Example of a Risk Management Paper for NUR 492 at the University of Phoenix.
In the organization which serves as the most familiar, the most common negative sentiment that is expressed regarding operations is generally, in some form, regarding a project. Projects are notorious for being either late, over budget, or have deviated so far from the original plan (scope) that the project can be considered a failure in some regard or the other. Failed projects, by these standards, definitely represent a major cause of frustration among management and dominate the rhetoric that plagues the negative aspects that form part of the corporate culture. There a few instance when anyone has anything nice to say about a new project (except maybe during the introductory phase). Most of the frustration that occurs during projects stem from the fact that many individuals aren’t familiar with risk management practices.
One such project that comes to mind involves the implementation of a new accounting suite to take care of a small retailer’s financial information. The new accounting software that was chosen came from a different vendor than the existing system. Thus there was a significant amount of risk regarding the transfer of all of the existing data into the new system. If the data migration didn’t go smoothly then this could potentially render the new software package useless. There was simply too much data to enter the old financial into the new system manually. Also, the company would be severely inconvenienced if it didn’t have access to the existing data; it basically couldn’t operate. Therefore the data migration phase of the project represents substantial amounts of risk.
There were various strategies created in hopes of mitigating the potential that the risks could severely damage the project. The first and probably the most important activity involved conducting preliminary research to determine the feasibility of the data migration. Each vendor was... [continues]
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