Strategic Project and Risk Management in Dynamic Environments 1Unit 1 - Individual Project 2 Strategic Project and Risk Management in Dynamic Environments Name University February , 2018 Project Risk Management Introduction Risk management is one of the most important aspects that any project developer requires to understand fully. Development of projects without the establishment of effective risk management programs is a possible means to the failure of that project. In order to avoid such outcomes, project developers make the effort of establishing a solid and highly effective risk management program to help in making sure that the project does not in any instance fail to succeed. Risk management programs are mainly established with reference to the project and its nature. In order to ensure that most of the risks the project face are mitigated, project developers evaluate the stages of project development and then assess possible risks that may present in those situations. In this paper, a project will be explained, which will be used to create a risk management plan (Gregory, 2007).  Project Description Software development is currently one of the most significant activity that many companies are considering venturing into, mostly because people have attained a significant interest in having most of their activities and daily operations automated. Software products help people manage to carry out a wide variety of tasks and activities in an effectively appropriate way. Intridea is one of the largest software development companies, which venture in providing people and other clients with software products that they feel they need. The organization has a large network of develop engineers, who provide the service of developing the software products that clients of the organization order. The process of developing any software is considered a project by the organization, since it requires following all the strict policy stages that the organization has established in order to complete. The organization aims to complete every software development process successfully and thus the need to ensure that all important steps to address risks is essential. Intridea develops a large number of software products for many clients. One of the most recent projects that the organization is currently involving in is the development of a trading software to implement a trading strategy from a client. The trading strategy that the client requires implemented is the use of three indicators to determine trend, and then using hedging to avoid loss in any trade that might be against the traded trend. Such a project is considered to be significantly important, since the client has a high stake to loose in case it is developed with flaws. Trading software products are developed in a sim.

1. Strategic Project and Risk Management in Dynamic
Environments 1Unit 1 -
Individual Project
2
Strategic Project and Risk Management in Dynamic
Environments
Name
University
February , 2018
Project Risk Management
Introduction
Risk management is one of the most important aspects that any
project developer requires to understand fully. Development of
projects without the establishment of effective risk management
programs is a possible means to the failure of that project. In
order to avoid such outcomes, project developers make the
effort of establishing a solid and highly effective risk
management program to help in making sure that the project
does not in any instance fail to succeed. Risk management
programs are mainly established with reference to the project
and its nature. In order to ensure that most of the risks the
project face are mitigated, project developers evaluate the
stages of project development and then assess possible risks that
may present in those situations. In this paper, a project will be
explained, which will be used to create a risk management plan
(Gregory, 2007).
Project Description

2. Software development is currently one of the most significant
activity that many companies are considering venturing into,
mostly because people have attained a significant interest in
having most of their activities and daily operations automated.
Software products help people manage to carry out a wide
variety of tasks and activities in an effectively appropriate way.
Intridea is one of the largest software development companies,
which venture in providing people and other clients with
software products that they feel they need. The organization has
a large network of develop engineers, who provide the service
of developing the software products that clients of the
organization order. The process of developing any software is
considered a project by the organization, since it requires
following all the strict policy stages that the organization has
established in order to complete. The organization aims to
complete every software development process successfully and
thus the need to ensure that all important steps to address risks
is essential.
Intridea develops a large number of software products for many
clients. One of the most recent projects that the organization is
currently involving in is the development of a trading software
to implement a trading strategy from a client. The trading
strategy that the client requires implemented is the use of three
indicators to determine trend, and then using hedging to avoid
loss in any trade that might be against the traded trend. Such a
project is considered to be significantly important, since the
client has a high stake to loose in case it is developed with
flaws. Trading software products are developed in a similar
manner to all other software products. A major difference is the
fact that these software products are directly used to trade real
money in a trading platforms and thus the need to ensure that
they are developed to operate in a flawless manner is extremely

3. important. A large number of risks can also occur at any stage
of development and thus there is a need to ensure that a risk
mitigation program is implemented (Young, 2006).
Project Objectives
The main objective of this project is to ensure that the trading
software is developed completely and that it meets all the
expectations of the client who ordered it. Ensuring that the
process of development is successful and that all the intended
operations and capabilities of the software are implemented in
its development would help in ensuring that the product is
developed successfully. The other major development objective
for this project is ensuring that the process of development does
not exceed the intended budget. The budget constraint is a
significantly important aspect for any project. In the case of this
project, for example, there is the agreed upon amount that the
client was charged for the software product. From this amount,
the project development process should be covered and the
profit that the organization gains from this project. Since the
agreed upon amount between the organization and the client is
fixed, when the budget exceeds the earlier intended upon
amount, the profits that the organization gains from the project
decrease. To avoid this decrease, therefore, it is a major
objective for the project to complete within the initially
intended budget constraint (Lewis, 2007).
Another important objective of the project is to ensure that it is
developed within the provided time limit, by the client. A
trading software is a money managing and developing tool.
With this regard, the client that spends a large amount of money
for its development is likely to be eager to have the fully
completed product within the shortest time period possible.
Exceeding the provided and agreed upon time deadline could
thus be the reason for such a customer to consider the services
of another organization next time. In order to guarantee

4. customer satisfaction, therefore, it is essentially important to
ensure that this objective is met.
External Dependencies
External dependencies are the specific external factors or input
that the project requires in order to be successful. For this
project, significant trading knowledge is essential, in order to
ensure that the product works exactly in the same way that the
client requires. One of the main external dependency in this
case is thus the client, who would require to answer any form of
trading technicalities that may be required in the development
process. This is because in some occasions, a software
developer may require guidance on the aspects of operation
regarding hos the software is required to address certain issues.
The development team can also seek information and guidance
from another third party individual who is highly skilled in
treading activity. These two individuals would thus be the
external dependencies of the project (Jackson, 2006).
Stakeholder Analysis
For this project, stakeholders include the organization in
general, the project developers and the client who ordered the
development of the software product. The organization is a
major stakeholder in this project. The developers of the product
are employees to the organization. The successful completion of
the project is however considered an achievement to the
developer’s team of the organization and thus it is in their best
interest to ensure that the project completes as a success. This
group of stakeholders also play a major role in ensuring that the
project completely meets its objectives and that the client who
ordered for it is fully satisfied with their work in developing it.
The client is the main stakeholder of this project. He or she
plays a major role in determining whether the project was

5. successfully completed or it is considered a fail. A successful
project is the kind of a project that the client considers
successful and effective in carrying out all its intended
functions and purpose.
Project Tasks
All projects have a number of project tasks that requires to be
completed by the project developers in order to ensure that it
completes successfully. Project tasks make the project easy to
complete for a group of people and it also makes team work
possible for the developers. For this task, the main tasks which
requires to be completed by the project stakeholders include;
evaluating the scope of the project and capabilities of the
software intended for development, selecting a team that is
capable to effectively develop the intended project, drafting a
sufficient budget, delegation of the development task and the
development of the project. All the other tasks fall under these
major categories. Completion of all the project tasks in a
successful way is thus the completion of the project
successfully (Barkley, 2004).
References
Barkley, B. (2004). Project risk management. New York:
McGraw-Hill.
Jackson, P. (2006). Nonprofit risk management and contingency
planning : done in a day strategies. Hoboken, N.J: Wiley.
Lewis, J. (2007). Fundamentals of project management. New
York: American Management Association.
Gregory, G. (2007). Project management. Oxford: Pergamon
Flexible Learning.
Young, T. (2006). Successful project management. London

6. Philadelphia: Kogan Page Ltd