Risk management and the ability to track these risks
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Describe the Top Ten Risk Item Tracking approaches for performing qualitative risk analysis.
The Top Ten Risk Item Tracking is a qualitative risk analysis tool used to maintain awareness of risks throughout the life of a project by helping to monitor risks (Schwalbe, 2014, p. 549). Periodic reviews of the top ten risk items are conducted on regularly scheduled intervals, perhaps once a monthly based on the length of the project. During the review, the team evaluates each risk item's current ranking, it's ranking in the previous review, the number of times the risk item has appeared on the list over a period, and a summary of progress made in resolving the risk item since the last review meeting. A risk management review accomplishes several objectives such as keeping management and the customer (if included) aware of major influences that could prevent or enhance the project's success (Schwalbe, 2014, p. 460).
Explain, with two examples, how the Top Ten Risk Item Tracking approaches help in monitoring risks.
In theory, the Top Ten Risk Item Tracking is assuming the same challenges will occur based off of repetition. In the aircraft maintenance world, inspection cycles are based off reoccurring discrepancies, or risks. These risks are calculated and items are inspected or replaced based on the interval that will reduce risk or part failure. In an IT project, the team should evaluate risks on a reoccurring interval. They can plot the risks on a chart and associate them with a risk level. They can they focus on the high risk areas more than the low risk areas.
Schwalbe, K. (2009). Information Technology Project Management Sixth Edition Boston. Boston, MA: Cengage Learning.
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This solution discusses risks in businesses and how to track them.
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