Purchase Solution

21st century software for assessing risks

Not what you're looking for?

Ask Custom Question

Reply to the following:

Top Ten Risk Item Tracking is a qualitative risk analysis tool. In addition to identifying risks, it maintains an awareness of risks throughout the life of a project by helping to monitor risks which involves establishing a periodic review of the project's most significant risk items with management; similar reviews can also occur with the customer (Schwalbe, 2014). The top ten list ranks the risk 1-10, by period, with a resolution progress status allowing for a type of watch list of risks.

Using the top ten list allows for a more narrow focus to be created as to risks and their occurrence vs. trying to overview all possible risks at all times allowing for a more detailed focus on a few instead of a wide overview of all leading to missed details. A couple of examples would be if a PM quits a project during execution to go to a new job - during the risk analysis this could have been identified and a secondary could have been designated for things like illness or family emergency. This secondary could now step in and assume responsibility as PM or is the scope of the project continues to grow this could have been identified and addressed prior, as to how it would be handled.

The top ten risk item tracking method would not be able to handle black swan events as the magnitude of a black swan is too large for a quick bullet type system such as this to handle.

References:

Schwalbe, K. (2014). Information technology project management (7th ed.). Boston, MA 02210: Cengage Learning.

Purchase this Solution
Solution Summary

This solution discusses using software to conduct risk assessments.

Solution Preview

The use of a risk-item tracking tool will be beneficial to an organization as it is helpful in providing the company with the continuous review of potential ...

Purchase this Solution
Free BrainMass Quizzes
Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

Social Media: Pinterest

This quiz introduces basic concepts of Pinterest social media

View More Free Quizzes
Related BrainMass Solutions

  • Meeting the Needs of a 21st Century Firm

    157796 Meeting the Needs of a 21st Century Firm How are the needs of the 21st century firm being met by changing systems development strategies and enterprise engineering?

  • Computers in education vs the workplace!

    How does the use of computers in the educational setting need to change to match the needs of the workplace in the 21st century?

  • Management Theory & Practice

    • What social, economic and technological forces will drive management in the 21st century? • How will our research methods and strategies change in order for us to study management in the 21st century?

  • The Future of Leadership

    What qualities do future leaders need to meet the challenges of the 21st century? The Guardian Professional Network. Retrieved on March 14, 2013, from http://www.guardian.co.uk/sustainable-business/future-leaders-sustainability-21st-century.

  • Special Risks Faced by Workers in the Twenty-First Century U.S.

    373196 Special Risks Faced by Workers in the Twenty-First Century U.S. Discuss the special risks faced by workers in the twenty-first century U.S. labor force, according to Silverstein.

  • Vision for the supervision in 21st Century

    628640 Develop a Vision for Supervising in the 21st Century Assist in writing a research paper to include the following: • Provide a detailed vision for supervising in the 21st Century. • Develop and explain a vision statement.

  • Present New Developments in Forensic Accounting Research

    A 21st century forensic accountant is able to identify the internal risks while serving as a deterrent for the organization by protecting against security threats to the internal and external stability of the company's business systems.

  • Professional Identity and Technology in Counseling

    This enables my future goals to be catered toward the 21st century globalized counseling paradigm (Counseling Outfitters, 2009) 2.

  • Learning for the 21st century

    Which technology tools provide support or are most useful for the following 21st century skills?

View More Related Solutions