Resource Development - Mini-Case A

Resource Development - Mini-Case A

Overview of the Project

Assessment and Management of Risk (AMR) is a resource development plan. The project offers influential techniques of software risk management in combination with modern statistical models (Didraga, 2013). The project is specifically designed for IT users and software development projects. Unique characteristics of the project enable its users to identify, analyze and quantify the involved project risk, which can have a negative impact on the overall scheduling and performance of the project. Nonetheless, the project conducts continuous monitoring, evaluation and management of project risk (Greenhill & Whitehead, 2011).

Process of Risk Management

The project adopts a systematic approach to assess and manage software risk of the project. The risk management process is comprised of five steps, which are as follows (North Carolina, 2013):

Risk Identification

At the first step, the risk analysis tool will develop an understanding of problems, which can have an adverse effect on the project (Brandas et. al., 2012).

Risk Assessment

The risk analysis tool will arrange the identified risks in a proper sequence based on three elements including the impact of occurrence, probability of occurrence and the extent to which identified risk is certain (North Carolina, 2013).

Risk Response Planning

At this stage, various alternatives to risk assessment will be recognized. The objective is to improve risk management plan and project scheduling for risk adjustment.

Risk Monitoring

The project performance will be under continuous monitoring of the risk profile in order to identify any possible change in the risk exposure. The risk analysis tool will upgrade the risk profile with immediate and real time actions (North Carolina, 2013).

Documentation

At the final step, every lesson learned from the above steps of risk identification, assessment, monitoring and management will be recorded and documented in the risk database. Risk database will provide a lucrative source to improve current project planning by taking assistance from the lessons learnt in the past projects (Didraga, 2013).

Risk Categories

In an attempt to identify potential risk areas, the project can use different types of risk categories as illustrated by figure 1 (North Carolina, 2013).

Figure 1: Risk Categories (North Carolina, 2013, p. 2)

The AMR project is expected to reflect on the following important areas (Didraga, 2013):

Identify project management's contribution to and relationship with risk management

Explain the process of risk management

Provide a summary of risk management techniques and methods

Risk Response

Depending upon the nature of the identified risk, the project management can choose among any of the following alternatives to respond (Brandas et. al., 2012):

Risk evasion

Sharing or transfer of risk

Risk prevention

Risk mitigation plan or contingency plan

An example of risk response via mitigating action is illustrated by figure 2 (North Carolina, 2013).

Figure 2: Mitigating the Risk (North Carolina, 2013, p. 23)

Matrix Assessment Tool

The project procedures and expected outcomes are based on the industry standards on the process and research and average industry experience of risk assessment and software project management. The matrix assessment tool will primarily be based on human capital of the project. The assessment tool will enable the project manager to foresee and purge the project risk ...