Week 8 Group 1 Risk Assessment
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University of Maryland Global Campus (UMGC) *
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PMAN634
Subject
Information Systems
Date
Apr 3, 2024
Type
docx
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6
Uploaded by BailiffWombat3944
GIZMOTRON RISK
ASSESSMENT
Group 1, PMAN 634
MARCH 5, 2024
GIZMOTRON
Group 1, PMAN 634
Gizmotron Risk Assessment
Risk assessment is the process of identifying factors that can affect the project and assessing ways to mitigate them. These identified risks need to be identified if they are, or are not, worth taking. Several risks were identified as my team and I prepared for Gizmotron’s product rollout. The identified risks include:
1.
Technological hazards (data hack, breaching, data loss)
2.
Biological hazards (unexpected illnesses (i.e. COVID or flu))
3.
Interruptions in the supply chain (delay in receiving needed technology equipment, delivery delays, unexpected cost increases from supplier)
4.
Regulatory risk (not following the required guidelines)
These identified risks are potential hazards that can be measured using the risk assessment tool. They will be evaluated to determine if the project manager wants to mitigate or remove them. The danger of accepting these risks is that they all can affect the cost and schedule of this project. Modeling by performing a Quantitative Risk Analysis (QRA) will be needed for the
identified risks. This is a major assistance used for calculating the budget and ensuring the possible losses are minimal. There are several techniques used for QRA including, but not limited to: Expected Monetary Value (EMV), decision tree risk analysis, Monte Carlo risk analysis, and three-point risk analysis. The following techniques will be used to assist in identifying risky areas within the project: assessing the cost of each risk, concluding the probability of each occurring risk, and finally calculating the cost expectancy of each identified risk. A
1
Group 1, PMAN 634
To avoid schedule delays and negative impacts on the budget due to technological hazards, my team would make sure we are utilizing virtual private networks (VPN) when submitting data. It is very common for most people to use passwords that are either short or easy to remember, however, this is a risk because a hacker can more than likely retrieve access to your information. It is recommended to create passwords that require eight or more characters, containing a combination of uppercase letters, lowercase letters, and symbols. Furthermore, it is recommended to require regulatory password changes. Team education training that would teach my team how to spot phishing emails, suspicious links, attachments, and how to react to them would be regularly taught and required. Regular data and software updates would be needed on the organizational network and devices to address vulnerabilities. It is also recommended to include programming all technology with firewalls and installing antivirus software on all devices. A network monitoring tool is required to detect any suspicious activity, along with a dedicated information technology employee to monitor suspicious activities. A data loss prevention plan is recommended to address the possibility of an employee mistakenly disclosing sensitive information. Lastly, two-factor authentication would help prevent unauthorized access to organizational data.
Unexpected illnesses such as the common cold, flu, COVID are a top risk that can be difficult to prevent as these specific illnesses are contagious. Working in an office full of employees and with the public can increase the risk of catching an illness due to working closely together on projects. Some employees also share devices and office supplies which can increase the risk of contracting an illness. To avoid this, it is recommended to provide employees with the ability to telework on a preapproved 2
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Group 1, PMAN 634
schedule and ensure they have the tools needed to work remotely. Stocking and regular
restocking cleaning supplies as well as requiring employees to properly sanitize their workspace should be emphasized. One piece of equipment that is not commonly seen in workspaces would be great to have, is an air purifier to get rid of any air pollutants that may increase the chances of one becoming sick. Hand washing is recommended for all employees. Lastly, having a cleaning company to provide deep cleaning of the facility would help alleviate the risk to a lower level.
Maintaining the supply chain is very important. Meanwhile, investing and managing a backup inventory helps to avoid disruption in supplies. Keeping a clear and great communication relationship with the supplier to avoid confusion is essential. Unexpected delays in materials from suppliers and unexpected price increases due to demand could negatively affect the project. It is recommended that any substantial amount of financial commitment be documented in a contract.
A venue may have to cancel the event due to unforeseen circumstances. That would prevent the event from taking place and can be a major risk to the cost and scheduling of the project. Cancellations and overbooking can create a negative impact on the scheduling because of the time required to search for another venue will have to occur. Also, searching for another venue may cost more money, adding more stress to a
previously approved budget. Searching for another venue can add delays and could potentially delay the whole project due to bottlenecking in the schedule.
Finally, an understanding of risk is necessary to ensure the project meets its deadline and the budget. The risks may be reduced by using a system such as QRA. As seen in the risk chart (Figure 1), risk has endless possibilities that may arise and how to tackle 3
Group 1, PMAN 634
each one will differ from on a case-by-case basis. The data derived from risk mitigation will help form future dynamic risk assessments for the project. Many methods can be used to help the project team outline risks and to produce possible solutions to allow the
project to continue on schedule. The team which includes the project manager will help with remaining within budget and completing the project on time. In conclusion, we have provided initial identification of possible risks, provided recommended risk mitigation tactics along with examples, and have provided tools that can be used to measure risk. It is our expectation, that with proper risk mitigation procedures emplaced, and regularly relooking risks, that the project will incur minimal impact to both estimated costs and scheduling.
Risk
Risk Level
Action
1 to 2
Low Risk
May be acceptable but review task to if risk can be reduced further.
3 to 6
Medium Risk
Task should only be undertaken with appropriate management authorization after consultation specialist personnel
7 to 10
High Risk
Task must not proceed. It should be redefined, or further control measures
put in place to reduce risks.
11 to 13
Severely High Risk
Task must not proceed and be reviewed for other options.
4
Group 1, PMAN 634
Figure 1. Risk Chart. Figure 2. Risk Severity Chart.
5
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