Project risks need to be analyzed both from the qualitative and from the quantitative points of view. Consider the aspects of qualitative risk analysis and respond to the following:
-Describe the Top Ten Risk Item Tracking approaches for performing qualitative risk analysis.
-Explain, with two examples, how the Top Ten Risk Item Tracking approaches help in monitoring risks.
-Discuss the efficacy of this system for identifying and monitoring potential black swan events. How would you use this system to identify and track them, if possible?
Top 10 Risk Item tracking takes periodic reviews of the project and creates the top ten risks. This establishes how the risks are rated and how many times the risk appears throughout the process. The tool actually lists the risks according to rank, notes prior risk ranking for the risk, and how many times the risk appears. This is usually done is a table format for easier visual review. Each period the risks are summarized and the steps taken to lower or resolve the risk are reported.
Example 1: Risk of department computers crashing during upgrades, ...
A discussion, including examples, of top ten risk item tracking. Also includes a note about use in black swan event. 366 words with references linked.
Risk Management and the Ability to Track These Risks
Reply to the following:
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.View Full Posting Details