647 W2A Project Selection Risk Essay Example | Topics and Well Written Essays - 1000 words

647 W2A Project Selection Risk - Essay Example From the perspectives of members of the board and the executive management team, the NLMS would enable and facilitate an increase in student population and enrollment. Through access to various sources of academic information and links that would be programmed in the GU’s official website, more visitors are expected to be enticed to apply to the universities varied programs and services. In every project, there are potential risks and bottlenecks that are inevitable; yet manageable. As defined, a â€Å"risk involves a source or cause (e.g., some possible event), a mechanism by which the risk source could impact the objectives of the organization, and some level and type of potentially adverse consequences† (Lee Merkhoff Consulting, 2014, p. 1). For the NLMS, the following are identified as potential risks and bottlenecks, specifically in areas which could affect or influence the achievement of the project objectives: From the table of potential risks, the degree and severity of occurrence were appropriately identified. As shown, there were risks that were classified in seriousness from low to medium; while likelihood is classified from low, medium to high. Cost overrun could occur in the implementation stage, especially during the transition stage and while orienting potential users of the NLMS. Likewise, depending on the results of the performance monitoring and evaluation stage, any significant corrections or revisions that are needed would entail additional costs for GU. Thus, the risk of deviating from schedule would be high. Corrections for actual plans is perceived to be medium in seriousness; meaning, all relevant points were already foreseen and incorporated during the planning stage. As such, the likelihood for adverse corrections is low. Moreover, resistance from stakeholders is seen to be low since they