Project Management and Risk Assessment

This assignment delves into the crucial aspects of project management, focusing on risk assessment and mitigation strategies. It requires students to analyze various project management methodologies like PMBOK and PRINCE2, understand risk identification and analysis techniques (FMEA), and delve into the complexities of managing risk in construction projects. The assignment also touches upon the integration of different frameworks and best practices for effective project governance.

MANAGING PROJECT
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TABLE OF CONTENTS
1 Integration.....................................................................................................................................3
1.1 Definition of Project Integration Management.................................................................3
1.2 How does this apply to my work in this course?..............................................................3
2 Stakeholders..................................................................................................................................5
2.1 Definition of Project Stakeholder Management................................................................5
2.2 How does this apply to my work in this course?..............................................................5
3 Scope.............................................................................................................................................7
3.1 Definition of Project Scope Management.........................................................................7
3.2 How does this apply to my work in this course?..............................................................7
4 Resources......................................................................................................................................9
4.1 Definition of Project Resource Management....................................................................9
4.2 How does this apply to my work in this course?............................................................10
5 Time............................................................................................................................................11
5.1 Definition of Project Time Management........................................................................11
5.2 How does this apply to my work in this course?............................................................11
6 Cost.............................................................................................................................................13
6.1 Definition of Project Cost Management.........................................................................13
6.2 How does this apply to my work in this course?............................................................13
7 Risk.............................................................................................................................................14
7.1 Definition of Project Risk Management.........................................................................14
7.2 How does this apply to my work in this course?............................................................14
8 Quality.........................................................................................................................................17
8.1 Definition of Project Quality Management.....................................................................17
8.2 How does this apply to my work in this course?............................................................17
9 Procurement................................................................................................................................19
9.1 Definition of Project Procurement Management............................................................19
9.2 How does this apply to my work in this course?............................................................19
10 Communication.......................................................................................................................21
10.1 Definition of Project Communication Management...................................................21
10.2 How does this apply to my work in this course?.........................................................21
11 Conclusions.............................................................................................................................23
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12 References...............................................................................................................................24
1 Integration
Integration is the process which helps in the identification and combining as well as coordinating all
the activities and processes related to the project. It is related to the project as it helps in managing
all the data and correlating each and every activity (TACHIKAWA, MARUYAMA and
NAKAMURA, 2013). This will help the project manager in managing the project and availing
appropriate set of information related to various aspects of the project. It is required that appropriate
set of information should be provided so that the project could be managed and it could be
completed within the required frameworks.
1.1 Definition of Project Integration Management
Collection of the processes which are required to make an assurance that all the elements of the
project could be coordinated in a proper way is known as project integration management. It is
required that all the information related to the project should be properly evaluated and collected so
that coordination could be developed (Samset and Volden, 2016). This type of activity helps in
fulfilling the requirements and completing the project on the basis of the plans developed.
1.2 How does this apply to my work in this course?
Project Integration Management is the process with the effect of which proper and relevant set of
information related to all the project aspects is gathered (Indelicato, 2009). It is the process with the
effect of which a project manager could make an assurance to bring a quality to the project.
Availability of the information helps in the smooth processing of the work with the effect of which
risk of uncertainties gets reduced and a support system is developed for the project team members.
It will help in enhancing the knowledge related to all the aspects of the project (Hoyle, 2013).
It will provide a set direction moving on which will help in bringing quality to the same and will
help in managing the work according to the framework.
Project Integration Management Processes
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(Gomes, 2013)
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2 Stakeholders
2.1 Definition of Project Stakeholder Management
The individuals and organizations that are either directly or indirectly remain involved in the
project, or whose interests may get affected with the results of the executed project and its
outcomes. These are the people who remain interested in each and every activity of the project
because either they get benefited with these activities or get affected with them (Edelist, Gelbard,
and Kantor, 2012). In this situation it becomes necessary for the project manager and owner of the
project to take all the stakeholders into consideration and fulfill their requirements; this will help in
managing the project and will help in enhancing the requirements in the market.
(Blengini and Garbarino, 2011)
2.2 How does this apply to my work in this course?
Stakeholders play a very vital role for any project in which it is required that a project manager
should work towards to identify all the stakeholders and understand their requirements. There are a
certain set of stakeholders which remain attached to the project:
Project Manager
Customers/Users of the project
Performing Organisations
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Project Team Members
Project Management Team (Brioso, 2010)
Sponsor
Influencer
Government
These are some of the stakeholders who remain attached to the project, it is required that a project
manager should take all the stakeholders into consideration who are either directly or indirectly
related to the project. They are the people who also provide an effective set of support to the project
with the effect of which it could be managed and get completed in a proper way.
Undertaking these stakeholders will help in evaluating all the relevant set of information related to
the project and will help in delivering the same to the target population (Brioso, 2015).
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3 Scope
3.1 Definition of Project Scope Management
The activity with the help of which boundaries of the project could be determined is known as
project scope (Edelist, Gelbard and Kantor, 2012). It is required that relevant set of project scope
should be determined by the project manager. The project scope also helps in defining the
objectives and the relevance of the same. Defining project scope helps the project management
enhancing its validity and provides a proper set of framework for the same. It is necessary for a
project manager to determine the scope of the project so as to ensure that its validity and reliability
could get enhanced in the market and assurance could be made that it will help in managing all the
aspects and will provide a relevant set of support for future success (Gomes, 2013).
3.2 How does this apply to my work in this course?
Project scope helps in delivering a proper set of information related to the reasons behind adopting
the project or initiating the same (Hoyle, 2013). There are a various set of aspects which are being
determined by a project scope, these aspects are:
It helps in determining the objectives of the project
It helps in determining requirements of the project and its characteristics
Project acceptance criteria are determined
Setting boundaries
Project deliverables are determined (Indelicato, 2009)
Project constraints are determined
Assumptions related to the project are made
Risks related to the project are determined
Milestones are scheduled
Work Breakdown structure is initiated
Cost of the project is estimated
Project configuration is done
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These are the aspects which are being determined which helps in developing a proper set of
blueprint for the project. Developing a blueprint for the project helps in managing the things in a
more effective way and making the decision of whether the project should be initiated or not and
whether the investments should be made by the project manager in the project or not (Jamali and
Oveisi, 2016).
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4 Resources
4.1 Definition of Project Resource Management
The processes that help in organizing and managing the project team and all the deliverables
required in the project are known as project resource management. It is necessary that a project
which is being initiated and planned should have a proper set of human resource as well as
deliverables which will be used in it (Rose, 2008). Failure to gather all the deliverables and a
relevant number of human resources will have a huge impact on the project and will lead to delayed
services. Hence, project resource management should be taken into consideration and a list should
be developed which could help in fulfilling all the requirements of the project.
(Rose, 2013)
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4.2 How does this apply to my work in this course?
Project resource planning is an important aspect of any project required to be taken into
consideration by the project manager. Human resource planning is one of the aspects which are
required to be kept on the priority. Human resource planning helps in determining the number of
people required to fulfill the requirements of the project (Saleh Al-Freidi, 2015). There are various
tools and techniques which will be required to be taken into consideration so as to plan human
resource in a proper way these tools and techniques are:
Organisational chart and position description so that each and every human resource should remain
informed that what work is to be processed and who will report whom and take orders
Networking of the human resource is another aspect which is required to be taken into
consideration. In this, a human network will be created so as to maintain the information system so
that it could flow in a proper way and work could be processed in a proper way (Santos, 2008).
The organizational theory is also required to be taken into consideration; it will help in analyzing
the behavior of the team and the people working on the project.
Developing a project team is also attached with human resource planning (Samset and Volden,
2016). It is necessary that people working on the project should develop a mutual understanding and
should prefer to work as a team rather than working individually. Such type of activity will help in
developing coordination among the people working on the project and will help in completing the
project in a more effective way.
Training is also required to be provided to all the team members. This will help in refining their
skills and knowledge and will provide a set direction for the growth and will help in managing
things in a better way (TACHIKAWA, MARUYAMA and NAKAMURA, 2013).
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5 Time
5.1 Definition of Project Time Management
The process which is required so as to actively complete and accomplish all the projects within the
deadlines is known as project time management. Each and every activity and success, as well as the
failure of the project, depends upon the time. It is required that all the project aspects should be
taken into consideration and time should be allotted to each aspect. Making a plan to complete each
and every activity within the provided time will help the project manager in completing the project
in a proper way (Tavan and Hosseini, 2016). Time management will also help in managing project
cost and reduce the occurrence of unnecessary expenses.
5.2 How does this apply to my work in this course?
Time management activity process includes a various set of aspects these aspects are as follows:
(Varajão, Colomo-Palacios and Silva, 2017)
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Activity Definition helps in the identification of each and every activity which is required to be
performed so as to produce various set of project deliverables
Activity Sequencing helps in the identification and documentation of the dependencies among all
the activities which are being scheduled.
Activity Resource Estimating is the next aspect which is required to be taken into consideration. It
helps in determining all the resources and their types in which they are required to be performed.
This helps in completing the scheduled activities within the time frame (Tavan and Hosseini, 2016).
Activity duration estimation is the fourth aspect; it helps in determining the time which should be
allocated to each and every activity. Doing so will help in determining the total time in which the
project will get completed and will help in managing the things accordingly.
Schedule development is the fifth aspect which is taken into consideration in project time
management. It helps in sequencing and analyzing all the activities. Analysis and sequencing help
in prioritizing the work with the effect of which project could get completed and various other
aspects could be processed in a proper and effective way (TACHIKAWA, MARUYAMA and
NAKAMURA, 2013).
Schedule control is the sixth aspect which helps in managing the project time as it helps in
controlling the change. The change could occur at any phase of the project in which it is required
that a project manager should focus on each and every activity of the market and should try to
schedule that change. This will help the project manager in managing the extra time which could
affect the whole project and will help in managing the change in an appropriate way (Santos, 2008).
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6 Cost
6.1 Definition of Project Cost Management
The process of planning, estimating, budgeting and controlling the costs which will indulge in the
project is known as project cost management. A budget is being developed so as to make the
estimations in which evaluation of various expenses is done and recorded (Samset and Volden,
2016). This helps in gaining the information of how much to invest and on what to invest. Project
cost management also includes the cost benefit analysis in which the return that the organisation
will get after completion of the project, payback period and various other monitor benefits which
with the effect of which organisation could sustain.
6.2 How does this apply to my work in this course?
Project cost management is one of the aspects in which evaluation of all the costs which will
indulge in the project is being done. For a project manager, one of the most important aspects is to
develop an appropriate set of the budget with the effect of which direction could be provided to the
team members of on which project activity how much an individual will spent (Saleh Al-Freidi,
2015). There are a various set of aspects which are attached with project cost management required
to be taken into consideration while working on a project. These aspects are:
Cost Estimating in which cost related with each and every activity of the project is being estimated.
It is required that this cost should be estimated and all the unnecessary costs should be eliminated.
Indulging in such type of activity will help in maintaining the project budget and completing the
same in less cost (Rose, 2013).
Cost Budgeting is another aspect which is required to be taken into consideration in which
aggregating of the estimated cost is being done. It helps in developing the work packages and helps
in estimating the cost baseline with the effect of which project gets completed within the required
budget and framework.
Cost control is the technique which is applied to manage the change. There are a various set of
uncertainties which remain attached to the project. Many of the changes could occur at any point of
time which could have a huge impact on the progress of the project. In this situation, it becomes
important that cost control technique should be applied with the effect of which changes could get
managed in a proper way and project could get completed within the planned budget (Rose, 2008).
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7 Risk
7.1 Definition of Project Risk Management
The processes which include the processes of managing the risk are known as project risk
management (Jamali and Oveisi, 2016). The undertaking risk management system will help the
project manager in managing the quality of the project. In the project risk management risk is
identified, responses to the risk are provided, monitoring is done and controlling of the risk is also
being done. The risk is termed as the uncertain situation which could have a huge impact on the
progress of the project, it is required that forecasting should be done and evaluation of the risk
factors which could occur in near future should be done. After undertaking the risk factors, proper
plan and strategies should be developed so that all the risk factors could be managed in an
appropriate way (Indelicato, 2009).
7.2 How does this apply to my work in this course?
Risk management is a most important aspect which is required to be taken into consideration by a
project manager. There are several sets of processes available in the risk management system these
processes are:
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(Hoyle, 2013)
Risk management planning is the first step which is required to be done in the project. In risk
management planning all the approaches are being planned and then they are executed in a proper
way.
Risk identification is the next step which is required to be taken into consideration so as to manage
the same (Gomes, 2013). In this, it is required that forecasting should be done and all the risk
factors should be evaluated and identified. This will help in developing future plans and strategies
with the effect of which risk could get mitigated.
Qualitative risk analysis is the third step required to be taken into consideration. Prioritizing of the
risk factors is done on the basis of which strategies are being developed. This helps in managing the
risk and processing the work in a smooth way (Edelist, Gelbard, and Kantor, 2012).
Quantitative risk analysis is the fourth step which is required to be taken into consideration. It is a
process of risk management plan in which numerical analysis is done. This helps in providing the
accurate information about the risk factors which could have a huge impact on the project. It will
help in managing the risk in an appropriate way.
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Risk Monitoring and control is another aspect which is required to be taken into consideration.
Monitoring and controlling risk will provide an assurance to the project management team that all
the functions of the project will work in an appropriate way and project will be processed within the
required deadlines and in the required budget (Brioso, 2015).
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8 Quality
8.1 Definition of Project Quality Management
The process which includes all the activities which help in enhancing the performance like
determining all the quality policies, determining the objectives and roles and responsibilities of the
team members so as to satisfy the need for the reason for which the project is being initiated is
known as project quality management (Brioso, 2010). Managing the quality of the project helps
project managed in providing the assurance that all the aims and objectives related to the project
will get fulfilled and people available in the market will be benefited with the same.
8.2 How does this apply to my work in this course?
Project quality management includes a various set of aspects which help to ensure that the project is
moving in the right direction and it will help in fulfilling the objectives and goals determined by the
project manager while introducing them (Blengini and Garbarino, 2011). Hence, a process of
quality management should be taken into consideration by the project so as to complete the same in
a proper way. The process of project quality management required to be taken into consideration is:
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(Teller, Kock & Gemünden, 2014)
Quality planning which includes identification of the quality standards which could help in
satisfying the needs and requirements of the project and help in managing the things in the way they
are required (Smith, Jobling & Merna, 2014).
Performing quality assurance is another aspect required to be taken into consideration in which
planned and systematic quality activities are applied and progress of the project is being undertaken.
It helps in managing and completing the project in a proper as well as effective way.
Project quality management helps in developing an assurance that the project which is being
developed will work for a long period of time. It also helps in providing the surety that the project
developed will satisfy all the needs and requirements attached with the same with the effect of
which success will be obtained (Simister, 2010).
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9 Procurement
9.1 Definition of Project Procurement Management
The process which is used to purchase or acquire the product or services is known as project
procurement management. Project Procurement Management is the aspect which includes
managing the contracts, and change control management with the effect of which purchase orders
could be issued by the authorized project team members (Maqsood, 2011). Project Procurement
Management helps in managing all the legal aspects of the project and assures that the change could
get controlled in an effective way.
9.2 How does this apply to my work in this course?
Project procurement management include a certain set of aspects following which helps the project
manager in managing the change and project in a proper way. Hence the process of project
procurement management required to be taken into consideration is:
Plan purchases and Acquisition is the first step required to be taken into consideration (Lock, 2013).
It is the process which helps in determining what to purchase and acquire and at what time it should
be purchased and acquired.
Plan Controlling is another aspect which is required to be taken into consideration; it includes
documenting, contracting and identifying the potential sellers available. It is the process which
helps in managing the legal aspects attached to the project and provides a set path to process the
work (Focacci, 2017).
Requesting seller responses is the third aspect required to be taken into consideration. In this
process information is obtained, quotations related to the purchase orders are being prepared, bids
are done and appropriate set of proposals are developed to manage the work in near future.
Selection of seller is done in which the seller providing the products and services at the lowest price
is being selected. This helps in managing the cost of the project and provides a relevant set of
support to the project manager (Denas, 2017).
Administration contract is formed which includes a various set of information and requirements of
the agreement. This helps in maintaining the decorum and fair trade in the project.
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Contract closure is the last process in which after completion of the project contract between both
the parties seller and buyer is being closed and terminated. This helps in reducing the confusion and
maintaining fair value in the market (Charrel & Galarreta, 2007).
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10 Communication
10.1 Definition of Project Communication Management
The knowledge area which helps in employing the process which is required to ensure timely and
proper generation and collection, distribution, storage, retrieval and decomposition of the
information which could help in fulfilling the requirements of the project is known as project
communication management (Babatunde, 2013). Managing flow of communication in the project
helps in delivering appropriate set of data with the effect of which a project manager could make an
assurance that all the activities of the project could be processed in a proper way and project could
get completed within the required deadlines.
10.2 How does this apply to my work in this course?
Project communication management consist of a set process which includes:
Communication planning with the effect of which a proper information system is being developed
which helps in managing the flow of information. The success of the project depends upon the
information availed by the project manager and delay in the response of information delivery leads
to affect the project process (Bell, 2014).
Information distribution is the second aspect required to be taken into consideration, it is a process
in which the information which is required is being availed by the project manager (Bhatia, 2014).
It is a process which helps in providing an assurance that a relevant and proper set of information
related to the project will be availed. This information will help in processing the project according
to the requirements and will help in completing the same within the required deadlines.
Performance reporting is a part of project communication management in which all the team
members indulged in the project are required to provide a proper set of information related to the
project. This will help in managing the work according to the plan and will help in tracking whether
the work is being performed according to the plan or not (Bocciarelli & D’Ambrogio, 2014).
Managing stakeholders is another aspect required to be taken into consideration in project
communication management. It is the last process which is required to be taken into consideration.
It is a process in which information from the stakeholders is being gathered regarding their needs
and requirements and expectations of the project. Gaining information from the stakeholders helps
in processing the same in an effective way and helps in processing the project according to the
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requirements with the effect of which assurance for the success of the project is being made (Gido,
& Clements, 2012).
Communication plays a very vital role in managing the project and helps in processing the work
according to the requirements. It is required that a proper flow of communication should be
maintained by the project manager so that assurance could be made that the priorities of work could
be determined and work could be processed according to the requirements. Such type of activity
will help in processing the project with quality and will help in completing the same within the
required deadlines (Kaczmarska and Gierulski, 2015).
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11 Conclusions
Project management is one of the toughest aspects to be managed by the project manager. It
requires that a proper focus should be developed by the manager and the team. It is required that the
project manager, as well as team working on the project, should put a proper set of efforts so as to
manage the project. Developing proper plans which are flexible in nature and are effective to be
used by the team working on the project will help in completing the same in a proper way and will
help in managing the things in a smooth and subtle way. It is required that team working on the
project should maintain a proper flow of information because without maintaining the same will
affect the growth of the project and will create hindrance in the progress of the same. Each and
every activity of the project should be cross checked for two times before finalizing the same so as
to maintain the quality of the project. It is necessary that a project risk should be properly evaluated
and taken into consideration by the project manager. Such type of activity helps in reducing the risk
of uncertainties and helps in controlling the project in a proper way. Time and cost management is
another aspect which is required to be taken into consideration by the project management team.
This will help the project management in processing the work within the required deadlines and
cost decided at the initial phase and will help in completing the project within the required time
decided.
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