PROJ6003 Risk Management Report Sample

• Subject Code : PROJ6003
• University : Laureate International Universities My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Management

Project Execution and Control

Table of Contents

Introduction.

Risk Identification and Impact Assessment

Risk management reporting.

References.

Introduction to Risk Management Report

The case study of myki Project, provided states an effective fare collection method that will revolutionise the public transport system. The incorporation of smart card technology will be used for fare collection from commuters, which will make the entire process simple and fast. The Victoria’s Government 2002 Linking Victoria Policy showed commitment towards smartcard46 ticketing system implementation that will replace the Metcard ticketing system. Transport Ticketing Authority is responsible for the replacement of the current ticketing system into a smart technology. ‘myki’ is nothing but a vendor which was appointed to roll out the new ticketing system so that it becomes operational in 2007. In this report, Risk management of this IT project would be analysed thoroughly. Risk management is the process of identifying, assessing and managing any potential or upcoming threats that might act as liability in future.

Risk Identification and Impact Assessment

Risk identification is the process which allows the professionals to identify present risks while the part of risk assessment is that where the gathered data states that how those risks are a threat to the relevant project or idea. There are various tools and techniques that are used to identify and assess and identify risks. The possible risks for the myki project are listed below.

1. The entire design of the project is complex in nature, which makes it challenging for its design and implementation as Victoria is a state with multiple modes and zones of travel.
2. Project costs felt a significant hike, as the project was not delivered in the indicated time period of two years. This led to the bearing of estimated business costs. The untimely delivery also demotivated the staff and gave them a feeling of failure, however many expectations were unrealistic.
3. Ambiguity in communicating the details of the procurement process and conflict in interest sand views of authorised agency and vendors. The interactive tendering approach that was adapted in the beginning was not successfully used, which led to spending of public funds by TTA to contract an unproven vendor for producing a specific product in an unproven operating business environment. This is a high level of risk and a factor that delays the timely delivery of the project again.
4. The complex requirements of the project is another risk factor, as it is extensive and consist of four volumes of data. The specification changes during the ongoing process of project has acted as risk against delivering the objectives and scope of the project.
5. The implementation of myki experienced delays in its delivery, because the set timeframe was unrealistic, which increased the costs. Deliberate aggressive strategies were failing because the product development was under the construction of various developers scattered across the globe.

• Use a risk probability and impact matrix to rate and prioritise the risks.

• Develop appropriate response strategies to effectively manage identified risks.
• Complete a risk register for the case study.

Risk Management Reporting

• Identify and explain how stakeholders will be apprised of the project's ongoing risk management activities

References for Risk Management Report

Project Management Institute. (2004). A guide to the project management body of knowledge (PMBOK guide). Newtown Square, Pa: Project Management Institute

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