Risk Management

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Question Description

Please answer the following question and do the Risk Management table. all the details of what i need done are in Risk Management.docx

The purpose of this section is to identify potential risks to the project, and convince the decision-maker(s) that the risks will be managed, so that they will have minimal impact on the project.It also alerts the stakeholder(s) to the most significant risks and what needs to be done to manage and mitigate them. Following the cost-benefit analysis, the next most important item to most senior leadership teams is risk.They want to know what risks will be introduced by the proposed solution and how they can be managed.In well-managed projects a separate "Risk Management Plan" is developed and used throughout the project.For the business case, a summary of the most significant risks is provided along with a completed Risk Matrix.This section will consist of the following:

  • An introduction to the section that explains the approach to managing the project risks and introduces the Risk Matrix.
  • A completed Risk Matrix as shown below. Since the Risk Matrix will be placed in the Appendix, this section should include a brief explanation of the Risk Matrix and make reference to it.
  • A summary that points out the most significant risks and what the stakeholder(s) must do to manage and/or mitigate them.


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I. Risk Management The purpose of this section is to identify potential risks to the project, and convince the decision-maker(s) that the risks will be managed, so that they will have minimal impact on the project. It also alerts the stakeholder(s) to the most significant risks and what needs to be done to manage and mitigate them. Following the cost-benefit analysis, the next most important item to most senior leadership teams is risk. They want to know what risks will be introduced by the proposed solution and how they can be managed. In well-managed projects a separate "Risk Management Plan" is developed and used throughout the project. For the business case, a summary of the most significant risks is provided along with a completed Risk Matrix. This section will consist of the following: • An introduction to the section that explains the approach to managing the project risks and introduces the Risk Matrix. • A completed Risk Matrix as shown below. Since the Risk Matrix will be placed in the Appendix, this section should include a brief explanation of the Risk Matrix and make reference to it. • A summary that points out the most significant risks and what the stakeholder(s) must do to manage and/or mitigate them. Risk Matrix Risk Category Description Probability of Occurrence Impact of Occurrence Strategy for Mitigation Contingency Plan Strategic Business Feasibility Capability to Manage Investment Organization and Change Management Building a Business Case – 10/02/2018 1 Dependencies and Interoperability Security Surety (Asset Protection) Privacy Project Resources Schedule Initial Cost Life Cycle Cost Technical Obsolescence Technology Environment Reliability of Systems Data and Information Overall Risk of Investment Failure Approach to Developing this Section Work on this section should begin with filling in the Risk Matrix. The “How To Guide to Risk Management” (located in Content>Course Resources>Risk Management) provides an explanation for each of the Categories of Risk. It was published by a government agency, the Indian Health Service (an agency in the Department of Health and Human Services) for its component organizations to use in assessing risk associated with proposed IT projects. The guide fully and simply explains risk and risk management throughout the life cycle of a project. Appendix A Building a Business Case – 10/02/2018 2 contains a complete Risk Management Plan outline. Appendix B explains the risk analysis methodology and provides definitions for the risk categories listed in the Risk Matrix. Appendix C provides an example of a completed risk assessment, although it is in a different format with slightly different data required. Appendix D provides assistance in completing a particular form required by the U.S. Office of Management and Budget (OMB); it is not important for this class. Additional information about risk categories is provided in the document "OMB Risk Types Definition" (also located in Content>Course Resources>Risk Management). Using the Case Study, the above resource documents, and the IT solution being proposed, copy the table and complete the risk matrix provided above, describing for each Category of Risk: • One aspect of how that risk category applies to the proposed IT solution for the Case Study (i.e., what risk in each category may be caused or influenced by implementing the proposed IT solution) • The probability (High/Medium/Low) of its occurrence, • The impact (High/Medium/Low) on the organization if it does occur, • A strategy to mitigate the risk (what should be done to prevent the risk from happening or protect the organization if it happens), and • A contingency plan for what should be done in the event that it occurs. Provide one example risk for each category listed in the Risk Matrix. Explanations of each of the Categories of Risk are available in the document “How to Guide to Risk Management,” pages B3-B7. Definitions for probability of occurrence and impact may be found on page 7, an example of a mitigation strategy is given on page 9, and an explanation of a contingency plan is on page 8 of the same document. Do not limit responses to the space shown in table, but provide complete answers for “Description,” “Strategy for Mitigation,” and “Contingency Plan.” Building a Business Case – 10/02/2018 3 In addition to the matrix, this section should introduce, explain and summarize the risk matrix, and indicate that the full Risk Matrix is located in the Appendix. Finally, this section should identify and discuss the most important risks and how they will be handled. These are the risks that the sponsor, stakeholders and senior leadership should be aware of throughout the project. Some of them may be able to be mitigated; if mitigation is not feasible, the decision-makers need that information as well. This should be explained for the stakeholders. Building a Business Case – 10/02/2018 4 The SaaS Cloud Solutions RFMS Jerry’s business needs software in order to complement the hardware’s operation; this includes Operating system that would be used by the servers, workstations among the other PCs within the business. The business would also need Firewalls and antivirus software that would be used to secure the customer and the business data and information. Eventually, Jerry would be required to acquire a custom business software that would be used by the Jerry’s customer to place and order among other business operation. The SaaS system will need to be designed for carpets store. The RFMS SaaS system is great because it is already set up for Carpets store. There are three parts to RFMS. There is the Management System, Productivity Tools and Measure. The Management System offers operations features daily aspects of productivity, sales, and installation, the overall interpretation of the company vision. It also offers Accounting Features uniqueness of the flooring industry. It is unique because RFMS is engineered for carpet store needs and address the specific accounting, inventory and sales functions that flooring operations demand (RFMS Corporation). The Productivity Tools offers a wide variety of tools that Jerry will take advantage of to help grow his business. The first and the most important is the RFMS Mobile. Which is designed for the sales professional on the go, it will create new quotes and keep users up to date with their projects. Another Great tool offer under Productivity Tools is the RFMS Schedule Pro, This makes manages all flooring installations a simple task, and employee will be able to and track jobs and crews. The Bid Pro will estimate projects on the spot for salesmen, so they can give estimates to customers on the spot. Another product under Productivity Tools is direct deposit. This will allow Jerry to pay employee account electronically. RFMS has an inventory barcoding software has a module that is integrated with inventory and works with a hand-held laser tricorder that will track and speed up the time to do inventories (RFMS Corporation). RFMS Measure is an estimation software that does the estimating process. Jerry can create precise estimates in only five easy steps. The Measure Tool will approximation carpet, tile, laminate and hardwood flooring for projects of all sizes. Then it will create a floor plan with the software powerful drawing tools. Then it defines and assign all materials needed, then it will create all the product information, including description, color, size and price. The RFMS then will add Project Details like floor, stairs, borders and walls. Then it will give an Estimate, with material cost and labor cost. Then Printthe layout and cut diagrams for installers and customers (RFMS Corporation). Trusty Carpets Background: Jerry Montgomery has been selling carpets for 20 years from his store, Trusty Carpets, which is located in a strip mall that, over the past few years, has become a busy shopping center. The location is in what had been a quiet town near a large city, but recent area growth has resulted in many new homes being built and the town council has started to consider ordinances to create zones to protect unique architecture, improve overall property condition, and protect the environment. Their focus is on creating an up-scale community attracting “clean” businesses to improve the quality of life and its tax base. The current business model: Since he opened his Trusty Carpets store, Jerry has advertised in the local paper and done all of his business in his showroom where he has carpet samples on display. Jerry employs two sales people to serve customers in the store. One is his daughter Ann who he would like to take over the business when he retires. Since he has little storage space, Jerry’s inventory has been limited to overstock, end pieces from installations, and samples. When a customer makes a selection from the samples, the salesman checks the manufacturer's information to determine the availability of the selected carpet and the current price. Jerry’s brother-in-law, Mike Baker, has a carpet installation business and has been subcontracting the installation of the carpets sold by Trusty Carpets. The sales staff coordinates installation with the customer and with Mike. Jerry employs an accountant (who has other customers and does his work at his own office) to keep track of his finances, pay bills, send invoices, collect payment and do payroll. Jerry's finances are very straight-forward, and he uses the accountant only because he does not like to do the paperwork. Jerry’s company sells about 250,000 square feet of carpet a year (70% of it is midgrade carpet and padding) for sales of about $1.2 million. This results in a net profit of about $100,000. His current costs are in line with industry averages but his profits are below the averages. He attributes this to the fact that he keeps his prices low to be more competitive and grow his business. Technology support: The Trusty Carpets store has a basic information technology (IT) infrastructure with an internet connection. There is a computer with a multipurpose printer (scanner/fax/printer) in Jerry's office. It is connected to a router supplied by the Internet Service Provider. The router also provides a wireless network within the store, and the 2 salesmen have tablet computers that they use to check carpet availability and price, and to enter and check orders. Order forms are simple Google document forms that are stored in the Google cloud and are shared among the employees and with the installer and the accountant. Jerry and his salesmen each have a Gmail account. One of the salesmen, Ben (who has been with Jerry 6 years), is studying IT at the community college. He set up the current technology in the store just six months ago. Jerry expects Ben to learn about any new technology that gets installed and help solve minor in-store IT problems. Rev 6 8/20/2018 1 Recent changes: Jerry has been quite successful and has recently acquired Metro Carpets, a store on the other side of town. Metro Carpets has a large showroom and an adjoining 20,000 square foot warehouse. The showroom contains two room displays, one a living room with their top line carpet and one a family room with midline carpet. The remaining display space is for samples and remnants, including a small area for closeouts. The warehouse is about 50% utilized. It contains rolls of the top line carpet in a wide range of popular colors for immediate installation. Although it is a relatively large business, the previous owner was not well organized, had no information technology at the store, and kept all of his customer records and carpet inventory in hand-written ledgers. Jerry plans to retain the three sales staff and two warehouse people at Metro, and he wants to continue to expand sales in his original store. Metro generates about $3 million in annual sales at a 12% profit. Costs are in line with industry averages. Carpet sold at Metro breaks down as follows: 10% bottom grade, 50% mid-grade and 40% top-of-the-line. In addition, Jerry and Mike (the installer) have decided to combine their businesses into one carpet sales and installation business. They will do this after they have reviewed the impact of an EPA initiative, the WARM Program, to improve the rate of carpet recycling to lower greenhouse gas emissions. A description of the WARM Program is posted with the Case Study under Course Resources. Jerry feels recycling is important and wants to be able to make the appropriate business accommodations. Mike runs his business out of his home since all of the work is done in customers’ homes. He has two installation teams (2 people each) and installation equipment is stored in the trucks. Mike expects to increase the number of installation teams since Jerry acquired Metro Carpets. Mike’s wife Carol handles the bookkeeping, and while all of their work is paper-based, they are well organized. He earns about $1.50/square foot for his services. The opportunities: With the expansion of his business, Jerry needs a way to be able to manage the two separate locations and the installation operation as one business. He is also looking at ways to increase his business through internet sales, establishing relationships with new home builders, and in-home sales where he believes that he could reach more customers if his salespeople could go to customers’ homes, take measurements and obtain orders. Jerry’s daughter Ann is studying interior decorating in college and he wants to reach out to the interior decorating community to expand sales as well. Additionally, Jerry wants to be environmentally responsible. To do this he will need to allocate warehouse space to accommodate recyclable carpet. The installers would bring the used carpet to the warehouse, and the carpet would then be picked up by a recycler monthly at no cost. How your team will help: Jerry's primary business objective is to continue to increase his profit margins, and he believes appropriate technology can help with managing his expanding business. He has hired your team to evaluate his needs and recommend which technologies he should acquire and to develop the Business Case for those you recommend. He will use the Business Case to decide whether he should invest in the technology solution your team is proposing. Through the Business Case, your team must convince Jerry that you have a well thought-out plan that meets his objectives and has the potential of increasing sales and profitability; your objective is to get Jerry to hire your team to develop and implement the solution you are proposing. The assignment: Your team is to develop and explain a proposed technology solution for Jerry's business. You will come up with some specific business Rev 6 8/20/2018 2 objectives that could be supported by technology solutions, and then identify some IT solutions that could benefit Jerry’s carpet business. As a team, you will decide which technology or combination of technologies would benefit his business the most and should be implemented first. Your team will develop a Business Case to explain the solution and how it would be implemented. The Business Case must be well written and be able to be understood by Jerry, with his limited technical understanding. It is to be written as a proposal to Jerry that explains and defends the solution your team is putting forward. Your team will develop the Business Case, section by section, as we proceed through the class. The Business Case will be done as a series of documents prepared by your team that together form the full Business Case. The specifics for each section are in the weekly group project assignments, beginning with the Week 1 Group Assignment. The complete business case assignment is in the "Building the Business Case" document posted in the classroom. Rev 6 8/20/2018 3 ...
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DR_SHINAWATA
School: Cornell University

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