Charles McCarthy

MGMT 340

Chapter 3

What are some sources of risk in a systems analysis and design project, and how does a project manager cope with risk during the stages of project management?

Many problems can plague of software project. A risk is a potential problem; it might happen, it might not. But regardless of the outcome, it's a really good idea to identify it, assess its probability of occurrence, estimate its impact, and establish a contingency plan should the problem actually occur. The key to managing risks is to build contingency plans for risk and to build enough time into your project schedule to mitigate risks that you do not know about. A risk in a project is an event that (might) happens that affects the project. Most of the risks are negative and hinder the progress of the project, but some of them are positive.
The stages of project risk management are as follows:

Risk Identification
Risk Analysis
Risk Response Planning
Risk Monitoring and Control
Suppose that you have been contracted by a jewelry store to manage a project to create a new inventory tracking system. Describe your initial approach to the project. What should your first activity be? What information would you need? To whom might you need to speak?
An inventory tracking system for jewelry is a very challenging one and has its own complexities because jewelers usually adopt the system of tracking inventory based on traditions that have been followed for years together very successfully. These are generally very common sense based approaches and the owner of the store has his own special ways of tracking inventory. With technology in use there are many ways on which inventory can be tracked. The traditional systems are quite good and have been held to be in perfect order and jewelers are used to that old system of tracking for inventory. They have tags to