, 2000).
· Strategic risks. This are risks associated with the difficulty in
choosing which project to invest in and which will auger well
with the corporates goals (Thompson, 1994). The response for
this type of risk entails an elaborate demonstration of how the
project will be able to link to the preexisting strategies of the
corporation. This calls for strategic planning and management
so as to be able to counter this risk.
· Operational risks. This is the risk which is due to
advancements of technologies hence the operations of the
project are affected by the technologies which are constantly
cropping up (Thompson, 1994). This calls for incorporation of
technical team in the project development and implementation.
The developer of the project should be flexible with respect to
the advancement of technology hence be able to embrace new
ways of doing things.
· Safety risks. This are the adverse elements which can befall

the project personnel during its development. This calls for
safety assessments in all areas of the project development and
implementation and have the risks managed (Thompson, 1994).
· Schedule risks. This are the risks of over allocation or under
allocation of time for the project development and
implementation. This calls for an elaborate time table and
following the time table with commitment (Kaplan, 2000). A
grace period should also be there in case of the stretching of the
projects schedule. Care should be taken not to harry the project
but to have a chronological advancement of the project through
its stages.
· Resource risks. These are risks which are associated with
under allocation of resources which are necessary in the
development of the project (Thompson, 1994). This calls for
effective planning and management so as to be sure that all the
required resources are available whenever they are needed.
· Life cycle stage risks. This is the risk of spending insufficient
time on some of the stages of the project hence leading to some
stages being underemphasized on while others are
overemphasized on. This calls for strategic management of the
project and analyzing of each stages individually.
· Requirements inflation. In this case, addition of features in to
the project which had not been planned upon. This calls for
having rules and regulations governing on what can be added
into the project and at what time (Kaplan, 2000). Strategic
management is key in solving most of the requirements
inflation.
THOROUGH DESCRIPTION OF THE SPECIFIC RESPONSES
In countering the financial risks, it is prudent to carrying
extensive and comprehensive research on the requirements of
the project. An elaborate budget which covers every aspect of
the project together with the miscellaneous aspects should be
drawn. For me, I recommend that the project is allocated more
funds than the ones stipulated by the budget so as to be sure
that lack of funds can never be the cause of the delay of the
project (Kaplan, 2000). There should be an aspect of monitoring

the project’s expenditure on the allocated funds so as to make
sure that the budget is followed to the latter. The money spend
on the project should also be accounted for to avoid wastage or
inappropriate use of project funds. Sometimes it is also prudent
to have a priority based approach of doing things hence the
acquisition of the most important things should be done first so
that there is no stalling on the project (Thompson, 1994).
Operational risks can be countered by having or seeking the
knowledge of professionals who are good in the technology
sector (Thompson, 1994). The advancements in technology have
meant that the same means of carrying out projects which have
been used in the past are becoming obsolete hence it is prudent
for the person who is developing the project to be updated with
the most efficient technological means to use. Help can be
sought from professionals who are adapt with the issue so as the
project can be produced at the best quality.
Strategic risks can be countered by embracing strategic
management when coming up with the project. It is a fact that
the project should be the best as far as representing the
stakeholders interests are concerned hence strategic planning
and choosing of the best project which will address the needs of
the company in the best way (Kaplan, 2000). The choosing of
the project should be done with a lot of consideration to details
so that the stakeholders will not have any issue in committing to
the project. The issue of schedule risks can be managed under
the management. This will involve putting a strategic time table
and have it followed to the later. The schedule will be broken
down in to smaller aspects of the project which will be dealt
with and analyzed as independent aspects of the projects which
can build the project as a whole entity. The scheduling should
be done in such a manner such that there is a grace period over
which the project can be accomplished without harrying it
through hence this will facilitate the project to be done
smoothly (Thompson, 1994). The lifestyle risks can also be
addressed at this point. This involves coming up with ideas
which counter the problem of dwelling in one stage of the

project development for more or less the time which is required
to be spend there. Ibn this case, the stages should be allocated a
definite time limits for their development and implementation.
Some stages are interrelated while in others, you cannot proceed
with the project unless you have completed previous stages
hence a definite means of analyzing each stages development
should be installed (Kaplan, 2000).
The management of safety risks is a factor which should be
addressed with the seriousness it deserves. In some stages of the
project development there might be situations which pose
dangers to the project facilitator. Risk assessment is imperative
in all stages of the project after which the management of those
risks should be done effectively (Thompson, 1994). Every risk
which has a likelihood of occurring should be addressed
individually and have their chances of happening reduced as
much as possible. In this case, prevention is the best thing to do
hence any factor which might lead to the safety of people
involved with the project being compromised should be dealt
with accordingly (Kaplan, 2000). Safety gears should be bought
where necessary. It is also prudent to have the personnel
involved with the project being trained on safety aspects of the
projects and also being trained on what to do in case of an
accident.
Resource risks can be addressed either in the countering of the
financial risks or on their own since in most occasions the
availability of resources depends on the availability of funds.
However, there are some resources which do not depend on the
finance aspects and these are things such as the availability of
the needed technical knowhow and support facilities
(Thompson, 1994). In this case, it is prudent to carry out
detailed research on the requirements of the project especially
on all technical needs of the project. Every aspect of the project
should have its various resource needs attached to it hence this
will save the project facilitators a lot of stress in countering
ineffective or under allocation of resources.
Requirements inflation can be countered by stipulating on what

can be added to the project and at what stage. In some cases, the
project is built by means of correspondences whereby an
evaluator gives feedback on the development of the project as
well as giving specifications on what should be improved on in
the project (Kaplan, 2000). This can lead to many things being
added to the project. Some of these additions are not stipulated
in any of the project’s requirements hence this can lead into the
project’s schedule being stretched as well as having the
project’s finances being overwhelmed.
UPDATED MATRIX WITH THE INCLUSION OF THE
IDENTIFIED RESPONSES
REFERENCES.
Kaplan R., (2000). The Strategy-Focused Organization. NY
press.
T REFERENCES.
Robert Kaplan (2000). The Strategy-Focused Organization. NY
press.
Arthur Thompson (1994). Crafting and Executing Strategy.
Webley Press.

hompson A., (1994). Crafting and Executing Strategy. Webley
Press.
schedule risks
resources risks
life cycle risks
requirement inflation
financial risk- have an elaborate budget and means of evaluating
how funds are being used.
strategic risks- have strategic managemnt and research so as to
ensure the project is worthwhile to invest in.

operational risks- seeking of proffesional knowledge on the
advancement of the technology with respect to the project's
requirements.
safety risks- sfatey assessments should be done and evry safety
issue be addressed indivindually.
schedule risks-coming up with an ellaborate timetable and
means to ensure it is followed completly.
resources risks- making sure that allocation of resources is done
accordingly and having follow up means to ensure that every
thing is done accordingly.
life cycle risks- coming up with means whereby every stage is
treated as an independed entity and is allocated its time
accordingly.
requirement inflation-coming with regulations which determine
on what is to be added, when and by who.

financial risks
strategic risks
operational risks
safety risks
Risk management
Phase
1
-
5

Individual Project
Risk management Phase 1-5 Individual Project

Table of Contents Project Outline. …………………………………………………………………….docx

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Table of Contents Project Outline. …………………………………………………………………….docx