Risk Management Strategies for Project Success

This assignment requires students to analyze the risks associated with managing a research project, including data loss due to cyber issues, lack of time and busy schedules of team members, and improper communication on channels. The student must identify high-risk areas and propose mitigation strategies to ensure project success.

MANAGING A
SUCCESSFUL
BUSINESS PROJECT

Table of Contents
TITLE..............................................................................................................................................1
TASK 1- Project Plan .....................................................................................................................1
1 Brief explanation of proposed topic and reason behind choosing it...................................1
2) Aims and objectives of the proposed research...................................................................1
3) Scope and limitation of the project....................................................................................2
4) Resources and cost considerations.....................................................................................2
5) Gantt chart and work break down structure to provide time-frames and stages for
completion..............................................................................................................................2
6) Risk register including main risks with the proposed research..........................................4
REFERENCES................................................................................................................................6

TITLE
“To identify the risks and benefits of a joint business venture to enter international
market. A case study on Garment Quarter”.
TASK 1- Project Plan
1 Brief explanation of proposed topic and reason behind choosing it
Garment Quarter is a UK based fashion boutique established in 2010 and headquartered
in Bristol, England. Products offered by company are accessories, cloths and footwear. At
present company is operating in UK, to enhance its business presence company is going to enter
South African market by joint venturing with Foschini group which is a retail company dealing
in cloth section (Fageha and Aibinu, 2013). Main reason behind selecting Garment Quarter
organisation is, it is a designer fashion boutique and has different stores in different nations.
Designed in Manchester, the contemporary architecture of the shop was founded on a cocoon
with monochrome shards developed by contrasting pine wood with commodity 'floating' on a
unique wiring system.
Reason behind this joint venture
With conducting this research, it is analysed that Garment Quarter must expand their
business in South Africa. There are some reasons which gets to with conducting reserach. One
of the main reason is high population density of country. In global context, people prefer to wear
trendy and modern clothes. As population of country is high, investing there will promise high
returns and popularity to Garment Quarter. Second reason is joint-venture of both companies will
benefits Garment quarter in reaching out loyal customers of Foshini due to which high sales will
be achieved.
2) Aims and objectives of the proposed research
Aim:
“To determine the risk and benefits of joint business venture with Foschini company in
South Africa. A case study on Garment quarter”.
Objectives:
 To understand the concept of joint business venture in light of the current literature.
 To evaluate the benefits of joint venture for Garment Quarter while enhancing their
business in South Africa with Foschini company based on the primary research.
1

 To evaluate the risks associated with joint business venture for Garment Quarter while
expanding their business in South Africa based on the primary research.
3) Scope and limitation of the project
As this research is conducted in order to analyse scope of growth and development of
Garment Quarter in South Africa. In this research, there is collection of data with questionnaire,
as survey is conducted among employees. There are some sets of questions which are asked by
through questionnaire related to research topic (Goksoy, Ozsoy and Vayvay, 2012).
While conducting this research, there are some limitations which affects the outcome of
research. Research feels that sample size from whom data is collected is small. This affects
outcomes and results of research. After collecting data research is not able to generalise
outcomes and interpretations. 30 Respondents will be chosen for collecting information about the
topic.
4) Resources and cost considerations
Resources: While conducting research, there is requirement of different resources such
as computer system, internet connection, newspaper, books, journals, etc. With the help of these
resources data related is collected through authentic source and able to conduct research in
effective and authentic manner.
Cost: In order to collect above mentioned resources, there is requirement of some
finance. Budget for conducting research is approx. 50£. budget for this cost is discussed as
under-
Total forecasted budget
Particular 2018-19(£)
Internet charges 12
Meeting expenses 18
Transportation cost 13
Printer charges 7
Total cost 50£
2

5) Gantt chart and work break down structure to provide time-frames and stages for completion
Work break-down structure: Work break down structure is the hierarchical
representation of research activities in different activities. As there are many activities, so work
break down structure helps to divide whole research among different departments. (Doherty,
Ashurst and Peppard, 2012).
Gantt chart: It is a horizontal bar chart which is used in managing projects in an
appropriate manner. It will provide graphical illustration of project schedule that will benefits the
researcher in planning, coordinating and tracking tasks associated with project (Hillson, 2017).
With this research activities re conducted one after another in synchronise manner. This helps to
compete research project within specified time.
3

6) Risk register including main risks with the proposed research
Risk register is an approach that will help in identifying potential risks and action plan to
overcome those risk. To manage risk properly, it is important for researcher to develop an
effective risk register. This helps to identify risk and researcher is plan and take corrective
measures to overcome risk.
S. Risk Likelih Impact Mitigation Contingen Pre Post
4

No. Description ood cy action
weightin
g score
out of 10
action
weightin
g Score
out of 10
1 Data loss High High Plan corrective
media through
which
transferring and
storing of data is
safe.
There is
risk of data
loss due to
cyber issues
while
working
using
internet
sources.
7 5
2 Not able to
meet
Deadlines
high high Due to lack of
time and busy
schedule of team
mates.
In order to
over come
it, pre
planing for
research
activities.
7 6
3 Improper
communicatio
n
Mediu
m
Low By implementing
proper
communication
channel.
By
avoiding
oral
communica
tion while
making
research
conducting
strategies.
1 3
5

6