BN205 Project Risk Management Plan Samples †MyAssignmenthelp.com

Question: Discuss about the BN205 Project Risk Management Plan. Answer Introduction Risk managementtechnique provides the exposure of the team members to the possible threats and opportunities which may come across the project life cycle and can put either negative or positive impact on the three constraints of the project[2]. A risk always has a tendency to put impact on the time schedule, budgeted cost or the scope of work and then obviously the quality requirement of the project. So, it must be assessed properly as provided below. Background of case study In Silicon Forest State University (SFSU), all the bugs which ever are generated while working in any of the department in University is being take care by the centralized IT department Office of Information and Technology (OIT). Bugs are being monitored and tracked by using Remedy software based on windows by the front end and Request Tracker is used by the users of back end supported by UNIX. So in the same university itself the front end and back end users uses different software for ticketing purpose. It causes problem within the system due to manual data transfer from Remedy to Request Tracker. To avoid any such issue, Head OIT has decided to replace the software being used by front end people by Request Tracker to maintain harmony in the system. With this concept as background, Head OIT has appointed Ron as the leader of the project and he shall be cooperated by Harry of equivalent organizational level of Ron. Ron shall take care of the interface issue and Harry the back end su pport issues. Risk Management Plan TheRisk management plan is the document which is being developed in planning stage to describe the method or plan to deal with the possible threats and opportunities. This document becomes the basis of all further calculations and assessment[3]. According to this plan, all the threats and opportunities are required to be first identified by the front and back end both the users. After the identification is done, the list of such items are required to be analyzed by the team on the basis of the probability and impact of occurring the threat or opportunity and further on the basis of the positions the response plan or the mitigation plan is required to be developed by the team member. Thats it, all the work related to risk mitigation is over, but the administration is pending. As a part of monitoring and controlling, all the listed threats and opportunities are required to be monitored in every review meeting and in case of generation of any new risk, it must also be followed through t he same route. Risk Identification Identified by Pike on 29th August 2017 (Opportunity): there is an opportunity to complete the work before schedule, as Request Tracker is already in place within the university Identified by Ron on 1st September 2017 (Threat): there is a threat of developing communication gap between the team of front and back end due to the same organizational level of himself and Harry but reporting bosses are different. Identified by Harry on 2nd September 2017 (Threat): there is a threat of getting the cost overrun due to the cash crunch they had to face in current year Identified by Ron on 3rd September 2017 (Threat): there is a threat of having schedule overrun too, because out of total six months of the project, 3 months has already passed in requirement gathering only. Risk Analysis Sl. No. By Description Probability Impact 1 Pike There is an opportunity to complete the work before schedule, as Request Tracker is already in place within the university Low Low 2 Ron There is a threat of developing communication gap between the team of front and back end due to the same organizational level of himself and Harry but reporting bosses are different High High 3 Harry There is a threat of getting the cost overrun due to the cash crunch they had to face in current year High High 4 Ron There is a threat of having schedule overrun too, because out of total six months of the project, 3 months has already passed in requirement gathering only Medium Medium Risk response plan Its an opportunity, it must be enhanced and the team must act and meet to discuss the way of completing job before schedule date To reduce the communication gap, the team must meet physically either formally or informally. In every meeting cash flow and future commitments need to be observed for controlling the factor Frequent review of schedule b the team can prevent from the overrun Monitoring and Controlling Risk As of now the main part of the risk assessment is over which is the part of planning stage itself, but now while entering the execution, the identified risks must be monitored throughout the project life cycle[4]. Hence for doing so, the risk register developed should be discussed in every meeting forum to have a common understanding among the team regarding the current positions of the threats and opportunities. Moreover, the search for new threats should not be stopped, all the team members must be motivated enough to always report in case of any new risk arises and again the same process of analysis and response planning is required to be done. Justification It is to be justified that the threats and opportunities identified are the actual facts of the case study, these can happen in real world too. All the identified risks are analyzed properly using risk matrix diagram and the response plan is also done correctly. Conclusion Finally it can be concluded that the risks are identified, analyzed, ranked and response plan are developed as per the procedure mentioned in the RISK MANAGEMENT plan. So the threats and opportunities are once mentioned should be now monitored or the whole life cycle[5]. By following the procedure as mentioned the OIT can ensure to complete the project without having cost and schedule overrun. Even the communication gap between the teams can also be reduced by following the procedure mentioned in response plan. Moving further in execution phase, the risks must be monitored and new search must be continued till project close-out. References Australian Government. (2017) https://www.austrac.gov.au. [Online]. https://www.austrac.gov.au/risk-management-tool-small-medium-sized-businessesInstitute of Risk Management. (2016) About Risk Management. [Online]. https://www.theirm.org/the-risk-profession/risk-management.aspxVictoria State Government, "Victorian Government Risk Management Framework," Risk Management Principles and Guidelines, 2016.et al. Wiley. (2017) 11.2 Risk Management Process. [Online]. https://pm4id.org/chapter/11-2-risk-management-process/WordPress. (2009, July) Eight to Late: Coxs risk matrix theorem and its implications for project risk management. [Online]. https://eight2late.wordpress.com/2009/07/01/cox%E2%80%99s-risk-matrix-theorem-and-its-implications-for-project-risk-management/