Identifying It Project Risks

Introduction

Scenario: Your college or organization is considering a new project that would involve developing an information system that would allow all employees and students/customers to access and maintain their own human resources-related information, such as address, marital status, tax information, and so on.

The main benefits of the system would be a reduction in human resources personnel and more accurate information. For example, if an employee, student, or customer had a new telephone number or e-mail address, he or she would be responsible for entering the new data in the new system. The new system would also allow employees to change their tax withholding or pension plan contributions. Identify five potential risks for this new project, being sure to list some negative and positive risks. Provide a detailed description of each risk and propose strategies for addressing each risk.

The five potential risks that I have identified for this project are Schedule, Operational, Technical, Security, and Political or Programmatic. A solid risk management plan should be developed and a formal plan put in to action.

Project Risks

Schedule Risk: The project schedule can slip if the project tasks and schedule release risks are not addressed properly. This will mainly affect the project and eventually the company funding of the project and could possibly lead to project failure. The cause of this risk could be from poor time estimation, improper resource tracking, failure to identify complex functionality, and unexpected scope expansions.

To prevent this type of risk, the PM should ensure the WBS is accurate and resources are tracked well. A good analysis of the project will any complex functions early in the development. These steps will go far to reduce scope-creep and any unexpected scope expansions.

Operational Risk: There is a risk of loss due to improper process implementation, failed system or some external events risks. These can...