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Importance Of Risk Management Planning And Prioritization

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4.2.1. Risk Management Planning
After the risks are identified and prioritized project manager know which risk to manage. To manage the risks the project manager plans the actions after identifying the risks to mitigate them, different phases of risk mitigating are used by the project manager to eliminate the risks in information system projects. Different phases of risk reduction is used for different risk categories. For example if there is shortage of skilled staff the project manager will carry out the sessions of training.
4.2.2. Risk Monitoring
The risks management planning and prioritization is done after the risk analysis, mostly it is done at the initial stage when the project is started or is in planning, analysis of risk at initial …show more content…

Information for using tools for implementing risk management in network projects and information system projects is studied. Based on my study risk identification, risk prioritization risk control planning and risk monitoring are the key tools for the risk management for IS projects and project networks. I agree that in network projects where different alliances are working together by engaging there experienced employees on a same project can have risks which can be a negative impact on the project, for its risk management face to face meetings, personal commitment, proper communication and coordination helps to reduce the problems. I explained about the risk in project and types of risk like in workplace, food industry, finance and management for all the risks. This study shows that Information system projects can have software risks, the risk assessment before implementation of the project, middle and at finishing stage should be done by using proper risk monitoring and controlling …show more content…

Some of the projects don’t work as they are planned, some don’t achieve their targets or some don’t even finish ever, risk management helps in managing the risk properly and on time to for making the project run smoothly, finish on time and to achieve the desired results in Information system projects. It is very important to assess the risk, to identify it and then to prioritize it in a project. By using different methods according to the probability of risk and by assessing its impact on the project the risks can be managed. It is very important to make a risk management plan which can come handy from the starting stage of the project to finishing stage. Risk monitoring should be done in all stages of project to supervise the carrying out of the information system projects to examine new and old risks and for checking that which risks can cause negative impact on the information system

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