Risk Assessment of Project

Running head: RISK ASSESSMENT OF PROJECT
RISK ASSESSMENT OF PROJECT
Name of the Student
Name of the University
Author note

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RISK ASSESSMENT OF PROJECT
Table of Contents
1. Scope of the project:.........................................................................................................................2
2. Risk measurement of the development and operational phase:.......................................................3
2.1. Development phase:...................................................................................................................3
2.2. Operational phase:.....................................................................................................................4
3. Project stakeholders:.........................................................................................................................5
3.1. Stakeholder involved in the project:...........................................................................................5
3.2. Perception of risk:.......................................................................................................................6
4. Determination of risk acceptance:...................................................................................................11
5. Proposed methodology to conduct the risk assessment:................................................................12
6. Project team involvement based on specializations/professions:...................................................14
7. Data collection method:..................................................................................................................15
8. Data validation:...............................................................................................................................19
9. Stakeholder communication plan:...................................................................................................19
10. Review and monitor program:.......................................................................................................20
Reference:...........................................................................................................................................22

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RISK ASSESSMENT OF PROJECT
1. Scope of the project:
Title Timesheet Reporting Tool Date September 23, 2018
Project
Manager
Andrew Jason
Project
Justification
The tool is intended to provide a web based application that is user
friendly and provide the automatic means to track time entries that the
employee makes on daily basis
Project Scope
Description
To provide the option to tack and review time entries globally for the
Information Technology employees
Project
Objective
To felicitate all the Information Technology employees with the tool that
help them in tracking the timesheet entries for
High Level
Requirements
1. User access for the tool granted to all employees
2. provide the Admin access for support team
3. facility to Report the generation access to the project managers
4. help the users to have remote access to the tool
5. provide Standard templates for every reports
In Scope
1. Multi – level approvals made available for the timesheets
2. additions of Timesheet tasks to the tool through Admin approved
access users
3. ‘Copy Previous Week’ timesheets feature
4. Access tool for Desktop
Out of Scope
 1. addition of New project/task for the managers
2. HRMS connectivity for updating leaves taken by employee
3. and that too automatically
 4. template providing task list based on role
 5. facility of obtaining the Access tool via mobile and tablet

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RISK ASSESSMENT OF PROJECT
Cost Estimate
Cost Item Estimated
Project Cost
Actual
Spend
Cost until
completio
n
Variance
Software $2300 $900 $1400 NA
Hardware $5000 $1500 $3500 +/- 1000
Other $750 $0 $750 +/- $100
Total $8050 $2400 $5650
Assumptions 1. users will update Timesheet on daily basis
2. task listed in the Timesheets will be updated twice a month
Deliverables
1. Single system to record time hours for FTE and Contractors
2. execution of the timesheet reports to for detecting entries that are not
present in the list
3. reports generation for the identification of the productive tasks along
with the work hours
4. charts generation for the steering committee packs
5. Detailed assistance for the user for updating tolls that belongs to all the
users
Constraints
 1. no facility to capture the leave from the leave system that are not
planned
 2. access for the timesheet view associated with the team is only available
to the Direct managers
2. Risk measurement of the development and operational phase:
In order to measure risk there should be proper framework and this varies according
to the scope and requirement of the project (Cleary, Horsfall and Hayter 2014).
2.1. Development phase:
Risk considered Impact of risk
Time frame High

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RISK ASSESSMENT OF PROJECT
exceeds than the
estimated time
significantly
Cost exceeds
significantly
High
Requirement of the
system is not clear
to the developer
High
Code does not
integrate well with
the system
High
2.2. Operational phase:
System crashes and
the performance is
bellow acceptance
High
Security of the
system is not top
notch
High
The interface of the
system is not
attractive and
simple
Medium
System take more medium

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RISK ASSESSMENT OF PROJECT
time to store and
process data
3. Project stakeholders:
The study of how each stakeholder involved in the project will perceive the risk is an
important factor, as without the study of stakeholder risk perception, it is not possible to
manage the project successfully as stakeholder engagement and stakeholder satisfaction one
of the key elements for project success. This is where analysis of stakeholder risk perception
becomes significantly important as without integrating each stakeholder perception about the
project risk, the overall risk of the project is not possible to identify and have proper control
over that. In the following section, the stakeholder for the project has been identified with
detailed risk perception of each of the stakeholder.
3.1. Stakeholder involved in the project:
Stakeholder Role
Project manager Monitor and control overall progress of the
project with control over the cost, timeline
approval and review on the project progress
Employee Only access to the feature approved by the
admin of the Timesheet Reporting Tool
Admin
Monitor and approve the user access to the
Timesheet Reporting Tool, hence responsible for
overall system security and performance
Developer Develop the code for the software