BN205 Project Management: Risk Management Plan - Case Study Analysis

This report presents a comprehensive risk management plan developed for a project management course, specifically focusing on a case study involving the Office of Information Technology (OIT) at Silicon Forest State University (SFSU). The report outlines the essential steps of risk management, including risk identification, analysis, and the development of mitigation strategies. It begins with an executive summary and an introduction to risk management plans, emphasizing their role in preventing deviations from project constraints. The case study involves OIT's challenge of updating its ticketing software. The report identifies potential risks, such as implementation issues and communication breakdowns, and classifies them based on their likelihood and impact. It then proposes specific response plans, including expert supervision and increased communication, to address these risks. The report concludes with a justification of the proposed actions and a discussion of how the risk management process is monitored throughout the project lifecycle. It serves as a practical guide for developing risk management plans in both academic and professional settings, with references to relevant project management resources.

BN205 Project
Management
Risk Management Plan
Lecturer: Mr. Darshan Mongia
8/26/2017

BN205 Project Management
(Risk Management Plan)
Table of Contents
Executive summary.....................................................................................................................................2
Introduction of Risk Management Plan.......................................................................................................2
Background of Case Study Project...............................................................................................................2
Risk Management Plan of Case Study project.............................................................................................2
Identification of Risk in Case Study project.................................................................................................3
Risk Analysis of Case Study project..............................................................................................................3
Risk Response plan for Case Study project..................................................................................................4
Monitor and Control Risks identified in Case Study project........................................................................4
Justification.................................................................................................................................................4
Conclusion...................................................................................................................................................5
References...................................................................................................................................................5
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BN205 Project Management
(Risk Management Plan)
Executive summary
Risk management plan is the document prepared to show the approaches which are required to be
taken to avoid the change in any of the three constraints of project management triangle. In this report
we shall go through a case study ‘OIT (Office of Information Technology)’ to make understand better on
the different phases of developing the risk management plan.
Introduction of Risk Management Plan
It is also sometimes known as risk mitigation plan1. It is an official document which is developed to
provide the knowledge of tackling any identified risks or opportunities and even the risks which are not
yet identified. This document covers all the processes of risk management, like identification, analysis
and mitigation plans.
Background of Case Study Project
SFSU (Silicon Forest State University) has various divisions, among all OIT looks about the Information
innovation frameworks. At present, SFSU was confronting the issue in dealing with the best possible
track of their ticketing framework which is being utilized to impart and keep track in regards to the
issues which are confronted on regular schedule. So they chose to scrap is old programming and design
the better one which is as of now introduce in the framework yet in not very many offices as it were. So
for the above examined work Ron Bashley was chosen as the group pioneer and Harry Bonnett alongside
Bob Biyon should bolster him.
Risk Management Plan of Case Study project
This document helps to prepare the team on the approach they should take to manage the risk so that
the impact can be eliminated or minimized2. The plan in this document is required to be developed
separately for different types of projects3. But a common process or approach is there which we need to
follow as per the project management techniques. The common steps of assessing a risk is first we need
to identify the risk and document it in the risk register with all possible details. Next step in the
developing management plan is the analysis of the identified risks by assigning the rating to it as per its
likelihood to happen and its impact. This diagram shall be developed during the phase to rank the risks
in the order of high, medium and low intensity to plan for their mitigation. Again the mitigation can be
of many types, either we accept the risk or minimize its impact either by sharing with third party or
reducing by some other means.
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BN205 Project Management
(Risk Management Plan)
Identification of Risk in Case Study project
The risks must be planned identified for the project being handled by OIT for the changing of ticketing
software from ‘Remedy’ to ‘Request Tracker’. While doing so, we must take care in considering the big
risks first and identify all sorts of risks available in the project since from its design phase to close-out 4.
Two negative risk and one positive risk is identified as follows:
Risk No. Identifier Type of Risk Risk Description
1 Ron Threat There is chance that the introduced programming 'Request
Tracker' couldn't be designed legitimately in new environment
2 Bob Threat There is chance that the correspondence structure amid the
undertaking stage comes up short and no bugs tracker remains
stand and create confusions among team members
3 Harry Opportunity There is the open door in the undertaking to complete at the
earliest and begin utilizing the new ticketing framework, this
will decrease the danger of down time
Risk Analysis of Case Study project
Now the step is to rank the risks based on it probability of occurring and the impact it can have on the
case study project5. The rankings are:
Risk No. Probability Impact
1 Low High
2 High Medium
3 Medium Medium
This table can be used to develop the probability-impact matrix, which can further be used for the
ranking of the risks, so that on the basis of the information, proper mitigation plan can be made.
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BN205 Project Management
(Risk Management Plan)
High
Medium High
Risk 2
High
Medium
Medium Medium
Opportunity 3
High
Low
Low Medium Medium
Risk 1
Low Medium High
Impact
Probability
Risk Response plan for Case Study project
In the case study’s risk assessment we have identified the risks and analyses them, so now the task is to
plan its mitigation actions as per the ranks obtained6. The ranks obtained are:
High Risk: ‘Risk No. 2’ – to avoid any confusion during the project phase, more review meetings are
proposed
Medium Risk: ‘Risk No. 1’ – some expert need to be employed for continuous supervision of the job and
assure the correctness
Medium Risk: ‘Opportunity No. 3’ – additional manpower are required to be deployed
Monitor and Control Risks identified in Case Study project
As the identification, analysis and mitigation plans are done, so the remaining task is the process of
verifying the status of risks at every meeting. Even in case of new risk generation, it must also be
introduced in the risk register by following the same method or steps. So up to this stage the job of risk
management comes to end, but the process will continue till the close-out phase.
Justification
The mitigation reactions arranged are the correct arrangement feasible for the case. Every one of the
dangers should be legitimately checked in each audit meeting so it stays on the leader of each partner
so they can act speedily. Every one of the procedures considered for the advancement of risks
administration get ready for case study project is according to the measures of the task administration
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BN205 Project Management
(Risk Management Plan)
methods beginning from the identification, analyzing, ranking and plan mitigation, all the steps are done
properly. So it is prescribed to take after the procedure if there should be an occurrence of any new
hazard is distinguished.
Conclusion
Now after studying all the deliverables of the risk management plan and the approaches of developing
the document is well known. So this example can be used for developing the risk management plan in
any professional world. For academic purpose the numbers of risks were restricted to 3 only but there
may be many more risks involved in the case.
References
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[1] MyManagementGuide. (2010, May) 2. Risk management plan for a project: Definition, Purpose,
Software, Content and Approaches. [Online].
http://www.mymanagementguide.com/guidelines/project-management/risk-management/risk-
management-plan-for-a-project-definition-purpose-software-content-and-approaches/
[2] Palmetto Document Systems. (2017) Risk Plan. [Online]. http://www.method123.com/risk-
management-plan.php
[3] ProjectEngineer. (2017) Plan Risk Responses. [Online]. http://www.projectengineer.net/knowledge-
areas/project-risk/plan-risk-responses/
[4] Larry Winters, "Deadliest catch: risk identification in the vast Bering Sea," in PMI® Global Congress
2009, North America, Orlando, 2009.
[5] Chandana. (2017, March) Risk Assessment in Project Management. [Online].
https://www.simplilearn.com/risk-assessment-project-management-article
[6] Cynthia Snyder. (2017) Control Risks Tools and Techniques You Should Know for the PMP
Certification Exam. [Online]. http://www.dummies.com/careers/project-management/pmp-
certification/control-risks-tools-and-techniques-you-should-know-for-the-pmp-certification-exam/
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