risk management scenario
The Project is the project risk scenario of there not being the needed physical office space for the needed IT Equipment.
- The project must contain detailed information related to overall project requirements and related risks
- The project must contain adequate substance to support discussing risk identification, risk documentation, and contingency planning
- The project must be ongoing and approved by your facilitator
- The project may be documented through research or a personal experience
Write a paper of no more than 1,400 words that describes the project’s background and general requirements, which must include prescheduled milestones, cost constraints, and quality requirements. The paper must relay the theoretical and practical application of the following:
- The framework for risk identification in the project; for example: WBS, brainstorming, and critical success factors
- Fault tree and event tree techniques and how they could be used to identify risks
- Project risks in the selected scenario
- Elements used in documenting project risks
Answer preview
Three main techniques characterize risk management. These techniques are risk evaluation, risk mitigation and risk assessment (Alexander, 2013). The first step allows an organization to identify the risk that the organization might be a victim of and come up with solutions to deal with the threat. The second step denotes the prioritization and the implementation of the measures selected for the mitigation of the risk. The third step is characterized by follow-up methods which are used to determine the success of the technique employed by a firm. Risk management in IT is advantageous as it helps an organization protect its IT equipment. The protection…
(1400 words)