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Report on Risk Management of Hitech

   

Added on  2020-05-11

28 Pages7258 Words213 Views
Running head: RISK MANAGEMENTProject Risk ManagementName of the Student:Name of the University:Author’s Note:

2RISK MANAGEMENTExecutive SummaryThis current report gives a brief account of the risk management plan in the context of A&DHitech. However, it a computer product suppliers and provides accessories. Due to hugecompetition, this organization has developed an online store project to mitigate this process.However, risk management is crucial for any project to develop a safety technique. On the otherhand, technical risk is the main issue of such organization as it is going to develop an onlinemarketing process. It is essential for an organization to use corrective strategy and action toreview the risk. Bothe quantitative and qualitative risk analysis processes have been conducted inthis study.

3RISK MANAGEMENTTable of ContentsIntroduction......................................................................................................................................5Section 1..........................................................................................................................................61.1 Benefits of the process involves in risk management............................................................61.2 Goals and Objectives of the Project.......................................................................................61.3 Background of the company..................................................................................................71.4 Identification of the Risk.......................................................................................................8Section 2..........................................................................................................................................82.1 Scope of the risk management approach...............................................................................82.2 Components of risk management plan..................................................................................92.3 Discussion of the expected monitory value.........................................................................10Section 3........................................................................................................................................113.1 Determination of the risks...................................................................................................113.2 Evaluation and the assessment of the risk...........................................................................123.3 Qualitative and quantitative risk analysis............................................................................13Section 4........................................................................................................................................144.1 Identification of major and minor risk associated with the project.....................................144.2 Probability of the risk..........................................................................................................154.3 Risk Matrix template...........................................................................................................16

4RISK MANAGEMENTRisk Matrix:...............................................................................................................................16Project Name: Online store project............................................................................................164.4 Strategy of risk Data quality analysis..................................................................................184.5 Review of the risk................................................................................................................18Section 5........................................................................................................................................205.1 Tolerance of risk..................................................................................................................205.2 Mitigation of risk.................................................................................................................205.3 Corrective strategy of risk management..............................................................................215.4 Corrective action process.....................................................................................................22Section 6........................................................................................................................................236.1 Results..................................................................................................................................236.2 Follow up.............................................................................................................................23Conclusion.....................................................................................................................................23References......................................................................................................................................25

5RISK MANAGEMENTIntroductionRisk management approach sheds light on the importance of risk management duringconduction of a project. However, during the implementation of a project risks encounter thus itis crucial to forecast the risks and to manage them properly (Sadgrove, 2016). Identification ofthe risk is a vital part of the risk management planning. Risk can take place at any stage of theproject life cycle. The risk management plan should be updated in periodical manner and needsto expand throughout the project life cycle. During the enhancement of the complexity of theproject, risk identification becomes rapid. Identification of risk, assessment of risk and resolutionof the risk are the main phases of the risk management in a project (MacLeod, 2016). It has beenreceived that when a new project is started risks are associated with it that hamper the success ofthe project. The risk is considered as the main contributor of the uncertainty in an organization. Forthis reason, the organization focuses on the risk identification and development of the action planto mitigate the risks (Hopkin, 2017). The ability of the organization to manage risk enables totake their business decision confidently. This current study deals with the risk management ofthe project in the context of A&D, which is going to explore their business via online marketing.However, risks are also associated with this project that needs to reduce by this organization.Hence, an action plan will be developed to deals with the encountered risks during theimplementation of this project. For this organization establishment of the online marketing willbe effective to reduce the competition that had faced by this organization in 2002.

6RISK MANAGEMENTSection 11.1 Benefits of the process involves in risk managementRisk management program enables the organization to define the possible risks that areassociated with a project (Cicmil et al., 2017). In the context of A&D, they have implementedonline marketing in order to expand their business and to gain competitive advantages. Hence,risk management plan will bring benefits for such organization to define the risk regarding suchspecific project. On the other hand, financial consideration is another benefit of the riskmanagement process. During the development of a project, financial risk encounters (Hopkin,2017). In the context of A&D implementation of a risk management approach is helpful for themto estimate the cost of the financial risk in this online marketing project. Development of the business culture is another advantage of the risk managementprocess. A&D can enhance their reputation by implementing risk management plan. As forexample, the preparation of the perfect project operation starts when this organization anticipatesrisk, as a result, the unexpected incidents disappear. Resource protection is a crucial outcome ofrisk management (Harris, 2017). In the context of A&D Hitech, the risk management approachallows this organization to identify the key risks. They are able to plan to resist the loss ofresources such by protecting the employee hours and equipment.1.2 Goals and Objectives of the ProjectThe main goal of this project is to identify the risk and the management process duringthe implementation of online marketing in the context of A&D Hitech.

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