Task 3: RISK

MANAGEMENT
 INTRODUCTION
● Risk management concerned with identifying risks and drawing up plans to minimize their effect on a
project.

● Risk management predicting what could go wrong and putting measures in place to decrease
uncertainty to a manageable level

● Probability may be valued by risk score as very low, low, moderate, high or very high, based on the risk
level of severity. For our project, Quarantine Tracker, we use the “Project Risk Manager” software to
identify and evaluate the risk
 ROLES AND RESPONSIBILITY
● Project Manager- Overall identify, manage, and coordinate the process related to risk
management.
● Project Team- Identify, manage, and analyze risks related to the project
● Subject Matter Expert- Review, advise and involve in the risk management process.
 RISK IDENTIFICATION
1. Budgeted risk
● Inappropriate budget estimates
● Improper budget tracking
1. Operational risk
● Insufficient resources.
● Low client engagement
● Lack of training
1. Technical risk
● Requirement changes.
● Problem in coding and unit test
● Data leakage during data transferring
RISK ANALYSIS
 RISK MANAGEMENT PLANNING

● Insufficient resources - Collecting the requirements, defining scope, analyzing risks,

defining and estimating activities, leads and lags to create a realistic schedule.
● Requirement changes - Involve the clients throughout the development process.
● Changes in government regulations - Monitor the changes that have been made by the
government regularly and have a backup plan.
● Lack of training, low client engagement - regularly investing in seminars and courses.
● Improper budget tracking - Project managers and team members need to update and
manage an inherently turbulent budget so that the budget is in line with its anticipated
completion date.
● Inappropriate budget estimation - Develop budgets to fully plan for known likelihoods
and factor in relevant contingencies. Take a competitive approach to the market.
● Coding and unit test - Make a comprehensive list of important points to be considered in
risk-based testing -Test the apps after the coding process before doing a unit testing.
 RISK MONITORING AND
CONTROLLING
Risk type Potential indicators

Budget Risk - Failure to complete the project within budget

Operational Risk - No time for staff training

- Unavailable of important staff
- Poor required professional skills.
- Client complaints

Technical Risk - Many requirements change requests (CRs)

- Failure to meet agreed schedule.
- Reluctance by team members to use tools.
- Many reported or complained technology problems.
- Use of deprecated technologies.
 CONCLUSION
● Effective risk management is aiming to control future events as much as possible by
acting proactively rather than reactively
● Risk management allows our project manager to deliver their project on time, on
budget and with quality results.
● By completing our risk assessment early in the project's execution and periodically
throughout its duration, will improve our project's chances of success.