Bonanza Offer FLAT 20% off & $20 sign up bonus Order Now
Question:
The immense importance of organizational risk management processes is primarily due to the fact that most facilities experience certain levels of risk, exposure to which essentially derails the progress of operational activities (Moran, 2014.). Regardless of the nature of threat, the responsibility of identifying such risk issue and finding measures for the mitigation of the same lies with the managerial authorities associated with the organizational projects (Team, 2014).
Some authors pointed out the steps that are utilized in preparing and planning organizational risk management strategies (Whitmore, Türpe, Triller, Poller, & Carlson, 2014):
Last but not the least, the work plan ( including roles, responsibilities and strategies for managing risks) is developed while incorporating the outcomes of the preceding stages.
Some authors opined that data collection is one of the most important aspect of a risk assessment process as the effective analysis of these data help in identifying those asset that are more vulnerable to treat agents (Van Os, Van Berkel, De Gilder, Van Dyck, & Groenewegen, 2015). Historical information about the threat events experienced in similar projects (along with the threat agents and vulnerabilities associated with such events ) are considered to one of the most important data sources that are analyzed: needless to say, extensive background research is conducted so as collect such information. The first step of this research work includes the identification of the sources from whom the data would be collected, along with the finalization of the questioner that would be utilized for collecting the same (Whitmore, Türpe, Triller, Poller, & Carlson, 2014). In the very next step, these questioners are distributed to the sources, besides interviewing the key personnel associated with similar projects.
The information collected during the interviews (and from the questioner survey) are utilized to identify the threats or risks an organizational project might be vulnerable to data collection (Ashuri, et al., 2015). Some authors point out the fact that outcomes of the data analysis process helps in determining the strategies required to avoid or mitigate project risks (Whitmore, Türpe, Triller, Poller, & Carlson, 2014).
Key components of a risk management process is the identification of the threats that the system in consideration is vulnerable to, and determine the extent to which these threat events can compromise the capabilities of the assets of the system (Peixoto, Tereso, Fernandes, & Almeida, 2014).
The project personnel, who are entrusted with the responsibility of analyzing project threats, are often found to conduct the under mentioned activities for doing the same:
Ashuri, B., Kingsley, G., Rogers, J., Gahrooei, M. R., Ilbeigi, M., Sung, E. J.-Y., et al. (2015). Streamlining Project Delivery through Risk Analysis. 200p.
Moran, A. (2014.). Project Risk Management. In Agile Risk Management , 17-32.
Peixoto, J., Tereso, A., Fernandes, G., & Almeida, R. (2014). Project Risk Management Methodology: A Case Study of an Electric Energy Organization. Procedia technology , 1096-1105.
Team, F. M. (2014). Project Risk Management. 1-49.
Van Os, A., Van Berkel, F., De Gilder, D., Van Dyck, C., & Groenewegen, P. (2015). Project risk as identity threat: explaining the development and consequences of risk discourse in an infrastructure project. International Journal of Project Management , 877-888.
Whitmore, J., Türpe, S., Triller, S., Poller, A., & Carlson, C. (2014). Threat analysis in the software development lifecycle. IBM Journal of Research and Development , 6-1.
Upload your Assignment and improve Your Grade
Boost Grades