Project management and

5/14/2022
risk
PRM6001
Contents
TASK 1......................................................................................................................................................2
Timeline and budget....................................................................................................................................3
Budget:....................................................................................................................................................3
Timeline:..................................................................................................................................................3
Task 2.......................................................................................................................................................4
Task 3.......................................................................................................................................................7
Reference................................................................................................................................................9
 TASK 1
The project manager and the project team have one common goal: to complete the project's
work in order to satisfy the project's objectives. Every project has a start, a middle stage during
which actions take the project closer to completion, and a finish (either successful or
unsuccessful). Initiation, planning, implementation, and closing are the four primary phases of a
normal project (each with its own set of duties and challenges). These phases, when taken
together, describe the course a project travels from start to finish, and are referred to as the
project's "life cycle."

The project team, designed an integrated project schedule that coordinated the procurement,
training, and planning teams' operations during the planning phase. The team also created a
detailed budget that allowed the project team to track project costs against projected costs.
The project training team devised a strategy for teaching users how to utilize the equipment on
a daily basis. The money was utilized by the planning team to cover all of the one-time costs
associated with adopting the equipment. Although planning is an ongoing process on a project,
the planning phase focused on gathering enough information to allow various members of the
project team to coordinate their efforts and the project management team to make priority
decisions.

The work done to meet the requirements of the scope of work and fulfill the charter is referred
to as the implementation phase. The project team completed the work indicated in the plan
throughout the implementation phase and made adjustments as project factors changed. The
health care organization received equipment and materials, staff was hired and trained, a
training venue was chosen, and all training activities were completed, from the arrival of the
machine through the installation of the equipment.

Turning over the freshly installed equipment to the organization's operations/user team was
part of the closeout process. For the enhancement of the equipment, a punch list of a few
remaining user manuals was produced and supplied to the user. The training area was
decommissioned, and all project records were archived. Final reports were created and
delivered when the accounting books were balanced and closed.

The main 3 driver for this project are – 1) Objectives 2) measurements 3) results

Objectives: Many tasks stall out before they even start, because of an unfortunate outlining of
the undertaking's goals. We ought to embrace our undertakings just when we have traveled
through the venture arranging stage so much that we have serious areas of strength for an of
what we are expecting to accomplish.

These targets ought not be fluffy or hesitant. They ought to be strong and established in the
general procedure of the association you are playing out the undertaking for.

This implies you need to pose the inquiry: "Does this project push us toward our objectives?"

In the event that the response is "yes," logical a venture ought to be sent off.

In the event that the response is "no," logical a venture should be fully explored more,
reevaluated or not embraced by any stretch of the imagination.

Measurements - Drucker is renowned for this proverb: What gets estimated gets made due.

In pondering venture the board, estimations aren't just about having the option to further
develop project conveyance. They're additionally fundamental to guarantee the venture is
going in the correct bearing.

To really gauge our activities, we really want to have spread out key estimations close by the
task's goals.

The estimations ought to be explicit, with expected results and consummation dates, so you
can assert whether you are on time, delayed or early.

Simultaneously, the estimations ought to advise you regarding your advancement as it analyzes
to your essential objectives.
Results - At last, projects are about results.

To reword another extraordinary mastermind, Nick Saban: If you center around taking care of
your business right on each play, you'll set yourself in a situation to find true success at
accomplishing your objectives.

Saban mentors U.S. football, however this works similarly also for us all in project the
executives.

In the event that we are zeroing in our energy on binds our ventures to our association's
technique, through this procedure we center our task endeavors around the right goals in
accordance with our methodology. Then, at that point, we utilize those targets to gauge our
advancement against the system. We ought to set ourselves in a situation to obtain the
outcomes that we want from our undertakings.

These outcomes ought to be estimated as certain results. For Saban's situation, that is wins. For
your situation, it very well may be another innovation arrangement, an effective new
promotion crusade or a productive raising money exertion.

As far as I might be concerned, evaluating Drucker's contemplations on project the board is an

update: Even however there is a consistent draw of new advancements, ceaseless requests on
our consideration and a reality where change feels sped up, at times the best strategy is to step
back, dial back and get a fresh start.
 Timeline and budget

Budget:
Below given a 1-year budget estimation for the project.

Particular Price Quantity Total

Equipment £100,000 1 £100,000
Annual maintenance £7,000 1 £7,000
Training £500 20 £10,000
Repair and callouts £700 5(Approx) £3,500
Total £1,20,500

Timeline:

Implementation
(Execution) Closing Phase
Initiation Phase Planning Phase Phase (Where we
(creatng the (Creating the (Buying and archive and
draft) overall budget) placing all the report the final
equipment and calls)
relative things)
 Task 2
Project risk is dealt with in different ways depending on the phase of the project.

Initiation

Risk is associated with things that are unknown. More things are unknown at the beginning of a
project, but risk must be considered in the initiation phase and weighed against the potential
benefit of the project’s success in order to decide if the project should be chosen.

Some of the risk that might take place in this project are given below:

1) Equipment might get delayed for delivery which can disrupt the project timeline (High)
2) Equipment shipment might get delayed (low)
3) Equipment might get damaged during the shipment (medium)
4) Equipment requirements might differ according to this organizations geographic
position (low)
5) Trouble setting up the equipment as it’s a new to this organization (high)

Ways to mitigate these risks are given below:

1) Should add some days in the equipment shipment segment

2) Checking on the shipment and stay connected with the delivery company
3) Doing insurance for the delivery of equipment
4) Doing research on the equipment as well as the organization geographic environment
5) Hiring one or two expert who knows how to setup the equipment

The way I have decided or created a standard whether it’s a high risk or low risk is based on the
priority of particular act. For example, “Equipment might get delayed for delivery which can
disrupt the project timeline” in this case if the equipment gets delayed then the whole project
gets hampered there is nothing anyone can do to fix it. But on the other hand “Equipment
might get damaged during the shipment” in this case what one can do is fix the damaged
equipment or get exchanged the equipment if has guarantee. Point to be noted here is risk is a
relevant factor. Situation wise it becomes high risk and low risk. So the way I designated the
risks here are basically depends solely upon the project timing and availability of the
equipment’s.

Planning Phase

Once the project is approved and it moves into the planning stage, risks are identified with each
major group of activities. A risk breakdown structure (RBS) can be used to identify increasing
levels of detailed risk analysis.

Legends –

RA: Risk avoidance

RS: Risk sharing

RR: Risk reduction

RT: Risk transfer

Task Risks Mitigation

Ordering the equipment Sold-out Checking more than one
marketplace for the
equipment (RA)
Shipment Might get damaged during Doing insurance for the
shipment shipment (RS)
Receiving the equipment Might have to count some Allocate some extra budget
extra cost due to some fast at the beginning of the
money or other factor budget (RR)
Setting up the equipment Might need some expert that Appointing some expert
will help to set-up the before head (RR)
equipment
Maintenance Maintenance people might Train some staff related to
not be available at the time maintenance work (RR)
of need
Train the staff People might not be suited Conducting a mini-interview
for using the new equipment or evaluation test so that the
as it requires some organization can hire from
adaptability and knowledge outside if needed (RT)
Implementation Phase

The total risk on the project normally decreases as the project develops and more information
becomes available to the project team, as activities are completed without loss. The risk plan
must be updated with new information and hazards associated with completed actions must be
marked off.

Understanding where the project's risks occur is critical information for managing the
contingency budget and cash reserves. Most organizations devise a strategy for funding the
project using existing organizational resources, which may include using a number of financial
instruments. In most circumstances, keeping these monies available to the project, including
the contingency budget, comes at a cost to the organization. If the contingency is not used as
the risks reduce during the course of the project, the cash set aside by the organization can be
used for other purposes.

The project team will undertake another risk appraisal and estimate the amount of risk left on
the project to determine the amount of contingency that can be released. The project team
may return contingency money to the parent organization if the risk profile is lower. If new risks
are discovered, a new mitigation plan is created, which may include the increase of contingency
funds.

Closeout Phase

Agreements for risk sharing and risk transfer must be finalized during the closeout phase, and
the risk breakdown structure must be inspected to ensure that all risk events have been
avoided or managed. The final estimate of risk-related loss can be calculated and documented
as part of the project documentation. The output of a Monte Carlo simulation can be compared
against the projected result.
 Task 3
There are various areas of knowledge that one may require from the project team in order for them, as
the project manager, to manage the competing project constraints and the project as a whole.
Knowledge of the application field as well as industry standards and regulations, comprehension of the
project environment, general management knowledge and skills, and interpersonal skills are among
them. It should be highlighted that industry knowledge refers to the ability to manage a project rather
than a specific discipline. So, while market expertise is crucial, One will have a project team to assist
them in their attempt.

Application knowledge

One might Use the term "standards" to refer to guidelines or preferred practices that are not required.
When people say regulations, they talking to legally binding restrictions that must be observed, such as
those imposed by the government. As a professional, it should go without saying that one must observe
all applicable laws and guidelines that relate to one’s business, organization, or project. Standards and
rules exist in every industry. Knowing which ones have an impact on their project before they start will
not only help it go smoothly, but it will also allow for better risk analysis.

When it comes to project management, having some experience in the application field mentioned in
the question will be beneficial. While one can hire specialists with application area knowledge, it would
be beneficial for them to learn the precise components of their project's application areas.

Understanding the Project Environment

In the project, there are numerous elements that must be considered. On one level, one must consider
the cultural and social settings (i.e., people, demographics, and education). One need to grasp the
cultural effects of different countries in the international and political context. Then considering the
physical environment, which includes time zones. Consider other countries and how the project will be
carried out differently if it is carried out alone in local country or if it involves an international project
team spread across five countries.

Management Knowledge and Skills

As project manager, one must rely on both the project management and general management abilities.
People might think about things like the capacity to design the project, execute it properly, control it,
and, of course, bring it to a successful finish, as well as their ability to lead the project team to achieve
project objectives and balance project restrictions.

Project management entails more than just getting the job done. General management skills are
inherent in the project management process, allowing the project manager to execute the project with
some efficiency and control. In some ways, project management resembles business management:
there are risks and rewards, financial and accounting tasks, human resource difficulties, time
management, stress management, and a reason for the project to exist. Every project requires general
management abilities.

Interpersonal Skills

Individual abilities assist workers with communicating with clients, associates, managers and providers.
Individuals with great individual abilities track down imparting and working together with others
simpler. Framing associations effectively through solid individual abilities can help you succeed and
advance in your vocation. Individuals with solid individual abilities normally establish the best first
connections with others. Individuals with great individual abilities additionally find keeping up with
connections more straightforward. Their own abilities carry union and steadiness to the groups they're a
piece of.

Managers favor applicants with solid individual abilities as they probably are aware they'll be resources
for their business. Individuals with solid individual abilities help work environments work without a hitch
and make the existences of all representatives more straightforward. Their abilities can help the
outcome of group projects, client faithfulness and benefits. As private abilities are inborn, businesses
might employ candidates with less insight or specialized abilities than different applicants in the event
that their own abilities are major areas of strength for exceptionally.

Finally, one must bring to the project the ability to manage personal relationships and deal with
personnel concerns as they emerge. This means interpersonal abilities, as demonstrated below.

Interpersonal skills Interpersonal skills

Communication Influence
Leadership Motivation
Negotiation Problem solving
 Reference
 This chapter of Project Management is a derivative of Project
Management by Merrie Barron and Andrew Barron. © CC BY (Attribution).
 P. Russo and S. Boor, How Fluent is Your Interface? Designing for
International Users, Proceedings of the INTERACT ’93 and CHI ’93,
Association for Computing Machinery, Inc. (1993). Table from Barron &
Barron Project Management for Scientists and Engineers, Source: Project
Management for Scientists and Engineers by Merrie Barron; Andrew R.
Barron
 Parker, D., & Mobey, A. (2004). Action Research to Explore Perceptions of
Risk in Project Management. International Journal of Productivity and
Performance Management 53(1), 18–32.
 Project Management From Simple to Complex by Russel Darnall, John
Preston, Eastern Michigan University. © Creative Commons Attribution 3.0
Licence.

 Project Management From Simple to Complex by Russel Darnall, John

Preston, Eastern Michigan University. © Creative Commons Attribution 3.0
Licence.