RISK MANAGEMENT SYSTEM

Chapter No 3

RISK MANAGEMENT SYSTEM

3.1 Introduction
Managing project risk is a critical process within the project lifecycle. To lessen risk
effectively, all foreseeable project risks need to be identified and rated in terms of
their likelihood of occurring and potential impact on the project. Risk management
practices involve risk identification, analysis, prioritization, planning, mitigation,
monitoring and then identification of set of actions to reduce the occurrence of each
risk and its impact on the project. Large projects typically have higher risks and are
harder to control than small project because they involve large number of people,
time, money and resources. The key to success is in identifying these risks early and
resolve them before they affect the project. With the help of risk management
process we can identify and palliate it early.

3.2 Roles and Responsibilities

In each and every project, project team is responsible to identify the risks and then
sort out the best way to eliminate the risk or mitigate the impact of the risk on
project. Here the risks are if some hack the website or we can say network fall down
I mean service problems. So the admin user have the responsibility to install
firewalls, antivirus etc to depend their site from intruders or any other threads.
Admin user was responsible to eliminate risks accordingly.

3.3 Risk List

Web based project risk management is crucial for the app development projects. It
is used for project planning and control purpose during project execution. Risk
management will help reduce project failure. To manage web based project risks,
the first step is to identify a list of risk. As KPDS is not a large project, it doesnt
need higher resources i.e. human resources, budget resources etc. so that is why it
has smaller risk and management was easy as compare to large projects. According
to Kamal Zai property dealer website the following list of risks occur during KPDS life
cycle.

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RISK MANAGEMENT SYSTEM

Table 3.1: Risk List of BDMS.

S. No
1.

Risk Dimension
Requirements.

Web based application Risk

System requirement not adequately identified.
Unclear system requirements.
Misunderstanding of requirements.

2.

User / stakeholders.

Lack of cooperation from user/stakeholder.

Lack of adequate user/stakeholder involvement.
Failure to gain user/stakeholder commitment.

3.

Project complexity.

Lack of cooperation from user/stakeholder. Lack

of adequate user/stakeholder involvement.
Failure to gain user/stakeholder commitment.
Changing scope / objectives.
Insufficient resources.

4.

Planning & control

Project milestones not clearly defined.

Inexperience project manager.
Artificial deadlines.

5.

Team.

Inexperience.
Inadequate skills.
Personal shortfalls.

3.4 Risk Management

As KPDS is a small project so the following methodology was followed for the
management of risks. Considering each risk and then developing a strategy to
manage that risk.

Avoidance Strategies.
The probability that the risk will arise is reduced.

Minimization Strategies.
The impact of the risk on the project will be reduced.

Contingency Plans.

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RISK MANAGEMENT SYSTEM

If the risk arises, contingency plans are require to deal
with that risk.

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