Part 1

Deliverable Length: 750–900 words

A common assumption following the completion of a project would be that the sun would rise the next day. Suppose for a moment the sun did not rise. The severity of this risk would threaten not only the completion of this project but most other projects. In other words, the risk posed by the sun not rising is extremely high; however, the likelihood of that happening is relatively small.

On the other hand, consider a different sort of risk. Consider that one of the billing system database servers has been destroyed. The likelihood of this happening is considerably higher than the likelihood of the sun not rising. Unless the database was not recently backed up, the severity of this risk is relatively low. In other words, neither of these risks rises to a level that would threaten the completion of the project.

What are the differences between qualitative and quantitative risk analysis? When is each type of analysis appropriate? What type of analysis will you use for the customer service system project?

• Address the following:

o What are the differences between qualitative and quantitative risk analysis? Explain.

o When is each type of analysis appropriate? Explain.

o What type of analysis will you use for the IRTC customer service system project? Why?

Part 2

Deliverable Length: 7–10 slides

Project Budget
Describe the budgeting process that will be used for the project. Identify the components of the budget, the items that will need to have costs associated with them, and the mechanisms that could be used to estimate the project. Describe how changes to the budget will be identified, escalated, and resolved.

Project Risks
Describe the possible risk events for the project. Identify the high-probability, high-impact risk events. For each of those risk events, identify the possible actions to mitigate the risk. Describe how changes to the risk management plan will be identified, reviewed, and approved.

o Note: Each slide must be submitted with 150–200 words of speaker notes.

• If necessary, make any corrections or modifications.