Risk Management Plan Of SFSU

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Risk Management Plan Of SFSU

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Risk Management Plan Of SFSU

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Question:
Discuss about the Risk Management Plan of SFSU.
 
 
Answer:

Introduction
Risk administration is a technique to identify the probable opportunity and risk [1]. Thereafter the list is segregated as per the positions obtained during analysis. Subsequently the mitigation or response plan is developed on the basis of positions obtained. The data obtained are required to be dealt with the opportunity and threat and plan in like way with the objective that it doesn’t let influence any of the three limitations of the project.
Background of case study
SFSU (Silicon Forest State University) has numerous data framework related exercises which are being regulated by the OIT (Office of Information Technology) division. The clients at back end of OIT used ‘Request Tracker’ for passing on and following the ticketing system in light of UNIX, while the clients at front end were using ‘Remedy’ structure for making and following ticketing system which is being utilized for observing and following the bugs. For any kind of interest to clients of back end, the clients of front end need to physically type the issue to ‘Request Tracker’. However, now the workplace changed the product being utilized by the clients of front end to ‘Request Tracker’ and gave the task to Ron to lead the venture with the help of Harry, however both of them need to report to two different bosses.
Risk Management Plan
Opportunity and dangers in any assignment are coordinated on the preface of the techniques defined in the risk management. The exercises which link into the masterminding of threat association design are recognized, analyzed and positioned accordingly [2]. The opportunity and dangers can be of many sorts, and fit for affecting cost, plan and quality, particular, really definitive and so forth. An entire reason for the risk design is to set the activity and make ourselves ready for all the perceived dangers especially at a range by saying rank ‘low’, ‘medium’ or ‘high’. There are particular sorts of dangers facilitating procedures or steps which should be taken in the wake of situating all the perceived opportunities and threats. There can be many activity intends to moderate the hazard like exchanging it, imparting it to any external party, staying away from it absolutely or tolerating.
 
Risk Identification
(27th August 2017) RISK 1. By Pike. There is threat of having cost overrun
(30th August 2017) RISK 2. By Ron. There is threat of having communication gap due to same organizational level of myself and Harry
(1st September 2017) RISK 3. By Harry. There is threat of having time overrun due to extra time consumed during information gathering stage
Risk Analysis

RISK No.

By

Description

Probability

Impact

1

Pike

There is threat of having cost overrun

High

High

2

Ron

There is threat of having communication gap due to same organizational level of myself and Harry

Medium

High

3

Harry

There is threat of having time overrun due to extra time consumed during information gathering stage

Medium

Medium

Risk response plan [3]
Risk 1: cash flow need to be monitored closely. There can be other plan of keeping the management reserves if possible. Since the budget allocated for the year is very low.
Risk 2: frequent meeting rather than communicating through mails is the only way out so that the team can meet physically and share each other’s issue openly.
Risk 3: time schedule need to be monitored closely to avoid any delay, else the extra time consumed for gathering the information can cause the overall delay of the project and the communication gap can increase.
Monitoring and Controlling Risk
This stage of risk administration is required for the proper management of the risks throughout the project life cycle [4]. The risks are very dynamic in nature and can change its ranking frequently as or the environmental conditions. So the risk register need to be reviewed in every stages of the project for proper monitoring. Moreover the new risks identification should not be stopped and the identified risks need to be again analyzed as above and ranking and its mitigation and response plan need to be developed.
Evaluation / Justification
Finally it can be justified that the result obtained by the processes of identification and analysis of the risks, the obtained result are the real cause of tension for Ron. There is always a chance of cost and time overrun because of communication gap. Also the steps need to be continued throughout the project life cycle to identify any more threats [5].
Conclusion
So now it can be finished up at long last that the undertaking brought about by OIT should be followed categorically like cost, time and communication and none of the issues can be overlooked. Else there can be cost and time overrun. So it should be Ron’s responsibility to take care of the constraints and discuss these issues in every meeting to infiltrate the issues to all stakeholders.
 
References
Australian Government. (2017) https://www.austrac.gov.au. [Online]. https://www.austrac.gov.au/risk-management-tool-small-medium-sized-businessesInstitute of Risk Management. (2016) About Risk Management. [Online]. https://www.theirm.org/the-risk-profession/risk-management.aspxet al. Wiley. (2017) 11.2 Risk Management Process. [Online]. https://pm4id.org/chapter/11-2-risk-management-process/MyManagementGuide. (2010, May) 2. Risk management plan for a project: Definition, Purpose, Software, Content and Approaches. [Online]. https://www.mymanagementguide.com/guidelines/project-management/risk-management/risk-management-plan-for-a-project-definition-purpose-software-content-and-approaches/Educba. (2016, July) 6 Basic Steps to Develop a Project Risk Management Plan. [Online]. https://www.educba.com/project-risk-management-plan/

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