Question

Suppose your college or organization is considering a project to develop an information system that would allow all faculty, staff, and students to access and maintain their own human resources information such as address, marital status, and tax information. The main benefits of the system would be a reduction in human resources personnel and more accurate information. For example, if a faculty, staff, or student had a new telephone number or e-mail address, s/he would be responsible for entering the data in the new system. The new system would also allow employees to change their tax withholdings or pension contributions.

1. Identify five potential risks for this new project and prepare the risk register.

2. What is probability/impact matrix or chart? How would you benefit from using this simple technique to identify the project risks that need attention?

Answer 1

Answer 1=

Risk #	Risk	Description
1	Late delivery	There is a probability of the extension of the project delivery date more than the expected date of completion as the constraints are not adequately projected
2	Overbudget	During the entire project life cycle, there is a possibility of experiencing the unplanned cost
3	Procurement issues	The project may experience the procurement problems for instance damage or late delivery of the products or in fact no delivery
4	Technology advancement	Some of the major changes could result from the newly initiated technology during the lifecycle.
5	Laws and regulation	There may be some modifications in the project requirements due to the existing and new federal, state and local law

Answer 2=

Probability and Impact Matrix can be seen as a method which is used in the project team for help or assistance in giving different priorities to the different risks . It is evident that a certain project might have number of risks. These risks may vary from single digit to triple digit on the basis of the size and complexity of the project and in most of the cases, there is not adequate time and money to deal with these risks . This it is important to find some solution to find out these important risks that are to be given importance by the project team.

Probability and Impact Matrix will combine the probability and impact score of various risks and rank them in order to have ease of management of the risks. Alternatively, with the help of this matrix we can find out the importance of various risks and accordingly we can prioritize them . Understanding the priority of various risks is important as this will facilitate the project team to understand the significance of the different risks.