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RISK MANAGEMENT

RISK MANAGEMENT FOR AN IS/IT PROJECT

This paper reviews the application of risk management in planning form an IS/IT project. The review considers questions related to (1) the incorporation of risk management into planning, (2) risks other than project-related crises, (3) appropriate crisis management tools, and (4) structuring the project management plan to minimize adverse outcomes on the IT industry and technology.

A: How to Incorporate Risk management in Project Planning

The application of the project risk-management process to an IS/IT project concerns potential future events associated with such a project. Defining and establishing the risks associated with the project for incorporation into the project planning will involve a four-step procedure. These steps are (1) establishing the context of the project risks, (2) identifying the potential risks associated with the project, (3) analyzing the probability-consequence relationships of the risks, and (4) developing a risk treatment plan for the identified risks (Goldberg & Kraus, 1999).

The process of identifying potential risks and the implications for the project of the potential risks, it is necessary to consider (1) the characteristics of the organization responsible for the project, (2) project resource requirements and sources, (3) the external dimensions of the project, and (4) room for maneuver structured into the project's baseline plan (Meredith & Mantel, 2001). Finally, the incorporation of risk management into project planning requires the development of a comprehensive risk management strategy that becomes a component of the project master plan (Kerzner, 2001).

B: Identifying and Responding to Risks to A Project That Are Not Project-Related Crises

There are four major links in contingency relationships. These links are the influence of the external environment on a project, the influence of organizational variables on a project, the influence of...

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RISK MANAGEMENT. (1969, December 31). In LotsofEssays.com. Retrieved 04:38, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1689052.html