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Address the importance of project risk management. Your response should include considerations pertaining to planning and identifying risks, as well as performing a qualitative risk

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Address the importance of project risk management.  Your response should include considerations pertaining to planning and identifying risks, as well as performing a qualitative risk analysis.  also consider common sources of risk for information technology projects.  To assist you in your qualitative risk analysis, consider the following case: Most people are very familiar with the movie The Great Escape but may not be familiar with it as a project executed in the spring of 1944. The starting point for the project was in March of 1943 with the move to a new camp, the North Compound, created to relieve some of the overcrowding in the existing camp. From the outset, the move to and taking up of brand-new quarters would cause confusion and provide new opportunities, and all sort of possibilities for escape. Roger Bushell and the escape committee were faced with the conundrum of determining the best possible approach to an escape. They needed to balance variables like the availability of resources and the overall risk to the escapers and POWs in the camp. In the East Compound, the POWs had lost or abandoned at least fifty tunnels in a thirty-month time frame much to the dismay of the camp’s escape committee. This was a dismal and unsatisfactory track record, and POW morale was sagging very low. The escape committee (like a PMO) could prioritize the escapes that had the best chance of success. They could also determine the best Return on Investment (ROI) for the escape by analyzing the resources and risks for the escape. Overall there were different types of escapes possible with varying approaches for example: Clearly, Project Risk Management was a major concern in The Great Escape project, so carry out the following exercises to identify and analyze the project risks involved. Preferably, work as a team to develop responses as though you were working in a Project Management Office (PMO) for this project.

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