Risk Identification Is An Underdeveloped Art



Risk Identification Is An Underdeveloped Art

Budget risk is based on what is available, not considering how this design will be implemented. Budget risk also includes the lack of funding for work, and the ability to continue on the boat installation project. Budget can be the single highest risk in manufacturing a product and the success life of the equipment. (Hopkin 2010)

FCC accreditation risk is very important for the boat to be released onto the market, without the FCC's submission of accreditation, along with approval for the system before it is released. This can result in bad business if the product is released to the public without having a safety rating or approval. (Airmic 2010)

FCC involvement would key to the overall success of the project. If the FCC were to deny or not authorize the system for public use can cause major problems. Ensuring the FCC is satisfied would mean all compliance with systems integration and the management of the Information Technology involved.

For resources, third party vendors would be hand selected. A written contract for each vendor involved would receive incentives if resource deliveries were received on time. If resources are not received on time then penalties would be administered. (Ward 2007)

For the licensing, a technical writer would be assigned the duty to go over every step in building the system. Ensuring that each step has not been missed on the instruction phase. This process will be done thoroughly for safety purposes.

In any system connected to the internet or another server or satellite it is possible to receive viruses to corrupt the system. IT needs to be up to date on current virus and issues or it will leave the system vulnerable.

Licensing risk can be a high on impact due to failure of assembly and lack of proper documentation to continue project. This can cause a point of failure in releasing the product to the customer

Resources risk can be a result in a shortage of supplies for the overall system project. Without proper resources the project can not be completed in a timely manner before actual production. This could cause a lag in production and an overall delay in release to the public and loss of funding.

Risk mitigation plan for the budget contains analysis for funding and the act of planning ahead. The system project and overall budget analysis makes it possible to not exceed project funding. Hiring a financial analyst before and during implementation of the project would give an idea of what the maximum budget is.

System compatibility can be an issue with the different components interfering with each other. If systems are not compatible it may set back the project overall. Ensure an IT department is informed of any incompatibility to help deal with the issues.

Risk Identification ascertains which risks have the potential of affecting the project and documenting the risks' characteristics. Risk Identification begins after the Risk Management Plan is constructed and continues iteratively throughout the project ...