A risk is defined as the possibility of an unplanned or unwanted event occurring at any point in the life cycle of a system and the resulting negative impact that it will have in completing the project with the available resources (STSC, 2000). A risk management plan is a list of all the risks that will have the potential to affect a project and the corresponding plan to mitigate some or all the those risk from occurring. “Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning and monitoring and control on a project”(PMBOK Guide, 2008 pp 273) According to PMBOK, this process seeks to optimize positive risks and take the necessary steps to minimize and/or mitigate against the fallout associated with negative risks. The risk management process involves planning and identifying risks, conduct risk analysis, develop appropriate responses and monitor and control risk related activities. It is therefore important that the correct questioned are asked to ensure that potential issues are addressed. This is done by the project manager conducting structured interviews and brainstorming session with competent unbiased facilitators as well as experts and stakeholders. The PM should be careful not to allow stronger personalities to influences the group by pushing a particular view in their response and so different tools and techniques should be used to get best feedback. This will help in identifying the known and predicable risk but unpredictable risk as the name suggests is not possible to plan for and so is beyond the control of the project managers and so should be categorized as threats. Questions
Does the project have the support from all the important stakeholders? Will the resulting product be relevant and will it add value to the business Is the staff able to use and fully maximize the product?
Did the requirement of the system have the support and...
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