Risk assessment in project management case study

Scenario analysis was performed as the next step to describe a series of impacts and the probability of their occurrence for each identified risk event. An impact refers to a risk event that can affect the original duration of a project activity.

Project Risk Management and Project Risk Analysis Case Studies

Scenario analysis is a useful tool to describe the perception of different experts and produces more reliable input data for Monte-Carlo simulation, if historical data are not available. Selection of the critical risks was based on the previously defined threshold values. During the simulation, lognormal distributions have been included by using mean value and standard deviation from the scenario analysis see Table 1.

As a result, the probability distribution of the modified length of critical path was calculated. See Figure 2.

Project Risk Analysis & Solutions in Test Management

Figure 2: Probability distribution of the length of critical path. After finishing Monte Carlo simulation, a Tornado-diagram was generated to show the activities most likely to be responsible for delays to the project. The identified risk events assigned to most of these activities might cause the biggest deviation compared to the original length of critical path so the risk treatment actions for these activities are first carried out. It is the risk which may come from your company, your customer but not from your project.

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The following picture shows you an example of business risk. In such case, the Test Manager has to find out the solutions to deal with the risk such as: Set priority for the testing phases, focus on testing the main features of website Utilize a testing tool to increase the productivity of testing Apply process improvement to reduce the management effort. Product Risk Product risk is the possibility that the system or software might fail to satisfy or fulfill the expectation of the customer, user, or stakeholder.

This risk is related to the functionality of the product such as Performance Issues, Security Issues, Crash Scenarios, etc. Following are examples of a few product risks - The software skips some key function that the customers specified in the users' requirement The software is unreliable and frequently fails to work. Software fail in ways that cause financial or other damage to a user or the company that uses the software.

The software has problems related to a particular quality characteristic such as security, reliability, usability, maintainability or performance. Now back to your project, is there any product risk in the Guru 99 Bank website?

Case Studies

Can the Guru99 bank website secure the customer account and his data? Is the website usable for customer? Which other functions, website should have? A Secure Fund transfer B User can register new account C No need more functions Incorrect Correct Step 2 Analyze the impact of the risk occurring In the previous topic, we already identified the risks which may hamper your project. Here is the list of risks identified: You may not have enough human resource to finish the project on the deadline The Testing environment may not be setup properly like real business environment.

Your project budget may cut by half because of business situation This website may lack security functions Next, you should analyze these risks. Middle Monitor the risk every week at internal progress meeting Low Accept the risk and monitor the risk on milestone basis.

Table of Contents

Classify them yourself Risk High Medium Low Status You may not have enough human resource to finish the project at the deadline Correct. The testing environment may not be setup properly like real business environment Correct. Incorrect Your project budget may cut by half because of business situation Correct. Incorrect This website may lack security features Correct. Project managers can choose between the following four risk response strategies Back to the 4 risks identified earlier, we have to find the countermeasure to avoid or eliminate them.

A You may not have enough human resources to finish project at deadline B The Testing environment may not be setup properly like real business environment C Your project budget may cut by half because of business situation D This website may lack security features A. In such case, you can reduce the impact of risks by choosing some options below Select the talented and experienced member to join the Project Team Create the training course to skill up the member, help them to improve the productivity B.

The testing environment may not be setup properly like real business environment This risk could be avoided if you do the following activities Ask the development team for their help to build up the test environment Prepare all the equipment or materials Server, database, PC.. Your project may cut by half because of business situation This risk is a critical; it may prevent the whole project from proceeding. In that case, you should do Re-define the project scope, identify what will be tested and what will be ignored in such case Negotiate with customer about the term of project to fit for the project budget Improve the productivity of each project phase such as testing, making test specs,…If you can save time, you can save cost D.

You can request the development team to check and add these functions to the website. Register Risk All the risk must be recorded, documented and acknowledged by project managers, stakeholder and the project member.


Project Risk Analysis & Solutions in Test Management

The risk register should be freely accessible to all the members of the project team. Learn more. In today's world of project management, perhaps the single most important skill that a project manager can possess is risk management. Risk management includes identifying the risks, assessing the risks either quantitatively or qualitatively, choosing the appropriate method for handling the risks, and then monitoring and documenting the risks. Effective risk management requires that the project manager be proactive and demonstrate a willingness to develop contingency plans, actively monitor the project, and be willing to respond quickly when a serious risk event occurs.

Time and money are required for effective risk management to take place. NASA used a rather simplistic safety risk classification system. If the risk identification procedures were overly complex, NASA would have been buried in paperwork due to the number of components on the space shuttle. The full text of this article hosted at iucr. If you do not receive an email within 10 minutes, your email address may not be registered, and you may need to create a new Wiley Online Library account. If the address matches an existing account you will receive an email with instructions to retrieve your username.

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