The Purpose of the Risk Management Plan

2021-04-29 04:51:01
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The Twittamentary project explores the way the lives of people meet and impact on the fast growing phenomena of micro-blogging called Twitter (Chopra, 2009). The users of Twitter have contributed several stories on a single theme: How has Twitter impacted on your life and the lives of the people around you? What is your story about Twitter? The Twittamentary looks at the way usually lives connect and intersect inside the community of twitter as the web of real-time accelerates serendipity. The bonds are forged because of the unexpected encounters among the strangers as they share the moments and times of their lives in the real time. The documentary of Twittamentary is unique about the people of every day who usually use Twitter (Scott, 2010).

For a Twittamentary project, a risk is a condition or the event that may affect the objectives of the project either positively or negatively. Risk Management is the identification, analysis, assessment, response, monitoring and reporting of the risks. The purpose of the Risk Management Plan is thus to outline the way risks associated with the Twittamentary project would be handled.

The Risk Management Process

Process

The project manager ensures that the risks are identified, assessed, analyzed and managed throughout the project life. Risks must be determined as early as possible.

Risk Identification

The determination of the risks for the Twittamentary project could involve the team of the project, the apt stakeholders, and it includes the assessment of the environmental factors, the culture of the organization, and the projects scope. The log of risk management will be electronically and stored in the project library.

Risk Analysis

Risk analysis refers to the risks assessment, characterization, communication, management as well as the policy that relate to the threat in the context of risk concerns to the individuals, public and private sector, as well as to the society. The analysis of risks can be quantitative or qualitative. Usually, the qualitative analysis uses colors or words to determine and assess risks or it may offer the general descriptions of the risk. The quantitative one calculates the risks numerical probabilities.

Every risk will be identified by the team of Twittamentary project so as to determine the range of project likely outcomes. The analysis helps to identify the top risks that would be dealt with immediately and the ones that can be ignored.

Qualitative Risk Analysis the project manager analyzes the impact and the probality of the risk using the following approach;

Probability

High probality more than 70%

Medium Between 30 and 70%

Low Below 30%

Impact

High the risk can significantly impact on the cost, performance or project schedule.

Medium the risk can just slightly impact of the project cost, performance or schedule.

Low the risk has a relatively small impact

Impact H M L L M H

Probability

From the above table, the risks that fall in Yellow and Red zones will require the planning of risk response that may include both risk contingency and mitigation plan.

Quantitative Risk Analysis

The analysis can be used by the Twittamentary project team to estimate the effect on the activities of the project, the numerical ratings applied to every risk based on the analysis (Bryfonski, 2012).

Risk Response Planning

Each and every major risk that will fall in the region of Red and Yellow will be given to member of the project team for the purposes of monitoring so as to ensure that the threat will not fall through the cracks. The risks can be addressed using the following approaches;

Avoid eliminate the risk by removing the cause of the risk.

Mitigate determine the ways to lower the probability or the impact of the threat.

Accept the management of the Twittamentary project will do nothing.

Transfer the manager may opt to give the third party the responsibility of the risk such as outsourcing or buying insurance.

The mitigation of the risk will involve prototyping, adding resources, adding tasks to the scheduled project so as to prevent the risk from happening or reduce its probability or impact.

The controlling, monitoring and reporting of the risk

The management team of the Twittamentary project could track, monitor and report throughout the life cycle of the project (Heagney, 2012). As such, the management could come up with a Top 10 Risk List, which will be reported as an element of the project status giving a report on the project process.

Tools and Practices

Finally, the Risk Log could be maintained by the project manager to be reviewed as an item of the standing agenda for the project team meetings.

Examples of Risks that could occur

Insufficient resources

Delays

Interruptions

Data accessibility from the unauthorized users.

Key Learning Points

The key learning points derived from this project is the essence of risk identification, risk assessment, risk monitoring as well as risk reporting. As such, it is worth to note the impact and the probability of the risks so as to find the ways of dealing with such threats.

References

Bryfonski, D. (2012). The global impact of social media. Detroit, MI: Greenhaven Press.

Chopra, J. (2009). Practice standard for project risk management (4th ed.). Newtown Square, Pa.: Project Management Institute.

Heagney, J. (2012). Fundamentals of project management (4th ed.). New York: American Management Association.

Scott, D. (2010). The new rules of the marketing and the PR: How to use social media, blogs, news releases, online video, & viral marketing to reach buyers directly (2nd ed.). Hoboken, N.J.: John Wiley & Sons.

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