Risk Management Plan for Project Management
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AI Summary
The report outlines a detailed risk management plan for the Office of Information Technology, focusing on identifying, analyzing, and responding to various project risks. It includes an introduction to risk management, an executive summary, a background of the case study, and a structured risk management plan that addresses potential risks associated with the project. The report emphasizes the importance of monitoring and controlling risks to ensure project success within budget and time constraints.

RISK MANAGEMENT PLAN
Student Name = Asad Ullah
Student Number = mit170394
Unit Name = Project Management
Unit Code = BN205
Lecturer =Mr. Darshan Mongia
1
Student Name = Asad Ullah
Student Number = mit170394
Unit Name = Project Management
Unit Code = BN205
Lecturer =Mr. Darshan Mongia
1
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................................3
EXECUTIVE SUMMARY.................................................................................................................................4
BACKGROUND OF THE CASE STUDY............................................................................................................5
RISK MANAGEMENT PLAN...........................................................................................................................6
IDENTIFICATION OF RISKS ASSOCIATED WITH THE PROJECT.......................................................................6
RISK ANALYSIS.............................................................................................................................................7
RISK RESPONSE PLAN FOR IDENTIFIED RISK................................................................................................7
MONETORING AND CONTROLLING THE IDENTIFIED RISKS..........................................................................8
JUSTIFICATION OF PROPOSED RISK PLAN....................................................................................................9
CONCLUSION.............................................................................................................................................10
REFERENCES..............................................................................................................................................11
2
INTRODUCTION...........................................................................................................................................3
EXECUTIVE SUMMARY.................................................................................................................................4
BACKGROUND OF THE CASE STUDY............................................................................................................5
RISK MANAGEMENT PLAN...........................................................................................................................6
IDENTIFICATION OF RISKS ASSOCIATED WITH THE PROJECT.......................................................................6
RISK ANALYSIS.............................................................................................................................................7
RISK RESPONSE PLAN FOR IDENTIFIED RISK................................................................................................7
MONETORING AND CONTROLLING THE IDENTIFIED RISKS..........................................................................8
JUSTIFICATION OF PROPOSED RISK PLAN....................................................................................................9
CONCLUSION.............................................................................................................................................10
REFERENCES..............................................................................................................................................11
2

INTRODUCTION
Managing risk is one of the most crucial tasks which involves forecasting and evaluating of all the risk
factors which could incur in near future. Evaluating the risk factors is an important aspects attached with
any project. Hence, a report is developed which will avail the possible risk factors which could incur in
the project of Office of Information Technology. The report will also include data related with the risk
management plan required to be applied in the project. This risk management plan will help in
mitigating the risk. Applying the risk management plan will help Office of Information Technology in
completing the project within the required time and budget decided by the company.
3
Managing risk is one of the most crucial tasks which involves forecasting and evaluating of all the risk
factors which could incur in near future. Evaluating the risk factors is an important aspects attached with
any project. Hence, a report is developed which will avail the possible risk factors which could incur in
the project of Office of Information Technology. The report will also include data related with the risk
management plan required to be applied in the project. This risk management plan will help in
mitigating the risk. Applying the risk management plan will help Office of Information Technology in
completing the project within the required time and budget decided by the company.
3
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EXECUTIVE SUMMARY
Risk management is an activity which helps the organisation making several set of decisions regarding
the future aspects which will indulge in near future. For a project manager or a company planning to
initiate a project one of the most important aspects required to be focused upon is risk management.
Forecasting is the most effective way with the effect of which risk factors which could occur in near
future could be analysed. After analysing the risk factors company should develop the strategies with
the effect of which these risk factors could get mitigated. Hence, a report is developed in relation with
risk management system which will help Office of Information Technology (OIT) in identifying the risk
involved in the project. The project will also provide a support system which will help the company in
mitigating the future risks.
4
Risk management is an activity which helps the organisation making several set of decisions regarding
the future aspects which will indulge in near future. For a project manager or a company planning to
initiate a project one of the most important aspects required to be focused upon is risk management.
Forecasting is the most effective way with the effect of which risk factors which could occur in near
future could be analysed. After analysing the risk factors company should develop the strategies with
the effect of which these risk factors could get mitigated. Hence, a report is developed in relation with
risk management system which will help Office of Information Technology (OIT) in identifying the risk
involved in the project. The project will also provide a support system which will help the company in
mitigating the future risks.
4
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BACKGROUND OF THE CASE STUDY
OIT (Office of Information Technology) is using a ticketing system so as to report the bugs across
different departments. The ticketing software helps in maintaining the information system at SFSU level.
This work of maintaining the bugs is dine from the front end which is a user interface to the back end in
which data, servers and networks of the company remain available1. There are certain points at which
Remedy ticketing software were chosen by the company so as to manage the bugs. At several times
company has noticed that the ticketing software does not work properly due to which information
system of the company get affected. So as to manage the bugs company has decided to develop a new
software system. This Software will work more accurately in managing the flow of information; this will
help company in transferring the information from front end to the back end in a more accurate as well
as in a proper way. Hence, a report is developed which will provide information related with risk aspects
which could incur in the project. This report will also help in delivering the strategies which could be
adopted by the company to manage the risk factors and develop the project in an effective way2.
5
OIT (Office of Information Technology) is using a ticketing system so as to report the bugs across
different departments. The ticketing software helps in maintaining the information system at SFSU level.
This work of maintaining the bugs is dine from the front end which is a user interface to the back end in
which data, servers and networks of the company remain available1. There are certain points at which
Remedy ticketing software were chosen by the company so as to manage the bugs. At several times
company has noticed that the ticketing software does not work properly due to which information
system of the company get affected. So as to manage the bugs company has decided to develop a new
software system. This Software will work more accurately in managing the flow of information; this will
help company in transferring the information from front end to the back end in a more accurate as well
as in a proper way. Hence, a report is developed which will provide information related with risk aspects
which could incur in the project. This report will also help in delivering the strategies which could be
adopted by the company to manage the risk factors and develop the project in an effective way2.
5

RISK MANAGEMENT PLAN
RISK MANAGEMENT PLAN
1. Identification of the Risk
2. Categorization of the Risk
3. Probability of the Risk and Assessment of its impact
4. Prioritizing the Risk 3
5. Planning of the Risk Response
6. Developing a Risk Management Strategy
7. Monitoring the Risk
8. Controlling the Risk
9. Assumptions with the Significant Impact of the risk attached with project
10. Understanding the roles and responsibilities 4
IDENTIFICATION OF RISKS ASSOCIATED WITH THE PROJECT
Office of Information Technology is working on an Information Technology Project in which there are
various set of risk factors which remain attached. It is required that the company should focus upon
these risk factors and develop the strategies to mitigate the same5.
1. Schedule risk
2. Budget Risk
3. Operational Risk
4. Technical Risks
5. Programmatic Risks
6
RISK MANAGEMENT PLAN
1. Identification of the Risk
2. Categorization of the Risk
3. Probability of the Risk and Assessment of its impact
4. Prioritizing the Risk 3
5. Planning of the Risk Response
6. Developing a Risk Management Strategy
7. Monitoring the Risk
8. Controlling the Risk
9. Assumptions with the Significant Impact of the risk attached with project
10. Understanding the roles and responsibilities 4
IDENTIFICATION OF RISKS ASSOCIATED WITH THE PROJECT
Office of Information Technology is working on an Information Technology Project in which there are
various set of risk factors which remain attached. It is required that the company should focus upon
these risk factors and develop the strategies to mitigate the same5.
1. Schedule risk
2. Budget Risk
3. Operational Risk
4. Technical Risks
5. Programmatic Risks
6
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RISK ANALYSIS
The above risk matrix will help in analysing the risk factors which could occur in the information
technology project of Office of Information Technology. It is required that the risk factors should be put
on the basis of the consequences and according to its likelihood of the occurrence. Such type of activity
will help the company in analysing the risk and setting priorities for the same6.
RISK RESPONSE PLAN FOR IDENTIFIED RISK
Risk Impact Likelihood Composite
Risk Score
Response
Type
Risk Response
Schedule risk High Very Likely 5 Quick It is required that
quick response should
be given so that risk
could be managed in
the initial phase only7.
Programmatic
Risks
High Likely 3 Mode
rate
It is necessary that
programming should be
rechecked and testing
should be done on
timely basis.
Operational Risk High Not Likely 4 Quick Quick response should
7
The above risk matrix will help in analysing the risk factors which could occur in the information
technology project of Office of Information Technology. It is required that the risk factors should be put
on the basis of the consequences and according to its likelihood of the occurrence. Such type of activity
will help the company in analysing the risk and setting priorities for the same6.
RISK RESPONSE PLAN FOR IDENTIFIED RISK
Risk Impact Likelihood Composite
Risk Score
Response
Type
Risk Response
Schedule risk High Very Likely 5 Quick It is required that
quick response should
be given so that risk
could be managed in
the initial phase only7.
Programmatic
Risks
High Likely 3 Mode
rate
It is necessary that
programming should be
rechecked and testing
should be done on
timely basis.
Operational Risk High Not Likely 4 Quick Quick response should
7
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be given as no risk at the
operational level will be
handled
Technical Risks Medium Not Likely 2 Mode
rate
Technical risks could
occur but it is required
that company should
check all the
technicalities in the
initial phase only8.
Budget Risk High Likely 4 Quick Quick response should
be given as lack of
proper funds could
affect the whole project.
MONETORING AND CONTROLLING THE IDENTIFIED RISKS
8
operational level will be
handled
Technical Risks Medium Not Likely 2 Mode
rate
Technical risks could
occur but it is required
that company should
check all the
technicalities in the
initial phase only8.
Budget Risk High Likely 4 Quick Quick response should
be given as lack of
proper funds could
affect the whole project.
MONETORING AND CONTROLLING THE IDENTIFIED RISKS
8

To monitor and control the risk it is required that a risk register should be prepared, auditing of all the
risk factors should be done, feedbacks of the IT teams should be taken, a checklist should be developed
and cross checking of all the risk factors should be done in a proper way7.
JUSTIFICATION OF PROPOSED RISK PLAN
Developing a risk management plan always results in helping the companies in some or the other way.
In present scenario it could be evaluated that the risk management plan developed is effective as it
include all the aspects which are required to manage the risk also it covers all the risk factors which
could affect the project of Office of Information Technology8.
9
risk factors should be done, feedbacks of the IT teams should be taken, a checklist should be developed
and cross checking of all the risk factors should be done in a proper way7.
JUSTIFICATION OF PROPOSED RISK PLAN
Developing a risk management plan always results in helping the companies in some or the other way.
In present scenario it could be evaluated that the risk management plan developed is effective as it
include all the aspects which are required to manage the risk also it covers all the risk factors which
could affect the project of Office of Information Technology8.
9
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CONCLUSION
It could be concluded that risk management plan is one of the most important aspects attached with any
organisation. It is required that company should indulge in practices of develop a proper risk
management plan. Identification of all the risk factors is equally important for the project manager
working on a new project. Such type of aspects helps in reducing the risk of occurrence of the future
risks in the project and help in completing the same within the budget and time.
10
It could be concluded that risk management plan is one of the most important aspects attached with any
organisation. It is required that company should indulge in practices of develop a proper risk
management plan. Identification of all the risk factors is equally important for the project manager
working on a new project. Such type of aspects helps in reducing the risk of occurrence of the future
risks in the project and help in completing the same within the budget and time.
10
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REFERENCES
[1]"Developing a Step-by-Step Risk Management Plan", The Volunteer Management Report, vol. 22, no.
6, pp. 7-7, 2017.
[2]L. Bergeson, "EPA's New, Final Work Plan Risk Assessments and What They Mean to
You", Environmental Quality Management, vol. 24, no. 2, pp. 89-96, 2014.
[3]J. Teller, A. Kock and H. Gemünden, "Risk Management in Project Portfolios Is More Than Managing
Project Risks: A Contingency Perspective on Risk Management", Project Management Journal, vol. 45,
no. 4, pp. 67-80, 2014.
[4]S. Denas, "Estimating and Managing Enterprise Project Risk Using Certainty", International Journal of
Risk and Contingency Management, vol. 6, no. 2, pp. 47-59, 2017.
[5]L. van Scheers, "Managing the risk of the community engagement project: SME managerial skills
transfer project at UNISA", Problems and Perspectives in Management, vol. 14, no. 4-1, pp. 154-158,
2016.
[6]D. Hillson and R. Murray-Webster, Understanding and managing risk attitude. Aldershot, England:
Gower, 2007.
[7]A. Labbi, Handbook of Integrated Risk Management for E-Business. Boca Raton: J. Ross Publishing,
Incorporated, 2014.
[8]R. Kendrick, Outsourcing IT. Ely: IT Governance Pub., 2009.
11
[1]"Developing a Step-by-Step Risk Management Plan", The Volunteer Management Report, vol. 22, no.
6, pp. 7-7, 2017.
[2]L. Bergeson, "EPA's New, Final Work Plan Risk Assessments and What They Mean to
You", Environmental Quality Management, vol. 24, no. 2, pp. 89-96, 2014.
[3]J. Teller, A. Kock and H. Gemünden, "Risk Management in Project Portfolios Is More Than Managing
Project Risks: A Contingency Perspective on Risk Management", Project Management Journal, vol. 45,
no. 4, pp. 67-80, 2014.
[4]S. Denas, "Estimating and Managing Enterprise Project Risk Using Certainty", International Journal of
Risk and Contingency Management, vol. 6, no. 2, pp. 47-59, 2017.
[5]L. van Scheers, "Managing the risk of the community engagement project: SME managerial skills
transfer project at UNISA", Problems and Perspectives in Management, vol. 14, no. 4-1, pp. 154-158,
2016.
[6]D. Hillson and R. Murray-Webster, Understanding and managing risk attitude. Aldershot, England:
Gower, 2007.
[7]A. Labbi, Handbook of Integrated Risk Management for E-Business. Boca Raton: J. Ross Publishing,
Incorporated, 2014.
[8]R. Kendrick, Outsourcing IT. Ely: IT Governance Pub., 2009.
11
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