PROJECT RISK MANAGEMENT 1 IT301M3 Create project artifacts to plan and manage project risk and resources Purdue Global University Executive Summary Project risk management entails identifying risks that may adversely affect the success of the project analyzing their scope and developing pragmatic and objective solutions A rigorous intelligence gathering is paramount in identifying rampant risks and determining the probability of recurrence and adverse impact on the project Results obtained from a comprehensive analysis of project risks are vital for decision making strategy formulation and the development of risk mitigation measures The project type is a website creation project Ten project risks that may adversely a website creation project include Cost risk Technology risk Communication risk Operational risk Performance risk Skills resource risk Market risk Health and safety risk Scope creep risk External hazards risk PROJECT RISK MANAGEMENT 2 Each risk has an impact on the success of the web creation project However the impact of the risks differs in scope and probability underscoring the need for prioritization Further mitigation measures are different for each risk based on a comprehensive risk analysis procedure Quantification of the aforementioned risks based on probability and impact is follows Cost risk Skills resource risk Technology risk Operational risk Performance risk Scope creep risk Communication risk Health and safety risk External hazards risk Market risk From the analysis cost risk has the highest probability and impact index because the success and sustainability of the web creation project depends on the availability of resources Further finances affect other risks such as scope creek and skills resources because implementing the plan requires equitable allocation of funds Similarly market risk ranks lowest in the list because of the availability of demand for web creation services A detailed analysis of the risks based on cost quality schedule and scope is as follows Cost PROJECT RISK MANAGEMENT 3 All the risks have a direct correlation to the cost of the project It is imperative to develop a robust plan that includes sufficient budgetary allocations and time schedules Risks that rank high on their probability and impact require higher budgetary allocations compared to those that rank low in the probability and impact index There is also need to determine the cost effectiveness of the project which implies that the value of the project should exceed the aggregate cost of the risks Achieving the feat requires adopting comprehensive financial and risk analysis techniques such as the probability consequence matrix and the Delphi technique All the risks have an impact on the quality of the project It is paramount to integrate mitigation measures against all risks to minimize their adverse impact on the quality of the web creation project The quality of the project translates to the ability of the project to enhance its socioeconomic benefits upon its implementation Quality Schedule All the risks impact the timely completion of the web creation project which underscores the need to incorporate supplementary timelines for the successful completion of the project The supplementary timelines will be vital in solving inefficiencies and inadequacies occasioned by the risks to enhance its success Scope The scope of the web creation project implies that many individuals and institutions will adopt it to streamline its operations The scope of the project also implies that in future projects PROJECT RISK MANAGEMENT 4 it will be larger and more influential Therefore there will be a need for additional resources and effective risk mitigation mechanisms The scope of the project also depends on lowering the probability and impact levels of all risks PROJECT RISK MANAGEMENT 5