A firm hosts data-mining servers and performs data mining for other companies th

Question

A firm hosts data-mining servers and performs data mining for other companies that do not desire the costs of hardware, software, or expertise to data mine their data. The firm is planning to roll out faster data-mining software that will reduce the time needed to sift through customers' data by a fraction of the present time. Part 1: List and discuss the six steps in risk management for the new data-mining project. Part 2: Describe a positive and negative risk event, the consequences, and the risk-response plans for the data-mining software project.

Explanation / Answer

Ans -

Part 1 : The risk management functions are :

a) Risk Management Planning : The data mining project could use a risk management template if available in the organization to analyse the common risk that occur so they can prepare for them and which would help them initiate the risk management process.

b) Risk Identification : The entire data mining project team should meet in advance for the project so that they could identify and discuss the various risks that the project could be exposed to.

c) Qualitative and Quantitative Risk Analysis : Post identifiaction of the risk , the data mining project manage would determine the potential impact of each risk on the project that would help determine the risks that could cause the biggest impacy and hence which needs to be managed better.

d) Risk Response Planning : The risks identified are ranked in order of imapct, the events that are to be managed are identified and a responsible plan made for these events. This step is like a guide that would help in being prepared with adequate response should a risk event eventually occur.

e) Risk Monitoring and control : The risks needs to be monitored throughout the project along with various stratergies that would be best used for managing the risk.At every step of the project, the risk response plan must be updated and various control stratergies devised for the risks.

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