Week 7 Final Report-1
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CUNY New York City College of Technology *
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101
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Business
Date
May 9, 2024
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docx
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Uploaded by Guiraadnan on coursehero.com
2024
Sylvia Dabrowski
PROJ-595
4/12/2024
KARP BUS TRANSPORTATION-AI
DRIVEN INTEGRATION
Risk Strategy: Describe the general approach to managing risk on your selected project. - The general approach for my project is to develop a user friendly advanced AI-technologically process to
ensure a better transportation experience for workers and customers that will be integrated
into the database of the commuter system. In which will require a strict management to avoid any potential risks and mitigate risks quickly and effectively. That is why it’s best to implement a model risk management (MRM) framework that incorporates model development, validation, and governance processes. But with the ever-increasing use of machine learning in modeling, financial organizations need to be able to maintain their regulatory compliance, while deploying these increasingly sophisticated models. Methodology: Define the specific approaches, tools, and data sources that will be used to perform risk management on the project. The specific approaches that will be used to perform risk management on the project using smart sheets to help achieve balance and cohesion from the project flows to a dynamic portfolios management tool that will keep projects plans and
schedules on track, as well as using the Gantt charts stick to deadlines to create a critical path for success.
Stakeholder Risk Appetite: The risk attitude of an organization or stakeholders is typically calculated in measurable units. KARP Stakeholders has people with different attitudes about risk. This is how our company will perceive
risk. The worth of the contract is estimated to be 500,000. In the middle of the process, it’s possible you are told that your organization is encountering some financial problems and they are unable to go beyond 5,000, in addition to 500,000. In this situation, my threshold for the project comes out to be 5,000 USD. In the case of Risk Threshold, we also take
into account the level of certainty. This means that we need to further quantify the risk attitude. We need to ask ourselves, are we willing to accept the risk of 10,000 USD with a 50% probability of occurring? Therefore with risk threshold, I will suggest the PM will need to hold interviews and conduct meetings with stakeholders involved and determine the risk appetite. Afterwards, I will evaluate the risk tolerance and eventually define the risk threshold
Risk Identification: Table chart to the right >
Risk-response strategies for managing negative and positive risks”. (2019).Reference: https://nz.linkedin.com/in/stephenwarren2?trk=article-ssr-frontend-pulse_publisher-author-
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