Lecture Information technology project management (Eighth Edition): Chapter 11, after studying this section will help you understand: Understand risk and the importance of good project risk management; Discuss the elements of planning risk management and the contents of a risk management plan; List common sources of risks on information technology (IT) projects. | Information Technology Project Management Eighth Edition Note See the text itself for full citations. Understand risk and the importance of good project risk management Discuss the elements of planning risk management and the contents of a risk management plan List common sources of risks on information technology IT projects Describe the process of identifying risks and create a risk register Discuss qualitative risk analysis and explain how to calculate risk factors create probability impact matrixes and apply the Top Ten Risk Item Tracking technique to rank risks Information Technology Project Management Eighth Edition Copyright 2016 2 Explain quantitative risk analysis and how to apply decision trees simulation and sensitivity analysis to quantify risks Provide examples of using different risk response planning strategies to address both negative and positive risks Discuss how to control risks Describe how software can assist in project risk management Information Technology Project Management Eighth Edition Copyright 2016 3 Project risk management is the art and science of identifying analyzing and responding to risk throughout the life of a project and in the best interests of meeting project objectives Risk management is often overlooked in projects but it can help improve project success by helping select good projects determining project scope and developing realistic estimates Information Technology Project Management Eighth Edition Copyright 2016 4 Study by Ibbs and Kwak shows risk has the lowest maturity rating of all knowledge areas A similar survey was completed with software development companies in Mauritius South Africa in 2003 and risk management also had the lowest maturity KLCI study shows the benefits of following good software risk management practices Information Technology Project Management Eighth Edition Copyright 2016 5 KEY 1 LOWEST MATURITY RATING 5 HIGHEST MATURITY RATING Engineering Telecommunications Information Hi-Tech Knowledge .
