IS480 Team wiki: 2015T1 Chipmunks Risk Management
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| # | Risk Type | Risk Event | Likelihood | Impact | Category | Mitigation |
|---|---|---|---|---|---|---|
| 1 | Technical Risk | Overall, the team is not familiar with the technologies/resources used for developing the project (i.e. AngularJS, Spring Framework, Maven, etc.) | High | High | A | Each team member is to manage a personal “growth log”, which records his progress with the new technologies that the team is to learn over the course of the FYP project. |
| 2 | Project Management Risk | Team’s collective lack of experience may translate into inefficient allocation of time for different tasks (too much, or too little time given). | Medium | High | A | Gather feedback from all team members to ensure that they are comfortable with the time and tasks given to them. |
| 3 | Client Management Risk | Client has not fully decided upon the range of functions in his application; may eventually lead to scope creep. | Medium | Medium | B | Aid the client in scoping the project clearly through meetings and clarifications. Make it clear that implementing an unplanned function further down the road will greatly impact the amount of time needed to complete the project. |
| 4 | Client Management Risk | Team may have to extend allocated timings to complete each functionality to the client’s liking. | Medium | Medium | B | Check with client frequently by following up with a deployed application link after every iteration to determine his satisfaction with the team’s progress. Reschedule if necessary. |
| 5 | Technical Risk | Chosen graphing software library (Highcharts) may not be flexible enough to handle the entirety of our client’s requests. | Medium | Medium | B | Set up fallbacks such as the highly customizable d3.js, so that the client’s expectations can be met satisfactorily. Utilize a combination of the main graphing library and d3.js in the final application. |
| 6 | Client Management Risk | Client is frequently overseas due to other commitments. This increases the intervals between our appointments, potentially leading to more problems with communication and misunderstandings. | Medium | Medium | B | Prepare regular feedback and updates on the team’s progress for client to access even while he is overseas (enabled through the usage of accessible cloud resources). |
| 7 | Technical Risk | Unfamiliarity with domain required expertise (finance/statistics), requiring more knowledge and research than initially expected. | Medium | Medium | B | Conduct preliminary research on the functionality and maintain close communications with the Sponsor to ensure that whatever necessary research the team needs to do. The team will also communicate with the Sponsor to obtain any information needed. |
| 8 | Technical Risk | Lack of communication from CapitalIQ management and staff prevents us from accessing their CapitalIQ software for referential purposes. | Low | High | B | Seek out other experts such as regular CapitalIQ users for a better understanding of the software. Temporarily rely on online API to increase familiarity with the CapitalIQ system before using the software itself. |
| 9 | Resource Risk | Unforeseeable problems with technology (laptop crashes). | Low | High | B | Make sure that files are always updated in the cloud, such that the loss of a local hard drive will not affect the project greatly. |
| 10 | Technical Risk | Downtime on CapitalIQ’s side will prevent project development from progressing smoothly. | Low | High | B | Create local copies of CapitalIQ’s API (if possible), such that progress can be made even in the event that CapitalIQ goes offline. |
| 11 | Technical Risk | CapitalIQ’s API undergoes updates from developers; team’s developed functions will have to be edited if CapitalIQ’s API is changed. | Low | High | B | Focus on utilizing data that is unlikely to change with updates (the outputs of main functionalities are safer to use, as they will not be changed by CapitalIQ’s developers). |
| 12 | Project Management Risk | Lack of expertise with the foundations of the application (Spring, AngularJS) may result in slower progress than expected, thereby necessitating changes to schedule. | Low | Medium | C | Use tracking metrics such as the Gantt chart to measure progress. Always dedicate time in meetings to reflecting on the team’s recent progress, and if the pace needs to change. |
| 13 | Human Risk | Team members become unavailable due to sickness or other unavoidable circumstances. | Low | Medium | C | Establishment of pairs, such that the unaffected pair member may take over the other’s role should such circumstances arise. |
| 14 | Technical Risk | Possibility of CapitalIQ’s API not being able to provide the relevant data for the purposes of our application. | Low | Low | C | Preliminary research done to ensure that basic functions necessary for the running of our graphing module are supported by CapitalIQ’s API. More advanced functions can be achieved through the transformation of data via our application. |
