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Risk Management (RSKM) Summary The purpose of Risk Management (RSKM) (CMMI-DEV) is to identify potential problems before they occur so that risk-handling activities can be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives.
Integrated Project Management (IPM) Summary The purpose of Integrated Project Management (IPM) (CMMI-DEV) is to establish and manage the project and the involvement of relevant stakeholders according to an integrated and defined process that is tailored from the organization’s set of standard processes.
The CMMI® is an integrated set of best practices that improve performance and key capabilities for any organization that wants to develop better products, components, and services.
http://www.scielo.org.za Global research indicates that the success rate of software projects worldwide is currently very low, and has been low for the past few decades. The application of risk management has improved the success rate of software projects in the developed world. This study investigated whether the success rate of software projects in South Africa is also low, and whether risk management might improve these success rates. The results indicate that the average success rate of software projects in South Africa is indeed very low, and that software projects in South Africa often experience the same risks as in the developed world. It was also found that, where risk management is applied, software projects produce better results than software projects with no risk management. The majority of South African software companies use ad hoc internally developed risk management procedures rather than formalised procedures.
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https://www.cmmiconsultantblog.com Integrated Project Management (IPM) is a Process Area at CMMI Maturity Level 3 under Project Management category.
Integrated Project Management (IPM) helps in the management of the project including relevant stakeholders and their involvement. IPM defines an integrated process for the project management which is tailored from the organization’s standard process of project management.
https://www.scrumalliance.org What is a risk? A risk is an uncertain event that could impact your chosen path should it be realized. Risks are events that are not currently affecting you -- they haven't happened yet. Once a risk is realized, it has the potential to become an issue.
Aim of risk management
Prevent the realization of a risk, or
Minimize/manage/neutralize the impact of this risk once it has been realized.
If you succeed in point 2, then the net impact of realizing the risk may be totally acceptable, i.e., no issue at all.
https://www.agilealliance.org Abstract: The Project Management Institute (PMI) defined the Project Management Body of Knowledge (PMBOK) and codified the role of a project manager in a project. The PMBOK specifies the knowledge areas and the phases and activities of a project that are conducted during the life of a project. The PMBOK approach towards project management is very activity centric and thereby results in a number of processes that has various inputs and outputs. The PMI Project Manager manages the project by ensuring that these intermediate deliverables are planned and delivered at various stages of the project. The Agile Manifesto acknowledges the need for several of these deliverables but does not put as much emphasis on their creation and control.
https://searchsecurity.techtarget.com ISACA, the association for IT governance, assurance and cybersecurity professionals, recently announced it has acquired CMMI Institute, the global leader in helping organizations to elevate their performance with people, process and technology. The CMMI Institute is built on the Capability Maturity Model Integration that evolved from the original CMM a few decades ago.
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https://www.orbussoftware.com When people think of IT Governance, and even IT Management, few think naturally of project, programme or portfolio management. Conversely, when people think about project, programme or portfolio management in IT environments, few think of IT Governance or Management. Even today, yes even in this post millennium day and age of integration and alignment, IT Governance and Management, and project, programme, portfolio management seem to many to be parallel universes which, in their minds, never meet.
https://www.isixsigma.com 1. Internal Environment The business vision, coupled with leadership’s personal examples, determines the values of the organization and the behaviors of its workers. This organizational culture establishes employees’ receptivity to change. Equal attention must be focused on the people side of change, as well as the tactical tools of process change.
https://www.isixsigma.com Much has been written about the increasing uncertainty enterprises face due to globalization, restructuring, changing markets and increased competition. An increased call for transparency is causing organizations to focus on the benefits of enterprise risk management (ERM). Leading companies are using the methods and tools of Six Sigma to improve existing processes so they can better incorporate and generate information regarding risk.
https://www.projectsmart.co.uk For achieving organisational objectives, more and more businesses are now implementing quality improvement methodologies such as Total Quality Management, Total Quality Control and Six Sigma across all functional departments inside their organisations.
https://www.pwc.ch/ta AI will transform project management. Are you ready? Around 200 years ago the industrial revolution changed society in unimaginable ways for the time. Today another revolution is underway, with even farther-reaching consequences. Artificial Intelligence (AI), experts are predicting, will change everything about the way we produce, manufacture and deliver.
Article: (RSKM) Risk Management – The Most Important Application of AI in the Financial Sector by Elena Mesropyan. https://gomedici.com While the rich world of chatbots is associated the most with developments of artificial intelligence, the ability of AI to mitigate risk remains one of the most important areas of development for financial institutions. And no wonder: even though the average support center call is estimated to cost $4.00 in the US, adding up to a significant expense if a support center receives hundreds or thousands of calls per day, it does not compare to the cost and a damage of various forms of fraud to banks, consumers, and merchants. The Ingenico Group estimates that merchants lose on average 1.5% of their annual revenue to fraud attacks. This 1.5% represents product and service losses, chargeback fees, and potential scheme programs. Meanwhile, identity theft, fraud costs consumers more than $16 billion.
