Preview

week 2 problems

Satisfactory Essays
Open Document
Open Document
597 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
week 2 problems
Chapter 3, Problems/Exercises, Questions 2 and 4. 2. What are some sources of risk in a systems analysis and design project, and how does a project manager cope with risk during the stages of project management?
A project manager should do a risk assessment for any project before starting. During this stage the project manager should identify uncertainties, analyze risks, and prioritize risks. Every project will have some form of risk, it could be the weather, lead person changing jobs, a new system not being compatible with other already in place systems and each of these risks should have a decision in place. Do we still continue the project, do we change something in the project (timeline, etc), or do we stop all together. By knowing what risks are involved and ways around them helps the project be successful or sometimes lets the project manager know that there are too many risks and that the project needs to be re-scoped, changed, or cancelled.
4. Suppose that you have been contracted by a jewelry store to manage a project to create a new inventory tracking system. Describe your initial approach to the project. What should your first activity be? What information would you need? To whom might you need to speak?
The initial approach to the project would be to do the system analysis to decide regarding the acceptance of the project. In system analysis we need to work in real-time environment. We need to spend some time in the jewelry store in order to have an interaction with the employees of the store. Information gathering must be done during system analysis. We need to take in the business needs and see how that will translate into a system. If there is a system in place, what is wrong with it and what works well? We also need to consider the economic feasibility, technical feasibility and operational feasibility. You would also need to set up a team pulling in people from the different departments this project can affect and start from there. These

You May Also Find These Documents Helpful

  • Good Essays

    week 3 problem

    • 2103 Words
    • 9 Pages

    Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active.…

    • 2103 Words
    • 9 Pages
    Good Essays
  • Satisfactory Essays

    Week 1 Practice Problems

    • 581 Words
    • 3 Pages

    3.Determine the guaranteed range of values for a 360 kΩ resistor with a 5% tolerance.…

    • 581 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Finance Part 2

    • 711 Words
    • 3 Pages

    6. Explain how you would conduct a scenario and sensitivity analysis of the project. What would be some project-specific risks and market risks related to this project? (20 pts)…

    • 711 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Bsbpmg510A Kbq

    • 635 Words
    • 3 Pages

    Risk Management: While a new process or equipment may seem desirable this is not always the case due to the risks involved whether it be financial or otherwise. All these risks must be kept to a minimum through risk analysis in the planning and brainstorming phases or the new project could have a detrimental effect on the business or individuals.…

    • 635 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Unit 6 Assignment 2

    • 878 Words
    • 4 Pages

    Without going into details regarding the theory of project risk management we present still, the definition of this concept as it is proposed by the Project Management Institute professionals who, in The Project Management Body of Knowledge Guide, [Duncan, W., R.,…

    • 878 Words
    • 4 Pages
    Good Essays
  • Better Essays

    Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It is risk management that drives the decisions that may affect the development of the business capability and also the management of the project. . Issues differ from risks, as risks relate to the events that could be revealed or emerge and end up affecting the project's scope, budget, business performance, management objectives and schedule. Risks are measured in accordance to their most probable chance or chances of occurrence and the way that they can impact the program (Hillson & Simon, 2007). Risk can be defined as any kind of trepidation that could significantly impact the capability of the project to meet its scope, budget, change management, business performance objectives, and schedule.…

    • 1150 Words
    • 6 Pages
    Better Essays
  • Good Essays

    IT 205 final assignment

    • 1253 Words
    • 6 Pages

    • What factors that influence project risk? What strategies would you recommend for minimizing this project’s risks?…

    • 1253 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Case 3 Risk Management

    • 1053 Words
    • 5 Pages

    The essential of having a successful project management team is very important. Having strategic risk management techniques is essential. When planning a project team, it is sometimes strongly advised to think in a futuristic mindset by thinking of the “what if’s” how do’s, how comes, and planning out all the possible risks. There may be various explanations of the project team failures, including poor communication among the team, misconstruing of its shared facts, and unclear and uncertain positions. Also the roles and responsibilities of the team members. (Fottler, Kloppenborg, McAfee, & Nkomo, 2012). Without a clear sense of communication as well as instructions between the project team, it is virtually impossible to have a successful clear-minded team. Without clear sharing of information among the project team, there lies an opportunity for misinterpretation, and spreading false information. In additional…

    • 1053 Words
    • 5 Pages
    Good Essays
  • Better Essays

    Developing a risk management plan leans heavily on a bold commitment by all stakeholders. The stakeholders need also to understand the roles and responsibilities related to the determined risks. As with any project these risks will vary depending on the type of projects along with what the project is dealing with. The project manager must understand that all projects should be approached with a clear thought process and not bring previously used mind sets to a new project. Clear and fresh minds will help to discover new risks and bring immediate attention to unusual or unfamiliar elements and concerns.…

    • 1195 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Risk Management Plan

    • 2116 Words
    • 9 Pages

    The Project Management Team will need a proactive approach in the management of risks and related uncertainty. Management of risks for this project will follow a continuous risk management model, refined as the PLC develops. Involvement of support from the business, technical, executive, and external partners is crucial to having a viable risk management process. Tasks will be evaluated and identified for the mitigation of risks; uncertainty of organizational environmental factors will be included in the evaluation of impact and probability, as appropriate. This will ensure that tracking of progress, or lack thereof, occurs and necessary resources are identified for corrective/mitigating actions planned.…

    • 2116 Words
    • 9 Pages
    Powerful Essays
  • Powerful Essays

    Unit 5006 Assignment

    • 2995 Words
    • 12 Pages

    “Any project has risks at the outset because of the many unknown factors, some of which you will remove during the planning stage. The risk could be due to internal or external factors. In practice risks disappear and new risks appear as the project progresses, so regularly review potential risks. Adopt the view that “anything that can go wrong will go wrong”” (Trevor L Young2003)…

    • 2995 Words
    • 12 Pages
    Powerful Essays
  • Good Essays

    Project risks cannot be eliminated. It is impossible to be aware of all things that might happen when a project is being implemented. Undesirable events identified before the project begins can be transferred, retained/reduced, or shared. Contingency plans with trigger points and responsibility should be established before the project begins.…

    • 673 Words
    • 3 Pages
    Good Essays
  • Good Essays

    As a manager it is there responsibility to do the best to minimize the risk in projects, but to minimize it as soon as possible. Some of the factors would be project size, project structure, and the level of technical expertise of the information systems staff and project team. The first step in managing the risk of a project is to review the situation. By identifying all of the risks that you think are possible in the project. The review should include factors for the project such as resource changes, failures, and sponsor availability. All of the external factors such as a change in company direction or a change of technology direction. Most of all it should include the things that are new in the project. If the project is working with a new technology, new development methodology, or even if there are new team members, these need to be listed as potential risks to the project. The purpose of the review phase isn't to classify the risk or identify its importance. The goal is to collect all the risks. Once there is a complete list of potential risks, it’s time to evaluate them. Each risk should be evaluated based both on its probability and the impact that it would cause if it happens. The loss of a key team member may not have any affect. However, the impact to the project could be great if the team member plays a key role in the project. The other factor to evaluate when looking at a risk is its…

    • 1112 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    Week 3 problems

    • 597 Words
    • 5 Pages

    Presented below is an amortization schedule related to Spangler Company's 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2012, for $108,660.…

    • 597 Words
    • 5 Pages
    Satisfactory Essays
  • Satisfactory Essays

    A&D HIGH TECH

    • 263 Words
    • 2 Pages

    What is the critical path in the project? How would you assess the level of risk in the project?…

    • 263 Words
    • 2 Pages
    Satisfactory Essays