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Essay / Research Paper Abstract
This 3 page paper is based on a case study of JC Gear Company supplied by the student looking at the different types of risk that will be faced when making a decision regarding the type of software to purchase. The different types of risk and potential level of that risk is discussed. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEjcgear.doc
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Unformatted sample text from the term paper:
of which have inherent risks. When assessing risk the definition of risk may be seen as assessing potential uncertain events which may result in a loss or negative outcome for
the firm. The two option and the issues identified in the case study may be categorized into different types of risk, with each having a different profile. The first
risk is that is schedule risk. Whichever option is chosen a project plan will be drawn up with an implementation schedule. The schedule risk is that the project will not
be completed on time. Schedule over runs can increase costs associated with the project as well as opportunity cost with the delayed implementation (Fairbanks, 2010). The off the shelf option
has fewer potential events which can cause delays that the bespoke option. The risks for both options include the potential for complex issues not to be identified, or for sufficient
time to be allowed for the task. With fewer tasks the risk on the off the shelve option is lower. The complexity and the untested software and potential issues with
beta testing increase the risk to a higher level for the bespoke system. The second source of risk is the budget risk or financial risk, with the potential
that the cost will be greater than estimated (Nellis and Parker, 2006). With an off the shelf solution there is a greater certainty regarding the initial costs, as this is
a set price. Costs of modification are less certain, and may be under or over estimated. In the long run there is also the financial risk associated with under performance
of the system, which is higher for the off the shelf system. The bespoke option has a large umber of potential areas of costs that are uncertain, as the software
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