Using your own words, explain why managing risks requires information about uncertainty and the likelihood of occurrence of the different outcomes. Describe how this information can be used to reduce the overall risk of a given project.
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- Choose 10 dangers that are connected to the management of IT projects.What is project risk management, and what are the necessary measures, and what are they?If you are working on the project for Company ‘B’, then please write at least 6 major Risk factors, you can foresee, that may arise during the execution of the project. You are also required to recommend the risk mitigation (risk control) steps against each risk.Managing risk in project is the responsibilities of all stakeholders. Althoughthe potential risk cannot be eliminated, however, the potential risks to happen can be minimized and reduced. In organization, risks can come from all aspects such as business, technical, market, program, or other types of risks. 1. Describe TWO types of analysis processes conducted in performing risk analysis and management.2. List and discuss any THREE types of risk components that can be used to classify the severity level of risk categories. 3. Evaluate how organizations identify, manage, and minimize risks by adopting the use of risk register table?
- Following mini-case scenarios involve ethical dilemmas associated with projectmanagement. How would you respond to each situation, and why? Gold Star LAN projectYou work for a large consulting firm and were assigned to the Gold Star LAN project. Work on the projectis nearly completed and your clients at Gold Star appear to be pleased with your performance. Duringthe course of the project, changes in the original scope had to be made to accommodate specific needsof managers at Gold Star. The costs of these changes were documented as well as overhead andsubmitted to the centralized accounting department. They processed the information and submitted achange order bill for your signature. You are surprised to see the bill is 10 percent higher than what yousubmitted. You contact Jim Messina in the accounting office and ask if a mistake has been made. Hecurtly replies that no mistake was made and that management adjusted the bill. He recommends that yousign the document. You talk to another…Discuss the scope of project risk management. Provide your opinion on how the challenges of Covid-19 affected the scope of project risk management. Analyse the various sources of project risk associated with performance criterion. With regards to the case study, discuss in detail, the possible negative impact of COVID-19 on sources of project risk associated with performance criterion. Describe the execution stage within the context of project stakeholder views on risk needs. Discuss the significance of contingency information in project risk management. Analyse, in detail, the five (5) phases of a disaster recovery plan. Explain how a business could deflect / transfer risk associated with projects.What are some suggestions for risk management, typical response tactics, and IT system recovery issues?
- whixh of the following least denotes the control of risks: a) They are normally associated with project management b) They are extremely difficult to quantify c) They are associated with know and logical events d) Are associated with unkown and unexpected eventsAssume that your class group has been selected and hired by the FAO to manage this FAO Funded Aquaponics Project described in the article (above). Using expressed and implied information in the article, your project team is required to craft/develop some project documents and plans to help in the overall management of the Aquaponics Project, with specific focus on the components and questions/statements listed below. Explain how the activites mentioned below will be used to properly initiate of start the Aquaponics Project. Feasibilty Study Project CharterAnalyze the characteristics of a project that calls for a predictive approach to the SDLC, and the one that calls for adaptive approach.
- Talk about the four different ways an organization that's working on a project might deal with or lessen the impact of risk in a certain circumstance.MODELLING AND SIMULATION 1. What is the best way to plan a simulation project? Why? 2. Does project management help you to simulate a model? In what way/s? 3. Car dealers have realized how profitable it can be to sell automobiles by using the Web. Pretend that you work for a local car dealership that is part of a large chain of car industry. Create a project management process (include the sub-processes) that you will implement in developing such web-based system.If we don’t know our history, we are doomed to repeat it. Knowing an organisation’s past failures and successes are keys to smooth project management in the future. Unrealistic expectations are avoidable and colossal barriers to project success. So, how do we manage these expectations from the very beginning of a project before it’s too late? One of the best ways to determine realistic expectations for any project is to examine historical data (Taylor Putnam-Majarian, 2015) With reference to the above, explain Fact Based Decision Making and show why Fact-based management is regarded as a core project quality concept