Risk Identification
A risk variable is a factor that can change the extent to which a project is exposed to a particular risk. One of the risk variables in this project is technology. The project intends to upgrade the system by using state-of-the-art technology. As much as this is meant to boost the functionality of the system, it is also a risk factor. Technology can be unpredictable. If at some point the system fails, many operations in the organization will be crippled. This will affect the project because valuable data might be lost. Time and other resources will also be lost.
2.2 Assessment of Probability and Consequence (Qualitative)
| CONSEQUENCE | ||||
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|
Low | Medium | High | |
| PROBABILITY | High | LOW RISK | MEDIUM RISK | HIGH RISK |
| Medium | LOW RISK | MEDIUM RISK | MEDIUM RISK | |
| Low | LOW RISK | LOW RISK | LOW RISK |
The assessment was arrived at by considering various factors. For example, if the probability of the risk is low and the possible consequence is also low, then that is a low-priority risk. On the contrary, if both the probability and the consequence are high, then it is a high-priority risk.
2.3 Assessment of Probability and Consequence (Quantitative)
| CONSEQUENCE | ||||
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1 | 2 | 3 | |
| PROBABILITY | 3 | 3 | 6 | 9 |
| 2 | 2 | 4 | 6 | |
| 1 | 1 | 2 | 3 |
1 is the lowest level while 3 is the highest. When both the probability and consequence are 1, their product is 1 and that is a low priority risk. In the case that both the probability and the consequence are 3, their product is 9 and that is the highest level of risk.
2.4 Mitigation Strategies
The highest risk in the project is hacking. This is where there is unauthorized access to the system and it can lead to leakage and loss of data. Mitigating this risk involves the installation of firewalls and the use of passwords and access codes.
3 Quality Management Report
In terms of the product, quality is when the machinery, equipment, and devices used in the project meet the minimum standards and specifications; that means they are of the right quality. As far as the process is concerned, quality is when qualified and experienced technicians are the ones conducting the installations and tests. They can be trusted to do the right thing. The project must meet the minimum quality standards set by the industry. The measure of success is determined by the level of customer satisfaction. The project must meet its purpose; the system should be faster, safer, and more efficient. Information Technology technicians will watch and monitor the project throughout its lifetime. The head of IT will be responsible for ensuring the quality of the project is monitored.