Discuss the importance of a well-defined project timeline and the risks of not having a project timeline.

Assignment: HIT project Discussion
Assignment: HIT project Discussion

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Week 7 discussion Discussion Prompt 1 After reviewing the required resources this week on quality measures, discuss a quality outcome measure that you could apply to your HIT project. Be specific on how you would determine the success or failure of the outcome with the implementation of the tool. Discussion Prompt 2 Discuss the importance of a well-defined project timeline and the risks of not having a project timeline.

Risk assessment rating and analysis techniques help us better understand the magnitude of the risk and its potential consequences. The degree of severity of the risk’s consequence is the driver to plan a response and be ready for action if the event actually happens.

Qualitative risk is a nonnumeric (subjective) estimate of the chance of a risk happening and an analysis of the best methods for countermeasures. The input to this method comes from the subject matter experts (SME), and from historical evidence found in documentation and lessons learned from previous engagements. The long-term value of this method comes from repeated measures and trending, which tends to give results that are more accurate.

Quantitative risk analysis focuses more on numeric methods and attempt to use repeated measures to derive estimates. Examples would be Monte Carlo simulation technique, decision tree analysis, and sensitivity analysis.

Quantitative risk analysis usually follows qualitative. The decision to use one method versus the other, or use both methods, depends on the need and the comfort level of the PM practitioner. The key element in these analyses is to be able to decide, with the team, on the risks faced, their potential impact, rank, and priority, then move on to plan the responses. It is important that the team do not dwell on these processes; however, it is important to revisit the issues and repeat the process at regular intervals. Once a quarter is often enough on a large project to stay current. Putting data in a table format is advisable. An example is provided in Appendix A. Templates and helpful examples in publications and books can be used as references (Cooke & Tate, 2005 and Mulcahy, 2003).