Project Risk Management

[Name of the institute]Project Risk Management

Introduction

The world in which we live today is moving at a rapid and fast pace. The main reason behind this rapid progress is technological advancements and progress. In this scenario, presence of an information technology department is of immense importance in an organization. For the smooth and effective utilization of this department there should be perfect level of coordination between this department and others. The aim and objective of this paper is also to undertake discussion about the coordination between two departments. For that purpose a case study is considered about Synaptic. The problem is solved with the help of project and risk management approaches.

Application of Risk Assessment and Project Management Methods

The application of risk and project management enables an organization to effectively manage all the tasks which in turn allows an organization to achieve its goals and objectives. In this case of Synaptic there are two departments one is of Information Management (IM) that coordinates support the work of computational scientists. Because of the lack of coordination and trust between the two departments the whole system is disrupted and organization is unable to achieve the goals as a unified team. The purpose here is to discuss the risk that information management is facing and then resolute the issue with the help of project management tactics.

Risk Assessment

The assessment of the risks is essential before take on any project to bring improvement in the various processes of the organization. Assessing the risk is a systematic process that needs to be conducted to analyze all the risks that a project may impose (Project Management Institute, 2008). Following part of the paper analyzes and assesses the risks in the light of the given case study.

Risk Management Plan

The process of the risk planning begins when an attempt is made to summarize the management approach that is to be adopted to assess and to manage the risks. The approach that is to be adopted here is analytical approach. This means that each and every risk would be analyzed critically (Heldman, 2009). The methodology that is adopted here to analyze the risks is to move ahead in the process of risk analysis step by step. This means that first of all the estimate risk would be presented and then the resources that pose the risk would be evaluated.

Estimating Risk

This part of the paper presents the estimated risks. The risks are estimated for the implementation of new project that the IM department has proposed (Kendrick, 2009).

Risk Factors

Definition and brief discussion

Risk Level

Learning Curve

Learning curve implies the time it takes to the employees to learn and to get used to of the new system or project that is being implemented. The project with the name of “Governance” that is proposed by IM is an effective and systematic process. It flows smoothly in a hierarchy. It can be used as the source to gel up the two departments.

The risk level that is predicted for the implementation ...