¶ … risk in a systems analysis and design project, and how does a project manager cope with risk during the stages of project management? The major sources of risk in a systems analysis and design project at a strategic level include environmental, external and design risks and over t ime these can accelerate and change the entire nature of a given project plan and direction. These three strategic risks often lead engineering services, project management, organizational and legal risks as well (Fu, Li, Chen, 2012). The strategic elements of customer, technical and delivery risk also serve to further constrain and many times clarify the systems analysis and design foundation of a project (Fu, Li, Chen, 2012). Constraints force trade-offs which in turn lead a project to gain greater clarity of vision and greater acuity of focus on desired results (Fu, Li, Chen, 2012). A project manager will often cope with sources of risk in a systems analysis and design project by concentrating on the five best practices of enterprise project management. These five areas include risk planning, risk identification, risk analysis (both qualitative and quantitative) risk response planning, and risk monitoring and...

Project management professionals use these strategies across each phase of their projects to ensure consistently, congruity of risk management and mitigation strategies and greater consistency of project-based risk and constraint management (Fu, Li, Chen, 2012).
Q2. Suppose that you have been contracted by a jewelry store to manage a project to create a new inventory tracking system. Describe your initial approach to the project. What should your first activity be? What information would you need? To whom might you need to speak?

The first or initial approach to the project would be define how the jewelry is organized, from a product line, accounting and catalog management perspective. What would be critically important to determine during this first phase of creating an inventory tracking system is what taxonomy and data structures align optimally with the jewelry store's price and value of spectrum of products sold. Once this is understood, from analyzing pricing, sales out data, customer preference lines by product area, customer relationship management (CRM) historical data, an inventory management system could be designed that would be efficient…