Using the Delphi technique, your team constructed the following risks register for 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.
Write a three to five (3-5) page paper in which you:
- Explain risk management and its associated activities and defend the need for a risk management plan.
- Describe the Delphi technique used to identify risks and infer n types of projects where this technique is most accurate.
- Examine the four (4) types of risk response (ie., avoidance, acceptance, transference, and mitigation) and determine the appropriate situation where each should be used.
- Complete the table with the risk response type (i.e.., avoidance, acceptance, transference, and mitigation) and a description of the response.
- Create a decision tree diagram with the software of your choice (Word, PowerPoint, Visio, etc.) and make an OFFICE document or PDF to address Risk Number 6.
- Assume that when you check the schedule on day 60 of the project, it becomes evident that two 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 engineer – 80%; With both engineers – 98%.
- Fully explain your rationale in the document you create. How does your decision tree flow? What are your decision points, and most importantly, what is your recommendation and how did you arrive at this conclusion? Is there a point of diminishing return where it would be so expensive that it wouldn’t be worth it to employ the additional resources? Why or why not? Be sure to use proper business communication and consider your audience to be business leaders in the organization at which you are employed. Remember, 100% original work is required. Research on the Internet is fine, but do not submit work that is not your own, and do not submit work that you’ve submitted anywhere previously. Plagiarism detection tools will be used to ensure originality.