Project Quality and Risk Management

Phase 5-DB Project Quality and Risk Management PM610-Project Management, Execution, and Closure Risk is best defined basically as the potential to suffer a loss of some sort. Risk analysis is the process of defining and analyzing the dangers to individuals, businesses and government agencies posed by potential natural and human-caused adverse events. In IT, a risk analysis report can be used to align technology-related objectives with a company’s business objectives.
A risk analysis report can be either quantitative or qualitative. (Search Mid-Market Security 2010). Now that we understand what risk analysis is, ley us examine the two types: qualitative and quantitative. Qualitative risk analysis is the most popular and does not involve any numerical probabilities or predictions of loss. The qualitative method certainly does involve defining the various threats, determining the extent of vulnerabilities and devising countermeasures should an attack occur.
Quantitative risk analysis attempts to numerically determine the probabilities of various adverse events to the likelihood of the losses if it is a particular event that takes place. Qualitative risk analysis is appropriate to use when you need to determine which risk are important enough to manage. On way is to identify the severity of the impact to the project in terms of high, medium, or low. Also when you want to estimate the probability of the risk occurring in terms of high, medium, or low.

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

So getting a quick estimate, not so much as counting them, will help to gauge how the project is doing in the project life cycle. Quantitative risk analysis is appropriate to use when your objective is to calculate the numeric values for each component of the data gathered during the risk assessment and the cost benefit analysis. For example, the true value of each business asset in terms is estimated in terms of what it would cost to replace it, what it would cost in terms of lost productivity, what it would cost in terms of brand reputation, and other direct and indirect business values.
The process requires the user to attempt to use the same objectivity when computing asset exposure, cost of controls, and all of the other values that are identified during the risk management process. (Information Network and Security, 2013) For the IRTC customer service system project, I think I will use both the qualitative and quantitative risk analysis methods to some degree. Using the qualitative risk method will take into consideration the additional funds and resources needed as well as the extra hours it will take to complete the add-on to the project.
The quantitative method will help manage the risk factor whether high, medium, or low to show the vendors, the project team and management what to tackle first. This will be especially helpful as the change request is going through appropriations. References Rouse, Margaret (2010). Definition Risk Analysis Retrieved on 19 March 2013, from www. searchmidmarketsecurity. techtarget/com The Security Practitioner (2013). An Introduction to Information, Network and Security. Quantitative Risk Assessment. Retrieved on 20 March 2013, from www. security. practitioner. com

Fountain Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.