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Project Risk Management for Senior Software Exam Information System Project Manager

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    [Abstract] To prepare for the test of the 2020 soft exam information system project manager exam, the editors of the Global Network School have compiled the knowledge points of the senior soft exam information system project manager. Let's follow the editor together. I hope everyone can take the exam smoothly. For more information about computer soft exams, please pay attention to the Global Professionals Soft Exam senior title channel.

    Project Risk Management for Senior Software Exam Information System Project Manager

    Risk refers to the possibility of loss or damage. Projects are risky because of their unique nature.

    Risk management is an investment, meaning that it involves costs associated with identifying risks, analyzing them, and developing risk mitigation plans. These costs must be included in the cost, schedule, and resource planning.

    Organizations take risks to profit from potential opportunities.

    Risk utility or risk tolerance refers to the degree of satisfaction or happiness derived from potential returns. Risk-loving people like high-risk, risk-averse people don't like taking risks, and risk-neutral people try to strike a balance between risk and potential returns.

    Risk management is an industry standard that requires the project team to continually assess what will negatively affect the project, determine the probability of these events, and determine the impact of these events if they occur. Risk management also involves analyzing and deciding on alternative strategies to deal with risk. The four main processes involved in risk management are: risk identification, risk quantification, risk response plan formulation and risk response control. The risk management plan is an important output of risk management.

    ITS often involves the following risks: lack of user involvement, lack of support from senior management, unclear requirements, poor planning, and so on. A risk list developed by the Standish Group, McFarland, and other organizations helps identify potential risks for IT projects. A list of general risk conditions in the area of project management knowledge can also be helpful.

    Tools and techniques to quantify risk include Expected Monetary Value (EMV), calculated risk factors, PERT estimates, simulations, and expert judgment. Expected monetary value helps you evaluate potential projects based on their expected value. A risk factor represents the risk of a specific event, based on its probability of occurrence and the consequences if it occurs. PERT estimates require the collection of optimistic, pessimistic, and most likely estimates. Simulation is a more sophisticated estimation method than PERT, which helps you determine the likelihood of meeting specific project schedule or cost targets. Expert judgment is also a valuable tool for assessing project risks.

    The three basic measures to deal with risk are: avoidance, acceptance and mitigation. Risk aversion involves eradicating specific threats and risks. Risk acceptance means accepting the consequences of risk if it occurs. Risk mitigation refers to reducing the impact of risk events by reducing the probability of risk occurrence.

    The risk management plan documents the steps involved in managing the associated risks throughout the project. The project team also prepares contingency plans so that if an identified risk occurs, they know what to do. Project sponsors often provide emergency reserves to help cope with possible changes in project scope or quality, thereby reducing overall costs or, and schedule risks.

    Risk control involves implementing risk management processes and plans to respond to risk events. "Top Ten Risk Matters Tracking" is a way to maintain risk awareness throughout the life of the project.

    Several types of software can assist in the risk management process. Monte Carlo simulation software is a particularly useful tool to help better understand project risks and several sources of risk or risk drivers.

    The above is the knowledge points of the senior software test information system project manager organized by Xiaobian. I hope to help everyone. ”免费下载学习。 Global Network Alumni Tips: In order to better prepare for the exam, Global Network School has specially prepared computer soft exam review materials for you. If necessary, please click " Free Download >>> Computer Soft Test Questions / Exam Highlights " below the article to download and study for free.

    share to: Edit: Jiao Xuewen

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