Omnitracs Risk Management Process

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Risk Management A process of identifying, analyzing and responding to risk factors throughout the life of a project is called Risk Management (Stanleigh, n.d.). Every Information Technology (IT) project should invest in being proactive rather than reactive. Someone should be identified to gather and minor risks, and work with the teams to develop mitigation plans for those risks associated with the future events. The following risks have been identified with the Omnitracs project.
Risks
Training Risk - If UDC’s employees are not properly trained on the Omnitracs product, tools, and processes, then morale could decline resulting in the loss of good employees. If the IT organization does not hire or properly train their IT staff to maintain …show more content…

Planning Phase: identify and evaluate risks, develop a strategy, and identify risk activities (Indian Health Services, 2013). Execution Phase: execute risk activities, track and report progress, and review and reevaluate risk periodically (Indian Health Services, 2013). When evaluating risks, the project team should conduct an assessment to determine the importance and impact of the risk to the overall project (Indian Health Services, 2013). This can be done by using a rating system: Identify risks as either high, medium, or low for both probability of occurrence and the potential impact. Next, the risk should be assessed by using a numerical score to identify the likelihood of the occurrence by its potential impact (Indian Health Services, 2013). Using these techniques can prevent and/or mitigate those risks listed above. According to Michael Stanleigh, CEO of Business Improvement Architects “proper risk management will reduce not only the likelihood of an event occurring, but also the magnitude of its impact” (Stanleigh, n.d.) He also talks about how the outcome of the risk can either be acceptable or unacceptable thus, the project team can identify which risks must be mitigated or accepted (Stanleigh, …show more content…

Then, test the business continuity plan by having each team member walk through their components of the plan to identify weaknesses (Lindros, Tittel, 2016). Finally, review and improve the business continuity plan (Lindros, Tittel,

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