Project Initiation & Risk Management

This assignment focuses on the crucial aspects of project initiation, including budgetary information, timescale, objectives, stakeholders, and approaches. It emphasizes the importance of a Risk Register in identifying potential challenges and accurately assessing project risks. The use of tools like Critical Path and Gantt Charts for time duration management is also highlighted.

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Project Initiation Document (PID)..............................................................................................1
2 Gantt chart with all core elements............................................................................................4
3 Risk register.............................................................................................................................1
a) Importance of quality risk management plans and its impact on the project..........................5
CONCLUSION................................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
Project management is identified as a practice of controlling, executing, closing and
planning the work of a group in order to attain particular goals and objectives. It is also define as
a application of skills, knowledge, techniques and tools to a wide range of activities and actions
in order to meet the needs and requirements of a specific projects. In this project manager play
vital and critical role in employing of different approaches and methods to establish projects. It is
essential and important part of the each and every organisation to plan an effective project which
benefits firm to accomplish long and short term targets (Boyle, 2017). Project management plan
is highly based on QA Higher Education, it is a private education industry which are working in
partnership with colleges, education specialists and university in the United Kingdom. In this,
they design an effective project initiation document related to stakeholders, budget and many
other information. Risk register which is also described in this project in proper manner.
TASK 1
Project Initiation Document (PID)
PID is one of the main and essential elements of project management. It is important for
the business project because it identify the reference point during whole project, for the
customers ad project team. It bundles the necessary and entire data which was needed through
the project opening. In this role of project manager is to design and plan an effective project for
completing all activities and functions in allotted time period. There are different points which
are includes in the sample of project initiation document which are determined as below:
Budgetary Information or data: It is a main part of the project initiation which is
identifies and clarify regarding the budget information which applied to obtain on a project
(Hornstein, 2015). It is mostly beneficial to analysis regarding the project budget in a proper
manner so that entire activities operated in better manner. In cause of QA Higher Education
institution required 636000 pound in order to buy laptop, computers, furniture as well as provide
training to personal to meet with the needs of project. There are specific budget for company in
order to retain their refurbishment in proper manner:
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Refurbishment Budget
Particulars
Computer
system Laptop Manpower Furniture Total
Initial money 15.00% 10.00% 30.00% 20.00% 625000
Investment or
Finance 93750 62500 187500 125000 468750
Retain money 156250
Timescale: It is identify regarding the number of time or days which applied in the closing
period of project. Timescale of each and every projects require minimum time to accomplish
long and short term goals and objectives. For example: Project establish on 21th April, 2018 and
finishing time is 22th may 2018. It means project duration is 31 days which is required to
complete whole projects in a proper manner.
Objectives: It is also important and beneficial for the company to accomplish predetermined
goals and objectives of project in an appropriate manner (Joslin and Müller, 2015). There are
some objectives of the QA Higher Education institution which are determined as below:
 To increase the material and equipments related to study.
 To provide proper educations to the students.
 To make healthy and friendly environment in the business operations.
 To enhancing knowledge and skills of the students. To maximise performance level and many other.
Key stakeholders analysis: It is a main consideration which require to know by business
manager as a stakeholders and employees point of view. They are one of the main part of the
organisation that are capable to provide accurate study to the students (Kerzner and Kerzner,
2017). So it is beneficial for the institution to develop their business operation in a successful
manner.
Approaches: In order to establish project successfully company apply different kind of tools and
techniques which help them to accomplish predetermined goals and objectives in proper manner
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(Portny, 2017). In this role of project manager is apply PRINCE 2 methods which is beneficial to
them to implement project in a proper manner.
Project Initialisation Document
Title of Project Improvement of QA higher education
classroom
Estimated budget 636000 pounds
How did you derive this number? This number become conclude on the basis of
entire project refurbishment thought. In this
things track to acquire exchanged where full
activity get modify in nature of frame.
This explanation should be
included in an appendix of
assumptions
Yes.
Start date 22th April 2018
Finish date 31st June2018
Project Sponsor Advocator by the QA Higher Education
Project Manager Mr. ABC
Main objectives (essentially a This project is being set about just to see and
find out various number of motive or reasons
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short list of key business reasons
why this project is being
undertaken)
which are determined as follow:
 To increase the studying or reading
material at education industry.
 To renew the classroom for intensify
the skills and knowledge
Overall suggested approach
(some major points describing
how you will go about achieving
the above objectives)
The objectives and motive will get to execute
through developing and finding the value of
Information technology.
Any major risks that you would
like to highlight to the sponsor at
this early point in the project
This project is not successful due to charging
maximum fee
Reference(s) for templates/ideas
used to develop this
Internet or Digitalisation
https://project-management.com/types-of-risk-
in-project-management/
2 Gantt chart with all core elements
Today in corporative world, there are many organisation based on small or large scale
business which involve some kind of risk in it. In order to complete a project successfully,
management of company need to identify and examine nature of risk. It helps in accomplishing a
task on time as well as enhance better outcomes. Furthermore, project managers are required to
formulate a document called risk register which includes entire risk which may occur during
completion of a project. Risk register helps managers to develop effective strategies used for
accomplishment the same. Along with this, risk occur in carrying out a project in a firm are
technical, contractual, financial, client and more (Serra and Kunc, 2015). Therefore, superiors of
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firm are required to identify the potential risk as well as sources from which it can be generate.
In context with QA Higher Education, its managers are required to understand potential of risk in
offering a better learning environment to all its students. It includes owner mitigation,
contingency actions, tax rate changes and more. This check list aid them to identify specific risk
as well as eliminating its impact.
Project plan: It is an approved or written document which is used for guiding a manager how to
execute and control the project. According to scope of project, this document can be detailed or
summarized in short. It contains information about resources, activities, major products,
milestones and time require for project execution. Some major tools like Critical path and Gantt
Chart help in making a proper project plan as well as support managers in managing activities for
better achievement. Formulating such type of document aid managers to focus on major key
elements of a task as well as in resolving issues. Gantt chart: It is most useful tool in project management which gives a visual
presentation of overview of timeline for activities include in this and their inter-
independence. Each activity is represented by bar chart which displays time duration
including start and end date. In short, gang chart shows durations of all activities
individually. Therefore, using this tool, project manager of QA Higher Education can
able to distribute various operations of project by dividing in smaller parts. With this
assistance, a gang chart has been given below that shows activities and duration of
project of QA Higher Education. This procedure aid in making the process of project
easy as well as in utilising resources appropriately. Major advantages of using gang chart
is that it creates a picture of complexity as well as highly visible which demonstrates that
whether project will be successful or not.
 Critical path: This tool of project management indicates the sequence of various
activities used in project execution. It helps managers of QA Higher Education in
identifying the shortest and longest path of their project. Along with this, critical path
method assist managers in reducing shut-down period as well as saves cost also (Sears,
and et. al., 2015). The main importance of this path is that it aid in ascertaining time
schedule of activities of project. Through this method, managers can pay an attention on
critical activities as well as makes better plan accordingly. Along with this, the main
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limitation of this process is that it cannot be used as a controlling device like if manager
can change schedule of any activity then whole structure will effect.
6

7

3 Risk register
In QA Higher Education, this document specifies various risks which are associated by project
and require to be taken care by manager. These are various hazards which are discussed below:
Risk name Risk name Pre action score Post action score
Strategic risk Administration formulate strategies to
make system function appropriately
and conduct business operations
effectively. They will be able to deal
with complex activities and difficulties
that are connected with technology. In
QA Higher Education, manager have
set efficient tactics which help institute
to provide quality services to students
and position themselves higher than
other institutions.
9 7
Legal risk Organisation require to be registered
under government which help
management to establish strong market
image and conduct business legally. In
QA Higher Education, manager
recognise various factors that exist in
market and their impact on business.
This help them to make system
function effectively and business
operations in legal manner.
7 5
Performance risk In QA Higher Education, manger have
set various benchmarks which require
to be followed by members. This help
8 6.5

superiors to give adequate education
services to students and learning
material.
2

Owner mitigation Business person can lend additional
funds from financial institutions which
help them to manage difficulties and
problems (Svejvig and Andersen,
2015. ). This benefit them to carry out
operations adequately, purchase
sufficient material and assets; thereby
make system function effectively.
8 5
Scope risk Superior needed to have information
about properties which have positive
impact on project and its tasks. This
data is specified under scope which
require to be taken by manager while
designing system and take appropriate
decisions.
8 6
Resource risk Management frame resource allocation
program which help them to use
resources efficiently and deliver
adequate items and services in
marketplace. They require to utilise
funds, material and manpower which
help firm to fulfil demands of people
and enhance market position.
7 4
Technology risk Administration require to use
appropriate techniques in system
which help them to utilise resources
efficiently and deliver adequate items
and services in market to fulfil needs
8 6
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and wants of people (Schwalbe,
2015). In QA Higher Education,
management have implemented
modern technologies in institute which
help them to provide quality
educational services to students.
Government risk Manager require to consider regulatory
bodies laws and legislations, thereby
make appropriate policies and
strategies. This help them to conduct
project activities appropriately and
timely accomplish it.
8 5
Uncertain events Project is impacted positively or
negatively, if any contingency occur in
marketplace. Business person require
to take care that negative events and
things are avoided which help them to
timely accomplish goals and
objectives.
6 4
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a) Importance of quality risk management plans and its impact on the project
Risk assessment generally concern with several issues or problems that must be identify
while running business. This is the moral duty of manager of project and its team member that to
consider risk factor during project process. They play vital role in managing and maintaining the
whole process for the purpose of developing as well as implementing the plan to manage risk
that place the project's outset. In this requires more funds and investments because projects are
more expensive as compare to business operations (Meng, 2012). In this case study, this must be
necessary for QA higher London Campus that to consider entire risks factors as well as
uncertainties that may be create barriers while adapting new changes or refurbish class rooms as
well as computing labs. Project manager have to utilise all available resources in more
appropriate ways by avoiding wastages. It can be possibles through effective strategies which
helps in allocating resources among several activities and functions for the purpose of meeting
desired outcomes or results.
The project manager is preparing a proper schedule and plan for time and costs that
requires for particular project. He must be discuss with his team member about requirements and
identify any critical factors which creating barriers to meet outcomes. Here are some importance
of risk management plan such as;
 This will support in achieving goals or objectives with considering hard deadlines, cost
limits and quality expectations. These are necessary components which must be required
to identify risk entire project and path of specific work which must be mapped out.
 Project manager and its team members helps in developing project by considering risk
management plan (Meredith and Mantel, 2011). In this focus on sponsor and customers
as they are free to identify the risks as well as uncertainties.
 Risk management plan is helpful in meeting requirements with help of matching risk with
time points in the project in an effective manner. In this team of projects always ready to
take challenges and face any risk by resolving them with the helps of adopting new
strategies and tools in an appropriate manner.
 Risk manager always focus on reduces these uncertainties with using power as they
monitor the potential risks and ensure about goals or objectives by managing them
effectively. They provide information to employees about any issues or spot problems so
that will be alerted.

There are different elements that included in this risk management plan are as under:
Procedure: It consider as whole process which is believe for determinant, assessing,
evaluating as well as extenuate by using the method of project life cycle in proper manner.
Work Break down construction: It is very useful in dividing work and activities in the
unit so it is needed to transferral the WBS for projection risk administration.
Risk register: this is another important feature for avoiding unnecessary activities so that
risks can be reduced in effective manner.
Risk administration planning: This is also an effectual procedure for developing the new
products in the market as it included different approaches, plans and performance risks
management activities for a particular project.
PRINCE 2 Methodology
There are different types of techniques and methods that can be used for developing any
project in better manner. These type of methodology required to underpin in an effective and
suitable manner so they get proper opportunities for doing working in proper way and acquiring
major goals and objectives (Portny, 2017). For the project of QAHE, there are required for
adopting and using the PRINCE2 methods that enables and provide services for made some
things accurate in feature and characteristics. Therefore, QAHE need to determine the major
strength and weaknesses of specific projects in Controlled Environment appropriately by this
they can get better and supportive determination that lead to considered in proper manner. Strength - It is that method and techniques which provide best suitable consideration
regarding initialisation of particular projects. This can enable for make sure that project
has been taking place in accurate and correct way which assist in increasing standard of
each person employees within an organisation (Kerzner and Kerzner, 2017). They require
to promote the common language which help in save the time and capital and this will
make the communication process effectively and it is appropriate in nature. In this, they
also analysing and examining the roles and responsibilities so each and every person
should agreed towards effective working in proper manner.
 Limitations – It provide services and facilities an alternative option for defining the roles
and duties but some time they are selecting the effective method which occur and create
barriers and errors in managing and maintaining the specific project in proper manner and
also define this. Although, they are follow same and similar culture which can enhance

the opportunities and chances of clashes that tend to increasing which suppose to evaluate
as the major drawback of this type of methodology.
These are all above strength and weaknesses which are describe for performing the
functions and activities in better manner. Such type of benefits and weaknesses required to
understand by project manager of QA in appropriate and proper frame work so that they suppose
to deriving towards reaching with the best possible solution and result to an organisation. It
enable them for doing appropriate things so that they can high amount of income and profit in
easy manner. With the help of PRINCE2 method which support in defining the various roles and
responsibilities in better manner which help in directing in performing and developing the task in
effective and better way.
Example – It is one of the most important example that associate with PRINCE2 which
can be determine as QA Higher Education that can be access towards their effective project
which is getting done properly for satisfying and fulfilling all major needs and demands of an
organisation (Joslin and Müller, 2015). In addition to this, all the people working together which
belong to same type of regions or locations and also they are motivating it for developing and
improving towards positive direction in better manner. Therefore, each and every individual are
aware about their major roles and duties so that it is effective and advantage profit can be easily
determined.
CONCLUSION
From the above mentioned report, it can be concluded that project management is one of
the main and essential part of the organisation to meet with the requirement of projects. There
are different tools and techniques are used such as PRINCE 2. It is one of the main method
which is used by organisation to easily provide higher education to the students. It s also assist in
order to accomplish long term and predetermined goals and objectives of education institution.
There are different parts which are includes in the project initiation such as Budgetary
Information or data, Timescale, Objectives, Key stakeholders analysis, Approaches and many
other. In this Risk register assist in determining entire challenges and problems in a proper way
which change and identify the whole things in an accurate manner. Critical path and Gantt chart
also used by the company to identify time duration of entire projects properly.