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Risk Mitigation in Project Management
Five risk management straegies
Risk Mitigation in Project Management
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It is not uncommon in an organization to view project risk management as a negative aspect of a project. Risk Management is often view as the “traffic” police of a project and they are there to penalize project members for poor performance or project that struggle with difficulties. The CIO group cites some very specific considerations that organizations should contemplate when managing a project. The CIO group indicates that a well-managed project also has a well disciplined approach to risk mitigation both positive and negative (Hamilton, Byatt, & Hodgkinson, 2011, para. 1). The article in the CIO group (2011) goes on to indicate some points to consider for Risk Management: • Risk management affects all aspects of your project • Risks …show more content…
Anytime you are collecting personal and private information in a system that is accessible via an internet or an intranet, there are considerable points for potential exposure which introduces negative risks to the project. Negative Risks (Threat) I. Compromise of personal information With the implementation of an electronic HR system that will capture or house personal information such as financial information, address information, social security and tax related information. There is significant risk of both internal and external exposure of this data to un-authorized sources. II. Inaccurate or mis-entered data Allowing customers to participate in a self-help oriented system where users are allowed to enter their own personal information, introduces a different level of risk into the completeness or accuracy of data. III. System Acceptance With the introduction of any new system there is always a risk of the system being wholly and widely accepted. Without the acceptance of a new system is it very difficult to leverage the return on investment for the expense and resource allocation that was make to develop and implement the system from the outset. Positive Risks (Opportunities) I. Timely data …show more content…
The process Mitigating Risk is all about a repeatable process. To effectively manage both the treats and opportunities that you encounter in a project, the project manager must be well aware of the differences and have the necessary skillset to mitigate them. The process for responding to these challenges is to Identify, Access, Control, and Respond to the Risk ("Risk, Issue and Change Management," n.d., para. 7). i) Identity – Identify and record the situation for any tasks or issues which my negatively or positively affect the project. ii) Access – Communicate the issue to the project members and stakeholders once the impact to the project has been assessed so that decision can be made. iii) Control – Once the risk has been assessed and the impact has been identified, measures and actions must be put into place to control the outcome of the risk. iv) Respond – Proactive or Reactive responses need to be devised and assess in their own right to determine if the response is the correct measure. The strategy and
A project Manager should be assigned the responsibility of development and implementation of the risk management plan. Project team: A must be formed who will be responsible for assisting the Project Manager in the risk management process. Also, all the employees should be educated on risks and encouraged to report risks they encounter to the risk management team. This is because risk management is a collaborative process and this would help in bringing in notice any risks that must have been overlooked by the Risk Management
Hillson, D. & Simon, P., (2012). Practical Project Risk Management, The ATOM Methodology: Second Edition. Vienna, VA: Management Concept Press
Noam Arzt, identified various threats to patient privacy with the use of IIS. The threats to patient privacy were divided into three categories. These are Desktop threats, server threats, and network threats. Desktop threats are those threats that relate to desktop, whether it will be a terminal or personal computer. Server threats are threats that relate to Immunization Information Systems (IIS) server and its integrity. And lastly, network threats are threats that relate to the network that connects user desktops to IIS servers (Arzt,
Security problems generally involve a leak of information because of the type of technology being used in clinical and online practice, such as computers, mobile devices (e.g., cell phones or tablets), email, voicemail, fax machines, electronic records on large servers, and the Internet when administering psychological services online. Regrettably, protection of confidentiality has yet to catch up with the majority of these technological advancements. Some of the primary threats to the security of confidentially information originates from things like web or email viruses, online hackers looking to access information, flaws in software or firewalls, damage or malfunction to the technology itself, and user error (Regueiro et al.,
We are living in world that is growing in technology. Technology is evolving so rapidly, especially in ways that allow us to store personal information. For example, we can look up a purchase with no receipt at a retail store with a swipe of a credit card. Another example, we could go to the doctor and the nurse can print out a copy of all our health records that are stored in the computer by just typing in our full name. Although this may be a way to make things easier for us, it is also a way for people to take our information without permission and do what they please with it. People can hack into the database of retail stores and steal account numbers and people can just say your name and get your health history if the nurse does not ask for a form of identification. Information privacy is a growing concern for Internet and data users. In a report Protecting Privacy in an Information Age: The Problem of Privacy in Public, researched by Helen Nissenbaum of Princeton University, she states:
Since January 2007, laptop with personal information was lost, email and fax sent to the wrong person, inappropriate disposal of medical record, not to mention the famous telephone call from someone pretending to be patient’s relative (Long, 2012). The confidential data compliance can be very difficult and pointless without a safety net; Hence, the rational of introducing confidentiality.
The project management plan will help the organization to manage all the foreseeable risks in a timely, proactive, effective, and appropriate manner. The aim of the project management process is to maximize the chances of the project achieving its objectives, while minimizing the risks and keeping them at an acceptable level. The scope and objective of the risk management plan are as follows:
Rather, it is centered around comprehension the key risks an organization confronts then going for broke at the best time in the wake of utilizing the most suitable safety measures (Valderrey, 2016). Even in the best of times, in the event that you are to oversee risk successfully, you should make to a great degree decision making ability calls including information and measurements, have an unmistakable feeling of how all the moving parts cooperate, and convey that well. In the most noticeably awful of times, risk management can go into disrepair. Recorded models can come up short, liquidity can become scarce, and relationships can get to be more grounded all of a
Risk management is among the most important practices in the field of project management. A successful project completion and risk management often go side by side. An interesting aspect of project management is that a project can sti...
With a changing economy external factors have placed an undeniable importance for businesses to implement an Enterprise Risk Management (ERM) program within their organization. The need for ERM is present in almost any business sector, including higher education. An effective ERM program successfully identifies risk that are present internally and externally in regards to the organization. Identification of key risk, prioritizing the risk and implementing strategies will aid in avoiding and mitigating the risk that could have catastrophic implications. Ultimately, a strong ERM program will allow the organization to manage risk successfully by instilling an ongoing process.
These are the specific risks involved to a particular project or program. The organisations continuously undertakes specific projects, which should be managed with consistency with the legal obligations to be kept in mind. There are significant program management methodology which spell out the requirement and clear risk management approach within the project environment and align by the whole of the AS/NZS ISO 31000:2009 Risk management – Principles and guidelines.
This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the
Risk taking is considered an everyday staple of life and a major part of growing up. When we limit the risks we take in our lives we also limit the capabilities those risks present, such as encountering new experiences and situations that improve us as human beings. Risk taking is imperative to personal growth and when discussed in good context it seems harmless, however that is only a half truth. To say risk taking is always safe is completely incorrect and sometimes these risks are often unsafe and not thought out. This essay addresses the following question, why do teenagers engage in this form of unhealthy risk taking? I will also be discussing whether or not certain groups are more at risk and any known strategies to make teenagers aware
The purpose of risk management is to protect an organization’s valuable assets information, hardware, and software. The purpose of risk management process is to identify and manage risks in such a way that a company is able to meet its strategic and financial targets. Risk management is a continuous process, by which the major risks are identified, listed and assessed, the key persons in charge of risk management are appointed and risks are prioritized according to an assessment scale in order to compare the effects and mutual significance of risks. It is very important that the organizations and business to be very well prepared to see what kind of risk we are facing, or the business can suffer in case of a major disaster.
Risk Management allows us to identify the problems which are unknown during the start of the project but may occurs later. Implementing an efficient risk management plan will ensure the better outcome of the project in terms of cost and time.