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Explain risk management and its associated activities and defend the need for a risk management plan.

Utilizing the Delphi technique, your team constructed the following risks register the VoIP project containing the risk, the likelihood of its occurrence on a scale of 1 (least likely) to 5 (most likely), and the potential negative impact on the project on the same scale. In addition, they recommended the appropriate response and identified its type for one of the risks identified.

# Risk Likelihood (1-5) Impact

(1-5)

Response Type Response
1 Project Delayed due to lack of resources 3 5
2 Project runs out of funds before completion 1 5
3 Users reject new system 2 2
4 Defective Hardware 1 5
5 New government regulations introduced during deployment increase the cost of running VoIP 2 3
6 Yearly renewal fee issued on the legacy system due to delay of over 30 days in deployment of the new system 1 4 Mitigation Schedule check 30 days before project deadline to determine if action needs to be taken to avoid delay. Decision tree will be utilized.

Write a 6 page paper in which you:

  1. Explain risk management and its associated activities and defend the need for a risk management plan.
  2. Describe the Delphi technique used to identify risks and infer on types of projects where this technique is most accurate.
  3. Examine the four (4) types of risk response (i.e., avoidance, acceptance, transference, and mitigation) and determine the appropriate situation where each should be used.
  4. Complete the table with the risk response type (i.e., avoidance, acceptance, transference, and mitigation) and a description of the response.
  5. Create a decision tree with the software of your choice to address risk number 6. Assume that when you check the schedule on day 60 of the project, it becomes evident that two (2) additional engineers are needed to ensure on-time completion of the project. The engineers cost $25,000 each and a fee of $120,000 is issued by the legacy provider. The probability of completing the project on time is as follows: With the current personnel – 60%; With one (1) engineer – 80%; With both engineers – 98%.
  6. Explain the methodology utilized to create a decision tree and recommend the appropriate action to take based on your decision tree from criterion 5.
  7. Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

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