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Project Management Risk

You have been assigned as the manager on a project to develop a new application system for your business partner. You were given two weeks to develop a project plan and high level cost estimates. Unfortunately, this is a relatively new technology for the company, and although the technology has been tried and tested elsewhere, there are no previous internal projects you can use to help estimate. Your initial estimate calls for a six-month development effort with a planned staff of 10.

The system takes data feeds from three upstream applications, and sends information back to two of them. You have never worked with these three systems in the past, although one of your developers used to work in the group that supports one of them.

Identify the top three risks in this situation. For each risk, document its risk event, impact, probability, impact rating/risk exposure, and mitigation strategy.

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Solution Preview

Please check the attachment for the risk matrix in Excel, outlining the points below.

So, the attached document contains explanations about the various risks that can occur. One of the major causes of all three risks is the lack of knowledge and experience among the current staff and project team to handle similar kind of projects. Hence, the first risk is the lack of accurate estimates regarding completion time. The probability of this risk event is high, and the potential impact is very high as ...