PROJ 584 Week 5 Discussion; Risk Management

Week 5: Risk Management Discussion The topic below pertains to the materials covered in the weekly lesson. In addition to a text description, you may add a screen capture, a matrix, or other creative image that supports your ideas. You are to submit three quality posts over 3 different days, with the first post on or before Wednesday for each graded discussion topic. Use references from your textbooks. View the Risk Assessment in Software Projects (Links to an external site.) video (4 min, 31 sec) and answer the following questions. The presenter mentions five areas in which software development project risks can occur: Scope, Cost, Stakeholders, Scheduling, and Technology. Choose two of these risk areas that relate to your project Describe the specific risks and you plan to assess these risks View Instructor posts View My Posts Search entries or author Filter replies by unreadUnread Collapse replies Expand replies SubscribedReplyReply to Week 5: Risk Management DiscussionCollapse SubdiscussionEmre OzmenManage Discussion Entry Hello Everyone, Everything starts with assessing the organizational risk appetite I believe, here is my interpretation here: Emre OzmenLocal: May 31 at 9:31am<br>Course: May 31 at 11:31am • Overall organizational risk principles/understanding/tolerance (Assumptions/Constraints/Priorities) Planning/Methodology discussions (#3-to-#8 depend on these discussions) Identifying risks thru RBS (Risk Breakdown Structure), Risk Types as positive/negative Work on Risk Cost/Timing/Roles discussions Building a risk register with #3 and #4 Analysis discussions (Mostly Qualitative, plus Quantitative) Risk response strategies (1stRisk Assessment on the Risk Register) Monitoring (2ndRisk Assessment on the Risk Register, a.k.a. residual and/or secondary risks) Reply Reply to Comment 1. Collapse SubdiscussionGibbon Richards HYPERLINK "https://devryu.instructure.com/courses/68464/users/84339" \h Gibbon Richards Jun 6, 2021Local: Jun 6 at 1:59pm<br>Course: Jun 6 at 3:59pm Manage Discussion EntryProfessor and class, I was reading a few articles on organizational rick appetite and I found this very interesting. The concept of risk appetite is probably the most confusing and controversial part of the enterprise risk management process. If you do a search for risk appetite, you will find a wide variety of perspectives on how to develop and use it. While there may be an implied risk appetite or a generic statement on file somewhere in the organization, it is too often not a useful tool for knowing the right type and amount of risk decision-makers should take in pursuit of strategic objectives. At its most fundamental level, risk appetite is “the level of exposure an organization is willing to take” in pursuit of strategic objectives, according to the ISO 31000:2018 (Links to an external site.) ERM standard. Risk appetite should be used continuously, but it especially becomes important during the risk assessment and analysis phases of the process when decisions have to be made on how to handle a particular risk or opportunity. Executives express the level of risk they’re will to take in a specific area through a risk appetite statement. One mistake organizations commonly make is that they consider the risk appetite statement as a static policy statement or an end to itself. However, you don’t need me to