VoIP Risk Register Utilizing The Delphi Technique Your Team

Voip Risk Registerutilizing The Delphi Technique Your Team Constru

VoIP (Risk Register) Utilizing the Delphi technique, your team constructed the following risks register the VoIP project containing the risk, the likelihood of its occurrence on a scale of 1 (least likely) to 5 (most likely), and the potential negative impact on the project on the same scale. In addition, they recommended the appropriate response and identified its type for one of the risks identified. # Risk Likelihood (1-5) Impact (1-5) Response Type Response 1 Project Delayed due to lack of resources Project runs out of funds before completion Users reject new system Defective Hardware New government regulations introduced during deployment increase the cost of running VoIP Yearly renewal fee issued on the legacy system due to delay of over 30 days in deployment of the new system Mitigation Schedule check 30 days before project deadline to determine if action needs to be taken to avoid delay. Decision tree will be utilized. Write a three to five (3-5) page paper in which you: 1. Explain risk management and its associated activities and defend the need for a risk management plan. 2. Describe the Delphi technique used to identify risks and infer on types of projects where this technique is most accurate. 3. Examine the four (4) types of risk response (i.e., avoidance, acceptance, transference, and mitigation) and determine the appropriate situation where each should be used. 4. Complete the table with the risk response type (i.e., avoidance, acceptance, transference, and mitigation) and a description of the response. 5. Create a decision tree with the software of your choice to address risk number 6. Assume that when you check the schedule on day 60 of the project, it becomes evident that two (2) additional engineers are needed to ensure on-time completion of the project. The engineers cost $25,000 each and a fee of $120,000 is issued by the legacy provider. The probability of completing the project on time is as follows: With the current personnel – 60%; With one (1) engineer – 80%; With both engineers – 98%. 6. Explain the methodology utilized to create a decision tree and recommend the appropriate action to take based on your decision tree from criterion 5. 7. Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources. Your assignment must follow these formatting requirements: . Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA format. . Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. . Include the decision tree created in your chosen software. The completed decision tree must be imported into the Word document before the paper is submitted.

Paper For Above instruction

Effective risk management is a fundamental aspect of successful project execution, especially in technology-driven initiatives such as Voice over Internet Protocol (VoIP) deployments. It involves systematically identifying, analyzing, and responding to risks that could impact project objectives, timelines, costs, or quality. A comprehensive risk management plan ensures that stakeholders are aware of potential threats and are prepared to mitigate or capitalize on them effectively, thereby enhancing the likelihood of project success and minimizing adverse outcomes.

Risk management begins with risk identification, where potential threats are systematically unearthed through various methods, including brainstorming, expert interviews, and structured techniques such as the Delphi method. Once identified, risks are assessed based on their likelihood of occurrence and potential impact, often quantified on a scale of 1 to 5. This assessment informs prioritization, enabling project managers to allocate resources and attention to the most critical risks. The next step involves developing appropriate responses tailored to each risk’s nature, categorized into avoidance, acceptance, transference, or mitigation. Implementation of responses, coupled with continuous monitoring, forms an ongoing process integral to project governance.

The Delphi Technique and Its Role in Risk Identification

The Delphi technique is a structured communication method that relies on a panel of experts who reply to questionnaires in multiple rounds. After each round, a facilitator provides an anonymized summary of the experts’ forecasts and reasons, encouraging re-evaluation and consensus building. The iterative process aims to converge on a common understanding of risks, making it particularly effective for complex projects with uncertain or evolving environments like VoIP deployment.

This technique’s strength lies in reducing bias, enhancing the depth of analysis, and leveraging collective expertise. It is most accurate in projects where ambiguity is high, and expert judgment is vital for risk identification—such as technological innovations, software development, or infrastructure projects involving regulatory or hardware uncertainties. In VoIP projects, where hardware failures, regulatory changes, and user acceptance pose significant threats, the Delphi technique efficiently captures these risks through expert consensus, facilitating robust risk registers.

Four Types of Risk Response Strategies

The four primary risk response strategies—avoidance, acceptance, transference, and mitigation—offer varied approaches depending on risk characteristics.

• Avoidance: Eliminating the risk entirely by changing project scope or approach. Suitable when the risk presents a catastrophic threat with little possibility of effective mitigation, such as abandoning a high-risk technology.
• Acceptance: Recognizing the risk but choosing to accept its consequences without active intervention. Appropriate for low-impact risks or when response costs outweigh benefits, such as accepting minor delays due to unforeseen regulatory reviews.
• Transference: Shifting the risk to a third party, typically through insurance or contractual agreements. Used when external specialists can better manage certain risks, like hardware defects or vendor dependencies.
• Mitigation: Implementing measures to reduce the probability or impact of a risk. Appropriate when the risk is manageable but requires proactive control, such as scheduling buffer periods for hardware deployment delays.

Risk Response Table

Decision Tree for Addressing Risk in Project Schedule

In scenarios where additional resources are needed mid-project, decision trees serve as a valuable tool for visualizing possible outcomes and guiding optimal choices. For the VoIP project assessed at day 60, the decision hinges on whether to deploy additional engineers to improve the probability of on-time completion. The decision tree begins with the current situation—no extra engineers, with a 60% chance of success—and branches into options of hiring one or two engineers, with respective success probabilities and costs.

For example, hiring two engineers increases the success probability to 98% but at an additional cost of $50,000. Creating this decision tree in software such as Microsoft Visio or Lucidchart involves mapping out nodes representing each decision point and chance occurrence, then calculating expected costs and success probabilities. This visualization aids in assessing whether the incremental success rate justifies the added expense, considering the risk of delays and costs associated with legacy provider fees and engineer salaries.

Methodology for Creating a Decision Tree

The methodology involves defining decision points, estimating probabilities for each outcome, and calculating expected values to compare options. Starting with the initial decision—whether to hire additional engineers—the tree branches into success or failure nodes, with assigned probabilities based on past performance and current assessments. Calculating expected monetary values for each path allows selection of the most cost-effective and risk-sensitive option. In this case, deploying two engineers with a 98% success probability minimizes project delay risk but at a higher immediate cost, potentially justified by the high success likelihood and the avoided costs of project delays and penalties.

Recommending action involves selecting the pathway with the highest expected value—here, likely hiring both engineers to maximize project completion probability and minimize potential penalties and additional costs from delays.

Conclusion

Effective risk management, employing techniques like the Delphi method, structured response strategies, and decision tree analysis, is essential for navigating uncertainties in complex projects such as VoIP deployment. By actively identifying risks, selecting appropriate responses, and making informed decisions through analytical tools, project managers can significantly enhance project outcomes, ensuring that risks are mitigated and objectives achieved efficiently.

References

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