Managing Risk of Community Engagement †MyAssignmenthelp.com

Question: Discuss about the Managing Risk of Community Engagement. Answer: Introduction: Managing risk is one of the most crucial tasks which involves forecasting and evaluating of all the risk factors which could incur in near future. Evaluating the risk factors is an important aspects attached with any project. Hence, a report is developed which will avail the possible risk factors which could incur in the project of Office of Information Technology. The report will also include data related with the risk management plan required to be applied in the project. This risk management plan will help in mitigating the risk. Applying the risk management plan will help Office of Information Technology in completing the project within the required time and budget decided by the company. Risk management is an activity which helps the organisation making several set of decisions regarding the future aspects which will indulge in near future. For a project manager or a company planning to initiate a project one of the most important aspects required to be focused upon is risk management. Forecasting is the most effective way with the effect of which risk factors which could occur in near future could be analysed. After analysing the risk factors company should develop the strategies with the effect of which these risk factors could get mitigated. Hence, a report is developed in relation with risk management system which will help Office of Information Technology (OIT) in identifying the risk involved in the project. The project will also provide a support system which will help the company in mitigating the future risks. OIT (Office of Information Technology) is using a ticketing system so as to report the bugs across different departments. The ticketing software helps in maintaining the information system at SFSU level. This work of maintaining the bugs is dine from the front end which is a user interface to the back end in which data, servers and networks of the company remain available1. There are certain points at which Remedy ticketing software were chosen by the company so as to manage the bugs. At several times company has noticed that the ticketing software does not work properly due to which information system of the company get affected. So as to manage the bugs company has decided to develop a new software system. This Software will work more accurately in managing the flow of information; this will help company in transferring the information from front end to the back end in a more accurate as well as in a proper way. Hence, a report is developed which will provide information related wi th risk aspects which could incur in the project. This report will also help in delivering the strategies which could be adopted by the company to manage the risk factors and develop the project in an effective way2. RISK MANAGEMENT PLAN 1. Identification of the Risk 2. Categorization of the Risk 3. Probability of the Risk and Assessment of its impact 4. Prioritizing the Risk 3 5. Planning of the Risk Response 6. Developing a Risk Management Strategy 7. Monitoring the Risk 8. Controlling the Risk 9. Assumptions with the Significant Impact of the risk attached with project 10. Understanding the roles and responsibilities 4 Office of Information Technology is working on an Information Technology Project in which there are various set of risk factors which remain attached. It is required that the company should focus upon these risk factors and develop the strategies to mitigate the same5. Schedule risk Budget Risk Operational Risk Technical Risks Programmatic Risks Risak Analysis The above risk matrix will help in analysing the risk factors which could occur in the information technology project of Office of Information Technology. It is required that the risk factors should be put on the basis of the consequences and according to its likelihood of the occurrence. Such type of activity will help the company in analysing the risk and setting priorities for the same6. Risk Impact Likelihood Composite Risk Score Response Type Risk Response Schedule risk High Very Likely 5 Quick It is required that quick response should be given so that risk could be managed in the initial phase only7. Programmatic Risks High Likely 3 Moderate It is necessary that programming should be rechecked and testing should be done on timely basis. Operational Risk High Not Likely 4 Quick Quick response should be given as no risk at the operational level will be handled Technical Risks Medium Not Likely 2 Moderate Technical risks could occur but it is required that company should check all the technicalities in the initial phase only8. Budget Risk High Likely 4 Quick Quick response should be given as lack of proper funds could affect the whole project. To monitor and control the risk it is required that a risk register should be prepared, auditing of all the risk factors should be done, feedbacks of the IT teams should be taken, a checklist should be developed and cross checking of all the risk factors should be done in a proper way7. Developing a risk management plan always results in helping the companies in some or the other way. In present scenario it could be evaluated that the risk management plan developed is effective as it include all the aspects which are required to manage the risk also it covers all the risk factors which could affect the project of Office of Information Technology8. Conclusion It could be concluded that risk management plan is one of the most important aspects attached with any organisation. It is required that company should indulge in practices of develop a proper risk management plan. Identification of all the risk factors is equally important for the project manager working on a new project. Such type of aspects helps in reducing the risk of occurrence of the future risks in the project and help in completing the same within the budget and time. References "Developing a Step-by-Step Risk Management Plan",The Volunteer Management Report, vol. 22, no. 6, pp. 7-7, 2017. L. 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