Executive Summary

Executive Summary:
Risk is defined as an incident that has a possibility of happening and may have a positive or negative
impact on a project if it does. A risk can have one or more causes and one or more outcomes if it occurs.
Obtaining an environmental permit to begin construction, for example, or having limited workers
assigned to develop the project might be factors. The risk event is that the permitting agency takes
longer than expected to issue a permit, or that the number of persons available and allotted for the
operation is insufficient. If one of these unanticipated events occurs, the cost, schedule, or performance
of the project may suffer.
Risk management is a continuous process that lasts the length of a project. It includes actions such as
risk management planning, identification, analysis, monitoring, and control. Many of these processes are
modified over the project lifecycle when new risks emerge. Risk management is to limit the chance and
impact of occurrences that are harmful to the project. Any situation, on the other hand, that has the
potential to be good should be capitalized on.
This document seeks to give a management framework to ensure that risk and uncertainty levels are
effectively handled throughout the program. Because risk management is a continuous process
throughout the life of a program, the Risk Register should be seen as a "snapshot" of relevant dangers at
a specific point in time. This will be achieved by specifying the following:
 the procedure that the Program will/has used to identify, analyze, and assess risks throughout
the program's duration;
 how risk mitigation techniques will be developed and implemented to reduce risk's chance
and/or affect
 how frequently risks will be assessed, the review method, and who will be involved
 Roles and responsibilities in risk management;
 how risk status and changes will be communicated within the Program and to the Steering
Committee;
 a thorough Risk Register that includes all risks identified for the Program, their current gradings,
and danger mitigation measures devised to reduce the likelihood and severity of each risk.
Introduction:
The risks in the Website Software Redevelopment Program are identified, analyzed, and mitigated
where possible, and risks are constantly monitored throughout the program when new risks or threats
emerge or the effect or likelihood of risk changes.
Because risk management is a continuous activity throughout the life of a program, this Risk
Management Plan and Risk Register should be seen as a "snapshot" of relevant risks at a specific point in
time.
Where appropriate, members of the Steering Committee, the Website Software Redevelopment
Program Reference Group, other relevant stakeholders, and Program team members shall be consulted
during the risk identification, assessment, and countermeasure development process.
Risk Assessment:
Identification:
This project's risks were identified during the initial project risk assessment meeting.
The project team used the Crawford Slip technique to detect risks. The project manager convened the
risk assessment meeting, which involved
 the project team and

 appropriate stakeholders
giving each member of the team a notebook and giving them 10 minutes to jot down as many threats as
they could, keeping in consideration all the environmental factors, organizational culture, and the
project management plan, including the project scope. The project deliverables, assumptions,
constraints, work breakdown structure, cost/effort estimates, and resource strategy all too were
scrutinized extensively.
1. Interview with a Subject Matter Expert:
Two expert interviews were conducted as part of this research. The interviews revealed a number of
risks, which were later mitigated by altering the project design. The remaining dangers have been added
to the Risk Register.
2. Risk Assessment Meeting:
A risk assessment meeting was planned with important team members and stakeholders. The risks
discussed at this meeting were included in the project plan and Risk Register.
3. An Overview of Previous Similar Projects:
The project team researched the history of past projects to determine the most common dangers and
the risk-management strategies used.
Analysis and Evaluation:
In order to determine the severity of the risks identified by the team, each risk was assigned a likelihood
and effect factor. Using this strategy, the project manager was able to prioritize risks based on their
probable influence on the project. A probability-impact matrix was utilized by the project manager to
assist the team in moving each risk to the appropriate spot on the chart.
If the Project’s purpose and need are not well-defined then it may cause the reduction in program’s
quality.
Project design and deliverable definition is incomplete.
Project schedule is not clearly defined or understood.
Estimating/or scheduling errors.
Lack of communication, causing lack of clarity and confusion.
Pressure to arbitrarily reduce task durations and or run tasks in parallel which would increase risk of
errors.
Program outcomes (benefits) are delayed or reduced; Program output quality is reduced; Timeframes
are extended; Costs are increased
Likelihood Seriousness
Low Medium High EXTREME
Low N D C A
Medium D C B A
High C B A A

Executive Summary

Uploaded by

Copyright:

Available Formats

Executive Summary

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Executive Summary

Uploaded by

Copyright:

Available Formats

Executive Summary:

 the project team and

1. Interview with a Subject Matter Expert:

3. An Overview of Previous Similar Projects:

Analysis and Evaluation:

Project design and deliverable definition is incomplete.

Project schedule is not clearly defined or understood.

Estimating/or scheduling errors.

Lack of communication, causing lack of clarity and confusion.

You might also like