This document discusses risk identification and management for an EMC web design project. It identifies 15 common risks including incorrect deadlines from clients, generic specifications, clients being unavailable, too much communication, working across time zones, compromising on design, lack of developers, unstable workloads, no testing, no post-go live support, choosing the wrong technology, integrating popular technologies, integrating new technologies, and working on existing source code. It then discusses risk assessment using a probability/consequence matrix and risk response strategies like avoidance, transfer, mitigation, and acceptance.
Embedding risk management as an integral part of the project framework is an essential and fundamental part of any project, programme or portfolio as a way of keeping costs down, benefits high, and increasing the probability of successful delivery.
importance of resources allocation in formal method of software engineering ...abdulrafaychaudhry
Project management is a very wide area of work, particularly in business. It covers many different topics which can be broken into even smaller particles. Work of a project manager is not only about giving people orders and telling them what to do. Many people limit their work of a project manager to supervising their employees and making sure everyone meets their deadline. But a good project manager knows it’s more than that.
Resource allocation in project management is one of those particles which make work of a good PM effective and significant. And even though it may seem simple, it is actually crucial in delivering a great project.
Resource allocation in project management is concerned with creating a plan which can help achieve future goals. There are many resources which have to be allocated when managing a project, beginning from budget to equipment and tools, to data and the project’s plan.
How To Allocate Resources
Resource allocation in project management is so important because it gives a clear picture on the amount of work that has to be done. It also helps to schedule ahead and have an insight into the team’s progress, including allocating the right amount of time to everyone on the team.
Resource allocation allows to plan and prepare for the project’s implementation or achieving goals. It is also possible to analyze existing threats and risks to the project.
But above all, resource allocation in project management helps to control all the workload. This, as a result, contributes to team’s effectiveness at work and what follows later is a satisfying and exhaustive project.
5 Project Risk Management
adrian825/iStock/Thinkstock
Learning Objectives
By the end of this chapter, you will be able to:
• Define and describe project risk.
• Understand the risk management process.
• Discuss the risk identification process.
• Explain the risk analysis process.
• Describe the risk response process.
• Explain the role of risk monitoring and control.
CO_CRD
CN
CT
CO_LO
CO_TX
CO_BL
co-cn
co-cr
co-box
co-intro
co-photo
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bar81677_05_c05_149-172.indd 149 9/9/14 10:49 AM
Introduction
Pretest
1. Brainstorming is a good initial approach for identifying risks to a project.
a. True
b. False
2. The risk management process is a three-step process.
a. True
b. False
3. When risks are identified later in the project process, the cost to address these issues
will increase.
a. True
b. False
4. A risk that has a high probability of occurring might have little impact on a project.
a. True
b. False
5. A project manager who has not created a documented risk response plan has not
considered risks fully enough.
a. True
b. False
6. An output of risk monitoring and control includes updating the risk database.
a. True
b. False
Answers can be found at the end of the chapter.
Introduction
Have you ever visited a public park facility and seen an observation tower with a sign reading
“Climb at your own risk?” That is a good example of risk, the chance that something could go
wrong. The park is not only warning you about the risks of climbing the tower, but also saying
that it is not liable should something happen during the climb. In other words, the park is not
willing to share in the risk—it is all yours. In project management there are similar risks that
something will go wrong. The best way to handle anticipated risks is to document and analyze
them beforehand and decide what to do about them should they occur.
Good managers look for risks throughout the project cycle, know what the risks are before they
occur, and work to communicate, prevent, and offset them in their daily decisions and routines.
For instance, if the project manager is aware that a supplier of a key product component might
not keep an adequate inventory of that component on hand and could potentially delay the
project when it is due, the manager may adjust the relevant supply contract to include a penalty
clause for late delivery or make other changes in the way the supplier’s inventory is handled.
The principle is that project managers should be able to identify what might happen, what
the probabilities are that a risk event might occur, what the impacts will be, and how to
prevent or mitigate risks. This principle assumes that failure can be attributed to key events
or circumstances.
H1
sec_n sec_t
bar81677_05_c05_149-172.indd 150 9/9/14 10:49 AM
Section 5.1 The Risk Problem
Risk management is the process of recognizing risks and dealing with them in a project. This
means that risks are identified, ana.
Project Management and managing risk go hand-in-hand but what are the “silver bullets” you can use to make mitigating risk a reality? This ppt will give you 7 of the most transferable approaches you can take to mitigate risk.
Thanks for sharing of PM risks and constraints from Project Mgn.com. Point within the slide is a primer on the most common challenges in project. Risk and constraints will be varied among different types of projects, and many other factors, you should be edited/ amended the points based on your assessments.
Planning a Project
Business Project Management Plan
Project Feasibility
Identifying and managing risk
Effective work schedule
Monitoring a Business Project
Managing Change
Embedding risk management as an integral part of the project framework is an essential and fundamental part of any project, programme or portfolio as a way of keeping costs down, benefits high, and increasing the probability of successful delivery.
importance of resources allocation in formal method of software engineering ...abdulrafaychaudhry
Project management is a very wide area of work, particularly in business. It covers many different topics which can be broken into even smaller particles. Work of a project manager is not only about giving people orders and telling them what to do. Many people limit their work of a project manager to supervising their employees and making sure everyone meets their deadline. But a good project manager knows it’s more than that.
Resource allocation in project management is one of those particles which make work of a good PM effective and significant. And even though it may seem simple, it is actually crucial in delivering a great project.
Resource allocation in project management is concerned with creating a plan which can help achieve future goals. There are many resources which have to be allocated when managing a project, beginning from budget to equipment and tools, to data and the project’s plan.
How To Allocate Resources
Resource allocation in project management is so important because it gives a clear picture on the amount of work that has to be done. It also helps to schedule ahead and have an insight into the team’s progress, including allocating the right amount of time to everyone on the team.
Resource allocation allows to plan and prepare for the project’s implementation or achieving goals. It is also possible to analyze existing threats and risks to the project.
But above all, resource allocation in project management helps to control all the workload. This, as a result, contributes to team’s effectiveness at work and what follows later is a satisfying and exhaustive project.
5 Project Risk Management
adrian825/iStock/Thinkstock
Learning Objectives
By the end of this chapter, you will be able to:
• Define and describe project risk.
• Understand the risk management process.
• Discuss the risk identification process.
• Explain the risk analysis process.
• Describe the risk response process.
• Explain the role of risk monitoring and control.
CO_CRD
CN
CT
CO_LO
CO_TX
CO_BL
co-cn
co-cr
co-box
co-intro
co-photo
co
bar81677_05_c05_149-172.indd 149 9/9/14 10:49 AM
Introduction
Pretest
1. Brainstorming is a good initial approach for identifying risks to a project.
a. True
b. False
2. The risk management process is a three-step process.
a. True
b. False
3. When risks are identified later in the project process, the cost to address these issues
will increase.
a. True
b. False
4. A risk that has a high probability of occurring might have little impact on a project.
a. True
b. False
5. A project manager who has not created a documented risk response plan has not
considered risks fully enough.
a. True
b. False
6. An output of risk monitoring and control includes updating the risk database.
a. True
b. False
Answers can be found at the end of the chapter.
Introduction
Have you ever visited a public park facility and seen an observation tower with a sign reading
“Climb at your own risk?” That is a good example of risk, the chance that something could go
wrong. The park is not only warning you about the risks of climbing the tower, but also saying
that it is not liable should something happen during the climb. In other words, the park is not
willing to share in the risk—it is all yours. In project management there are similar risks that
something will go wrong. The best way to handle anticipated risks is to document and analyze
them beforehand and decide what to do about them should they occur.
Good managers look for risks throughout the project cycle, know what the risks are before they
occur, and work to communicate, prevent, and offset them in their daily decisions and routines.
For instance, if the project manager is aware that a supplier of a key product component might
not keep an adequate inventory of that component on hand and could potentially delay the
project when it is due, the manager may adjust the relevant supply contract to include a penalty
clause for late delivery or make other changes in the way the supplier’s inventory is handled.
The principle is that project managers should be able to identify what might happen, what
the probabilities are that a risk event might occur, what the impacts will be, and how to
prevent or mitigate risks. This principle assumes that failure can be attributed to key events
or circumstances.
H1
sec_n sec_t
bar81677_05_c05_149-172.indd 150 9/9/14 10:49 AM
Section 5.1 The Risk Problem
Risk management is the process of recognizing risks and dealing with them in a project. This
means that risks are identified, ana.
Project Management and managing risk go hand-in-hand but what are the “silver bullets” you can use to make mitigating risk a reality? This ppt will give you 7 of the most transferable approaches you can take to mitigate risk.
Thanks for sharing of PM risks and constraints from Project Mgn.com. Point within the slide is a primer on the most common challenges in project. Risk and constraints will be varied among different types of projects, and many other factors, you should be edited/ amended the points based on your assessments.
Planning a Project
Business Project Management Plan
Project Feasibility
Identifying and managing risk
Effective work schedule
Monitoring a Business Project
Managing Change
Top Project Management Best Practices.pdfOrangescrum
Project management best practices will enable you to deliver your projects successfully. Through effective project management practices, businesses can improve the performance of the team to become faster, better and more efficient when compared to their previous results.
The software development process is a complex and error-prone task. faulty software can lead to devastating consequences, including loss of data, system crashes, and security breaches. Let's discuss the most common challenges that can occur and how to address them.
This blog help you to estimate the cost of software development project. For more detail information Read full article here, https://www.vrinsofts.com/how-to-estimate-software-development-project-cost/
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Top Project Management Best Practices.pdfOrangescrum
Project management best practices will enable you to deliver your projects successfully. Through effective project management practices, businesses can improve the performance of the team to become faster, better and more efficient when compared to their previous results.
The software development process is a complex and error-prone task. faulty software can lead to devastating consequences, including loss of data, system crashes, and security breaches. Let's discuss the most common challenges that can occur and how to address them.
This blog help you to estimate the cost of software development project. For more detail information Read full article here, https://www.vrinsofts.com/how-to-estimate-software-development-project-cost/
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
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Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
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2. Risk Identification
• Introduction
Projects function in an environment that is filled with uncertainty.
Concerning project funding, the availability of necessary resources,
shifting client expectations, potential technical issues, etc., there is
uncertainty. Project risks are based on this unpredictability, which
necessitates the use of risk management.
3. Risk Management Stages
a)Risk Identification for EMC Web Design Project.
• Incorrect Deadlines Set by a Client
• Generic Specification
• The Client Is Not Available to the Dev Team
• The Client Requires Too Much Communication
• Working in Offshore Teams Within the Same Time Zone
• Working in Separate Time Zones
• Compromising on Design
• Lack of Developers
• Unstable Workload
• No Testing
• No Post-Go-Live Support
• Not Choosing the Right Technology
• Integration of Popular Technologies
• Integration of New, Unproven Technologies
• Working on Existing Source Code
4. 1.Incorrect Deadlines Set by a Client
It frequently happens that a business analyst from the client's side has
established deadlines that are far harsher than the technical team from
the vendor's side anticipated. As a result, the vendor's team must put
in extra time or hire more personnel not included in the original
contract.
2. Generic Specification
There is a potential that a few features will be excluded from the project's scope if the project's specification is
too ambiguous or too limited. Because of this, additional project requirements will be introduced as the
project is being developed, deadlines will be missed, and overtime hours will accumulate, all of which will
undermine team morale.
5. 3. The Client Is Not Available to the Dev Team
The client must ensure that the requirements are correctly understood by
the development team as a project develops and that his expectations are
met. If there is insufficient communication between the two parties, there
may be delays in both providing the outcome and notifying about obstacles.
4. The Client Requires Too Much Communication
Active communication can also backfire if it occurs too frequently. It could result in pointless conversations, lengthy
technical explanations to non-technical persons, and going nowhere.
5. Working in Offshore Teams Within the Same Time Zone
This business risk has a small effect. Both teams may have different ideas
about how the product should be used if their technical leaders are strong.
6. • 6. Working in Separate Time Zones
Here is where there is a significant increase in risk. Teams are expected
to work together during the brief period when their working hours
coincide. For instance, 9 AM in New York corresponds to 5 PM in
Belarus, therefore there is a two to four hour time difference between
the teams. Overtime typically results from this.
7. Compromising on Design
Frequently, teams rush into performing "real" development activities
instead of taking the necessary steps in the design phase. However, the
entire process is a waste of dev hours without sufficient planning,
prototyping, and information architecture construction.
7. • 8. Lack of Developers
When resources are scarce, developers occasionally have to work on
numerous projects simultaneously. Bug-fixing tasks may divert
developers if a previous project's maintenance term is also still in
progress.
9. Unstable Workload
It is challenging to switch between the context of the two projects if
our workload is less than four hours per day per employee. When
crucial problems arise on two projects at once, the risk increases.
8. • 10. No Testing
Some clients want to avoid paying for QA by having developers test the
project on their own.
11. No Post-Go-Live Support
Once the project is online, the vendor's team frequently stops offering support or concentrates on the most
important problems, leaving smaller problems out of scope.
12. Not Choosing the Right Technology
During the project's discovery phase, selecting the technology stack and implementation team is perhaps the
most important choice you'll make. Each team possesses core expertise or experience in particular industries,
technologies, or products. One of the most common risks associated with custom software is relying too
heavily on a certain popular technology.
9. • 13. Integration of Popular Technologies
Integrations with third-party systems, plugins, or content management systems pose the majority of
vulnerabilities. If your staff is familiar with and comfortable using these tools and technology, the risk is
minimal. Popular libraries frequently have a strong community behind them, making it simple to find fixes for
emerging problems.
14. Integration of New, Unproven Technologies
A new technology may significantly raise the risk. You shouldn't expect the team to handle software integration
risks as rapidly as they do known ones.
15. Working on Existing Source Code
It's quite perilous to take over a project that's already been started using the existing source code. To boost
efficiency, the team must examine the source code, evaluate its quality, and pinpoint the components that
need to be refactored. In order to comprehend the project's overall flow, the team should also grasp it from
the perspective of its users.
10. Risk Assessment
• Introduction-
When conducting a qualitative risk analysis, the
probability/consequence matrix approach is a well-known method of
evaluating risk severity and can evaluate risks at all levels of the firm.
The probability/consequence matrix is a useful tool for assessing
hazards according to their seriousness by estimating their probable
consequences. This enables you to identify the key contributing causes
to each potential risk in addition to helping businesses better assess
the overall severity of a risk.
11.
12. Risk Response
• Risk Response
• The risk response planning involves determiningways to Eliminateor reduced any threats to the project, and also the opportunities to increase their impact. Project Team should work to eliminate the threats before they occur. Similarly, the project managers should work to ensure that opportunities occur. Likewise, the project manager is also responsible to decrease the probabilityand
impact of threats and increase the probabilityand impact of opportunities.
• For the threats that cannot be mitigated, the project manager needs to have a robust contingency plan and also a response plan if contingencies do not work.
• It is not required to eliminateall the risks of the project due to resource and time constraints. A project manager should review risk throughout the project. Planning for risks is iterative. Qualitativerisk, quantitative risk, and risk response planning do not end ones you begin work on the project.
• Risk Response Strategies
• Avoid – eliminate the threat to protect the project from the impact of the risk. An example of this is cancelling the project.
• Transfer – shifts the impact of the threat to as third party, together with ownership of the response. An example of this is insurance.
• Mitigate – act to reduce the probability of occurrence or the impact of the risk. An example of this is choosing a different supplier.
• Accept – acknowledge the risk, but do not take any action unless the risk occurs. An example of this is documenting the risk and putting aside funds in case the risk occurs.
• There are also four possible risk responses strategies for positive risks, or opportunities:
1. Exploit – eliminate the uncertainty associated with the risk to ensure it occurs. An example of this is assigning the best workers to a project to reduce time to complete.
2. Enhance – increases the probability or the positive impacts of an opportunity. An example of this adding more resources to finish early.
3. Share – allocating some or all of the ownership of the opportunity to a third party. An example of this is teams.
4. Acceptance – being willing to take advantage of the opportunity if it arises but not actively pursuing it. An example of this is documenting the opportunity and calculating benefit if the opportunity occurs.