The Art and Science of Risk Management

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Information gathering is also called requirements capturing and it involves capturing the full understanding of a system user in order to ensure the success of any project.

Most research projects are carried out by third parties that have less understanding of the organization they are carrying out the project for.

There are various methods used to obtain the client’s system requirements  each of which is discussed below.

Interviews -interviews can be carried out with a many employees from different departments in order to capture their requirements. Interviews are time consuming, and hard to plan for. Interviews can be open-ended or close ended. The outcomes of the interviews are analyzed deeply.

The most common disadvantage of an interviewing is ensuring that the responses are properly followed up. Most of the time interviewees would like to discuss other issues is not part of this project. Some examples of sampling documents collected from the interviews are the Appendix D and the Appendix E which are important in the designing phase of any software. They both outline the exact data that are stored and the processes of storing this information.

Questionnaires - interviews are efficient than the use of questionnaire. But questionnaires are the most cost saving methods of data gathering of a lot of data. Questionnaires may be quite difficult to design. A few personnel too may be involved designing a good questionnaire in which this time would be better be spent  interviewing a number of system users.

Observation – is the process whereby software developers observe  their environment  and come up with observations on which to include in the software design which might not have been include in the in the interview or questionnaire.

Prototypes are used in observations in order to save on time used tasks during observation. Some details may be ignored  during the  early  stages of prototyping and  should be utilized  during system testing.

Cost benefit Analysis for the business solution report


Cost-benefit analysis is a technique that used to relate the total costs with benefits of any project, using monetary terms. The cost-benefit analysis enables the calculation of the net benefit or cost related to the implementation of any project.

Cost-benefit analysis is often useful at the start of a project where different courses of action are being evaluated and compared, hence choosing of the best approach..

Cost-benefit analysis involves adding up of the costs of a project then you compare it with the total benefits of the project. The technique assumption is that the monetary value can be applied to all the costs and benefits of a project; which are both tangible and intangible benefits to the organization. The main advantage of cost-benefit analysis is that it makes a person to thoroughly consider the many factors which influences the strategic choice.

Cost benefit analysis for Implementation costs and Running costs


Fixed cost = $1000

Direct Cost         = $800

Other                  = $500

TOTAL = $2300


Equipment savings    = $2000

 Conversion                = $300

Customer retention      = $200

Efficiency improved       = $100

TOTAL = $2600

Net benefit = $300/month

written activity - Two

Definition of risk management by the AS/NZS ISO 31000:2009.

AS/NZS ISO 31000:2009 a new standard for managing risk that define risk management as the all activities in an organization involved with  expecting, understanding and decision making whether to adjust the organization   in order to manage the chance of risk affecting their businesses. Throughout the risk management process, organizations converse and consult with its stakeholders while at the same time monitoring and reviewing their risk and the controls in place in order modify the risk.

Risk management is integrated with governance agency frameworks in order to become a part of the planning in both the operational and strategic level.

The five steps to the risk management process?

Step 1: Identifying the Risk:This involves identifying , recognizing and describing the risks that affects the project and its outcomes.

Step 2: Analyze the risk :After the risks have be identified, then the determination of the probability of the risk occurring  and consequence of each risk happens.

Step 3: Evaluation of the Risk:  Risks are the evaluated to determine whether the risks are at acceptable levels or if they seriously need warrant treatments.

Step 4: Treat the Risk: In involves the Risk mitigation and planning measures. Here assessment of the highest ranked risks and setting out  plans to modify the risks to attain the acceptable risk levels. Risk preventive plans, mitigation strategies and the contingency plans are put in place.

Step 5: Monitor and Review the risk: This is a continuous process of to monitoing, tracking and reviewing the identified risks.


Microsoft Project features

Below are the features that current version of Microsoft Project has:

1. Resource Management feature: Microsoft Project has the capability for organizations to manage their resources utilization, identify weaknesses early and accurately forecast for their resources needs, and improve the project selections and timely deliveries in advance.

2. Project management: current version of MS Project helps in the execution of projects easily. The familiar scheduling tools and the Built-in templates assist the project managers and teams to be productive.

3. Portfolio management: It has the capability to utilize the project portfolio and to prioritize initiatives in order to get the outcomes wanted.

4. Video/real-time chat: Has integrated communication capabilities that enable project members to communicate through the use of voice, video and chat, hence driving the project towards success.

4. Mobile access: Involves the use of software that is available the Ms Project to ensure that every team member can get updates about the tasks on their mobile devices and view reports and timelines. This feature gives the project managers prompt access to information for making informed and faster decisions.


Description of the for the project management standards

AS/NZS ISO 31000:2009

This is a standard supported by the IEC/FDIS 31010 Risk Management–Risk Assessment Techniques; ISO/IEC 31010:2009–Risk Management and ISO Guide 73:2009–Risk Management–Vocabulary. It touches on some of the major changes of AS/NZS ISO 31000:2009. It includes the change of the definition of risk; the introduction of the 11 principles of managing risk of risk; 5 attributes of an improved framework of risk management ; and  the recommendable method  of developing an framework of risk managent.

b.ISO 21500:2012, Guidance on project management

Its content include project management, organizational strategy , project, governance, environment, operations and the stakeholders.

Based on Deming Circle, we have the following 5 process in the ISO 21500:2012 implementation:




Controlling and


ISO 10006:2003, Quality management systems − Guidelines for quality management in projects

The standard guides in the delivery of quality project management processes. Its intention is to develop and maintain product and process quality in projects, hence the need for a methodical approach to ensure that:

Customers’ needs are understood and satisfied

The stakeholders’ interest  are known and evaluated

Management implements the Quality policy the organization.

ISO 10007:2003, Quality management systems − Guidelines for configuration management

The function for this Standard is to improve the understandability of the subject and to assist in organizations application management of configuration in order  to improve their performance.

A configuration management documents the product’s configuration. It provides identification and traceability, the status of achievement of its physical and functional requirements, and access to accurate information in all phases of the life cycle.


PMBOK and Prince2

The PMBOK guides the project management team on the best practices, and provides the definition of everything in the project lifecycle and project management concepts and strategies.

PMBOK recognizes 47processes, which are sub grouped into 5 main process called IPECC: Initiating Group, Planning Group, Executing Group, Controlling Group and Closing Group.

Examples of a Project Manager’s Code of Ethics

Ethics involves making the best decisions pertaining, resources, people and the environment. Examples of  the Project Manager’s Code of Ethic are: responsibility, honesty, fairness and respect which are values that shape the ethical codes for the project management members.

Explanations of the principles for digital development

Designing with the user the user:

This involves understanding of the customers’ need and characteristic. Then designing a software for them. I t is also referred to as human-centered design. The clients’ needs and characteristics can be gathered through observation and conversation. This leads to designing and testing satisfies human needs.


Understanding the ecosystem: Pertains designing tools with the consideration of the specific needs of a particular country, community or region.

Time and resources has to be allocate for the analysis of the ecosystem, hence ensuring the selected software tool will be relevant.

Designing for scale: Scale is defined as attaining a particular proportion of the entire populations or users. Designing for scale is going beyond the pilot designing and making the software adaptive to any future adjustments or changes. Also you should consider to be affordable to all regions.

Building for Sustainability: This development of a system with the consideration of maintaining stakeholder support as well as well as the users’ supports for the long term benefits.

Being Data Driven: Information should be used for decision making. Quality information will be available to the decision makers when needed any time if a project is data driven.

Use of Open Standards /Open source: This can help in increasing collaborative efforts in the digital communities hence avoiding duplication of work. Programs utilize the available resources by using the open standards.

Reuse and Improvement: Involves looking for ways to adjust and improve the current resources, products and approaches instead of beginning a new project.It involves modification of the existing resources and products in order to improve their quality and performance.

Addressing Privacy and Security: Involves careful consideration of data to be collected and how they are acquired, usage, storage and sharing. Organization has to take has to take actions on minimizing, collecting and protecting confidential information and identities of individual persons.

Knowledge Assessment (Written Tasks)

Review this example and comment on what you think the problems were.

I there is a problem of using an incompetent person to lead the project.. The coding and testing has just been completed when the project manager was transferred to another project and I was asked to take over the position of the project manager. I had ever been an integration manager of a previous project that went smoothly, but that does not mean I am familiar with the current project.

There was lack of training before initiating the new project. It took me long; two weeks to get familiarized to the reporting system and other areas, which I should I learn in the initial training.

There was the problem of using incompetent internal test team who developed total system integration which kept showing errors. I also tried to use the small team of the strongest team members available then, but the system still failed. It was better if I had outsourced the system development process for better results.

Also I knew even before initiating the project that it was going to be bad. I should have planned appropriately for any risk and risk management measures before I begin.

Had integration been properly planned initially, most of these problems could have been resolved in time

There was an issue of time. Most problems in the system development process required a number of days to resolve. The project delayed for two months.

September 04, 2023



Corporations Management

Subject area:

Company Risk Risk Management

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