Risk Management Plan for OOIT Project
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AI Summary
This assignment outlines a risk management plan for the OOIT project. It details the process of identifying potential risks, analyzing their probability and impact, developing a response plan to mitigate high-risk scenarios, and establishing ongoing monitoring and control mechanisms. The plan includes specific examples of risks, mitigation strategies, and recommendations for addressing new risks as they arise.
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Melbourne institute of technology
BN205 Project Management
Assignment 1
Lecturer, Mr. Sei Olatunbuson Lagoke
Usama Qadeer (mit170394)
8/26/2017
BN205 Project Management
Assignment 1
Lecturer, Mr. Sei Olatunbuson Lagoke
Usama Qadeer (mit170394)
8/26/2017
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BN205 Project Management (Assignment 1)
Table of Contents
Introduction.................................................................................................................................................2
Executive summary.....................................................................................................................................2
Background of OIT project...........................................................................................................................2
Risk Management Plan of OIT project.........................................................................................................2
Identify Risk in OIT project..........................................................................................................................3
Risk Analysis of OIT project..........................................................................................................................3
Risk response plan.......................................................................................................................................4
Monitor and Control Risks...........................................................................................................................4
Justification.................................................................................................................................................4
Conclusion...................................................................................................................................................4
References...................................................................................................................................................5
1
Table of Contents
Introduction.................................................................................................................................................2
Executive summary.....................................................................................................................................2
Background of OIT project...........................................................................................................................2
Risk Management Plan of OIT project.........................................................................................................2
Identify Risk in OIT project..........................................................................................................................3
Risk Analysis of OIT project..........................................................................................................................3
Risk response plan.......................................................................................................................................4
Monitor and Control Risks...........................................................................................................................4
Justification.................................................................................................................................................4
Conclusion...................................................................................................................................................4
References...................................................................................................................................................5
1
BN205 Project Management (Assignment 1)
Introduction
The document which defines the processes need to perform to handle risks properly by first identifying
them, then analyze them and then finally think about the procedures to mitigate them 1 is risk
management plan. Risk Management also defines that how to address any risks in case it arises.
Executive summary
This report shall provide an overview of the issue which may arise at the time of project execution phase
due to many inter linked activities. So how to make a note of the items which can impact any of the
three constraints of a project, then analyze and find the mitigation plan. During the execution stage the
risks must be monitored properly.
Background of OIT project
OIT stands for Office of Information Technology, the department which looks after the needs related to
IT infrastructure maintenance, providing training etc. at Silicon Forest State University. At this university
they have ticketing software to manage and track the bugs. The users working for interfaces use
different software than the server guys who actually perform the job in case of bugs. Due to different
software, manual work increases and so the chances of error. So, head of University IT department
decided to change the software of whole university according to that of back end users. Ron Bashley
was assigned the job to act as lead and for supporting him Harry Bonnett and Bob Biyon were
nominated but the former is from another department of similar level to Ron and the latter is from the
other institution all together.
Risk Management Plan of OIT project
This planning document should become the part of the overall project management. But to discuss it
separately, it is the written approach or procedure which needs to take for different kinds of risks and
project. This document varies from project to project depending on the types, location, culture, hazards,
and uncertainties of project. There are few common steps which need to be done to address each risk
first is to identify the risks and their consequences, then need to do the analysis by providing some more
information regarding the probability of occurring the risk and if it happens how much it can impact the
project (called probability impact matrix), on the basis of the analysis the risks are categorized as per the
severity and then plan to mitigate those risks by either eliminating form the project or reducing its
impact2. So to develop this document we shall perform the similar task for OIT project.
2
Introduction
The document which defines the processes need to perform to handle risks properly by first identifying
them, then analyze them and then finally think about the procedures to mitigate them 1 is risk
management plan. Risk Management also defines that how to address any risks in case it arises.
Executive summary
This report shall provide an overview of the issue which may arise at the time of project execution phase
due to many inter linked activities. So how to make a note of the items which can impact any of the
three constraints of a project, then analyze and find the mitigation plan. During the execution stage the
risks must be monitored properly.
Background of OIT project
OIT stands for Office of Information Technology, the department which looks after the needs related to
IT infrastructure maintenance, providing training etc. at Silicon Forest State University. At this university
they have ticketing software to manage and track the bugs. The users working for interfaces use
different software than the server guys who actually perform the job in case of bugs. Due to different
software, manual work increases and so the chances of error. So, head of University IT department
decided to change the software of whole university according to that of back end users. Ron Bashley
was assigned the job to act as lead and for supporting him Harry Bonnett and Bob Biyon were
nominated but the former is from another department of similar level to Ron and the latter is from the
other institution all together.
Risk Management Plan of OIT project
This planning document should become the part of the overall project management. But to discuss it
separately, it is the written approach or procedure which needs to take for different kinds of risks and
project. This document varies from project to project depending on the types, location, culture, hazards,
and uncertainties of project. There are few common steps which need to be done to address each risk
first is to identify the risks and their consequences, then need to do the analysis by providing some more
information regarding the probability of occurring the risk and if it happens how much it can impact the
project (called probability impact matrix), on the basis of the analysis the risks are categorized as per the
severity and then plan to mitigate those risks by either eliminating form the project or reducing its
impact2. So to develop this document we shall perform the similar task for OIT project.
2
BN205 Project Management (Assignment 1)
Identify Risk in OIT project
The risks must be identified thoroughly so that no risks must be such which are not identified. This
process starts from the owner of the system3. Few identified risks present in OIT project are:
Risk 1. (Raised by Ron Bashley on 15th August 2017): there is a risk of developing some
communication gap between the user interface (Ron’s team) and the software updating (Harry’s
team) and may become big issue.
Risk 2. (Raised by Harry Bonnett on 20th August 2017): there is a risk of getting some bug’s error
in the system from user’s end, due to non-functioning of ‘Request Tracker’ during project phase
and if the necessary changes are made in back end, then it may cause huge problem
Opportunity 3. (Raised by Pike Gresham on 24th August 2017): there is a good opportunity to
complete the work before the schedule period of six months, this can really minimize the risk of
miss communication and gap.
Risk Analysis of OIT project
The probability of occurring each risk is assessed and if it happens then how much it can impact the
project either way is measured in this section4. On the basis of the ratings given to any risk number, the
probability and its impact analysis is done.
Risk 1. Probability is high and impact is also high.
Risk 2. Probability is high but impact is low.
Opportunity 3. Probability is low and impact is also low.
High
Medium
Risk 2
High
Risk 1
Low
Low
Opportunity 3
Medium
Low High
Impact
Probability
3
Identify Risk in OIT project
The risks must be identified thoroughly so that no risks must be such which are not identified. This
process starts from the owner of the system3. Few identified risks present in OIT project are:
Risk 1. (Raised by Ron Bashley on 15th August 2017): there is a risk of developing some
communication gap between the user interface (Ron’s team) and the software updating (Harry’s
team) and may become big issue.
Risk 2. (Raised by Harry Bonnett on 20th August 2017): there is a risk of getting some bug’s error
in the system from user’s end, due to non-functioning of ‘Request Tracker’ during project phase
and if the necessary changes are made in back end, then it may cause huge problem
Opportunity 3. (Raised by Pike Gresham on 24th August 2017): there is a good opportunity to
complete the work before the schedule period of six months, this can really minimize the risk of
miss communication and gap.
Risk Analysis of OIT project
The probability of occurring each risk is assessed and if it happens then how much it can impact the
project either way is measured in this section4. On the basis of the ratings given to any risk number, the
probability and its impact analysis is done.
Risk 1. Probability is high and impact is also high.
Risk 2. Probability is high but impact is low.
Opportunity 3. Probability is low and impact is also low.
High
Medium
Risk 2
High
Risk 1
Low
Low
Opportunity 3
Medium
Low High
Impact
Probability
3
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BN205 Project Management (Assignment 1)
Risk response plan
The plan which is developed to increase the chances of happening opportunities and to reduce the
chances of occurring any risk is known as the response plan5. From the above diagram it is concluded
that the probability and impact of:
Risk 1 is HIGH: to minimize the severity rate of occurring the risk should be avoided. It can be
reduced by conducting more personal interactions and frequent review meetings to narrow the
information gap between the teams.
Risk 2 is MEDIUM: the mitigation plan is same, need to increase the frequency of review
meeting
Opportunity 3 is LOW: few more additional resource allotments to project from other
departments may help in expediting.
Monitor and Control Risks
Now once the mitigation plan is also developed the only remaining activity in risk management is the
proper implementation at execution stage and monitoring the status of risks during every review
meetings. Even the new risks need to be keep on searching, if found then again the steps discussed
above need to be performed for the risk till some mitigation plan is developed.
Justification
All the processes considered for the development of risk management plan for OOIT project is as per the
standards of the project management techniques starting from the ‘Risk Identification’, ‘Risk Analysis’,
‘Rating of risks’ and ‘Mitigation Planning’ are professionally done. So it is recommended to follow the
process in case of any new risk is identified.
Conclusion
This can be concluded that the risks are the events which can cause either positive or put negative
impacts on the three constraints of the project. So at the beginning stage of the project itself, the
probable risks are required to be identified and the analysis & mitigation plan are also required to be
performed according to the discussed method in this report.
4
Risk response plan
The plan which is developed to increase the chances of happening opportunities and to reduce the
chances of occurring any risk is known as the response plan5. From the above diagram it is concluded
that the probability and impact of:
Risk 1 is HIGH: to minimize the severity rate of occurring the risk should be avoided. It can be
reduced by conducting more personal interactions and frequent review meetings to narrow the
information gap between the teams.
Risk 2 is MEDIUM: the mitigation plan is same, need to increase the frequency of review
meeting
Opportunity 3 is LOW: few more additional resource allotments to project from other
departments may help in expediting.
Monitor and Control Risks
Now once the mitigation plan is also developed the only remaining activity in risk management is the
proper implementation at execution stage and monitoring the status of risks during every review
meetings. Even the new risks need to be keep on searching, if found then again the steps discussed
above need to be performed for the risk till some mitigation plan is developed.
Justification
All the processes considered for the development of risk management plan for OOIT project is as per the
standards of the project management techniques starting from the ‘Risk Identification’, ‘Risk Analysis’,
‘Rating of risks’ and ‘Mitigation Planning’ are professionally done. So it is recommended to follow the
process in case of any new risk is identified.
Conclusion
This can be concluded that the risks are the events which can cause either positive or put negative
impacts on the three constraints of the project. So at the beginning stage of the project itself, the
probable risks are required to be identified and the analysis & mitigation plan are also required to be
performed according to the discussed method in this report.
4
BN205 Project Management (Assignment 1)
References
x
[1] The MITRE Corporation. (2017) Risk Management Approach and Plan. [Online].
https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/
risk-management/risk-management-approach-and-plan
[2] Amanda Dcosta. (2015, July) Risk Management Plan: Example. [Online].
http://www.brighthubpm.com/risk-management/5141-risk-management-plan-examples/
[3] The National Academies of Science Engineering Medicine. (2005) 4 Risk Identification and Analysis.
[Online]. https://www.nap.edu/read/11183/chapter/6
[4] N. Lavanya and T. Malarvizhi. (2008) Risk analysis and management--a vital key to effective project
management. [Online]. https://www.pmi.org/learning/library/risk-analysis-management-project-
management-7070
[5] Karsten Reincke. (2009) (8.5) Risk Response Planning. [Online].
http://www.mypmps.net/en/mypmps/knowledgeareas/risk/risk-response-planning.html
x
5
References
x
[1] The MITRE Corporation. (2017) Risk Management Approach and Plan. [Online].
https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/
risk-management/risk-management-approach-and-plan
[2] Amanda Dcosta. (2015, July) Risk Management Plan: Example. [Online].
http://www.brighthubpm.com/risk-management/5141-risk-management-plan-examples/
[3] The National Academies of Science Engineering Medicine. (2005) 4 Risk Identification and Analysis.
[Online]. https://www.nap.edu/read/11183/chapter/6
[4] N. Lavanya and T. Malarvizhi. (2008) Risk analysis and management--a vital key to effective project
management. [Online]. https://www.pmi.org/learning/library/risk-analysis-management-project-
management-7070
[5] Karsten Reincke. (2009) (8.5) Risk Response Planning. [Online].
http://www.mypmps.net/en/mypmps/knowledgeareas/risk/risk-response-planning.html
x
5
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