A1BTC Project Planning & Quality Risk Management Customer Service Presentation

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Business Finance

A1 Business and Technical College

Description

Part 1

Deliverable Length: 750–900 words

A common assumption following the completion of a project would be that the sun would rise the next day. Suppose for a moment the sun did not rise. The severity of this risk would threaten not only the completion of this project but most other projects. In other words, the risk posed by the sun not rising is extremely high; however, the likelihood of that happening is relatively small.

On the other hand, consider a different sort of risk. Consider that one of the billing system database servers has been destroyed. The likelihood of this happening is considerably higher than the likelihood of the sun not rising. Unless the database was not recently backed up, the severity of this risk is relatively low. In other words, neither of these risks rises to a level that would threaten the completion of the project.

What are the differences between qualitative and quantitative risk analysis? When is each type of analysis appropriate? What type of analysis will you use for the customer service system project?

• Address the following:

o What are the differences between qualitative and quantitative risk analysis? Explain.

o When is each type of analysis appropriate? Explain.

o What type of analysis will you use for the IRTC customer service system project? Why?

Part 2

Deliverable Length: 7–10 slides

Project Budget
Describe the budgeting process that will be used for the project. Identify the components of the budget, the items that will need to have costs associated with them, and the mechanisms that could be used to estimate the project. Describe how changes to the budget will be identified, escalated, and resolved.

Project Risks
Describe the possible risk events for the project. Identify the high-probability, high-impact risk events. For each of those risk events, identify the possible actions to mitigate the risk. Describe how changes to the risk management plan will be identified, reviewed, and approved.

o Note: Each slide must be submitted with 150–200 words of speaker notes.

• If necessary, make any corrections or modifications.

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Explanation & Answer

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Running head: QUALITY AND RISK MANAGEMENT

Project Quality and Risk Management
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Date

1

Running head: QUALITY AND RISK MANAGEMENT

2

Project Quality and Risk Management
The quality of a project is an indication of an effective risk management approach on the
project’s management team (Wood, 2019). Projects can be small, medium, or large in scope, yet
their timely delivery and respect to the budget are still significant to the owners. Thus, it the duty
of project managers to identify, categorizes, and prioritizes the potential internal or external risks
that can result in project failure (Wood, 2019). Scholars identified qualitative and quantitative
risk analysis frameworks appropriate in conducting risk analysis. Risk analysts have a universal
recognition of the methodologies, and many individuals can distinguish them, yet many people
find it challenging to apply them. Several articles, blog posts, and books bring out the established
differences between the two distinct methodologies.
Differences between qualitative and quantitative risk analysis
Qualitative and quantitative risk analyses are the universally recognized risk analysis
frameworks used in assessing project risks. The two are diverse in their definition, ease of use,
complexity, era, and execution speed. Firstly, on the definitional differences, qualitative risk
analysis is a process that gives priority to the project’s risks for later action by assessing the
probability of their occurrence and other significant characteristics. Contrarily, quantitative risk
analysis is a risk analysis process that applies numerical figures in evaluating the individual
project risks and their combined effects while considering the project objectives (Bansal, 2019).
Secondly, on the complexity lens, qualitativ...


Anonymous
Excellent resource! Really helped me get the gist of things.

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