Analyzing and Mitigating Risks for Successful Project Outcomes

This report provides a comprehensive overview of risk management in project planning and execution. It emphasizes the significance of analyzing project risks while developing a robust software project plan, highlighting that effective risk management involves addressing potential future events that could negatively impact the project. The report details various risk identification methods, including documentation reviewing, information gathering techniques such as brainstorming and Delphi technique, root cause analysis, SWOT analysis, checklist analysis, and assumption analysis. It underscores the necessity of identifying each risk to foster better communication and decision-making among stakeholders. Furthermore, the report addresses a specific risk—changes in project plans—and proposes mitigation strategies, such as periodical meetings with clients and the project team, to promptly address requirements and minimize disruptions. The document concludes by referencing key sources in project management to support its analysis and recommendations. Desklib provides access to this and other solved assignments along with AI-powered study tools to support student learning.

Running head: RISKS IN PROJECT
Risks in Project
Name of the Student
Name of the University
Author’s Note:

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RISKS IN PROJECT
Table of Contents
Question 1..................................................................................................................................2
Question 2..................................................................................................................................3
Question 3..................................................................................................................................4
Question 4..................................................................................................................................5
References..................................................................................................................................6

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Question 1
Risk Analysis in Good Software Project Plan
It is extremely important and significant to analyse the major project risks while
developing a good software project plan. Proper risk management is the management of
every possible future events, which might have comprise of negative effects over the project.
The risk responses hence should be planned for enhancement of opportunities as well as
minimization of threats towards project object objectives (Kerzner & Kerzner, 2017). Thus,
risk assessment and analysis is quite helpful for any software project plan and should be
accompanied. Planning of risk response is also important in this case, since it addresses the
various risks as per their priority and activities within the project management plan, schedule
and total budget. Moreover, with the help of this risk analysis, progress of the project could
also be evaluated easily.

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Question 2
Identification of Every Risk in a Project
Yes it is possible to identify each and every risk in any specific project. The distinct
methods of the risk identification should be followed eventually for this purpose. The major
methods are as follows:
i) Documentation Reviewing: In this method, project related documents are reviewed
for risk analysis.
ii) Information Gathering Techniques: Brainstorming, Delphi technique and
interviewing are the three techniques of information gathering.
iii) Root Cause Analysis: The root causes are identified for risks in a project by this
method (Marchewka, 2014).
iv) SWOT Analysis: This particular method identifies the strengths, weaknesses,
opportunities and threats and hence risks are identified in a project.
v) Checklist Analysis: The check list of the risk categories is being utilized for
coming up with extra risks in the project.
vi) Assumption Analysis: The final method identifies various assumptions of this
project and then determine the validity for risk identification.

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Question 3
Necessity of Identification of the Risks
It is extremely important and significant identify each and every risk in any project.
This process of risk identification eventually helps in creation of comprehensive
understanding which could be leveraged for influencing stakeholders and even creation of
better project related decisions. A proper procedure of this risk identification creates better
project communication and hence better communication enhances better project decisions
(Fleming & Koppelman, 2016). A risk that is poorly identified eventually refers to the fact
that the project manager would be struggling as well as failing in communicating the risk to
his or her higher level stakeholders and team members. Thus, with the help of this risk
identification process, it is quite effective for the project to eradicate each and every negative
effect from the project.

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Question 4
Risk in Project with Proper Mitigation Strategy
A specific risk in a project would be change in project plan. Changes are quite
common in any project and it subsequently involves each and every stakeholder of the
project. Most frequent changes come from the clients once the project plan is being made.
However, this particular issue often becomes extremely vulnerable for the project as the
change could be vulnerable to the project in terms of quality and budget (Walker, 2015). The
effective mitigation strategy of this specified issue of change is the periodical meetings with
the clients and rest of the project team. When this type of meeting would take place, client
can easily and promptly identify his requirements in the process and the project manager will
not have to change the entire project plan.

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References
Fleming, Q.W. & Koppelman, J.M., (2016), December. Earned value project management.
Project Management Institute.
Kerzner, H. & Kerzner, H.R., (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Marchewka, J.T., (2014). Information technology project management. John Wiley & Sons.
Walker, A., (2015). Project management in construction. John Wiley & Sons.