Project #56325 - RISK ASSESSMENT MATRIX and discussion questions

NO PLAGERISM 

 

Answer the 8 questions below.  Each should be a minimum of 250 words and include references in APA format.  

 

AND RISK ASSESSMENT MATRIX at end

 

#1.  Answer DQ#1 in a minimum of 250 words and include a reference in APA format.  

 

Might an effective risk management plan be considered a process that may restore all systems, businesses, processes, facilities, and people? What are the major issues to consider?  

 

Answer here: 

 

Reference: 

 

#2 Respond to classmate answer to DQ#1 in a minimum of 250 words and Include a reference in APA format.  

 

Yes it might because the Risk management has evolved into a systematic process sometimes referred to as Enterprise Risk Management. The ERM process normally consists of, at least, identifying risks, evaluating and assessing the risks, developing a risk management strategy, executing the risk management strategy, and monitoring the results and beginning again (Harvey, (2012). When dealing with the risk management plan the lead engineer is responsible for monitoring and controlling the risk associated with design flaws, and should be consulted during risk response planning.  Once costs associated with a risk equal or exceed$1000 the relevant risk response must be implemented. Any delay of two or more months represents a significant impact on the project, so risk responses should focus on preventing delays, and the risk response planning team must review the status of risks and the effectiveness of responses after each project phase completes. The risk management plan, which you create during the Plan Risk Management process, introduces risk management and its purpose specific to the project at hand. It contains the assumptions, constraints, and policies that relate to risk management. It mentions related documents and standards. It gives an overview of the risk management approaches, tools, and sources of information that the management team must use to manage risk over the project life cycle. There are four components of the risk management plan are particularly useful in the Plan Risk Responses process which is the roles and responsibilities, risk analysis definitions,  timing for reviews, and the risk thresholds. All the project risk management planning processes, including Plan Risk Responses, are iterative in nature meaning that as new risks are identified, the processes are repeated. Sometimes, planning, identifying, prioritizing, quantifying, and developing responses to risks may also happen simultaneously. The Plan Risk Responses process includes two outputs and these are updates to the project management plan and updates to other project documents, including the risk register.

Harvey, G. E. (2012). THE PROCESS OF RISK MANAGEMENT: IMPORTANT STEPS TO TAKE. Petroleum Accounting and Financial Management Journal, 31(1), 77-86. Retrieved from http://search.proquest.com/docview/1013673696?accountid=458

Raydugin, Y. (2013). Project risk management. Hoboken, NJ: Wiley.

 

Answer here: 

 

Reference:

 

#3 Respond to classmate answer to DQ#1 in a minimum of 250 words and Include a reference in APA format.  

 

A good project risk management system requires proper structure and fine tuning.  It should operate like a machine with many moving parts required for effective functionality.  A project risk management plan synchronizes the three main components of a risk management system.  These components are the organizational framework, the risk management process, and risk management tools.

 

The organizational framework is considered the most important element of a risk management system.  The organizational framework defines project objectives and possible deviations from these objectives.  After identifying types of deviations, the risk management plan can focus on how to manage and report these deviations.  The four key elements of an organizational framework are description of project challenges, responsibilities of team members, types and frequencies of risk activities, and risk reporting and escalating.

 

The risk management process is considered the second most important piece of a risk management system.  The purpose of the risk management process is to discover possible deviations from project objectives.  An assessment of deviations will reveal which downside deviations are the most important to suppress and which upside deviations are the most important to enhance.  Recognizing and responding to deviations will help ensure a project's success.

 

Risk management tools are used in coordination with the organizational framework and the risk management process. Deciding which tools to use is a tactical decision.  These tools should be able to support the strategic components of the risk management system, such as the process and the framework.

 

An effective risk management plan can be thought of as a process that restores all systems, businesses, processes, and people.  A risk management plan can be incorporated in a variety of situations to help limit risks that might hinder a project's success and to identify helpful deviations which might increase a project's success.

 

 

Raydugin, Y. (2013). Project risk management. Retrieved from The University of Phoenix eBook Collection.

Answer here: 

 

Reference:

 

#4 Respond to classmate answer to DQ#1 in a minimum of 250 words and Include a reference in APA format.  

 

 

Yes, if the risk management plan is created properly the last part of the plan would be for restoration of all systems, businesses, processes, facilities, and people. Through top level buy in, this document establishes procedures in case of restoration of resources are necessary. The risk management plan describes how risk management will be structured and performed on the project (MITRE, 2015). The purpose of the risk assessment plan is to identify the risks that have any kind of an impact on a project or an organization. It also provides mitigation techniques to avoid risks as they may arise. If new risks arise the proper way to handle and mediate this should also be addressed. The final steps in the risk management plan should include contingency plans to prepare for impact of a risk and steps to ensure an expeditious return to normal operations.   

What are the major issues to consider? 

Some major issues to consider are time management and the order of precedence during the recovery process. Time management is crucial because all organizations live by the phrase, "time is money." Everybody involved needs to be synced together and be on the same page to ensure that when one process is completed, the next one in line starts. The order of precedence is the basis for the recovery to happen without further problems. An example of this process would be that you do not want to try and bring up the systems before the facilities are approved OK. The order of precedence would be people, facilities, systems, processes, and business.  

 

Reference

MITRE. (2015). Risk Management Approach and Plan. Retrieved from http://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/risk-management/risk-management-approach-and-plan

 

Answer here: 

 

Reference:

 

#5 Respond to classmate answer to DQ#1 in a minimum of 250 words and Include a reference in APA format.  

 

Even the most effective business continuity plan (BCP) is not capable of fully restoring all business essential capabilities, such as systems, businesses, processes, facilities, and people, entirely. This is primarily due to the many remaining uncertainties, as a lot of risk mitigating measures unavoidably depend on third party services or other outside factors. For example, in the case of an outbreak of a pandemic most organizations plan for employees to work from home, among other things this does, however, usually require Internet and phone connectivity; factors that cannot be guaranteed under all circumstances.

When creating a BCP in an effort to effectively manage risks, some factors are, nevertheless important to consider. Most basically, business continuity planning should be an enterprise-wide approach, not only to avoid the duplication of efforts, but also to create a high level of consistency and efficiency. A thorough risk and impact analysis should, furthermore, make the foundation for any such planning. To be efficient, BCP has to consider not only the recovery of data or equipment, but also all other business enabling components of operations, such as outside services, suppliers, and employees. Once a BCP is established, regular testing is considered the most important aspect for a successful recovery, because testing will not only ensure that a recovery plan is up to date, but also that it is capable of recovering all essential operational components; Of course, regular updates and modification are a necessary and positive result of this. Nevertheless, even if all of these best practices are considered, given the worst-case, an organization will never be able to completely recover all essential assets in the case of a disaster, as initially discussed. Factors outside of the control of most organizations include the loss of facilities, phone or Internet connectivity, or the loss of electrical power. Although these issues cannot be sufficiently addressed by an organization within reasonable efforts, these factors should be considered and, if possible, planned for. While it is essential for risk management to focus on the areas an organization can actually influence, the awareness and possibly preparation for other risks is a key element of fast recovery and continuity (Ainsworth, 2009).

 

Reference

Ainsworth, M. (2009). The business continuity planning process. Faulkner Information Services.

 

Answer here: 

 

Reference:

 

#6 Respond to classmate answer to DQ#1 in a minimum of 250 words and Include a reference in APA format.  

 

Based on the (2009) article by Ainsworth, even the most effective business continuity plan (BCP) is not capable of fully restoring all business essential capabilities, such as systems, businesses, processes, facilities, and people, entirely. This is primarily due to the many remaining uncertainties, as a lot of risk mitigating measures unavoidably depend on third party services or other outside factors. For example, in the case of an outbreak of a pandemic most organizations plan for employees to work from home, among other things this does, however, usually require Internet and phone connectivity; factors that cannot be guaranteed under all circumstances.

When creating a BCP in an effort to effectively manage risks, some factors are, nevertheless important to consider. Most basically, business continuity planning should be an enterprise-wide approach, not only to avoid the duplication of efforts, but also to create a high level of consistency and efficiency. A thorough risk and impact analysis should, furthermore, make the foundation for any such planning. To be efficient, BCP has to consider not only the recovery of data or equipment, but also all other business enabling components of operations, such as outside services, suppliers, and employees. Once a BCP is established, regular testing is considered the most important aspect for a successful recovery, because testing will not only ensure that a recovery plan is up to date, but also that it is capable of recovering all essential operational components; Of course, regular updates and modification are a necessary and positive result of this. Nevertheless, even if all of these best practices are considered, given the worst-case, an organization will never be able to completely recover all essential assets in the case of a disaster, as initially discussed. Factors outside of the control of most organizations include the loss of facilities, phone or Internet connectivity, or the loss of electrical power. Although these issues cannot be sufficiently addressed by an organization within reasonable efforts, these factors should be considered and, if possible, planned for. While it is essential for risk management to focus on the areas an organization can actually influence, the awareness and possibly preparation for other risks is a key element of fast recovery and continuity.

 

Based on the Ainsworth (2009) article, might an effective risk management plan be considered a process that may restore all systems, businesses, processes, facilities, and people? What are the major issues to consider?

Ainsworth, M. (2009). The business continuity planning process. Faulkner Information Services.

 

Answer here: 

 

Reference:

 

#7 Answer DQ#2 in a minimum of 250 words and include reference in APA format.  

 

Review Service Request SR-HT-001 for Huffman Trucking Company. (ATTACHED) 

 

Discuss the considerations necessary to address the possible security requirements and the possible risks associated with the Benefits Elections Systems being requested by the Service Request.

 

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Reference:

 

 

 

 

 

 

 

#8 Answer DQ#3 in a minimum of 250 words and include reference in APA format.  

 

Find a current article about risk assessment and discuss its relevance to the Risk Assessment Matrix below.

 

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Reference:

 

 

 

RISK ASSESSMENT MATRIX: 

 

Create a risk assessment matrix for the purchase and integration of six new web servers for a start-up Internet firm. 

 

 

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Due By (Pacific Time) 02/07/2015 10:00 am
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