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

Risk Report - Assignment ExampleIn assessing a luck, fortune and impact are used. Probability is the possibility of that risk occurring, and if it is below 1, indeed it means that it can non 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 appendage of identifying, assessing, prioritizing, and controlling risks to monitor the impacts or probabilities of risks, thus realize achievement of a projects goals. This essay will create a risk management process within a large-scale information technology project. The E-Commerce project is creating an online obtain site for an existing enterprise, which will demonstrate the application of risk management. A large-scale project is single that is complex in execution, thus requires a vast range of experts to oversee key areas. Within a project, three main a reas portray risks project environment, organizations arrangement, and the external environment (Baydoun, 2011). The categories employed in evaluating the risk management process adhere to the Project Management Institutes subdivision of the process that consists of risk management planning, risk identification, qualitative risk management, quantitative 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-growe 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 drop trade opportunity, thus the need to develop an online (web) shopping site. The project, once completed, is bound