Information Technology Derivatives and Risk Management

Question: Discuss about the Information Technology Derivatives and Risk Management. Answer: Would the technology I develop be welcomed by society? The technology will definitely be welcomed by the society once the users learn how to use it. The project is going to deliver a software-controlled remote control system for music systems and other similar devices. This will greatly reduce the hassle of using wired speakers that are needed to be connected with the main system for playing video and music. Hence, the new technology should be welcomed by the society. However, the devices are mainly used by the young generation of the society and hence, the older generation might not welcome such technology as they refrain from the use of excessive technology for daily needs. Is the benefit greater than the risk? In this particular project, the benefit is not greater that the risk at this moment. This is because, this technology poses a large number of risks that must be first mitigated before any benefit is expected. First of all, there are security threats. The software is still under development and it is vulnerable to a large number of security threats. If the software is compromised by a hacker, it may be misused to control the speakers and other similar devices of the user that may harm his lifestyle. Again, most of the older generation do not require this kind of technology as they are not much fluent with these devices. Is my work and behavior ethical and socially responsible? My work and behavior in this project has been ethical and socially responsible from the start to the end of the project. During execution of any project as well as conducting a study session, one must exhibit proper ethical behavior. This is needed because there are some social guidelines that must be followed or the fellow people will start to see that person in a negative sight. Moreover, if ethical behavior is maintained, more people will come forward to help enhancing the project work. The person must also be socially responsible for his works in order to acknowledge everyone around for their valuable time and help. Have I asked the right questions? Roles of stakeholders are extremely important in any project. In order to ensure success of a project, the stakeholders must play their roles accurately and successfully. However, it is the role of the project manager to ask the right questions to the right stakeholders in order to ensure they are working correctly and effectively. I did the same; I asked the right questions to the stakeholders and learnt their progress of works in their roles and I instructed them to work accordingly. The progress of the work of stakeholders allowed me to maintain the course of the project in the right direction. Have I asked the right questions of the right people? Asking right questions to the right people are critical in any project. Keeping in mind the end goal to guarantee accomplishment of a project, the partners must assume their parts precisely and effectively. Nevertheless, it is the part of the project director to ask the right questions to the right people with a specific end goal to guarantee they are working accurately and adequately. Asking wrong questions will not help as no clear idea can be received for the outcome of the work of the stakeholders of the project. Hence, asking right questions to right people is necessary. Have I been thorough in thinking this through and prepared as well as I can? In any project, technical and other issues are common and it is the duty of the project manager to mitigate all the issues so that the project is completed successfully. As the manager of this project, I ran a risk assessment test to identify possible areas where issues may occur in the future. I noted them down and tried them in order to find solutions. I deployed a lot of thinking on the possible ways of mitigating the issues and found some solutions. I prepared myself and the project team for the possible encounters of issues and prepared the mitigation plans so that we can easily mitigate all the issues. Will the software/services I provide work to benefit the company and society? The software is still under development and hence, at this moment it may not work accurately. However, after the development is complete and all the issues are mitigated, it is expected to benefit the company and some age groups of the society. The software is expected to be extremely popular and a huge amount of profits can be earned from the sale of the software. This will definitely benefit the company. It is also expected that the software will be useful for the young and the elderly generation and this software will benefit them by fulfilling their needs and requirements. Does the software/services take into account all relevant legislation and compliance requirements? The software does take into account all relevant legislation and compliance requirements. Any work on projects are to be strictly executed by complying with some set of rules or guidelines. If these guidelines and legislation requirements are not satisfied, any project will be stopped and heavy penalties will be imposed. Hence, we took utmost care to not break any legislation and compliance requirements during working in the project. Can I take my knowledge into the community to enhance the reputation of my company and support the community in which my company operates? I have every opportunity to use my knowledge and the company reputation for supporting the surrounding community. It is also my duty to support the company in which the company executes its operations. However, there are some risks too. On one one hand, I should use my knowledge for supporting the community and on the other hand, I should not let any company strategy to outside as this will create a nuisance situation for the company. Hence, I will have to work for the support of the community using my knowledge but should have to be careful so that no rival company can gather any idea about our secret strategies. Bibliography Chance, D.M. and Brooks, R., 2015.Introduction to derivatives and risk management. Cengage Learning. Christoffersen, P.F., 2012.Elements of financial risk management. Academic Press. Glendon, A.I., Clarke, S. and McKenna, E., 2016.Human safety and risk management. Crc Press. Hull, J., 2012.Risk Management and Financial Institutions,+ Web Site(Vol. 733). John Wiley Sons. Lam, J., 2014.Enterprise risk management: from incentives to controls. John Wiley Sons. McNeil, A.J., Frey, R. and Embrechts, P., 2015.Quantitative risk management: Concepts, techniques and tools. Princeton university press.