Assignment

Part 1: Review Questions

1. What is risk management (in your own words)? What are some best practices for balancing risk and opportunity?
2. What topics need to be addressed in a risk management plan? How can identified potential risks be mitigated (explain contingency plan strategies)?
3. Describe both qualitative and quantitative techniques used in analyzing risk (at least two qualitative and two quantitative). How would you communicate the results of the risk analysis?
4. What software tools can be used for performing risk monitoring and control?

Part 2: Module Practice

Your organization is considering a new project that would involve developing a Human-Resource Management System. The proposed system would allow employees to access and maintain their personal and tax-related information. The main benefit of the system would be a reduction in human resources personnel and more accurate information.

Task: Identify five potential risks for this project. Make sure that you list both negative and positive risks. Provide a detailed description of each risk and propose strategies for addressing each risk. You may write your answer in forms of paragraphs or you may use a table format.

References

Schwalbe, K. (2014). Information Technology Project Management . Boston: Cengage Learning .