Risk Management Plan for OIT Project

This assignment presents a comprehensive risk management plan for a project undertaken by the Office of Information Technology (OIT). The plan systematically identifies potential risks and opportunities associated with the project, analyzes their likelihood and impact, and proposes mitigation strategies. It emphasizes the importance of proactive risk management to ensure the project's success within budget and time constraints.

Name of University
BN205: Project Management
Risk Management Plan
Student’s Name:
9/1/2017

BN205: Project Management Risk Management Plan
Table of Contents
Executive summary.....................................................................................................................................2
Introduction.................................................................................................................................................2
Background..................................................................................................................................................2
Risk Management Plan................................................................................................................................2
Risk and Opportunity Identification.............................................................................................................3
Risk and Opportunity Analysis.....................................................................................................................3
Risk and Opportunity responses..................................................................................................................4
Monitoring and Controlling – Risk and Opportunity....................................................................................4
Justification.................................................................................................................................................4
Conclusion...................................................................................................................................................4
References...................................................................................................................................................5
List of Figure
Figure1: Risk analysis matrix........................................................................................................................3
Executive summary
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BN205: Project Management Risk Management Plan
The projects have characterized era and it's a test for the manager to deal with every one of the
issues identified with the project in the definite time span. In current report, the issues or threats which
may emerge amid the project life cycle should be recognized and subsequently to analyzing it in detail
its mitigation design shall be produced.
Introduction
Risk administration is a device to recognize opportunity and threat afterward break down the
identified items to give appropriate ranking, then the mitigation need to be considered on the basis of
positions. This information regarding project administration manages the opportunity and threat and
plan in like manner with the goal that it doesn't let affect any of the three limitations of the project1.
Background
SFSU (Silicon Forest State University) has many information system related activities which are
being overseen by the OIT (Office of Information Technology) department. The users at back end of OIT
utilized 'Request Tracker' for conveying and following the ticketing framework in light of UNIX, while the
users at front end were utilizing ‘Remedy’ framework for creating and following ticketing framework
which is being used for monitoring and tracking the bugs. For any sort of demand to users of back end,
the users of front end need to physically sort the issue to 'Request Tracker' and this agony stayed for
around three years. Yet, now the office chose to change the software being used by the users of front
end to 'Request Tracker' and gave the assignment to Ron Bashley to lead the project with the group of
Harry Bonnett, but both of them report to two different officers.
Risk Management Plan
Opportunity and threats in any task are directed on the prelude of the methods depicted in the
risk administration. The activities which fuse into the arranging of risk organization configuration are
identified, analyze and rank them2. Then accordingly Mitigation and Monitoring risk all through the
undertaking life cycle. The opportunities and threats can be of many sorts, and fit for influencing cost,
design and quality, specific, legitimately authoritative, obtaining, methodologies etc. A complete
purpose of the risk plan is to set the action prepare for all the recognized risks particularly at a range by
saying rank ‘low’ or ‘high’. There are distinctive sorts of threats easing strategies or steps which ought to
be taken in the wake of positioning all the recognized opportunities and threats. There can be many
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BN205: Project Management Risk Management Plan
action plans to mitigate the risk like transferring it, sharing it with any outsider, avoiding it totally or
accepting the threats and in case of opportunity, it should be explored more.
Risk and Opportunity Identification
Risk No. 1. Identified on August 27, 2017 by Pike Gresham: there is risk of having cost overrun due to the
constraints in the budget made during the financial year
Risk No. 2. Identified on August 29, 2017 by Ron Bashley: due to same organizational level of himself and
Harry, there can be communication gap during the project execution phase
Opportunity No. 1. Identified on September 1, 2017 by Baken Dryhed: because of the already availability
of the software with the users of back end the implementation must not take more than a month and
help in minimizing the gap
Risk and Opportunity Analysis
Serial No. Description and Cause Likelihood Impact
Risk No. 1 There is risk of having cost overrun due to the constraints
in the budget made during the financial year High High
Risk No. 2
Due to same organizational level of Ron and Harry, there
can be communication gap during the project execution
phase Low High
Opportunity
No. 1
Because of the already availability of the software with
the users of back end the implementation must not take
more than a month and help in minimizing the gap
Low Low
High
Medium High
Risk No. 1
Low
Low
Opportunity No. 1
Medium
Risk No. 2
Low High
Impact
Likelihood
Figure1: Risk analysis matrix 3
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BN205: Project Management Risk Management Plan
Risk and Opportunity responses
Risk No. 1: since the rank is high and the issue cannot be avoided, so we can plan for its mitigation by
having some additional cash reserve as management reserve to counter the miss happening.
Risk No. 2: the threat of getting the communication gap causing impact on the project is medium, so it
should also be addressed properly by conducting more and more review meetings as per the need of the
time.
Opportunity No. 1: need to be explored to its maximum extent, so that the project can be finished
sooner by assigning more resources.
Monitoring and Controlling – Risk and Opportunity
After executing all the steps of risk and opportunity identifications, analysis and ranking the list must be
maintained in the updated risk register. The register must be maintained dynamic by introducing many
more risks or opportunities which can be identified during the course of the project being handled by
OIT department4. Like we performed earlier steps, any more dangers which are distinguished by any of
the partners must be examined and given rank accordingly. Along these lines the risks and opportunities
must be cross checked all through the project tenure.
Justification
It can be supported that the identification, analysis and monitoring of the risks and opportunities of OIT
project is an absolute necessity prerequisite for any project administration action. In addition once the
mitigation design of the considerable number of risks and opportunities are done, they should be
checked routinely and register should be refreshed in like manner for controlling the triple limitations of
the task.
Conclusion
So now it can be concluded finally that the project conceived by OIT need to be tracked very cautiously
and moreover the cash flow to avoid any kind of overrun, because any overrun can stop the project
immediately due to unavailability of excess fund. For maintaining all above constraints, risks and
opportunities are required to be assessed and managed properly.
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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] Palmetto Document Systems. (2017) Risk Plan. [Online]. http://www.method123.com/risk-
management-plan.php
[3] WordPress. (2009, July) Eight to Late: Cox’s risk matrix theorem and its implications for project risk
management. [Online]. https://eight2late.wordpress.com/2009/07/01/cox%E2%80%99s-risk-matrix-
theorem-and-its-implications-for-project-risk-management/
[4] Karen Yvonne Lucas. (2009, February) Effective Risk Management, Measurement, Monitoring &
Control. [Online]. https://pmibaltimore.org/pmi/events/attachments/Effective-Risk_23-Feb-
09_presentation_Columbia.pdf
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