Note: Everything In Bold Is Things I Need To Turn In For ✓ Solved

Note Everything Inboldare Things That I Need To Turn In For My Partt

Note Everything Inboldare Things That I Need To Turn In For My Partt

Note Everything Inboldare Things That I Need To Turn In For My Partt

NOTE: Everything in BOLD are things that I need to turn in for my part.

Think of how many risks come into play when you decide to conduct a simple project, such as painting your living room. The following are some examples of risks: What type of paint will you use (and can you afford high-quality paint)? Who will move that brand new, big screen TV? Who is going to paint? Do you have the time, money, and resources? Have you ever considered any of this, or do you simply cover up as much things as you can and start painting? Risks exist regardless of whether people acknowledge it or not. Depending on the complexity of the project, the number and type of risk multiplies. Everyone has their own solution to each risk, but when working with a group within an organization, fragmentation such as this becomes counterproductive and a major risk in the end.

Scenario : I have come with an Idea called ROSE which stands for Reserve on Site Easily, its a application that can be used on any phone. How it works is by lets say someone doesn't have a Wi-Fi connection or is not by Wi-Fi. What would happen is once by or near Wi-Fi their reservations will be saved and than will be sent to the hotel they would like to stay at, this will save a lot of time for not only them but the hotel as well. This will also save their spot until they have reached Wi-Fi, this will also be able to show what's available and what's not available when not on Wi-Fi.

Group Portion

As a group, you are to describe a project that all of you will participate in, and include the following:

  • Define the goal of the project
  • List the project's duration
  • Explain who are the stakeholders (those who participate)
  • Review benefits by the project implementation
  • Explain your need for resources

Individual Portion

Each group member is to come up with 2 risks to this project. Each risk must include the following elements:

  • What technique(s) was used to identify the risk?
  • What type of risk is it, and does it have specific IT elements and considerations?
  • How was the risk assessed, and how does it rank with all of the risks identified by the group?
  • Is the risk qualitative or quantitative, and does it work with an EMV or Pareto analysis with all of the risks identified by the group?
  • What is the response to this risk, assuming it occurs during the project's lifecycle? Provide at least 2 contingency plans for this risk (one primary and a second backup).

Group Portion

Combine the individual portion into a cohesive 6–8-page report that also includes the following:

  • A summary of the project (as discussed in the 1st group discussion)
  • How will the risks be monitored and controlled?
  • How will risks be communicated to all project participants?
  • What EVM comes from the risk management plan?
  • Are there any special tools utilized by the plan to manage all identified risks?

Sample Paper For Above instruction

Note Everything Inboldare Things That I Need To Turn In For My Partt

This paper discusses the comprehensive risk management plan for a group project involving the development and implementation of the ROSE application. The project aims to create a mobile platform allowing users to reserve hotel spots even without direct Wi-Fi access, thus enhancing convenience and efficiency for users and hotels alike.

Project Overview

The goal of the project is to develop a user-friendly mobile application that enables reservations to be stored locally and transmitted when a Wi-Fi connection becomes available. The project is planned for a duration of six months, with stakeholders including the project team, hotel partners, end-users, and technical vendors.

Benefits of Project Implementation

Implementing the ROSE application offers numerous benefits such as increased reservation efficiency, improved user experience by saving time, reduced operational load on hotel staff, and increased customer satisfaction. The project also positions participating hotels as innovative leaders in their markets, fostering competitive advantages.

Resource Needs

The project requires resources including skilled software developers, mobile platform tools, server infrastructure, testing devices, and funding for marketing and deployment efforts. Effective resource allocation ensures timely delivery and high-quality performance of the application.

Risks Identification and Evaluation

Each team member identified two critical risks using techniques such as brainstorming and expert interviews. For instance, one risk identified was data security breaches. This risk is classified as a technical risk with IT-specific considerations including encryption and data privacy compliance. Risk assessments were conducted using qualitative analysis, ranking the risks based on potential impact and likelihood.

Another risk identified was integration challenges with existing hotel systems, assessed through a Pareto analysis that prioritized risks based on frequency and severity. The risks were evaluated as high priority due to their potential to delay project timelines and increase costs.

Risk Response and Contingency Plans

Primary responses included implementing robust cybersecurity measures and conducting integration testing early in the development cycle. Backup plans included establishing emergency protocols such as manual reservation management and redundant system backups, ensuring project continuity despite adverse events.

Monitoring and Controlling Risks

The project will employ risk monitoring tools including regular risk review meetings, risk logs, and real-time tracking dashboards. Risks will be communicated through scheduled stakeholder updates and project management software, ensuring transparency and proactive mitigation.

Risk Management Tools and EVM

To manage all identified risks, the plan includes advanced risk management software that integrates with project schedules and budgets. Earned Value Management (EVM) metrics such as Cost Performance Index (CPI) and Schedule Performance Index (SPI) will be derived from risk responses to track project health and facilitate decision-making.

References

  • Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. John Wiley & Sons.
  • PMBOK Guide (6th Edition). (2017). Project Management Institute.
  • Hillson, D. (2019). Managing Risk in Projects. Routledge.
  • Booth, B., & Bennett, M. (2020). Risk Management for Projects. PMI.
  • Chapman, C., & Ward, S. (2011). How to Manage Project Opportunity and Risk. Wiley.
  • Chapman, C., & Ward, S. (2018). Fairly Accurate & Valid Estimation of Project Risks Using Expert Judgment. Risk Analysis.
  • Hopkin, P. (2018). Fundamentals of Risk Management. Kogan Page.
  • Nokes, S. (2020). Quantitative Risk Analysis Techniques. Project Management Journal.
  • Al-Baaj, B. (2018). IT Risk Management: A Guide for Managers. Springer.
  • ISO 31000:2018. Risk Management — Guidelines. International Organization for Standardization.

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