Project Managers Develop Risk Management - 993 Words

Project managers develop risk management plans in order to identify, classify, quantify, and mitigate known and unknown risks in a project (Williams, 2004, p. 1). These plan include risk assessment, mitigation, and continual assessment and evaluation during the completion of the project. In IT-related projects, IT project managers have to assess and evaluate numerous technical risks. Technical risks are the possible occurrence of failing functionality and performance that has occurred due to poor IT integration of systems, or other interactions that may be difficult to implement due to IT complications (Software Testing Help, 2015). Thus, risk management plans help minimize the impact of technical risks in a project. There are several risk management paradigms that project managers can use to manage these risks. In software risk management, Barry Boehm’s risk management paradigm consisted of two sub-processes—risk assessment and risk control (Wallmà ¼ller, pp. 5- 6). When assessing the risk, project managers need to identify, analyze and prioritize their risks with quantitative measurements, i.e. probability percentages or 1-5 scale. After this sub-process, the manager implements the risk control process where the IT managers can create risk management plans specifying risk reduction measures. In addition to these measures, the plan should include risk resolution and monitoring controls to be used on the project. An example of this paradigm is found on this website,Show MoreRelatedObjectives Of Rebranding / Logo Project1683 Words   |  7 PagesObjectives: The objectives of the Rebranding/ Logo Project summarized as follows: 1. To bring greater name recognition to higher end clientele through a new professional name and professional modernized appearance. 2. No to exceed a budget of $60,000 for the completion of full rebranding. With logo and name rebrand to not exceed more than $10,000. 3. 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