Organizations respond to these pressures by using ethical business practices, building strong cultural ties with their stakeholders (both inside and outside of the organization), being socially responsible, and enacting sustainable business policies and practices Organizations respond to these pressures by planning for improvements to reduce or manage complexity, creating faster and more accurate models to make better decisions, and innovating to sustain competitive advantages, to keep up with competitors, or to enter new markets
Economic 17. Challenges in Obsolesce Factor Description Example Time the time allotted to complete the scheduled tasks of the project Scope Cost (i.e., Resources) Quality 18. Project Risks Assessment Description Example Risk Assessment Cost/Benefit Analysis Vulnerability Assessment Implementation 19. Managing Project Risk Response to Risk Description Example Acceptance Accepting that a risk will occur and doing nothing to avoid or prevent it Avoidance Sharing Organizations respond to these pressures by realizing the need to plan for or react to a changing workforce, powerful suppliers, customers, and/or competitors. Information technology has become critical to the success of the business enterprise because IT enables automation and a faster response to market needs the specifically defined output or deliverable(s) intended at the end of the project the necessary human (laborers), capital (equipment), and liquid (cash) assets necessary to complete the project’s output the degree of satisfaction by which each of the above components is satisfied Managing risk can be viewed as just another exercise in problem solving, because, as with problem solving, the risk needs to be identified, assessed, provided with alternatives for resolution, and then mitigated with the right solution and further evaluation Risk management involves determining the vulnerability, assessing the impact that risk would have if event occurred, evaluating cost/benefit analysis to avoid or transfer the risk, and implementing the plan example would be accepting that a baseball will pass through a window facing the park and planning to replace the window when it occurs Developing an alternative plan for achieving objectives by avoiding a specific risk or risk category example, finding a path around traffic congestion might include taking surface roads versus the expressway during rush-hour traffic Partnering with groups or individuals who have more experience and who will accept or absorb some or all of the risk involved example, when planning a community event, partners are often sought to help sponsor a venue or service in order to reduce financial risk
Transference Shifting risk to another party 20. Information Management v. Information Technology Management Concept Description Pros/Cons Information Management Information Technology Management 21. Outsourcing and Offshoring Factors Description Example
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