Question

Project risk management is an iterative process that begins with a plan for how risks will be managed throughout the life of the project. Risks must first be identified and analyzed. Then risk responses and action steps must be developed. The risk management plan should also include the steps, processes, or procedures that will be used to continually monitor risk during the project.

Defining requirements for a process improvement project can be particularly challenging. Depending on the extent and complexity of the initiative, it can involve a large group of stakeholders, external consultants, and new technology. Risk analysis requires the project team to document each risk, assess the probability and impact, and develop responses should the risks occur.

For this Discussion:

• Describe three to five risks you feel are important to address in defining stakeholder requirements for a business process improvement project.
• How are the risks linked to the stakeholder requirements and business objectives for the project?
• Using the data analysis technique traceability matrix, determine the probability and impact of each risk.
• What is the overall risk exposure to the project?
• What is your strategy to respond to each individual risk? To overall project risk?

Answer 1

Here is your answer

Describe three to five risks you feel are important to address in defining stakeholder requirements for a business process improvement (BPI) project.

• The risks are that the identified business process for improvement is adding no or little strategic value to its stakeholders nor contributing to objectives of company (markets / product). Because it was easy to do or very easily identified that’s why was undertaken. It leads to wastage of all resources. The needs of customers, shareholders, financiers should be taken into account to select the process for improvement.
• The people who owns the process or who will run the process are ignored. Their acceptance and inputs are required for success of the BPI project.
• The communication barrier can jeopardise the scope of stakeholders need for BPI. The risk is that organizations think ultimately the stakeholder will witness value by implementing the process improvement. Here wide communication is warranted. Stakeholders have their own diverse doubts. Each group should be specifically told how they will get benefitted by BPI.

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