Risk Management Report: Analysis and Evaluation of Project Risks

This report analyzes a project's risk management plan, evaluating its strengths and weaknesses. The team has developed a risk profile and identified potential risks, assigning responsibilities and outlining mitigation strategies. The report highlights the effectiveness of risk identification, planning, and analysis, as well as the allocation of risk owners and the development of a risk profile. However, the report identifies areas for improvement, such as a more comprehensive communication plan, the need for clearly defined acceptable risk levels, and a more exhaustive plan for risk monitoring. The report also critiques the scope of stakeholder involvement and the need for more detailed information regarding the impact of risks on project objectives. The team's work aligns with established risk management guidelines, referencing key academic sources. The report provides a thorough assessment of the project's risk management framework, identifying both successful practices and areas for improvement to enhance the project's overall success.

Risk management in project management
Names
Date

The team has developed a robust risk management plan with a risk profile and identified possible
risks and possible mitigation and management procedures. The team has also gone a step further
and given the responsibility for risk management to Dang Khoa John Nguyen; in addition to other
duties (project leader and coding manager). The team has also allocated risks to individuals, such as
technique risks are handled by Nguyen, Bita, and Korehi. These are clearly defined in the PMP. The
team has developed a framework for risk management by identifying and apportioning them
severity and likelihood (impact). However, the team has fallen short of clearly defining the
mechanisms for monitoring, escalating, and reporting the risk, although there is a mechanism for
identifying, recording, and communicating risks. There is a communication plan, but it is not
exhaustive enough in terms of procedures and steps. The team has done an excellent job of defining
the risk categories and types, as well as developing the risk profile based on the defined categories.
The criteria for assessing the risks are clearly and well defined; however, the acceptable risk levels
are not clearly defined, although a robust risk profile has been created in terms of likelihood and
severity.
There is an elaborate framework for the identification, evaluation, and mitigation/ prevention
measures for the identified risks. The team has clearly defined how such risks can be avoided as
well as how the risks can be minimized. The team has also done a decent job of defining risk
contingency plans for each risk and risk category. The team has the objective of developing an
application and it has identified risks related to the team objectives and deliverables. The team has
collected information for decision making on the risks; however, the information is not sufficient
(more can be done) such as effect of risks on objectives although other aspects such as control and
causes have been defined. The elements of uncertain events can be identified, as well as their cause,
but the effect on objectives is fuzzy, although present in some instances. Risk owners have been
allocated to risks, but not to all the risks, except that Nguyen is overall in charge of risk
management.
Only the developers have been listed in the risk assessment, other stakeholders such as the customer
have not been listed. The team has clearly defined the risk profile for every risk, including the risk
probabilities for each identified risks. Further, critical risk controls have been identified and defined
in the PMP. The team has also gone a step further to categorize the risks and develop a risk profile
to prioritize the risks to tackle first depending on their severity and likelihood. The plan for risk
monitoring has been done, but it is not exhaustive; the team however, has a functional plan for
reviewing the risks. These have been integrated in the entire risk management framework entailing
risk identification, planning, and analysis. The risk management profile conforms to the general
guidelines for managing risks for ICT projects as defined and discussed by Shoemaker & Sigler
(2015); and Marcelino-Sadaba, Lazcano, Villanueva, and Perez-Ezcurdia (2014).

Referenced Works
Marcelino-Sadaba, S., Perez-Ezcurdia, A., Echeverria Lazcano, A. M., & Villanueva, P. (2014).
Project risk management methodology for small firms. International Journal of Project
Management. 32, 327-340.
Shoemaker, D., & Sigler, K. (2015). Cybersecurity: engineering a secure information technology
organization.