Information Technology Project Management
9th Edition
ISBN: 9781337101356
Author: Kathy Schwalbe
Publisher: Cengage Learning
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Please provide a concise explanation for each of the five different risk-control
techniques.
Your team represents the ERP Design and Development Project for a XYZ hospital. Your company's senior management has requested that you prepare a risk management plan that identifies potential risks and identifies risk management strategies. From the course content and readings, you know that the overall purpose of risk planning is to anticipate possible risk events and be ready to take appropriate action when risk events occur, to eliminate or reduce negative impacts on the project.
Following features must be addressed in your risk management strategy:• Realistic Assumptions based on the scenario• Risk identification (Risk item checklist)• Risk projection (developing a risk table and Assessing risk impact)• Risk Mitigation and Monitoring plan
Please list and quickly explain each of the five ways to control risk.
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- Which five risk-control strategies should be mentioned and quickly explained?arrow_forwardA recommended approach is that the people assigned to implement a risk management program should begin by studying the models presented earlier in this chapter and identifying what each offers to the envisioned process. Once the organization understands what each risk management model offers, it can adapt one that is a good fit for the specific needs at hand. Which risk control strategy would you consider the most effective and why? When should the strategy be used and why should it not be used for all risks?arrow_forwardAs a risk manager of an emerging property investment company, you have been asked to conduct a security risk profile. You have already identified a risk register with associated sensitivity. However, your manager would like to have a high-level view of the risk impact categories for the identified resources. Explain to your manager the most common impact categories that should be included in a security profile and the reasons why.arrow_forward
- I would appreciate it if you could list and quickly describe each of the five different risk management strategies that are available.arrow_forwardHave you experienced scope creep in your development of a Risk Management Plan (or other policy)? If so, how did you handle it? If not, what actions would you have taken to control scope creep? (Remember, if you have not personally experienced this situation, please research a company or individual who has dealt with scope creep and provide a brief overview of their situation. Be sure to copy/paste the link from which you retrieved the information)arrow_forwardAn outside consultant has been hired to perform a risk analysis for a company. As part of the report, he details the likelihood of certain events occurring, as well as the impact they would have. Which of the following could he use to display this information in his report? a. Impact analysis b. Risk matrix c. Qualitative risk calculation d. Quantitative risk calculationarrow_forward
- Under what circumstances should risk control strategies be applied?arrow_forwardWhich of the following are stages of risk-based analysis Select one: a. Risk identification, analysis and classification, decompisition and reduction assessment are not the complete stages b. Risk identification, analysis and classification, decompisition and reduction assessment c. Risk decompisition and reduction assessment d. Risk identification, analysis and classificationarrow_forwardIt is critical to identify the five risk-control techniques and provide a concise explanation of each.arrow_forward
- What are the different sources of risk?Explain quantitative and qualitative risk assessment processes.arrow_forwardProvide a short description of each of the five methods used to mitigate risk.arrow_forwardFor your client, a regional distribution center for an auto parts manufacturer, please explain the differences between a qualitative and quantitative approach to risk assessment. Be sure to discuss, why a schema is important and how it will be defined and used in the assessment you are discussing.arrow_forward
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