Problem Set #9

Problem Set #9 University of the Cumberland Neelkumar Arvindbhai Patel Project Risk & Quality Mngmnt (BADM-627-M21) 10/29/2023

Risk Matrix Possible Risks Likelihood (L) Impact (I) Overall Risk (L x I) Action Plan Remediation Methodology Data breach or loss of sensitive financial information High High High Implement strict security measures such as data encryption and access controls, regular backups, and employee training Accept Lack of user acceptance or adoption of the new software Medium High Medium- High Conduct thorough user testing and provide adequate training and support for users Avoid Technical issues or bugs causing delays in implementation High Medium Medium- High Conduct thorough testing and quality assurance before implementation, have a contingency plan in case of issues Mitigate Project timeline delays due to unforeseen circumstances Medium Medium Medium Identify potential risks and create a contingency plan, regularly review and update project timeline Mitigate Insufficient budget or funding for the project Medium High Medium- High Create a detailed budget plan, prioritize essential features, seek additional funding if necessary Transfer Inadequate communication between project team members Medium Low Low-Medium Establish regular communication channels, conduct regular team meetings, assign a project manager Avoid

Lack of user acceptance or adoption of the new software is a medium-high risk because it could result in wasted resources and project failure (Troise et al., 2023). To mitigate this risk, the organization will conduct thorough user testing and provide adequate training and support for users. This remediation methodology is chosen because it directly addresses the root cause of the risk by ensuring that the software meets user needs and that users are adequately equipped to use it. If the risk cannot be mitigated through these measures, the organization may consider avoiding the risk by reassessing the need for the software or finding alternative solutions. Technical issues or bugs causing delays in implementation is a medium-high risk as it could result in project delays and additional costs. This risk can be mitigated by conducting thorough testing and quality assurance before implementation and having a contingency plan in case of issues. This remediation methodology is chosen because it addresses the root cause of the risk by ensuring that the software is functional and ready for implementation. However, there is still a possibility of unforeseen technical issues, so the organization must also have a contingency plan in place to minimize the impact on the project timeline. Project timeline delays due to unforeseen circumstances is a medium risk because although it can disrupt the project, it is not entirely within the organization's control (Sami Ur Rehman et al., 2022). The risk can be mitigated by identifying potential risks and creating a contingency plan to minimize their impact. Regularly reviewing and updating the project timeline will also help to monitor and mitigate this risk. This remediation methodology is chosen because it directly addresses the risk by proactively identifying potential delays and having a plan in place to minimize their impact.

Insufficient budget or funding for the project is a medium-high risk because it could result in delays or failure of the project (Teklu, 2023). This risk can be transferred by seeking additional funding if necessary or by creating a detailed budget plan and prioritizing essential features. If these measures are not possible, the organization may need to reassess the project's feasibility. This remediation methodology addresses the root cause of the risk by ensuring that there is sufficient funding for the project. However, it also involves some level of risk management from the organization's side in terms of budget planning and prioritization. Inadequate communication between project team members is a low-medium risk because it can result in misunderstandings, delays, and conflicts within the team (Hussain et al., 2022). This risk can be avoided by establishing regular communication channels, conducting team meetings, and assigning a project manager to facilitate effective communication. This remediation methodology addresses the root cause of the risk by promoting effective communication within the team. Changes in business needs or requirements is a medium risk as it could result in changes to the project scope and timeline (Einhorn et al., 2019). This risk can be mitigated by regularly reviewing and updating business requirements and incorporating a change management process. This remediation methodology is chosen because it proactively addresses the root cause of the risk by keeping track of any changes in business needs and managing them effectively. Inadequate training and support for users is a low-medium risk as it could result in user frustration and resistance towards the new software (Irazoki et al., 2021). This risk can be avoided by creating a detailed training plan, providing user support resources, and conducting

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