This document discusses risk analysis and management. It defines risk as a potential problem that may or may not occur, with uncertainty and potential losses. Risk management is described as a process of systematically considering possible risks, problems, or disasters before they happen to avoid or minimize impacts. Reactive risk management responds after incidents, while proactive risk management attempts to reduce future risks. Key aspects of risk management include identification, assessment, mitigation, and monitoring of project, product, and business risks. Various risk analysis techniques are also outlined.
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Wouldn’t it be great if you could get to better ideas faster? If you learn to master just two thinking skills, you can! Many of the PMI supported tools have origins in creativity. As such, these tools are best leveraged when you apply divergent thinking (to generate) or convergent thinking (to narrow). This session will explore the principles of divergent and convergent thinking and provide examples of techniques to maximize their power in decision making, problem solving and performance feedback.
In an increasingly digital world, where businesses rely heavily on interconnected systems and data flows, the importance of robust cybersecurity measures cannot be overstated. One crucial aspect of safeguarding your digital assets is vulnerability management. In this blog post, we'll explore what vulnerability management is, why it matters, and how to establish an effective vulnerability management program for your organization.
1Risk Reporting
Risk Reporting
Rique Giddens, Anne Saintilus, Katherine Entress, Maria McPhatter, Robert Martinez, Tonya Townsend, Twanna Perkins-Monroe
PM 584
Arnetra Arrington
5/02/16
Risk Reporting
Individual Research
In this paper, each member of Team A reports on a risk monitoring and a risk reporting practice and what lessons learned he or she can apply in their own projects. As a group, the team analyzes the theoretical application of these monitoring and reporting practices. They summarize the strengths and weaknesses of each practice. They conclude by selecting the top two risk monitoring and risk reporting practices.
Project One Risk Manager: Robert
Risk Register
For the Riordan Manufacturing relocation, a risk register would be the one of the best tools to use to help identify the risks that are going to be associated with the move. It is a great tool that can be used in the early stages of planning that will help identify the risks and let the PM know that there are risks that need to be managed. Developing the risk register will also help the project team and PM identifies who they need to communicate with when they are faced with risks. A risk register is a tool that will have all the risks that the team has come into, it will have the severity of the risks the methods to manage, and will update all parties involved about the risks of the project letting everyone involved know whether the risks have been dealt with.
Pros and Cons
One of the good things about using this tool is that you can gather all the risks and start to manage them at an earlier stage. A drawback of the register is that if it is not updated and use correctly it can slow down the team and PM. Project Two Risk Manager - Rique
Risk Register
The risk register and the RAP are both great practices and tools that will help any organization with their project. The Risk Register collects all of the risks and ranks them so that the high priority risks get the attention they need. The register is updated as the project goes on.
RAP
The RAP is a great tool to help the PM report updates to senior leaders and stakeholders. Both of these play a part in other areas like monitoring and controlling risks, and the RAPs helping communication stay in line. Risk monitoring and reporting are essential because it keeps everything in front of the team and doesn't allow risks to creep up. Without the monitoring risks could creep around and cause delays and cost overruns to the project.
Lessons Learned
There are always lessons that can be taken from past projects and keep track of changes and issues can help make sure they don't occur again.
Project Three Risk Manager – Twanna
Risk monitoring - Project Risk Response Audits
The auditors of the risks will take an examination and then document how effectiveness of the risk response. This will be with respect to avoiding, the transfer or the mitigation of the occurrence of the risk (Heldman, Baca, & Jansen, 2007). ...
Implementation of Risk-Based Approach for Quality & Cost OptimizationSonata Software
As a practiced trend in IT projects, Testing is performed only towards the end of a project. Teams
dedicate hours to test possible risks and flaws after the project is ready to run. As software testing at
this level invites several last minute modifications that can cause discomfort, or sometimes even refute
the very concept of the project, it has become the need of the hour to come up with a way to ensure
detection and reduction of risks, at an early stage of the project. Risk-Based Testing, or RBT as referred
to in this paper, is a procedure in software testing which is used to prioritize the development and
execution of tests based upon the impact and likelihood of failure of the functionality or aspect being
tested based on existing patterns of risk.
Through this testing technique, a software test
engineer can now select tests based on risk even before the initiation of the projectThis paper outlines the Risk-Based Testing approach and describes how Risk-Based Testing can positively impact the development life-cycle based on business-oriented factors, offering organizations an actionable plan for starting a Risk-Based Testing approach for projects.
In today’s blog, we will be covering an important part, that is risk analysis in software testing. It is very essential as far as software testing is concerned. In the testing domain, risk analysis is discovering the risks involved in the application, and deciding on their priority for testing.
This comprehensive risk report provides a detailed analysis of potential risks and vulnerabilities within a company that conducts self-audits. Offering insights into both operational and financial aspects, the report identifies areas of concern, outlines risk mitigation strategies, and aims to enhance transparency and governance within the organization. By proactively addressing risks, the company demonstrates its commitment to effective self-regulation and sound business practices.
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1Risk Reporting
Risk Reporting
Rique Giddens, Anne Saintilus, Katherine Entress, Maria McPhatter, Robert Martinez, Tonya Townsend, Twanna Perkins-Monroe
PM 584
Arnetra Arrington
5/02/16
Risk Reporting
Individual Research
In this paper, each member of Team A reports on a risk monitoring and a risk reporting practice and what lessons learned he or she can apply in their own projects. As a group, the team analyzes the theoretical application of these monitoring and reporting practices. They summarize the strengths and weaknesses of each practice. They conclude by selecting the top two risk monitoring and risk reporting practices.
Project One Risk Manager: Robert
Risk Register
For the Riordan Manufacturing relocation, a risk register would be the one of the best tools to use to help identify the risks that are going to be associated with the move. It is a great tool that can be used in the early stages of planning that will help identify the risks and let the PM know that there are risks that need to be managed. Developing the risk register will also help the project team and PM identifies who they need to communicate with when they are faced with risks. A risk register is a tool that will have all the risks that the team has come into, it will have the severity of the risks the methods to manage, and will update all parties involved about the risks of the project letting everyone involved know whether the risks have been dealt with.
Pros and Cons
One of the good things about using this tool is that you can gather all the risks and start to manage them at an earlier stage. A drawback of the register is that if it is not updated and use correctly it can slow down the team and PM. Project Two Risk Manager - Rique
Risk Register
The risk register and the RAP are both great practices and tools that will help any organization with their project. The Risk Register collects all of the risks and ranks them so that the high priority risks get the attention they need. The register is updated as the project goes on.
RAP
The RAP is a great tool to help the PM report updates to senior leaders and stakeholders. Both of these play a part in other areas like monitoring and controlling risks, and the RAPs helping communication stay in line. Risk monitoring and reporting are essential because it keeps everything in front of the team and doesn't allow risks to creep up. Without the monitoring risks could creep around and cause delays and cost overruns to the project.
Lessons Learned
There are always lessons that can be taken from past projects and keep track of changes and issues can help make sure they don't occur again.
Project Three Risk Manager – Twanna
Risk monitoring - Project Risk Response Audits
The auditors of the risks will take an examination and then document how effectiveness of the risk response. This will be with respect to avoiding, the transfer or the mitigation of the occurrence of the risk (Heldman, Baca, & Jansen, 2007). ...
Implementation of Risk-Based Approach for Quality & Cost OptimizationSonata Software
As a practiced trend in IT projects, Testing is performed only towards the end of a project. Teams
dedicate hours to test possible risks and flaws after the project is ready to run. As software testing at
this level invites several last minute modifications that can cause discomfort, or sometimes even refute
the very concept of the project, it has become the need of the hour to come up with a way to ensure
detection and reduction of risks, at an early stage of the project. Risk-Based Testing, or RBT as referred
to in this paper, is a procedure in software testing which is used to prioritize the development and
execution of tests based upon the impact and likelihood of failure of the functionality or aspect being
tested based on existing patterns of risk.
Through this testing technique, a software test
engineer can now select tests based on risk even before the initiation of the projectThis paper outlines the Risk-Based Testing approach and describes how Risk-Based Testing can positively impact the development life-cycle based on business-oriented factors, offering organizations an actionable plan for starting a Risk-Based Testing approach for projects.
In today’s blog, we will be covering an important part, that is risk analysis in software testing. It is very essential as far as software testing is concerned. In the testing domain, risk analysis is discovering the risks involved in the application, and deciding on their priority for testing.
This comprehensive risk report provides a detailed analysis of potential risks and vulnerabilities within a company that conducts self-audits. Offering insights into both operational and financial aspects, the report identifies areas of concern, outlines risk mitigation strategies, and aims to enhance transparency and governance within the organization. By proactively addressing risks, the company demonstrates its commitment to effective self-regulation and sound business practices.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
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1. Risk Analysis & Management
Priyajit Sen
Assistant Professor
Department of Computer Application
MAKAUT, W.B., India
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
2. What is risk?
A risk is a potential problem that might happen and might not. It can be
conceptually defined as concerns of future happenings that involve
change in mind, option, actions, places, etc.
Basic Characteristics of Risk:
Uncertainty:- It may or may not happen, that is there is no 100%
guarantee of risk becoming true.
Loss:- If the risk becomes true then unwanted consequences or
losses may occur.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
3. What is risk management?
Risk Management is a process of thinking systematically about all
possible risks, problems or disasters before they happen and setting up
procedures that will avoid the risk, or minimize the impact, or cope
with its impact.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
4. Types of Risk:
Reactive:- A response based risk management approach, which is
dependent on accident evaluation and audit based findings.
Proactive:- Adaptive, closed loop feedback control strategy based on
measurement, observation of the present safety level and planned
explicit target safety level with a creative intellectuality.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
5. Purpose of Proactive and Reactive Risk Management:
Reactive risk management: Reactive risk management attempts to
reduce the tendency of the same or similar accidents which happened in
past being repeated in future.
Proactive risk management: Proactive risk management attempts to
reduce the tendency of any accident happening in future by identifying
the boundaries of activities, where a breach of the boundary can lead to
an accident.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
6. Difference between Proactive and Reactive Risk Management
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
7. Categories of risk
Project risk:- Risk that affect the project schedule or recourse. An example
of a project risk is the loss of an experienced designer. Finding a replacement,
may take a long time and consequently, the software design will take longer to
complete.
Product Risk:- Risk that affect the quality or performance of the software
being developed. An example of a product risk is the failure of a purchased
component to perform as expected.
Business Risk:- Risk that affect the organization developing or procuring the
product. For example, a competitor introducing a new product. The
introduction of a competitive product may mean that the assumption made
about the sales of existing software products may be unduly optimistic.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
8. Process of Risk management
Risk Identification: Identity possible project, product and business risks.
Risk Projection: Assessment of the likelihood and consequences of these
risks.
Risk Mitigation: Plan to address the risk, either by avoiding it or minimize
effects on the project.
Risk Monitoring: Regularly assess the risk and the plan
revise these when we learn more about the risk.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
9. Process of Risk management
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
10. Risk Identification
Basically, there are six types of risks.
Organizational Risks: Drive from the organizational environment where the
software is being developed.
Tools Risks: Drive from the software tools and other supporting software
used to develop the system.
Requirement Risks: Drive from changes to the customer requirements and
the process of managing the requirements change.
Estimation Risks: Drive from the management estimates of the resources
required to build the system.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
11. Risk Projection
The likelihood of a risk coming true(r).
The consequence of the problems associated with that risk(s).
Based on these two factors, the priority of each risk can be computed
as:
p = r * s
Where p is the priority with which the risk must be handled, r is the probability of
the risk becoming true
and s is the severity of damage caused due to the risk becoming true.
If all identified risks are prioritized then most likely and damaging risks can be
handled first and more comprehensive risk abatement procedures can be designed
for these risks.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
12. Risk Refinement:
This general condition can be refined in the following manner:
Sub-condition 1: Certain reusable components were developed by a
third party with no knowledge of internal design standards.
Sub-condition 2: The design standard for component interfaces has not
been solidified and may not conform to certain existing reusable
components.
Sub-condition 3: Certain reusable components have been implemented
in a language that is not supported on the target environment.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
13. Risk Mitigation
Avoid Risk: The probability that the risk will arise will be reduce. It may
take several forms such as discussions with the customer to reduce the
scope of the work, giving incentives to engineers to avoid risk of man
power turn over, etc.
Transfer Risk: This strategy involves getting the risky component
developed by third party or buying insurance career, etc.
Risk Reduction: This involves planning ways to contain the damage due
to a risk. For example, if there is risk that some key personnel might
leave, new recruitment may be planned.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
14. Risk Monitoring & Management
Risk monitoring and management is the process of checking that our
assumptions about the project, product and business risks have not
changed.
We should regularly assess each of the identified risk to decide whether
or not that risk is becoming more or less probable.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
16. Safety Critical Software
Primary safety-critical software: Malfunctioning of this kind
of software could cause direct human or environment damage.
Secondary safety-critical software: Malfunctioning of this
software could cause indirect human or environment damage.
For example if a drug dispensing machine gave out the wrong
drugs to someone, the system itself would not cause damage, but
it would be the reason that damage was caused.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
18. Industry Analysis Techniques:
A number of hazard analysis techniques have been developed in order to fully
understand and
resolve these hazards.
An example of this is the STAMP technique which was developed at MIT, and
is not only for hazard analysis, but also considers organizational factors and
the dynamics of complex systems.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
19. STAMP has five steps:
1. Identify the system hazards: identify all of the potential hazards in a system and
expand on them to find rough solutions
2. Identify safety related requirements and constraints: In order to remove the
hazard what are the constraints
3. Define the basic system control structure: Define who is in control at the time
of the potential hazard
4. Identify inadequate control actions that could lead to a hazard: Find out how the
system reaches the hazardous state using the control structure.
5. Determine what constraints could be violated and eliminate, prevent or control
them through the system design
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India
20. Project Scheduling and Techniques:
Break down each activity into tasks.
Determine the dependency among different tasks.
Establish the estimates for the time durations necessary to complete the tasks.
Represent the information in the form of an activity network.
Determine task starting and ending dates from the information represented in
the activity network.
Determine the critical path. A critical path is a chain of tasks that determines
the duration of the project.
Allocate resources to tasks.
Priyajit Sen, Department of Computer Applications, MAKAUT,
W.B., India