...Risk Paper 1 Pm595 Risk Paper: Buying a new house Project Risk Management Professor: James Reckon By Magued Farag May 24, 2014 TITLE: BUYING A NEW HOUSE TABLE OF CONTENTS INTRODUCTION RISKS IDENTIFICATION RISKS RANKING MATRIX RISKS MONITORING CONCLUSION REFERENCES * INTRODUCTION Whenever considering a major purchase in life one must carefully consider the risks associated with making these purchase decisions. These decisions should be treated as projects in such a way that proper planning, analysis, risk assessment and contingency should all be aspects of the purchase process whether formal or informal. In this paper, I will discuss about a project that many people are familiar to: buying a new house. Few years ago, I moved to a new area and was trying to decide whether or not to purchase a new house, and if so, where should I buy it. I also considered if I should buy a preexisting new house or hire a builder for a new house. Every option had its own set of potential risks. If I continued to rent, was this really just throwing away money. If I purchased a house, could I afford it and was I buying the best house for me and my family? I approached it like any other project, with interviewing people, note collecting, collating, and interpreting the data. After reviewing my expenses and income and examining the tax advantages, I decided to buy a house but knowing that several risks may accompany my decisions, these risks rank from high probability...
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...Farah Allen Risk Paper #2 2/24/13 This case study evaluates the approach used in the evaluation of tender submissions. The application is used successfully for large high technology procurements. It is basically a two part process or two phase system. In Phase I, the goal is to establish a risk baseline that individual tender responses can be compared to. Phase 2 builds on Phase 1 where the goal is to compare the individual tender’s approach to the potential effects of risk on the project. The two phase process is a systematic process which helps to ensure the greatest attention and effort is focused on the high risk areas for the project. 1. Which case study does a better job at identifying risks? Explain why. Phase 1 and Phase II use the same process for identifying risk; therefore there is an equal level of performance. Determining which case study does a better job of identifying risks is made much easier by applying the definition. “Risk identification determines what might happen that could affect the objectives of the project, and how those things might happen.” The process should be comprehensive to ensure all key elements have been identified. The preferred method for risk identification is brainstorming. In Phase I and II the project team uses a risk WBS as noted in figure13.2 for Phase I and figure 13.11 in the text. The risk WBS was developed using brainstorming as discussed in Chapter 2, and each risk WBS item is reviewed. Any required clarification is...
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...of the joint Medical Mart-Cleveland Convention Center is well underway on the historic Mall. It is the goal of the project to capitalize on Cleveland's reputation as a world class medical center by bringing medical shows and conventions to the city. The Medical Mart concept is modeled after that of the Merchandise Mart in Chicago, and will be managed by MMPI, the same company that operates the Merchandise Mart and will open in 2013(About Cleveland MMCC , 2011). This paper will discuss how risks were identified, ranked, and monitored for the Cleveland Medical Mart project. Identifying Risk Risk management is the identification, assessment, and prioritization risk in a project. It attempts to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures, at any phase in design, development, production, or sustainment life-cycles, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attack...
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...Risk Assessment Paper CMGT 579 September 26, 2011 Kyrstal Hall Every organization is faced with some risk or potential threat that could cause an interruption to the organization’s operations. These risks and threats can come from within or outside of the organization. To prepare for the worst that could happen, organizations must focus their attention on how to assess different types of risks to protect the organization from the possible negative effects to the daily operations. Performing a risk assessment is one of the most important steps in the risk management process (eHow, 2011). A Risk Assessment is periodic assessment of the risk and magnitude of the harm that could result from the unauthorized access, use, disclosure, disruption, modification, or destruction of information and information systems that support the operations and assets of the organization. A risk assessment should include a consideration of the major factors in risk management: the value of the system or application, threats, vulnerabilities, and the effectiveness of current or proposed safeguards. Many organizations perform risk assessments to measure the amount of risks that could affect their organization, and identify ways to minimize these risks before a major disaster occurs. Department of Defense Information Systems Agency (DISA) follows guidelines and policies governed by processes by which the organization assesses and manages exposure to risks. In this paper the subject to identify...
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...Risk Memorandum to the Chief Information Security Officer of Anthe Inc. By Sravani Nandyala Submitted to Prof. Mr. Jason Black Northeastern University- College of Professional Studies March 15, 15 Memo To: Jason Black, Chief Information Security Manager From: Sravani Nandyala Date: March 14th, 2015 Subject: Acceptance Review Process Introduction I would like to propose the risk memorandum for the acceptance review process of Anthem Inc. which is an insurance corporation. Anthem is one of the second largest Insurance Company in United States of America. The goal of this formal acceptance review process is to setup the risk quality measures and risk tools wherein all the employees need to accept and follow the prescribed rules...
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...Risk Analysis Register for Revedo Manufacturing Inc. By: Kayode Y. Tomoloju Course: Risk management/JIT 2 Task A Western Governors University Course Mentor: Susan Skinner March 3, 2015 Creating Risk Register for Revedo Manufacturing Inc. Risk | Description | Owner | Source | Likelihood of Occurrence* | Severity of Impact* | Controllability* | Risk OneEarthquake Due to the frequency of occurrence of earthquake in California and China, the China plant of Revedo Manufacturing Inc. could witness such disaster. – Global Risk | Chances are that earthquake could occur in China location of Revedo Manufacturing Inc. plant. This type of natural disaster is uncontrollable and will of course affect productivity and projected profit of the organization. | The entire organization stakeholders.Management, employees, trade contractors, customers, environmental group and localResident. | ( See explanation below) | HighEven though Earthquake often occurs in China, The likelihood of occurrence in in China plant is remains at medium. This is because there is historical fact that it has severe impact in the area the plant is located. | HighThe effect of EarthquakeThe companyOffice in San Jose And ChinaIs absolutelyA high severity.This is because properties will be lost,Production Will be affected, data will be destroyed and this act will definitely Lead to loss of Revenue. | HighBack up technologicaltools in remote location. Put in place effective disaster recovery program...
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...In organizations risk management is a necessary tool that is helpful, to secure the company to stay in top financial shape. When using risk management is vital with promises that security also governs spending are fair, with the risks that come with it to which the companies are exposed. Subsequent an inclusive, also proper risk management method needed the clear understanding of values with danger in the matter. The danger is further than inquiries, with effectiveness, also the method with it. In this paper, it will talk about the part and nature of authoritative risk management in justice and security associations why it is essential. Getting ready for threats and distinguishing assets, the reason justice also security associations deal with risk, expenditure connected with overseeing risk, penalties for not supervising the risk, Benefits also accurately performed risk analysis has for management and key partners, also the conclusion. Therefore, the reader can have an in-depth, understanding of the security and criminal justice organizations. Role and nature of organizational risk management Risk management considered one, of the best assets that an organization could have. They make sure the business is financial safeguarded when finding different business endeavors they interested in investing into to broadening their company enterprise. “The Risk Management Function has been regarded as an advisory function for senior management rather than a...
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...Risk Paper 1 Risks Involved During The Purchase Of Our Home 1/25/2015 Class: Proj-595 Professor: Dr Madireddy [Type the author name] • INTRODUCTION In the spring of 2013 my family embarked on a new adventure. We moved 2800 miles from San Diego CA. to Franklinton NC. because of a promotion I accepted with my company. This was a very exciting and frightening time of transition for my family. There were many changes we had to make as well as some very important decisions to make. The biggest decision and question we had to make and answerer was are we going to buy a home or are we going to rent? Once the decision was made we were going to buy a home many questions and decisions had to be made and many risks had to be addressed. The risks we had to address when looking at purchasing a home include financial risks and environmental risks. • RISKS INVOVLED DURRING THE PURCHASE OF OUR HOME Home buying is a very exciting experience. Whether you are a first-time buyer or an experienced owner, buying a house requires a "preflight check," in the words of Barry Zigas, director of housing policy for the Consumer Federation of America. (Dratch) Before doing any risks assessments we first had to put down the home purchase into a pros and cons diagram to see if this was something we were willing to take on. With that decided we then proceeded to look at the risks involved. As my family experienced and statistics have shown that owning a home is not...
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...Running head: PURCHASING A HOUSE RISK PAPER Purchasing a House Risk Paper Keller Graduate School of Management Project Risk Management PROJ 595 Dr. Susan Orr August 04, 2013 Purchasing a House Risk Paper INTRODUCTION The many advantages to owning a home have been well publicized. However, the above satistics make it clear that owning a home is not without risk. To form a complete picture, you, the prospective buyer, need to consider the potential risks and disadvantages of home ownership as well. Understanding these disadvantages beforehand will give you a better chance of minimizing their impact and avoiding the fate suffered by these homeowners. RISKS IDENTIFICATION There are many risks in buying a new house such as: • The opportunity cost of investing in an alternative investment is very high because the entire cash and future income stream is tied up into one asset a home, which may or may not appreciate. • The house is an undiversified investment, so if the market tanks as it has, game over. • Knowing that we do not own our home, the bank does. • A lot of cost connected to home ownership, such as repairs and insurance and fees and potential hazards I have not considered. • If I lose my job, game over, this will put a lot of stress on me. • There is a chance that your new home will lose value. Luckily, in general, the longer you own your home, the less likely a loss becomes. Loss of value is typically a short-term problem, possibly due to the local...
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...Proj545 Professor: James Jameson May 21, 2015 PROJ545: Risk Paper #1 Risk Paper Introduction A few years ago I received some advice from my brother who at the time was a rather successful real-estate agent and previous real estate appraiser. He had built some wealth not only buy and selling houses for clients but also managed to purchase a few properties as personal investments. The advice I received was I should look at investing in real-estate. “You can look to me for guidance, I will not only make sure the property you choose makes sense on paper but I can also guide you through the renovation/remodeling process.” My family was no stranger to real-estate investment. My parents had for a long time been landlords and had purchased a few properties, renovated them churned a profit at the time of sale. After a few years of receiving continued encouragement from my family to invest, I finally made the decision to make my first big purchase. I was never a fan of taking big risks but as I watched my family succeed in real-estate and did put my mind at ease. I was not naïve of the inherent risks and I did consider obstacles that I could face and or threaten my investment. Identifying Risks After making the decision to attempt my luck at real-estate, I started to gather ideas on what potential risks I would be most affected by. My main sources of risk identification was braining storming and interviews with what were my “mentors” although they were family...
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...Risk Paper #1 – New Vehicle Purchase Risk Assessment Introduction Whenever considering a major purchase in life one must carefully consider the risks associated with making these purchase decisions. These decisions should be treated as projects in such a way that proper planning, analysis, risk assessment and contingency should all be aspects of the purchase process whether formal or informal. Purchasing a new vehicle, like so many other major purchases (likely the second largest purchase one may make in their lives behind purchasing a new home), is no exception. Several risks accompany these decisions, these risks rank from high probability – high risk to low probability – negligible risk. Analysis Many factors contribute to the frequency and likelihood of risks as well as the severity of these risks. When considering purchasing a new vehicle careful consideration must be taken before signing a contract and driving the vehicle off of the lot. Each buyer will undoubtedly rank these risks differently; however the following analysis represents how one individual may assess these risks. Risk 1 – Needs Family and career needs are typically a high priority not only when purchasing a new vehicle, but also when considering the necessity of a new vehicle. Possibly one’s family is growing and the two seat sports car just will not cut it anymore. When considering a new vehicle this is often a priority for young families and must be considered as a high priority risk, making sure...
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...Country Risk and Strategic Planning Analysis Paper University of Phoenix MGT/448 Kathryn Hayman December 19, 2011 Team C has decided to conduct a country risk analysis for the country of Mexico. The selected business venture is about laptop computers. When it comes to global business ventures there also comes a great amount of risks. In the following paragraphs is an analysis of the following risks; political, legal, and regulatory risks, exchange and repatriation of funds risks, competitive risk assessment, taxation and double taxation risks, market risks, distribution and supply chain risks, physical and environmental challenges to entering and operating in a target market, social and cultural risks, and cyber or technology risks. A description of how these risks would be managed and a summary of the strategic planning process will be explained. Mexico has a moderate political risk according to AM Bests Country risk report. Mexico ties with large, developed countries that are very strong has help them in this aspect when it comes to their political risk. NAFTA North American Fair Trade Agreement also helps in this respect since it is now one of the largest free trade areas. This agreement was established between the Unites States, Canada, and Mexico and became effective on January 1, 1994. This alliance has brought economic growth and rising standards to the citizens of these three countries. There are many advantages of NAFTA, being that it has created...
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...protection of the hardware that runs the information system. Therefore, a proper understanding of risk management and all that it entails is of the utmost importance for every IT professional, regardless of specialization. The purpose of this paper is to identify what risk management is and give an overview of the three phases or undertakings that make up the risk management process and then conclude with a discussion and explanation of the six-step Risk Management Framework (RMF) developed by the Department of Defense and the National Institute of Standards and Technology (NIST) (National Institute of Standards and Technology, 2010). “Risk management is the process of Identifying risks, as represented by vulnerabilities, to an organization’s information assets and infrastructure, and taking steps to reduce this risk to an acceptable level” (Michael E. Whitman, Herbert J. Mattord, 2012, p. 119.). Thus, risk management is merely the ability of a person or organization to implement due diligence and identify any potential issue and develop policies and security measures to combat these risks. Risk management is comprised of three phases: risk identification, risk assessment, and risk control (Michael E. Whitman, Herbert J. Mattord, 2012, p. 119.). Risk Identification Risk identification is simply the identification and documentation of the assets and the threats to those assets. Risk identification is an...
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...Risk Paper #1 – Vehicle Purchase Risk Assessment PROJ 595 – Project Risk Management Introduction Major life decisions should never be taken lightly. The only major life decision that I have ever made was buying my first car. When it comes to buying a car there are always a slew of risks that come with it. There were many things to consider here before even going out to visit the dealerships. First would I buy the car new, if so which car maker would I go with, each car maker has their own risks that come with buying their car. Or would I go the used route and tackle all the risks that come with buying a used car. I also needed to consider which route would be cheaper for me in the long run. In the end I ended up buying a new car despite the known risks and the sneaky unknown risks that snuck up on me. Risk 1 – Insurance One the biggest risk that people should look at when buying new, which I unfortunately did not do, is to see how much of an increase it will add to your insurance. Before buying my new car, my car insurance was in the mid hundreds. It was fine because I received my previous car as a hand me down and I did not have to make car payments. But, after everything was said and done and I got the new car I went to the insurance agency to update to my car insurance. To my surprise, the monthly car insurance jumped up nearly an extra two hundred. There were many reasons why, but one of the big reasons for the increase was the fact that 2012 models added a major...
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...Wells Fargo Risk Management “Risk comes from not knowing what you’re doing.”—Warren Buffet 2014 Jovan Gonzalez University of Texas at San Antonio 2/11/2014 Wells Fargo Risk Management “Risk comes from not knowing what you’re doing.”—Warren Buffet 2014 Jovan Gonzalez University of Texas at San Antonio 2/11/2014 Overview When it comes to managing key risks that financial institutions face such as, credit risk, asset/liability interest rate and market risks, Wells Fargo Board of Directors (Board) and senior management are ultimately responsible for managing these risks. Along with the help of different committees such as, The Board’s Credit Committee, who manages the annual credit quality plan, lending policies, credit trends, and high risk portfolios and concentrations. The Finance Committee manages the company’s major financial risks such as, interest rate, and market/price risk with the help of the Corporate Asset/Liability Management Committee (ALCO), who meet periodically with each other. Although there are much more committees that are in charge of overseeing other risks, for the purpose of this paper I’m mainly focusing on credit risk, market risk, and interest rate risk. According to Wells Fargo’s annual report, each Board committee receives reports and information regarding risk issues directly from senior management, who meets directly with the CEO every week to discuss strategic risk issues at the operational level. Wells Fargo also has a Chief...
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