Risk Management Strategies for Project Success

This assignment provides a detailed analysis of risk management strategies for project success. It outlines various types of risks, including time scale, unrealistic estimation of cost, technical risk, and availability of project team and resources. The document includes a Gantt chart, a risk matrix, and mitigation strategies for each type of risk. It emphasizes the importance of responsible individuals, such as top-level management or project investors, in implementing these strategies to overcome potential drawbacks and ensure the timely completion of projects.

1

Project Management
2

Executive summary
Present report is in context with project management of project in campus renovation of QAHE
QA Higher Education Campus renovating computer labs, teaching rooms and libraries. This
campus is established in Birmingham, London, and Manchester. Organising of a party is being
conducted after the completion of renovation in September on fresher’s day. In order to
accomplish this, methodology is being considered which PRINCE2 is. In order to successfully
accomplish event staff is required that include professor, students, stakeholders, investors and
more. In addition with this report include task modules Time Scale that is defined by Gantt chat
in this task modules segregated into different work breakdown structures.
3

Executive summary.........................................................................................................................3
Introduction......................................................................................................................................6
Objective..........................................................................................................................................6
Budgetary information.....................................................................................................................6
Timescales.......................................................................................................................................7
Approach..........................................................................................................................................7
Key staff...........................................................................................................................................8
Stakeholders.....................................................................................................................................8
WBS.................................................................................................................................................8
Risk analysis....................................................................................................................................9
Short report......................................................................................................................................9
Conclusion.....................................................................................................................................11
References......................................................................................................................................12
Appendix........................................................................................................................................15
Appendix 1: Timescales............................................................................................................15
Appendix 2: Stakeholder Analysis................................................................................................15
Appendix 3: Work Breakdown Structure..................................................................................16
Appendix 4: Work Breakdown Table........................................................................................17
Appendix 5: Gantt chart.............................................................................................................18
4

5

Introduction
Management can be defined as administration coordinating all business activities through
and with people in formally organized groups in order to accomplish set objectives. To run the
business successfully there should be effective management behind so that best outcomes can be
achieved. Whereas, project management can be stated as planning, directing and controlling
resources so that time, technical and cost can be constraints and task can be completed on set
time frame. In this project PRINCE2 methodology is undertaken that is majorly focused upon
schedule, goals and resources. In this report detailed analysis is done on PRINCE2 methodology
with the help of which project is effectively managed. In addition with this numerous form of
techniques are undertaken in order to handle and manage work of refurbishment. Along with this
Gantt chart is being used in this report as to defined activities as per according to time taken.
Project covers stakeholder analyzation that effectively defines the estimated amount of
investment that is made by investors. Lastly, report includes register of risk for information in
context with risk along with their impact upon project.
Objective
Primary objective of present report is document the information on the project. Present project is
mainly conducted on reimbursement of campus in which renovation of teaching rooms;
computer labs and Library are undertaken. This is done as to offer modern experience to students
as well as teacher. As with the help of this they can able to put more attention on their studies
and teachers can able to teach with different types of innovating teaching techniques. In this
PRINCE2 methodology is undertaken as to complete project in a best effective way.
Budgetary information
The budgetary information covers the fund requirement which is covered as to done opening of
campus. All the expense include, the formal and informal for the staff included cost of drinks as
well as food. Overall budget estimated for event is £50,000. In addition with these expenses also
cover decoration for event along with invitation card which is required to print and sent to guest
those who belongs nationally and locally. Budget is prepared so that adequate funds can be
6

gathered from the financial institution and insufficiency of money can be overcome. By
designing this all the resources are allocated easily and tactics are designed easily. Every
organization small or big prepare estimated budget so that innovation and research work can be
carried out easily in the instance competitive world. This provides a rough idea how much fund
is needed for conducting event.
Timescales
In order to accomplish the project in well effective manner there is a need of proper time within
which successful finishing of product is done. This is required to proper management of project
with the help of which effective outcomes can be gain by providing effective results on time. It is
essential to have a well defined timescales with the help of which working is required to be done
as per schedule time. In this proper planning of each and every task module is done with the help
of age every phase milestones can be accomplished.
Approach
The prince2 methodology is been undertaken as to successfully accomplish the requirement of
project and manage project requirement. This methodology is optimal and one of the efficient
method with the help of which best effective outcomes can be attained. The PRINCE2
Framework mainly covers the factors such as centre start and an end with the help of which
overall activities in a project can be properly organised and control. This will effectively offer
best possible results. In this there are different types of roles which are required to be performed
by distinguished individuals. In present project some of the certain rules that are required to be
played include stakeholders, project management, investor’s professors, students and many
more. They all effectively accomplish their objectives with the help of which event can be
successfully launch. In this one of the most important role include leaders and project manager
who hold capabilities as to handle the entire project essential in a best effective way. In this the
individual is the one who is appropriate to become leader who have qualities of leaderships as
with the help of this individual can effectively able to manage the project from the beginning till
and. With the help of best effective form of leadership skills person will play the role of leader
can effectively able to attain best possible outcomes with the help of which desirable outcomes
can be achieved. In addition with a second most essential element are suppliers and customers as
7

they are those individuals who are willing to pay in project. Along with this suppliers are those
individuals who have the capability to work on the particular project. With the help of this
technique project accomplishment can be ascertained with the Assurance of desirable and great
results.
Key staff
To successfully launch the event relating to opening party this has to be organized in September
on fresher’s day. The staff members should be skilled and competent enough to meet the desire.
In order to manage renovation process there is a need for project managers, professors, students,
stakeholders, investors, and many others. Skilled staff wills effectively helps to accomplish the
need to renovate and then organisation of party event. The stakeholders are the person who
invests money on the project and expects a better outcome.
Stakeholders
In today's era stakeholders plays a significant role in business. In this stakeholder include
developing team, lecturers, managers, sponsors etc. These stakeholders are directly or indirectly
affected by organization's actions. They are investors in plays most important role their
performance determine the outcome of the decisions. Analysis of stakeholder is done and is
mentioned in appendix 2. In the table information relating to each and every stakeholder is
included along with their impact on working.
WBS
This is a project management and system in which work is divided into smaller sections so that
task can be carried out easily. There distinguished task is allotted to the team based on their
capabilities and abilities. Work Break Down structure is a chart that involves quibbling work
component of a project which are elaborated to represent their relationship to each other and to
the project as a whole. New business by adopting this in their working premises will be able to
manage the work effectively and efficiently so that set goals can be achieved in the set time
frame. WBS (Work Break down Structure) is a key project that deliverable conduct the team
works into manageable sections. Present task division is mentioned in the chart form which is
termed as WBS in Appendix 3. In detailed information for WBS is described in Appendix 4.
Gantt chart is described in Appendix 5 in order to show the timescale of task modules of present
project as per accordance to WBS.
8

Risk analysis
This is a tool which is managed by documenting risk during at the time of working on a project.
Also, risk register directly assist to handle each risk which will be emerging in it while
performing the work in the market. Risk register directly leads to risk managing such as risk
mitigation. Budget risk analysis acts as a significant method with the help of which information
relating to expenses is undertaken as to measure the overall expenditure. Risk management
process is effective as to reduce the estimation of risk as to effectively perform work in best
effective manner. With the help of risk analysis handling of errors can be done in best effective
manner that will further facilitate execution of project working is well defined manner. The table
along with the chart for the analysis of risk are in Appendix 6.
Short report
Report to sponsors and directives
Date:
From:
To:
Director of operations
The sponsors of the project
Dear XYZ,
Management of project is done by project leader and manager. Both of the members effectively
stand by team throughout the project. In order to effectively guide team it is essential for leaders
and manager to have certain leadership qualities with the help of which they can effectively able
to guide team members in best effective manner. Leadership can be defined as an act which
guides the company and employees to operate the business functions effectively and efficiently.
This assignment is based on project management of the project on campus renovation of QAHE
QA Higher Education. In order to successfully conduct event good effective leadership is needed
in the working premises. By adopting staff members will be well aware about the vision and
reason to pull customers towards the innovative product. As well this, smoothly launch of event
is accomplished in order to gain best possible and effective results. Present task is segregated
into many task modules that are required to be managed by a person who is managing task in
ambitious way along with well defined goals. In addition with this, prior planning is required to
9

be done as to effective conduct event. Along with this it is essential to have capability so to
coordinate with team in order to project in best effective manner. Further proper form of
communication is done with the help of which challenges can be accepted. In addition with this
they are required to be ambitious and courageous as to avoid any kind of uncertain risk that
hinder smooth working. In addition with this, they must be encouraging in nature as to motivate
other towards goals and objectives as to get best defined results.
Methodologies that might be used to run the project :
Methodologies is stated as techniques, practices, rules etc. that is adopted by firm and
people in order to perform their activities in disciplined manner. Agile, PRINCE 2 and waterfall
are different methodologies adopted to initiate event in best effective manner. Here, are some of
the methodologies explained as :
Waterfall methodology
It came into existence in the year 1970 which state as value strong planning, perform it once but
in a correct order. Waterfall is the oldest methodology prevailing in the cut throat competitive
world. It is very simple in nature and can be carried out easily in the working premises.
Strengths: Waterfall method is not rigid in nature and can be easily understandable. Also it can
be executed smoothly in the working premises so that best out comes can be achieved. In
addition with this, it mostly focuses on better understanding the needs and wants. In present case
scenario, risks are low due to the fact that the next phase soon after first phase is completed.
Weakness: Waterfall method first priority is to better understand and examine the preferences
effectively (Meredith and Shafer, 2017). If there is any change in requirements, then it become
possible to effectively develop it as per according to the user new requirements.
Recommendations: it weakness is too high than its strength and therefore it is less
recommended.
Agile methodology:
10

This is a type of methodology that provides fast and flexible approach in the open market place.
Agile is widely used for small and medium size project so that they can be achieved timely. This
is software which focus PM methodology as well as it is just opposite of waterfall method.
Strengths:
There is continuous feedback from stakeholders so there is less risk. In addition with this, Agile
is not rigid in nature and there are no fix stages to perform it.
Weakness: Agile is a feedback process so directly or indirectly stakeholders need to provide
feedbacks on regular basis. Along with this, there is irregular time of scheduling so ait become
difficult to manage everything in sequence.
Recommendations: For every project, this is recommendable
PRINCE2 methodology: This method was discovered by United Kingdom government for
Information Technology in the year 1996 (Marchewka, 2016). This carried out by new business
in their working premises as it describes input and out put for every stage of the project so that in
the coming time nothing more is left to modify it. It is used by large and medium size projects as
it conduct and control starts and end of the projects.
Strengths: PRINCE 2 is widely used by firm which requires more documentation formalities.
Weakness
To make changes in this it is not possible as it requires more time and resources. As well as other
parts are also affected at the same time frame
Recommendations: it is very good and beneficial for the projects that are based on project
management.
Conclusion
As per the above mentioned report, it has been concluded that budget information,
objectives, time duration, stakeholders, key staff members and approaches plays a critical role in
the business success globally. All this are studied deeply so that improvements in this area can be
done respectively. Also Gantt Chart and Work Break down Structure is discussed so that project
11

task can be carried out smoothly in the set time frame. As well as emerging needs of the
customers can be achieved accordingly in the cut throat competitive world. However,
distinguished risk forces are focused like, financial risk, unrealistic estimation cost etc. so that
chances of error can be reduced. Risk register is formulated to keep eye on the risk which come
across administration at the time of organizing event successfully in the open market place.
12

References
Hornstein, H.A., 2015. The integration of project management and organizational change
management is now a necessity. International Journal of Project Management, 33(2), pp.291-
298.
Young, T.L., 2016. Successful project management. Kogan Page Publishers.
Todorović, M.L., Petrović, D.Č., Mihić, M.M., Obradović, V.L. and Bushuyev, S.D., 2015.
Project success analysis framework: A knowledge-based approach in project
management. International Journal of Project Management, 33(4), pp.772-783.
Kliem, R.L. and Ludin, I.S., 2019. Reducing project risk. Routledge.
Harris, E., 2017. Strategic project risk appraisal and management. Routledge.
Carvalho, M.M.D. and Rabechini Junior, R., 2015. Impact of risk management on project
performance: the importance of soft skills. International Journal of Production Research, 53(2),
pp.321-340.
Muriana, C. and Vizzini, G., 2017. Project risk management: A deterministic quantitative
technique for assessment and mitigation. International Journal of Project Management, 35(3),
pp.320-340.
13

14

Appendix
Appendix 1: Timescales
Activity performed Starting date Ending date Total days
Project initiation 1/05/2019 7/05/2019 5
Planning 8/05/2019 17/05/2019 8
Designing 20/05/2019 31/05/2019 10
Development 3/06/2019 19/06/2019 13
Testing of the implements 20/06/2019 24/06/2019 3
Closing 25/06/2019 25/06/2019 1
Total= 40 days
Appendix 2: Stakeholder Analysis
Stakeholder Impact on the
project
Role of the
stakeholders
How the
project can be
blocked
Management of
the stakeholder
Investors Impact on the
project of
investors is
high.
Investors offer
financial
assistance.
Fails to provide
financial help
In this it is
essential to
discuss the
funding
requirement in a
clear way.
Students Students have
Low impact.
They can help
with the ideas
High demands
and expectations
The feedbacks
and opinions
should be given
15

importance
Developing
team
On project
developing team
have High
impact.
Develops the
project
according to the
needs of the
client
Within this
More
consumption of
time may lead
towards late
delivery
There is a need
to accomplish
Work in a given
set of time.
Project manager Project manager
mainly have
Medium impact.
The project
manager
manages the
staff and
working of the
project
The project can
be blocked if the
manager doesn’t
have the quality
to handle the
work
It is required to
have best
effective form of
communication
along with
engaged staff.
Professors Professors have
Low impact.
They can assist
with their ideas
High demands
and expectations
Within this
feedbacks and
opinions are
required to be
more important.
Appendix 3: Work Breakdown Structure
16

Figure 1: Work Breakdown Structure
Appendix 4: Work Breakdown Table
Task name Duration Start Finish
Refurbishment project 40 days 1/05/2019 25/06/2019
Initiation 5 days 1/05/2019 7/05/2019
Feedbacks 2 days 1/05/2019 2/05/2019
Surveys 2 days 3/05/2019 6/05/2019
Analysis of Requirement 1 day 7/05/2019 7/05/2019
Milestone 0 days 7/05/2019 7/05/2019
Planning 8 days 8/05/2019 17/05/2019
Budget analysis 3 days 8/05/2019 10/05/2019
Equipment and Resources 3 days 13/05/2019 15/05/2019
Staff involvement 2 days 16/05/2019 17/05/2019
Milestone 0 days 17/05/2019 17/05/2019
Design and execution 23 days 20/05/2019 19/06/2019
Flooring and ceiling 3 days 20/05/2019 22/05/2019
Replacement of desk and benches 8 days 23/05/2019 3/06/019
17

Painting in rooms 5 days 4/06/2019 10/06/2019
Electricity 5 days 11/06/2019 17/06/2019
New desktops in the computer lab 2 days 18/06/2019 19/06/2019
Milestone 0 days 19/06/2019 19/06/2019
Testing 3 days 20/06/2019 24/06/2019
Testing of risks 1 day 20/06/2019 20/06/2019
Testing of equipment 2 days 21/06/2019 24/06/2019
Milestone 0 days 24/06/2019 24/06/2019
Opening 1 day 25/06/2019 25/06/2019
Open 1 day 25/06/2019 25/06/2019
Appendix 5: Gantt chart
Figure 2: Gantt Chart
Risk Risk Level(L/M/H) Likelihood of events Mitigation strategy
Time scale of project:
Here, time duration is
determined by the top
High There is certainty New businesses can
design comprehensive
project timelines plans
18

level management in
order to launch event.
so that activities can
be done in time.
Responsible person is
manager.
Unrealistic
estimation of cost: In
this case cost is
consumed in over
expenses.
Low It is unlikely in nature To overcome this cost
management can
involve this in their
planning or at the time
of modification which
are done as per the
requirement or
demands. In this
responsible person is
management.
Technical Risk:
In this issues and
problems may be
related to tools and
techniques.
Medium Likely possible This drawback can be
reduced by arranging
the tools and
equipments in advance
or in extra stock.
Responsible person is
management staff.
Availability of
project team:
Leaves may be taken
by employees
Medium Might be possible In order to overcome
this no long leaves
should be allotted.
Responsible individual
is management.
Resources risk:
Necessary and
required resources are
not available.
Medium Might be possible. To deal with this kind
of circumstances top
level management
resources. In this
19