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IS480 Team wiki: 2016T1 Stark Project Management Risk Management

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Team Stark Home.png   HOME

 

Team Stark About Us.png   ABOUT US

 

Team Stark Project Overview.png   PROJECT OVERVIEW

 

Team Stark Project Management.png   PROJECT MANAGEMENT

 

Team Stark Documentation.png   DOCUMENTATION

 


Risks (Acceptance)


Risk Description Likelihood Impact Mitigation Strategy
Lack of knowledge in system security and architecture High High
Project may be potentially delayed due to time spent on learning. Initial stability of application may be affected as there may be more bugs.
1. Seek help from supervisor or professors in the relevant fields.

2. Look into emulating industry standards and follow what others are doing.

Team is not proficient with project technologies, i.e. Meteor, React, MongoDB, JavaScript High High
Project may be potentially delayed due to time spent on learning. Initial quality of application may be affected as there may be more bugs.
Team members are to familiarise themselves with the required technology before and during first few iterations.
High technical complexity in collecting data (e.g statistics, usage) High High
Tracking project progress become harder as there are a lack of meaningful metrics for analysis
1. Seek help from supervisor or professors in the relevant fields.

2. Look into how other company are implementing analytics

Budget Risk, cost overrun and wrong budget estimation Low Medium
Project may not be able to carry out as budget estimation is wrong thus not able to meet certain requirements.
1. Carry out budget estimation at regular intervals and deduce revised values

2. Source for external sources of investment if necessary

Mentor/Supervisor might be unavailable for weekly meeting Low Low
Mentor/supervisor may have work and other meetings to attends thus unable to keep them updated with project status and clarify our doubts.
1. Postpone meeting and meet contact whenever nearest time possible

2. Video conference meeting

Unforeseen commitments or events of group members (E.g. Sickness, urgent family commitments, going on a holiday during term breaks, laptop not functioning) Medium Low
Members may have plans during summer break for internship/exchange/oversea. They may get sick especially when the team worked so hard.
1. Review tasks and plans and make changes where possible.

2. Schedule tasks in buffer period if it is not possible to reschedule tasks to accommodate the delay.
3. Alert mentor/supervisor if some functions cannot ready by planned time.
4. Last resort: Alert mentor/supervisor if some functions need to be dropped.

Risks (Midterm)


Risk Description Likelihood Impact Mitigation Strategy
Lack of automated notification avenues by banks High High
iBank feature cannot be fully automated due to the lack of public API or notification system
Rework processing of iBank transfers. Process now will be semi automated where admin will have to manually download daily transaction history and upload to MaiMai admin application and system will then automatically read and credit the individual users.
Mismatch of product against market. High High
Developed product may not be what our target users or anyone in the market wants.
1. Gather more feedbacks during testing to validate market needs against project idea.

2. Transact with more real user and conduct interview with them to understand the problems and needs of the market.

Quick rise of direct competition Low Low
Existing application like Caurosell can easily implement payment services that we are providing.
We provide user with dispute management service which is something that is unique to us and we are investing our resources into defining a stringent and reliable process of micro management. As such we have the upper hand because that is our prime feature. However, it still remain as a risk.
Lack of knowledge in system security and architecture Low High
Project may be potentially delayed due to time spent on learning. Initial stability of application may be affected as there may be more bugs.
The likelihood of risk occurring has been lowered from High (during Acceptance stage) to Low as developers are more familiar with the security and architecture.

1. Seek help from supervisor or professors in the relevant fields.
2. Look into emulating industry standards and follow what others are doing.

Mentor/Supervisor might be unavailable for weekly meeting Low Low
Mentor/supervisor may have work and other meetings to attends thus unable to keep them updated with project status and clarify our doubts.
1. Postpone meeting and meet contact whenever nearest time possible

2. Video conference meeting

Risks (Final)


Risk Description Likelihood Impact Mitigation Strategy
Mismatch of product against market. High High
Developed product may not be what our target users or anyone in the market wants.
1. Gather more feedbacks during testing to validate market needs against project idea.

2. Transact with more real user and conduct interview with them to understand the problems and needs of the market.

Quick rise of direct competition Low Low
Existing application like Caurosell can easily implement payment services that we are providing.
We provide user with dispute management service which is something that is unique to us and we are investing our resources into defining a stringent and reliable process of micro management. As such we have the upper hand because that is our prime feature. However, it still remain as a risk.