Expository Essay on Project Management: Risk Management Plan

2021-05-12 01:11:08
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Introduction

Risk management in business is defined as the process where risks are identified, assessed, and acted upon to reduce their occurrence to an acceptable level. A risk management plan that will be formulated will be relevant in several aspects mainly because it can be used to identify and help the health network avoid several shortcomings. Therefore, the sole purpose of a risk management plan for the health network IT system is to describe the way with which risk management will be structured and performed on this particular project (Kerzner, 2013). The risk management plan here will have different sections starting with a coherent introduction, the risks of the IT system, the importance of managing these risks, a risk assessment plan, ways of managing these risks, some standard methodologies of approaching them, and a substantive summary.

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Project Scope: Risk Management

The project scope in this risk management program will primarily be based on determining and cohesively documenting the project's specific goals, tasks, deadlines, costs, and deliverables. Additionally, documenting the scope of this project helps to explain its boundaries, establish the responsibilities of each member of the team, and to set up procedures on how the process will be approved and verified. The risk management plan will also address issues related to laws and regulations in correlation to the health network. The primary law in health is keeping the confidentiality of a patient. Thus, this process shall be fully privileged to access any information about the patient as far as the federal and state laws have provided (Kerzner, 2013). This way the risk management procedure will ensure compliance with legislation and regulations of the country as pertained to data collection, reporting governmental requirements, regulatory, and accrediting particular agencies within the health network Inc.

Scope of a Risk Management Plan in Health Network INC

Risk management within the health network Inc will be outlined in such a way that every individual and department within the organization has some roles and responsibilities accrued to them. Departments, for instance, their overall responsibilities will be to implement, own the risks, identify them, ensure compliance, and awareness of the risks within their divisions. Individual responsibilities will be to operate and monitor this system, proactively determine the risks within the organization and ensure that all the potential risks identified within are reported in time. Formulating a proper risk management plan schedule provides that small issues and manageable problems are prevented from becoming emergencies. First, before developing this plan, there will be the need to understand the way that a risk management plan works (Kerzner, 2013). By following this plan, a manager can evaluate the outcomes of the process, probabilities, and assumed risks. The second step is to define the project where risks can be classified according to their intensities. During the process, there is also a need to borrow ideas from other people especially those within the team. Then the risks accrued can be identified and their consequences evaluated. This is where irrelevant issues are eliminated from the process. Later after identifying each risk, a mitigation strategy will be formulated to curb each shortcoming. Then the risk manager will develop a contingency plan to reduce the impacts of each danger in case it materializes. And lastly, the risk management plan schedule will be designed to monitor all the risks determined in the process.

Risk Assessment Management Plan

A risk assessment (RA) plan is a major process within the risk management program. Nonetheless, due to its broad concepts here it will be explained in depth. The principal purpose of a risk management plan in evaluating the shortcomings of the health network inc is to assess the magnitudes of the occurring risks both from a collective and individual perspective. This way the risk management can give more attention to the most significant opportunities and threats. Therefore, carrying out a risk process for the health network inc will help identify all potential shortcomings within the organization, their intensities and determine how they can negatively affect it.

What Is an Efficient Risk Assessment Plan?

An efficient risk assessment plan should follow a distinct outline which includes identifying the potential hazards. Here a comprehensive list related to these risks is formulated. Then a practical assessment criterion is developed which is mostly established through qualitative and quantitative analysis methods. Thirdly, is to assess the risks by so doing the results from the defined criteria helps in assigning the potential shortcoming and values accordingly. The third step is followed by comprehensively evaluating the interaction between these risks mainly because risks exist through social behaviorism thus the need to manage them in an integrated manner. The fifth step is to prioritize the risks through prioritizing the levels and magnitudes of these shortcomings and tackling them according to their tolerance thresholds and impacts on the organization (Kerzner, 2013). Lastly, the assessment plan should respond to the potential risks here a risk response strategy is formulated and a plan developed to meet these threats.

The project scope of the health network Inc Risk assessment plan specifically outlines that grand scope will be found in the project charter. While low-level range will be consulted in the organization's requirement document. The grand scope is characterized by two principal components deliverables and boundaries separating important issues accrued to the project from irrelevant issues. On the other hand, business requirements on the low-level scope will help in defining the required products/features and functions of the project scope. Risk assessment approaches that will be used in this research are drawing a comprehensive risk map and using risk criteria. A risk map is a very straightforward and significant method of assessing and identifying shortcomings within an organization. On this map, the assessment is usually outlined on two basic criteria that are likelihood and significance. The risk criteria approach, on the other hand, evaluates the potential hazards based on specific guidelines.

As pertained to the health network Inc and the RA process the responsibilities of both departments and individuals within the organization are outlined by quality manager practice and quality professional service. Both key participants in this business are rallied towards ensuring patient safety and formulating newer ways of efficiently and effectively working together. By each department working together cohesively, there is a guarantee that the organization will deliver high-quality, safe patient care while reducing the risks accrued consecutively. The risk assessment process follows a much-generalized schedule. First, the RA plan will be developed by the manager in this project (Kerzner, 2013). Then, the risk manager will identify any potential disruption to the program, for instance, increased cost or degraded performance. Thirdly, the RA plan schedule will entail evaluating overall contract performance and the costs resulting from this undertaking. Lastly, the project manager in this RA program will always have an updated list of outlined questions facilitating the assessment of these risks.

Why Project Management Is Important for the Success of Any It Projects?

Deliverables in the course of this investigation will be very helpful in ensuring that the health network Inc risk manager successfully plans, controls the organization's IT projects, and executes them. However, deliverables can only be significant if the framework provided ensures that all aspects related to the project are consistently and appropriately planned, defined, and communicated. Therefore, the best way to handle these deliverables is to ensure that all the people involved in this process understand their impacts and how to distribute them evenly. For instance, it is important to make sure that there is a shared understanding both from the stakeholders and the planning team. Also, reminding the entire team of the significance of the project and the need to stick to the specified plans ensures that no adverse outcomes will be identified even after the process takes a complex turn. Additionally, in tackling emerging deliverables the project manager and his team will consistently provide the organization's senior executives and other officials within the health network with insightful information about the project the ongoing performance, and the risks identified. More so, deliverables can be resolved if the risk manager ensures that they encourage the use of a repeated consistent process (Kerzner, 2013). It is also important to ensure that project management is implemented, and the organization's best IT practices are used. Lastly, dealing with deliverables needs the project manager to keep an updated comprehensive record about the deliverables of the project and its performance usefulness for many purposes. Project management skills are important because they help you direct projects in a way that's productive for the company you work for and the team that's supporting the project.

Conclusion

Before this project was started, several threats had been identified including the loss of valuable company data after hardware had been removed from the IT systems. Also, the company had faced consistently cased of losing its information when its assets like laptops and mobile devices got lost or stolen. Besides, natural events have led to the loss of customers once some crucial information regarding them is lost. Additionally, internet threats from the companys online site have resulted in the loss of data. Further, threats from within have continually been evidenced. Lastly, threats had become malignant whenever regulatory landscapes were changed. Apart from the above threats, other risks have been evidenced in the course of the project. From within the organization carelessness with data and erroneous entries are the primary risks contributing to an ineffective IT department. Also, it has been clarified that there have been cases of unauthorized access to the company's data system thus classified as a threat to the health network (Kerzner, 2013). Environmental risks, a leaking ceiling, and a breaking network cable are some contributors.

Therefore, in a bid to control these problems a mitigation process has been formulated. This process primarily requires that the organization formulates and implements ways of managing these threats. By so doing the controls designed will reduce the risk, while assessing their effectiveness, and ensuring that new control measures are implemented as needed by the organization. In such a case the threats control measures within health Network Inc can be categorized in several ways. The first is to prevent that is inhibiting the reoccurrence of the threat by ensuring there is an access control system, authentication requirements, and encryption. The second way is to deter by so making the casual threats within will be eliminated by formulating stronger passwords, applying internet usage policies, and ensuring there is a two-tiered authentication method (Kerzner, 2013). The third way is to detect, this way it becomes easy to identify and prove that threat is about to occur or has already happened. Nonetheless, the only way to detect threats is by keeping an intrusion detection method, checksums, and audit trails. The fourth way is to be reactive by controlling threat in this mannerism a company responds to an already occurred risk by having an alarm and a penetration test. Lastly, is to have a recovery system by responding to risks in such a way that will help recreate or retrieve applications or lost data considering that there will be a contingency plan and a system backup.

References

Kerzner, H. R. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wile...

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