Risk Report Assignment Example | Topics and Well Written Essays - 2000 words

Risk Report - Assignment Example In assessing a risk, probability and impact are used. Probability is the possibility of that risk occurring, and if it is below 1, then it means that it cannot happen. However, if the probability is 1, then it becomes a concern that has to be addressed. Impact analyzes the possible result that the risk might have in case it happens. These elements of risk management therefore define it as the process of identifying, assessing, prioritizing, and controlling risks to monitor the impacts or probabilities of risks, thus realize achievement of a project’s goals. This essay will create a risk management process within a large-scale information technology project. The E-Commerce project is creating an online shopping site for an existing enterprise, which will demonstrate the application of risk management. A large-scale project is one that is complex in execution, thus requires a vast range of experts to oversee key areas. Within a project, three main areas portray risks; project environment, organization’s arrangement, and the external environment (Baydoun, 2011). The categories employed in evaluating the risk management process adhere to the Project Management Institute’s subdivision of the process that consists of risk management planning, risk identification, qualitative risk management, quan titative risk management, risk response development, and risk monitoring and control. It is obvious that any project will have risks, and the best way to deal with them is not to avoid but understand and control them. The goals of this E-commerce project is to reach out to the fast-growing online market owing to the viral use of the internet today, which is estimated to have at least two-hundred million users. This is a rather potential trade opportunity, thus the need to develop an online (web) shopping site. The project, once completed, is bound