Business Project: Risk Register, Methodologies, Theories and Recommendations

This report is based on a business project scenario of providing more space to all students and teachers and redevelopment of QAHE university campus, London. The report includes risk register, methodologies, theories and recommendations.

Business Project

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Part 1................................................................................................................................................1
Project Initiation Document.........................................................................................................1
Part 2................................................................................................................................................6
Risk Register................................................................................................................................6
Project Methodologies...............................................................................................................12
Recommendation.......................................................................................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
A business project is emphasized as an individual project that is mainly executed to accomplish
business-related objectives (Markovic., Bagherzadeh and Bogers , 2021). It has different actions
which an undertaken for the specific period of time in which several resources are involved.
Better project management refers to different managed risk that can comprise activities through
both starting and end of that project. In this project, some case scenarios are given on which one
of the case scenarios is considered: case study 1. According to a case, being as a project manager
organising a indoor sports event of Olympics in London (Arslan, 2020). The purpose of
conducting this sport event is to help the market through QAHE facilities with a budget of £20k
where students of the university show their participation in this, which allows more funding. The
below report is based on the scenario of providing more space to all students and teachers and
redevelopment of QAHE university campus, London. The report includes risk register,
methodologies, theories and recommendations.
MAIN BODY.
Part 1
Project Initiation Document.
According to the project initiation document is a form of the guide towards a project that is
clearly lying out within better justification towards the project, what the objectives will be and
how the project would be organized. This helps to make ensure that participants or people who
are around must aware of project highlights effectively (Buganova, Luskova and Slepecky,
2021). As QAHE University is organising a small indoor Sport event to help the market and
engage University students. As the event is taking place in the month of between July and
August with a budget of £20k. There are some important events of project initiation document
covers which helps to execute the better project development are:
Time scales The project timeline is predicted to complete within one month
(July to August). This one timeline will follow and attain more
important aspects strictly or resources would make implement to
QAHE’s University sport indoor Olympics project.
Objective or purpose The main objective of this project is to create awareness and
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promote in the market about QAHE’s facilities. And make to
engage University student participation in Sports indoor games in
London .
Key staff The main staff involved in this Sport indoor project are University
students, lectures, Sports volunteers, trustees, Event Sponsor team
etc (Kravchenko and Shevgunov., 2021). These are the essential
staffs who plays an important role in establishing successfully.
Approach The approaches which imply in the project to collect the
information through using the deductive or primary approach to
analyse about project importance, create the valuable or potential
team, searching about best accommodation services for guests
Risk management plan It is the most important part of any project. In business, the risk
management plan is implemented through managers to identify
project risk that arises in a certain period properly.
Stakeholder Analysis:
It is the process is assessing a system and having certain potential changes acquired by
relevant parties. This information is used to allow about the interest of those stakeholders, which
much should address in a better project plan. For the QAHE University project of Sport indoor
event there are some specific main stakeholder who plays a significant role such as University
volunteer, trustees team, Sports coordinator. University Board of director, Government etc.
Stakeholder Matrix
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Figure 1: Stakeholder Matrix, 2020.
Source: https://www.stakeholdermap.com/stakeholder-matrix.html.
High power, Low interest: These stakeholders have high power but show less interest that keeps
them satisfied. For example, the Management team of QAHE’s University has the power to
provide resources in Sport indoor Olympic project to execute in a better manner.
High power, High Interest: They tend to be major stakeholders who have heavingly invested
their contribution in projects. For example: Trustees, Board of directors of QAHE University,
Sponsors are the main stakeholders who contributed their fundings into projects.
Low power, Low interest: According to this factor, stakeholder are the ones who are just
monitored and become more powerful affect the project within futures (Hillson. and Simon,
2020). For example: Receptions, pions and other vounteers etc.
Low Power, High Interest: In these stakeholders with low power but show their high
contribution to conduct the project effectively. For example, the Olympics project conducted by
QAHE University where students and staff have low power but their creativity shows high
interest.
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Work Breakdown Structure
This structure in a project management is method for completing a complex with better
multi-step project. Further, it breaks the plan of specific projects in a better manner to attain get
accomplish project in effectively manner (Beerbaum., 2021). The purpose of on WBS is to make
large project more manageable. This also enhance to generate efficiency of employee
productivity to attain easier project management. There are 20 items of Work breakdown
structure items about Olympics of Indoor Sports in QAHE University in London project.
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Part 2.
Risk Register
According to this, it is a document which is used as a risk management tool and to
accomplish regulative compliance within terms of considering all risk which were being better
identified. It is used to examined about high value risk with consideration of project. In context
with better project management with the main purpose is to identify and track all of risk (Poch.,
Miralles and Ramos , 2021). The reason behind this is that implementing any project with the
main expected situation might take place to create both positive and negative impacts. In
accordance with chosen scenario, there are ten risk that are associated with the end with it being
explained below:
 Disruption in technology
 Having no conyrol in staff priorities.
 Interruption in teaching timetables
 Instability in budget.
 Loss of Support.
 Project Manager got sick
 Lack of resources.
 Unexpected financial losses.
 Reputational Risk.
 Natural disasters
Description of
risk
Chances of
occurrence of
the risks
Impact Severity Owner Mitigating
action
Disruption in
technology
The Risk
associated
with better
technology is
high because
new tools and
techniques get
Within the
context of
these risk, it
would create a
significant
impact as if
the technology
It has a high
level of
severity is
more
considering
through both
aspects
Technician
Departments.
In the
perspective of
reducing the
risk regarding
technology
where they
should be tired
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not properly
accomplished
on a certain
point in time.
would not
proper then
the objectives
will not be
accomplished.
effectively. before using
them to
accomplish a
new project,
they face the
loss.
Having no
control in
staff priorities
The
probability of
these types of
risk is
moderate
because
QAHE
University
staff are
efficient and
experienced
enough to
handle the
project. As
because has
implemented
then it would
done with
proper
planning
priorities
might changes
at time of risk
may get
The impact of
this is very
low in QAHE
University
project.
The severisty
is low while
evaluating
both
likelihood and
getting impact
effectively.
Project
sponser, the
Management
team of the
event.
To mitigate
such risk
assessment of
all individual
priorties, it
should do
based on the
project that
should be
implemented.
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occurred.
Interruption
in teaching
timetables.
This is high
because of
during the
construction
process, long
period of time
is better
involved.
As the impact
on the project
would be high
because
student can
faces losses if
they do not
study properly
at a similar
period.
In terms of
their ranking it
has high
position of
risk
A Project
manager.
The risk can
be reduced
with the help
of scheduling
proper dates
and time so
everything to
execute the
project
according to
schedule.
Instability in
budget
At the specific
project, there
are lots of
tasks that
require better
budget
planning and it
is having the
involvement
of better
budget.
Through this
risk can easily
mitigate
couldbe high.
If the budget
gets planned
and affected,
then it would
have a high
impact on the
better project
and better
executed
effective
manner.
There is high
Severity
This can
handle by
Financial
Manager
through
maintained
financial
statements
such as cash
flow and
balanace
sheets etc.
According to
this risk, it
needs to
reduce
unwanted
elements such
as expenses
and create a
budget only
the most
essential
things needed
during the
construction
(Tulupov, ,
2020).
Loss of
support
The loss of
support would
As all the
departmental
There is low
level of
Through
conducting
It is can be
reduced by
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be very high
as a
Comparison of
low risk
because in
QAHE
University,
each
department
has been
alloated a
potential team.
Through each
department
can work as
per
accordingly
effectively.
team of
QAHE
University will
work
coordinate to
execute the
project in
successfully
manner. It has
low influence
severity Project
Manager team
attracting were
all teams that
enhance the
useful
effectively.
The project
manager got
sick
During the
process of
project, no one
can claim to
issues as it can
arise at any
point in time.
So the project
manager can
get sick and in
terms of this is
having high
range of
If the manger
or supervisor
gets sick, there
can be a high
range of
complications
for the project
effectively.
By looking
both of the
aspect the
severity is
commence
very high.
Through
project
sponsor.
It can be
reduced
through
enabling with
other
executives
also in
advanced that
if the project
manager gets
sick, other
people tackle
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project
manager.
everything.
Lack of
resources
It is at
moderate scale
because of
universities
assure in
advance that
they have
efficient
resources to
complete with
specific
project but at
times, this
happen
resources are
not efficient
enough and
they need
more types of
equipment.
It is having a
medium-range
because where
the
organization
which can
easily buy
more better
resources.
The Severity
is kind of
moderate.
The resources
would make
possibly
arranged by
the Marketing
Manager.
This can be
done by
purchasing
with some
extra resources
so that tine
don’t get
affected.
Unexpected
financial loss
This is risk is
very high
because of
Universities
with having
many faces
through get
financial
According to
this impact
also high as
due to
financial
losses where
project wont
be able to
There is high
range of
chances of
lack of
fundings.
To operate and
get maintained
through
financial
manager by
recording of
financial
statement and
For
maintaining
this company
need to save
their liquidity
funds and
reduce the
expenses.
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losses. For
example
Covid-19,
recession,
inflation or
any other
natural
climatic
condition can
rasie more
implications.
executed
effectively.
saving of
liquidity fund
that helps o
reduce the risk
factors.
Reputational
risks
It is at a
moderate
range.
It can create
high level
impacted
because
disasters can
to occurs at
any situation
due to which
accomplish
project which
would be
destroyed.
There is high
influence of
reputational
risk if the
event or
project not
executed
properly.
Executives to
handle
reputational by
make handle
all
arrangement.
This is
mitigate the
product of
quality the
help of using
best quality
product so that
standard can
enhanced.
Natural
disasters
The risk of
disaster is very
high
This would
create high
level of impact
because
disaster which
can occurred
at any
There can be
high risk
because
Covid-19,
tsunami and
others which
raise more
Through
executives
This can be
decreased with
the better help
of ensuring
with proper
security and
safety across
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situation due
to which
project can
easily
accomplished
with overall
terms and
condition
considered.
high range of
implication of
issues in
projects.
within whole
University.
Fire
extentation,
insurances
with many
precaution
need to
considerate
effectively.
Project Methodologies
According to this methodology that mainly offers a clear project roadmap that consist list
all the steps to better required to effective deliverables a proper successfully project. These
project methodologies or techniques makes more provides with defined better governance
structure of process guidelines and deliverables the specific project within effective outcomes
generates. There are three main methodologies which consists towards better project
development are:
Agile methodology: It is emphasis about certain ways to accomplish the project
deadlines by breeching into different phrases and paths. It is having better indulged with
collaboration with all stakeholders as well as having constant improvements effectively. Some of
several principles associated with this methodology and it is being explained below: -
 Scrum: It defines to customise a difficult project into smaller parts named as sprints. As
all the team member to get update regarding to flow of certain information. All the task
activities to recorded on the basis of their main priorities. Within the context of scenario,
this was considerate a complex situation project due to because of redevelopment and
create more space within the campus was not easy to attain task. Thus, certain stages
need to be followed and each activity was divided the basis of that.
 Kanban: This is having the main objectives where the concept is to assure continuity. So,
the entire project is listed Kanban board in which makes task performed. It would be
done on the listed below. So with the respect towards the project the task to attained and
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activities to being as listed out. As there are different task are involved like setting
through panel by creating more space and so on,
Water Fall methodology: As per accordance with the theory, this described as proper process of
development that presumes like water fall through surpasses certain project effectively. There are
five stages which major better involved allows requirement, designing, implementation, testing
and maintenance. It is further explained below:
 Requirement: It has various thing which are essential needed while starting of any kind
of project within the context through refurbishment of university campus, they also
needed different things like resources and at the same point of time they need to allocate
their budget.
 Design: This define about with the purpose and scope of project and accordance with
that get implemented through physical design with the help of different technologies
(Hughes, Rana and Dwivedi., 2020). During the execution of project with proper
designing was successfully done to properly establishment in effective ways.
 Implementation: According to design which get completed there are certain technical
software which need to implemented. So in order to create more space as well as
improvising the campus through technical team was get developed also get required.
 Testing: When completion of project get executed it is essential which is get verified so
that in future Universities would not faces any kind of complexities.
 Maintenance: After that establishment, it is important about to better maintain the
project is an efficient way and should be updated to continuous basis.
Prince2Methodlogy: It is described about the project which is described that specify important
goals which need to accomplish as it develop the organisation goals. It provides gudience in
terms of manage way to manage and maintain all the projects. There are seven stages are better
involved in this project are starting up through initiating, directing, controlling, managing and
closing.
Strength and Weakness of methodologies
Methodologies Strength Weakness
Agile Methodologies The main strength is that to
provides with having more
flexibility and enhance better
The negative aspect of this
methodology is missing on
goals is also low but at same
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productivity level. within point where it takes
long time to better execute the
project.
Waterfall methodologies It is efficient because where it
transfer where all important
creates relevant information in any
way of also uses clear structure.
This not having proper
systematic process which
project can reduce the
complexities. Even, individual
project need to follows the
same pattern which is driven
in waterfall methodologies.
Prince2 methodologies This can leads towards effective
communication across overall
members
While, in this stage there are
large number of documents
time get wasted.
Recommendation
As the QAHE University of London can assort and recommended the Water fall
methodology for their Olympic indoor Sport event project. The reason to recommend this
methodology as it has better and rightful procedure that compressed the project in systematic
manner effectively.
CONCLUSION
It is been inferred about above report, it summarised that implementing of project can
face high level of uncertainty which can creates more complexities in certain period of time.
Different methodologies have been discussed in perspective of project execution in systematic
manner as well as it would generate positive results and reduce unwanted risk aspects.
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REFERENCES
Books and Journals
Markovic, S., Bagherzadeh, M., Vanhaverbeke, W. and Bogers, M., 2021. Managing business-
to-business open innovation: A project-level approach.
Arslan, M., 2020. Differentiating and connecting indicators: the quality and performance of law
in the World Bank's Doing Business Project. International Journal of Law in Context,
16(1), pp.17-38.
Buganova, K., Luskova, M., Kubas, J., Brutovsky, M. and Slepecky, J., 2021. Sustainability of
Business through Project Risk Identification with Use of Expert Estimates.
Sustainability, 13(11), p.6311.
Kravchenko, T. and Shevgunov, T., 2021, April. A Brief IT-Project Risk Assessment Procedure
for Business Data Warehouse Development. In Computer Science On-line Conference
(pp. 230-240). Springer, Cham.
Sadkowska, J., 2020. Project risk culture in micro-and small family-owned enterprises: a
stakeholder perspective. In Eurasian Business Perspectives (pp. 115-128). Springer,
Cham.
Hillson, D. and Simon, P., 2020. Practical project risk management: The ATOM methodology.
Berrett-Koehler Publishers.
Beerbaum, D., 2021. Applying Agile Methodology to regulatory compliance projects in the
financial industry: A case study research. Applying Agile Methodology to Regulatory
Compliance Projects in the Financial Industry: A Case Study Research (April 26, 2021).
Poch, M.P., Miralles, F.F., Serrano, J.G., García-García, C. and Ramos, V.C., 2021. Design
Thinking: Virtues and Defects of a Project Methodology for Business, Academic
Training, and Professional Design. In Project Management and Engineering Research
(pp. 173-187). Springer, Cham.
Hughes, D.L., Rana, N.P. and Dwivedi, Y.K., 2020. Elucidation of IS project success factors: an
interpretive structural modelling approach. Annals of Operations Research, 285(1),
pp.35-66.
Tulupov, M.A., 2020. Methodology for constructing a project management information system
based on the enterprise application integration. Cybernetics and Systems Analysis, 56(4),
pp.641-654.
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