Manage Project Risk - Desklib

This article discusses the risks associated with the upgradation of Archives Website and how to mitigate them. It includes a risk register with strategies for risk management, action plans for top two risks, and a review of project performance in terms of risk management. The recommended actions for future projects include proper communication between team members.

Assessment 3 – Manage project risk
Risk management
Name of the Student
Name of the University
Author’s Note

Assessment 3 – Manage project risk
Risk Register: The risks that are associated with the upgradation of Archives Website are elaborated
below:
Ris
k
No#
Risk
Categ
ory
Risk Description
including
existing risk
controls
Likelihood
Rating
Mitigation
Strategy/Respons
e
Likelihood
Impact
Rating
Initial Residual
1 Finan
cial
risk
If the project
managers of the
project are not
capable of
tracking as well
as managing
the budget of
the project on a
weekly basis
then there will
be chances of
budget shortfall
during the
progress of the
project. In order
to resolve this
issue it is very
much
necessary for
the project
manager to
track the budget
High Hi
g
h
5 The risk of
budget shortfall
can be managed
by utilizing
strategies that
are as follows:
1) Avoiding
misuse of project
resources
2) By tracking the
budget of the
project on a
weekly basis
Mediu
m
Low 2

Assessment 3 – Manage project risk
Ris
k
No#
Risk
Categ
ory
Risk Description
including
existing risk
controls
Likelihood
Rating
Mitigation
Strategy/Respons
e
Likelihood
Impact
Rating
Initial Residual
of the project on
a weekly basis.
2 Proje
ct risk
If the project
managers are
not experienced
then will not be
able to manage
the project
successfully
and as a result
it would be quite
difficult to
complete the
entire project
within the
estimated
budget as well
as time. In order
to avoid this
type of issue it
is very much
important for
the
management of
Mediu
m
Hi
g
h
4 In order to
mitigate this type
of issue, it is very
much necessary
to follow the
strategies that
are as follows:
1)Recruitment of
experienced
project managers
within the
organization for
managing the
project
2)Utilization of
proper project
management
tactics
Low Medi
um
1

Assessment 3 – Manage project risk
Ris
k
No#
Risk
Categ
ory
Risk Description
including
existing risk
controls
Likelihood
Rating
Mitigation
Strategy/Respons
e
Likelihood
Impact
Rating
Initial Residual
the organization
to hire
experienced
project
managers who
will be capable
of managing the
project risk.
3 Tech
nical
risk
It is identified
that extensive
testing is
generally
required in the
website after
the launch of
the website.
However, the
technical
workers who
are mainly
associated with
the project do
not perform
proper testing
High Hi
g
h
5 It is identified
that in order to
mitigate the
issue, it is very
much necessary
to follow the
strategies that
include:
1. Proper
testing must
be conducted
before launch
of the website
2. The launch
permission of
the website

Assessment 3 – Manage project risk
Ris
k
No#
Risk
Categ
ory
Risk Description
including
existing risk
controls
Likelihood
Rating
Mitigation
Strategy/Respons
e
Likelihood
Impact
Rating
Initial Residual
before the
launch of the
website and
therefore now it
is analyzed that
the navigation
feature that is
provided in the
website is quite
poor. In order to
resolve this
issue, it is
necessary to
upgrade the
navigation
feature in order
to provide
proper
customer
service
experience to
the customers.
must be
issued until
proper testing
report is
provided.
4 Ethic
al risk
It is identified
that in the
High Hi
g
4 In order to
mitigate ethical
Mediu
m
Low 1

Assessment 3 – Manage project risk
Ris
k
No#
Risk
Categ
ory
Risk Description
including
existing risk
controls
Likelihood
Rating
Mitigation
Strategy/Respons
e
Likelihood
Impact
Rating
Initial Residual
website, the
people can also
add their
images and can
able to share
their
experiences.
However,
persons who
have fake
profile can
upload the
images of
others and thus
it can create
ethical issue. In
order to avoid
such type of
issue it is very
important to
provide the
opportunity of
loading images
to the website
h issue it is very
much important
to adopt
strategies that
include:
1. Checking
details of the
customers
before the
creation of
account in
the website
2. Personal
details must
be utilized for
creating the
website

Assessment 3 – Manage project risk
Ris
k
No#
Risk
Categ
ory
Risk Description
including
existing risk
controls
Likelihood
Rating
Mitigation
Strategy/Respons
e
Likelihood
Impact
Rating
Initial Residual
that have
proper
customer
details.
Desi
gn of
the
site
It is identified
that aesthetic
design of the
website is not
maintained for
the upgraded
website and
thus the website
lacks style
guides and
other important
necessary
components
that are needed
to be provided
by the supplier
of the
organization. In
order to resolve
this issue, it is
Mediu
m
m
e
di
u
m
4 In order to
resolve this issue,
it is very much
important to
utilize the
following
strategies that
are as follows:
1. Recruitment
of proper
designer of
the project
2. Undertaking
aesthetic
design of the
upgraded
website
Mediu
m
Medi
um
1

Assessment 3 – Manage project risk
Ris
k
No#
Risk
Categ
ory
Risk Description
including
existing risk
controls
Likelihood
Rating
Mitigation
Strategy/Respons
e
Likelihood
Impact
Rating
Initial Residual
very much
necessary to
develop
aesthetic design
for the website

Assessment 3 – Manage project risk
Risk Action Plans for top two risks:
Risk Action Plan #1
Item No: 3 Risk Description:
As the website is not tested before its launch and therefore it is analyzed that
the navigation feature that is present in the upgraded website is not working
properly ad as a result the workers are facing issues as well as challenges
while navigating from one page of the website to another.
Risk Rating : 5 Category: Technical risk Risk Treatment:
Mitigate
Action Plan:
Proposed Actions:
It is identified that in order to resolve the challenges that the users are facing it is very much
necessary to upgrade the navigation feature of the website so that the workers can properly move
from one page to another. In addition to this, it is also necessary to undertake the testing properly
before the launch of the website in order to avoid any type of technical issues within the website.
Resource Requirements:
The resources that are generally required include software as well as hardware for upgrading the
website.
Responsibilities:
Tester as well as developer is mainly responsible of fixing the feature of navigation within the
upgraded website in order to avoid technical issues further.
Scope Impact:
It is identified that by putting proper response, the risks that was occurred does not create any type of
negative impact on the project outcome.
Time Impact:
It is identified that for resolving the technical issue, the time that is needed for completing the project
enhances.
Cost Impact:

Assessment 3 – Manage project risk
In order to resolve the technical risk, the project manager requires a specific amount of budget and
thus mitigation of risk enhances the overall budget of the project..
Reporting & Monitoring Required:
Proper monitoring is required on a monthly basis in order to make sure that all the functions of the
website are working properly.
Prepared by:
<Name (please
fill>
Date: 27-03-2018 Reviewed by: <Name
(please fill>
Date: 27-03-2018
Risk Action Plan #2
Item No: 1 Risk Description:
If the project managers are not capable of tracking the project budget on a
regular basis then it became quite difficult to manage the budget of the
project in order to complete the entire project successfully within this budget.
Due to budget shortfall, the project managers face challenges in completing
the entire project of website upgradation on time.
Risk Rating : 5 Category: Financial risk Risk Treatment:
Mitigate
Action Plan:
Proposed Actions:
It is identified that in order to resolve the issues it is very much important for the project managers
to track the budget of the project on a regular basis in order to complete the entire project within the
estimated amount. In addition to this, it is also very much necessary to avoid misuse of various
project resources.
Resource Requirements:
It is identified that project managers are the human resource who are generally needed in order to
manage the budget of the project.

Assessment 3 – Manage project risk
Responsibilities:
The financial manager as well as project manager are the persons who are generally associated
with the budget related risk.
Scope Impact:
The shortfall of budget creates a negative impact on the scope of the project.
Time Impact:
It is identified that due to shortfall of budget the time that is needed for completing the project also
enhances.
Cost Impact:
By putting the risk response in place, the budget of the project also enhances.
Reporting & Monitoring Required:
It is very much necessary for the project managers to track the budget of the project on a weekly
basis in order to manage the project budget so that entire project can be completed successfully
within estimated budget and time.
Prepared by:
<Name (please
fill>
Date: 27-03-2018 Reviewed by:
<Name (please fill>
Date: 27-03-2018
Monitor and control project risks
What activities did you undertake to monitor the risk environment to identify changed circumstances
that would or did impact on your project?
The activities that are generally undertaken in order to monitor the risk environment for
identifying the changed circumstances are as follows:
Proper communication with the team members: Proper communication with project team
members assists in providing an opportunity to the workers to share their problem. This opportunity
generally helps in monitoring the project related risk that would affect the project negatively.
Analyzing project status report: It is identified that proper analysis of project status report
helps in highlighting the risks that can occur within the project in the future. Thus, proper analysis of
project status report is useful for monitoring risk.

Assessment 3 – Manage project risk
Arranging weekly meetings: It is found that weekly meetings are generally arranged so that
the workers can share their problem that they are facing while working with the project. If on a regular
basis, weekly meetings are arranged then the risks associated with project can be monitored easily.
What was the outcome of this review and how did you manage the changed risk responses to
maintain the currency of your risk register and action plans and responses?
After proper review it is identified that there are number of risks that are mainly associated
with the project which generally can create negative impact on the project progress. Thus, it is very
much necessary to utilize proper risk management strategies so that the risks that are related with the
project can be resolved easily.
The currency of the risk register is maintained by analyzing the impact, likelihood of each and
every risks that are mainly associated with project. It is found that proper analysis of project risk
likelihood as well as impact assists in maintain the currency of the action plan as well as risk register.
Assess risk-management outcomes
Review your project performance in terms of risk management. Would your risk management
processes and procedures be considered effective? Why/why not?
It is identified that the risk management that was undertaken within the project of website
upgradation is quite effective. As with the help of the risk management strategies, the risks that are
mainly associated with the project can be resolved quite easily. It is identified that risk mitigation
strategies are helpful in resolving number of project risks including budget risk, technical risk,
schedule risk and more. The strategies as well as processes of risk mitigation help in resolving the
issues and thus assist in minimizing the negative impact that the risks would create on the progress of
the project. Due to application of effective risk management strategies, the project manager is able to
complete the entire project successfully within the estimated time.

Assessment 3 – Manage project risk
List all risk management issues you may have experienced on the project (in the table below)
including a recommendation for future projects. Note: these are not issues with your risks but how you
managed the project risks.
Date Description of
problem/opportunity
Recommended Action for next
time/project
Lesson Learnt
Raised By
10/2/201
8
The project team members
does not communicate
properly and thus the
problems that are associated
with the project are not
known to the project leaders,
Proper communication must be
utilized between team members
as well as project leaders.
Project team
members
22/2/201
8
The project managers are to
experienced and as a result
they faces difficulty in
managing the project and as
result project faces difficulty
in completing the project on
time.
Experienced project managers
must be hired within the project
Business head
9/3/2018 Monthly basis meetings that
are undertaken within the
project helps in tracking the
progress of the project.
Weekly basis meetings should be
arranged in order to track the
project.
Project manager
22/3/201
8
The project managers do
not perform project phase
review after completion of
each phase.
Proper phase review must be
undertaken after completion of
each project phase
Project manager