Risk assessment and mitigation

Information Systems projects, like all projects, face a number of potential risks to success when they are in the concept phase. These risks must be identified and the level of effort invested in mitigation planning for each risk should be based on the likelihood of the risk materializing and the impact that would accrue to the project is it did materialize. As the project progresses, some risks become eliminated, some risks become realized, and new risks are identified. Therefore, ongoing risk assessment and mitigation is required for project success.

• Why are risk assessment and mitigation essential to information systems project success?
• What do you think are the major sources of risk and avenues of attack to information systems management and why?
• What are the best sources of creating a risk assessment report and why? What decisions are to be made as a result of the risk assessment?
• To what extent can risks be mitigated through the early and continued involvement of project stakeholders?

Provide an example of a real or fictitious organization, listing all of its stakeholder groups, and identify those groups that must form a part of the project participation group.

Support your answers with appropriate reasoning.