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BUS 361 Study Guide - Brainstorming, Swot Analysis, Audit Risk

Business Administration
Course Code
BUS 361

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Chapter 9: Managing Project Risk
What is Risk?
Project risk: an uncertain event of condition that, if it occurs, has a
positive or negative effect on a project objective
Technology, Teams and Managing Project Risk
Volatile nature of technology creates special pressures in info system
PM may need to discuss w client the possibility of changing the project
scope to include new capabilities
Managing Risk and the Project Life Cycle
Risk occurs in initiation (project selection), planning (project selection
decision), execution (not meeting scheduled delivery), closing
(acceptance) and control.
The Effects and Categorization of Project Risk
Statistics about Project Risk
38% stated their org approach risk management in terms of the
consequences and likelihood of their occurrence
28% companies used systematic and organized assessments and control
25% approached risk management in terms of both positive and
negative variation to project plan
9% org approached risk management as the difference between means
and ends.
36% biggest problem in org was improper assessment or management
of project risk
General categories of IS Project Risk
Includes risks associated with: ongoing changes in tech, finding and
assigning skilled personnel, gaining user acceptance, and choosing the
correct development methodology

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Technique for Managing Project Risk
Risk is natural during IS development projects and magnified by new
tech and methodologies
Incld. Risk management plan, risk identification, qualitative risk
analysis, quantitative risk analysis, risk response planning, and risk
monitoring and control
Risk Management planning
Risk management planning: a systematic approach to planning the
risk management activities of a given project
Risk management plan: an overall plan used to outline risks and the
strategies used to manage them
oRoles and responsibilities
oScoring and interpretation
oReporting formats
Risk Identification
Risk identification: the process of identifying and documenting a
projects potential risks
Risk Register: a formal record listing all project risks, explaining the
nature of the risk and management of the risk
oTechnical, quality or performance risks
oProject management risks
oOrganizational risks
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