Risk management matrix

User Generated

cvaxl0101

Programming

Wilmington University

Description

This assignment is designed to allow you to identify risks to your project, their impacts, and to develop actions that can be taken should they actually occur. You will use the qualitative methods to perform this process. Also attached in the risk Probability/Impact rating matrix to help you complete this process. Be sure to watch the PowerPoint on how to prepare the matrix.

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Completing the Risk Analysis and Mitigation Matrix The Matrix • Open the matrix • Review the contents • • • • • • Identified risk Impact on the project Impact rating Probability rating Risk priority Mitigation action • Review the PowerPoint on Risk (also contained within this assignment) The Heading • Place the contents asked for at the top of the form • Project name (from your Scope Statement) • Prepared by (place your name here) • Date (place the date you complete the form here) Identified Risk • In each cell under this column, identify a risk to your project (not the business) • It should be specific and complete • Review the sample also included with this assignment Impact on the Project • In the cell next to each risk, describe the impact the risk would have on your project should it occur • Be specific and complete • Do not be satisfied with short terms like “budget” and “schedule” Impact and Probability Ratings • In the cells next to the impact statement for each risk, place a number that identifies the impact and probability ratings for each risk • The risk priority number column contains a formula that will identify the priority • Review the risk PowerPoint for these numbers • A summary is on the next slide Probability ratings: Very low = 0.1 Low = o.3 Moderate = 0.5 High = 0.7 Very High = 0.9 Impact ratings: Very low = 1 Low = 2 Moderate = 3 High = 4 Very High = 5 Risk Score for a Specific Risk Probability Risk Score = P x I 0.9 0.90 1.80 2.70 3.60 4.50 0.7 0.70 1.40 2.10 2.80 3.50 0.5 0.50 1.00 1.50 2.00 2.50 0.3 0.30 0.60 0.90 1.20 1.50 0.1 0.10 0.20 0.30 0.40 0.50 1 2 3 4 5 Impact on an Objective (e.g., cost, time, or scope) Mitigation Action • In the cell next to the priority number for each risk, identify the action you will take at the time of the risk should it occur • Be specific and complete You’re finished! Submit your completed matrix for a grade Risk Score for a Specific Risk Probability Risk Score = P x I 0.9 0.90 1.80 2.70 3.60 4.50 0.7 0.70 1.40 2.10 2.80 3.50 0.5 0.50 1.00 1.50 2.00 2.50 0.3 0.30 0.60 0.90 1.20 1.50 0.1 0.10 0.20 0.30 0.40 0.50 1 2 3 4 5 Impact on an Objective (e.g., cost, time, or scope) Project Management Risks and Constraints "Ifyou youcan't can'tafford affordtotomitigate mitigatethe therisk risknow, now,be beabsolutely absolutelysure sure "If youcan canafford affordtotoresolve resolvethe theproblem problemlater laterwhen whenitithappens." happens." you Definition • A risk is an event that may or may not happen. If it does happen, it will have unwanted consequences and will result in losses. What Risk Management Does • Identify potential problems and confront them when it is cheaper and easier to do so, before there are problems and before a crisis blows up. • Focus on the project’s goals and consciously look for things that may affect quality throughout the project lifecycle. • Identify potential problems early in the planning cycle (the proactive approach) and provide input into management decisions regarding resource allocation. • Involve personnel at all levels of the project, focus their attention on a shared project (or product) vision, and provide a mechanism for achieving it. • Increase the overall chances of project success. All Projects Have a Downside • Look at everything that will get in your way or become a potential roadblock. • If it is at all possible, look at both the positive and negative sides of the project before making a commitment to it. Common Project Risks-1 • Funding: Will you get enough money to fund your project’s needs? • Time: Things can take much longer than originally planned. • Staffing: Do you have the right staff? Do they have the right skill set and experience to meet your project’s objectives? • Customer relations: If your customer can’t or won’t work with your project team to help define the attributes of the project solution, watch out down the road. Common Project Risks-2 • Project size and complexity: When a project is too complex or large, it will be hard to stay within budget and get it done on time, and there will be too many factors to control. Any of them can bite you. • Overall structure: As a result of political decisions, responsibility gets split between competing groups and organizations • External factors: There are factors outside of your control, such as regulations, changing technologies, etc., that can throw your project off. Additional Risks • Market acceptance: Will the customer buy the product? • Time to market: Can you get the product out there before anyone else does? • Incompatible product fit: It’s a great product, but no one can afford it. • Difficult to sell: It’s a high-ticket item or doesn’t offer enough incentive to sell. • Loss of support from the higher-ups: If a new manager is brought on board at a higher level, your project could lose support and funding. Acts of God, Man, and War (Force Majeure) • Your project should be insured (if possible) against: – – – – – Hurricanes Tornadoes and Hailstorms Floods Earthquakes Terrorism • Be aware, though, that many insurance policies have exclusionary clauses covering some of the items above. Three Types of Risk • Known risks: You can identify these after reviewing the project definition within the context of the technical and business environments. Use your own experience and that of your stakeholders to define such risks. • Predictable risks: These are risks that might occur or are anticipated based on work on other similar projects. They have to do with the economy or staff turnover and have an anticipated impact. You will be instinctively aware of these risks. • Unpredictable risks: The “doo-doo happens” things beyond the control of any project manager or project team. Tying It All Together • Project risks should be accounted for before the project gets underway. • Some projects should simply not happen. • Be careful of inheriting problem projects. • The impossible stays impossible, no matter how enthusiastic and motivated the project manager and the project team are. There is no security on this earth. Only opportunity. -Douglas MacArthur RISK ANALYSIS Process-1 • Identify Risks – Consider (as a minimum) • • • • Tasks Groups of tasks Project as a whole Business risks • Determine the impact of the risk (should it happen) • Consider the probability of the risk happening Process-2 • Rank risks according to probability/impact score • Determine intervention – Avoid – Transfer – Mitigate – Accept Probability/Impact Risk Score for a Specific Risk Probability 0.9 0.7 0.5 0.3 0.1 0.90 0.70 0.50 0.30 0.10 1.00 Risk Score = P x I 1.80 2.70 3.60 1.40 2.10 2.80 1.00 1.50 2.00 0.60 0.90 1.20 0.20 0.30 0.40 2.00 3.00 4.00 Impact 4.50 3.50 2.50 1.50 0.50 5.00 Risk Response Template Project Name: Prepared by: Date: Identified Risk Statement of Impact Probability Risk Impact of priority rating occurring number A B AxB 0 0 0 0 0 0 0 0 0 Mitigation action Possibilities • You may need to – Have a “Plan B” – another project plan that assumes the risk happened – Develop a Risk Management Plan – depending on how risky the project turns out to be This is Not a One-Time Event • Risk is an on-going process – During planning and executing you must constantly • Review identified risks • Look for additional risks • Be sensitive to the possibility of changing risk parameters (impact and probability) Risk Evaluation Grid Project Name: Prepared by: Date: Identified Risk Impact on Project Impact rating Probability of occurring Risk priority number A B AxB Mitigation action 0 0 0 0 0 0 0 0 0 0 Risk Evaluation Grid 0 0 0 0 0 0 0 0 Note: For additional rows highlight the entire Risk Evaluation worksheet (click the upper left corner of the worksheet). A B 1 2 3 Then, on the Format menu, point to Row, and then click Unhide. This will unhide an additional 8 Rows. If more rows are needed, select the last row, then on the Insert menu, point to Row to insert the additional row. This will insert the row before the selected row. It is necessary to insert any additional rows before the last row to retain any format/formulas. Project Scope Statement PROJECT SCOPE STATEMENT Note: Any work not explicitly included in the Project Scope Statement is implicitly excluded from the project. Project Name: ConnectNow ParishSoft Accounting Install Prepared by: Renee Randall Date (01/26/2017): Version History Version Date Comments (MM/DD/YYYY) 1.0 01/26/2017 Put your organization name here Initial Project Scope Page 1 Project Scope Statement 1. Executive Summary The implementation of a new system Diocese-wide is a significant change. The success of a Diocesan implementation may hinge upon the “buy-in” and cooperation of the organizations involved. Therefore, it is important that the organizations be closely involved and consulted to prevent the perception of an unwanted, forced change. Focus groups, regional meetings, software demonstrations, surveys, leadership meetings, and other communications can help promote feedback and lessen apprehension about a new system. These communications should focus on the benefits of the new system to the Diocese, each organization, and all individuals involved. 2. Business Objectives 2.1 Product Description (Solution): ConnectNow Accounting a ParishSOFT system offers a single, standard, web-based platform for managing church financials in parishes, schools, and diocesan organizations. Discover powerful fund accounting that’s affordable, easy to use, and designed specifically for parishes and schools. 2.2 Business Objectives: The venture that I am proposing here, will help in allowing the Diocese head finance office to view financial statements in a timely manner and view activity to insure proper accounting practices are applied. This will help both the parish/school level and the Diocese. This System would presents an intuitive accounting module with every single accessible alternative in an easy to use way for those parish/school bookkeepers who don’t have proper accounting training. Diocese will be able to assign individual users, track changes and provide guidance as needed. Put your organization name here Page 2 Project Scope Statement 3. Project Description For each area below, provide sufficient detail to define this project adequately: 3.1 Project Scope ▪ Includes (list Deliverables): Project Kickoff and Closure meetings Orientations (Diocese and Parish) – coordination, preparation, and actual presentation time Support Issues Handles Directly by the ParishSOFT Project Manager – if there are product issues that arise during the project the standard process would be for the diocese to report the issue to the ParishSOFT support team and copy the ParishSOFT Project Manager so they are aware of the issue. The support team will then determine the correct resolution path for the issue. If the diocese would like the ParishSOFT Project Manager to directly handle the issue, the time would billable as the Project Manager’s time is not covered under the annual subscription costs. (NOTE: If a support issue is not being addressed by support within the service level agreement or there is a complaint about the service received by support, those issues should be escalated to your Project Manager and time spent to address those issues will not be chargeable to the customer.) Consulting and Process Review Training & Questions on process or products Project Coordination & Communication – around rollout groups, system setup, project activity coordination with other ParishSOFT team on necessary project work Project Reporting – time spent preparing reports for the customer on the project statuses, project plan creation, etc… Travel Expenses ▪ Does Not Include: Onsite Training at individual parish/schools. Accounting level training. 3.2 Project Completion Criteria: This project implementation is a web based application utilizing JSP and HTML. 3.3 External Dependencies: There may not be any outer dependencies. 3.4 Assumptions: 3.5 Constraints: Put your organization name here Hardware Limitations: The minimum hardware requirement for the system is 128 MB of Ram and a 60MB hard-disc drive. Budget Estimation. Time Frame of the Project is very limited and extensive as we have 66 Schools and 67 Parish’s to convert..__________________________________________________ _________________________________________________________ ____________________________________________ Page 3 Project Scope Statement Put your organization name here Page 4
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Risk Evaluation Grid
Project Name: ConnectNow ParishSoft Accounting Install
Prepared by: Renee Randall
Date:
Identified
Risk

All ParishaSOFT System requirements specifications are
not captured.

Impact on Project
Wrong development
Wrong development

Impact
rating
3

Probability
of occurring

Risk
priority
number

4

AxB

3

5

15

All ParishaSOFT System requirements specifications are
not captured. Lack of comprehensive range of ledgers
integration

Stand-alone system

2

4

Database functionality for enabling collaborative working is
insufficiently flexible to work successful with the
requirements specification output

Stand-alone system

2

2

4

Multiplicity of potential links between keyword and animation Unsuccessful
assets could be problematic in defining unique
...


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