Risk Management Practices - Essay Example

can contain 20 anti-ballistic missiles (ABMs), an anti-missile control computer (AMCC) that automatically launches ABMs, and a latest detection device with a code name – SKYEYE – made with patented radar technology. This mobile housing unit is fully automatic and has an in-built power source for ABM as well as solar charged batteries for the AMCC and SKYEYE. Although the contract with the DoD doesn’t include the feature of its operation while in movement, the company is adding this facility as well in the designing of the MHU.

As the time given is not sufficient, keeping in mind the critical functioning of the in-built system and in the capacity of being the manager of project X, planning of some risk management practices is must to guarantee good business from the DoD in near future. The object-oriented (OO) technology, with which all team members are not familiar because it has never been a part of team personnel development process, has resulted in lack of training and experience. To cut short the learning curve may affect the functioning of the project X.

The SEI Software Risk Evaluation (SRE) Service is such a tool that recognizes, analyzes, follows up, decreases and provides information on risks in software-rich programs. With the help of its mechanism, project manager can foresee and tackle risks, resulting from product, process, management, resources and limits. The SRE inaugurates a chain of activities that start the process of managing risks. The risk management practices can be merged with current methods and tools for better management of risks.

It is the SEIs latest risk management service. This risk management practice is a promising new tool to help programs calculate and better the prospect of risk management. It has been tested on a leading DoD program and non-DoD government agency and two contractor organizations. The practice of this service combines tutorial, survey instrument, interviews and feedback periods, organized on-site to