4Com Plc Risk Management Planning

This assignment focuses on risk management planning for 4Com Plc, a telecommunications firm. It analyzes potential risks and suggests strategies to mitigate them. The analysis emphasizes the importance of project scheduling tools like Gantt charts and network diagrams in ensuring timely completion of activities and achievement of organizational goals. Additionally, it draws upon academic sources to support its recommendations.

Project Planning
Table of Contents

INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
SMART targets............................................................................................................................1
Project phases..............................................................................................................................2
Project management processes....................................................................................................3
Scheduling tools...........................................................................................................................4
Project plan schedule...................................................................................................................6
Risk assessment...........................................................................................................................6
PART 2............................................................................................................................................7
Covered in PPT............................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Project planning is a sub part of project management which uses some schedules and
activities so that specified goals can be accomplished. For this, scope of current field of study is
defined along with the duration of tasks in which they get completed (Kerzner, 2013). The
present report is based on 4Com Plc which is a telecommunication industry. They are relocating
their business and establishing their operations in Kennington. In this context, report explains the
SMART objectives, different phases and processes. Along with this, some scheduling tools and
risk assessment procedures are explained in detail.
PART 1
If an organization implement any project, then it is the responsibility of manager to plan the
activities and different operations. Here, in the current situation 4Com Plc is going to start their
business in Kennington so that they can enhance their brand image at global level.
SMART targets
The manager of 4Com Plc has to set some objectives and goals before implementing any
project at the work environment. It is the responsibility of top executives to make some decisions
at strategic level so that companies financial performance can be improved (Tasevska, Damij and
Damij, 2014). For this, they can use SMART technique or criteria so that overall project can be
managed and an appropriate guideline can be set for all other staff members. This criterion is
stands for specific, measurable, assignable, realistic and time related. These are as follows:
Specific target: The goals for project should be clear and understandable so that employees
will be able to know about different activities. Along with this, there are higher chances for
accomplishing the specific targets rather than general. For example, to establish the operations in
Kennington within next 6 months so that 20% revenues can be generated. Through this, a
direction can be set for all people which will help them in performing better.
Measurable target: In this, progress will be measured on the basis of numeric and
descriptive format (Heravi, Coffey and Trigunarsyah, 2015). When progress is get measured then
an enterprise will be able to reach their specified objectives. For example, to measure the
progress in each month by forming a group so that specific goals can be achieved.
Attainable target: The goals which are most important for the organization should be
figured out and ways should be developed so that those objectives can be fulfilled. For this, the
1

manager should develop some skills, knowledge and so on. The targets should be set which are
highly attainable. For example, is 25% revenues can be generated at the end of 1 year.
Realistic target: It is the responsibility of higher authority to set some realistic targets so that
staff members will be able to achieve. Sometimes, a highly realistic goal is easy to attain by
business organization rather than low one. For example, establishing such kind of business help
me in enhancing my knowledge area and that will help me in generating high revenues.
Time related: Each and every goal should be set on the basis of a particular time frame. If an
objective is realistic and time-bound, then this will help the firm in performing better. For
example, new business will get established in next 6 months and 25% revenues should be
generated at the end of year.
Project phases
When a project is implemented by business organization then it goes through some series of
stages and phases (Serrador, 2013). These all play an important role in making a project
successful. On the basis of these, each and every unit of project can be managed effectively so
this may help them in performing well. These different phases are as follows:
Initiation and planning: This is the first stage where top executives of firm identify their
needs and as per those objectives are set. Here, the overall layout is made by manager which
includes budget, timeline and so on. The project should be organised and planned so that future
goals can be achieved in more effective or efficient manner. Planning should be performing by
manager in which tasks are divided along with the responsibilities of every employee. Through
this, general idea can be developed which can help 4Com Plc in order to achieve goals.
Execution: This is the second phase where actual implementation of project is going to start
by the manager of telecommunication industry (Creemers, De Reyck and Leus, 2015). At this,
strict budget management play a vital role so that current project can be implemented in more
effective and efficient manner. It is the responsibility of manager to measure the progress of the
plan on continuous basis. For this, they have to communicate with their staff members and
investors so that execution can be performed.
Project monitoring and control: The project manager has to monitor and control progress
on the basis of cost, time, risk and quality. Along with this, tasks or activities should be
completed on timely manner and cost is in the particular budget so that overall spending level
2

can be controlled. At this stages, problems should also be identified which needs to be rectified
in order to achieve goals.
Project closing: This is the last phase where project is gets closed after the execution stage.
Here, it is the responsibility of manager to evaluate the performance of team members,
documents are prepared and so on. It gets formally closed and due to which product scope is also
delivered to consumers so that 4Com Plc will be able to establish their operations effectively.
Source 1: Project Management Processes. 2017
Project management processes
An appropriate process has been followed by manager so that they will be able to achieve
their effective outcome (Herroelen, 2014). There are some elements which play an important role
while implementing a new project at the marketplace. Some of these different steps of process
are as follows:
 At first manager has to carry out an effective planning technique which will help them in
evaluate the current budget and schedule. Along with this, resources should also be
utilised effectively and goals should be fulfilled with in a given deadline.
 At the second stage, risks are identified by the manager and some appropriate actions
should be performed so that those identified risks can be controlled. So, through this
overall issues can be managed and overcome.
 Communication should be there between different members of the organization as this is
a vital element which help the company in completing the project successfully. By
establishing this, many problems can be utilised in an effective manner.
3

 At last, it is the responsibility of manager to manage all the people who are associated
with the current project. They have to motivate the people so that they can perform well
at the workplace.
So, by following this process for project management, manager will be able to implement
effectively and targets can be achieved. When risks are get resolved then this may help them in
establishing their operations into another location.
Scheduling tools
There are various scheduling tools and techniques that can be used by project manager in
order to develop, monitor and control the project. By preparing schedule of different activities,
overall operations can be performed easily and in timely manner. These activities are listed with
their start and finish points (Rahi and et. al., 2012). There are some scheduling techniques like
Gantt chart, network analysis, critical path method, PERT (Program evaluation and review
technique) and so on. Here, 4Com Plc can use these methods in order to establish their business
into another country. By using these, they can easily get an effective outcome as this will help
them in getting success at the marketplace as compare to other market players.
In order to develop an appropriate schedule, manager has to focus on some factors like
project scope, activities with their start & finish time, tasks, project milestone, critical path and
so on (Scheduling tools and techniques for Project Management, 2015). Through this, work can
be completed on time which can help them in achieving goals or targets. These scheduling tools
are as follows:
Gantt chart: It is a horizontal chart which is plotted with respect to time as this can be made
on the basis of days, weeks or months. Each and every task is in the form of bar which shows the
time of that particular activity (Aminbakhsh, Gunduz and Sonmez, 2013). Along with this,
dependencies between different activities can also be presented in the chart. The manager of
4Com Plc can also refer this in order to evaluate their current progress and they will be able to
know about the amount of work which is done till present. This is more appropriate approach for
the current project as through this efficiency can be achieved.
4

Network analysis: Network diagram is a visual representation of all the activities which
needs to be completed for achieving the goals. This represent the logical relationship between
different task and activities. These relationships shown in the form of chronological order that is
starting from planning to closure of the project. This is the responsibility of manager to check the
progress on regular basis so that it can be evaluated that current project is on track. This is very
beneficial for managing the plan as through this critical path and scope can be represented.
Through this, a clear picture can be demonstrating of the project and understanding among
people can also be increased.
Critical path method: It is an important part of project management which shows activities
in sequence that will take more time to complete than any other (Alhawari and et. al., 2012). This
also identifies the relationship between tasks as if one activity will not get finish then another
will not start. In critical path method, time is determined of the tasks on critical path which is
known as earliest time. So, after referring the path, it can be evaluated that how much time will
take by an activity so that project can be completed in an appropriate manner.
Here, the critical path which is shows in the above network diagram is 1-4-5-7-8. This path
will take more time in order to get complete.
5

Project plan schedule
The project plan can be scheduled by manager for establishing the business in Kennington.
This plan shows different activities, their time that in how many days the particular task is gets
completed and their predecessors. If one activity is depending upon another then the dependent
task cannot be completed until its predecessors is get completed.
Risk assessment
It is a kind of systematic technique that is used by the project manager in order to identify
the potential risks which are associated with project. Here, risks are identified, evaluated and
estimated as these are also compared with the benchmarks and set of standards (Fang and Marle,
2012). By adopting this type of approach, it can be evaluated the level of risk which can affect
the specified goals and targets. It is sequential procedure which involve some steps and these are
like:
 Identify the risk: This is the first step where different risks are identified by the manager
which can affect their project and the outcome. Some techniques can be used in order to
find out the risks.
 Analyse and evaluate the risk: When risks are evaluated then at this stage manager has to
find out their consequences. Here, the understanding of identified issues should be
increased so that appropriate actions can be taken.
 Rank the risk: The manager of 4Com Plc has to rank the risks according to their priority.
The high priority should be given to those whose level of risk is high. Through this,
effective actions can be taken which help the manager in achieving the goals.
6

 Monitor or review the risk: This is the last stage where different risks are monitored and
reviewed. Through this, overall performance can be improved.
PART 2
Covered in PPT
CONCLUSION
From the above carried out analysis, it can be summarized that project can be implemented
at the work environment so that company can attain their goals and objectives. For this, a project
manager has to adopt some skills, knowledge and core competencies so that specified targets can
be achieved. There are some phases of project like initiation, execution, monitoring and closure
which needs to be followed so that an enterprise can perform well. Furthermore, the manager of
4Com Plc can use different scheduling tools like Gantt chart, network diagram and critical
analysis. Through this, overall activities can be completed on time which can help the firm in
order to achieve goals.
7

REFERENCES
Books and Journal
Alhawari, S. and et. al., 2012. Knowledge-based risk management framework for information
technology project. International Journal of Information Management. 32(1). pp.50-
65.
Aminbakhsh, S., Gunduz, M. and Sonmez, R., 2013. Safety risk assessment using analytic
hierarchy process (AHP) during planning and budgeting of construction projects.
Journal of safety research. 46. pp.99-105.
Creemers, S., De Reyck, B. and Leus, R., 2015. Project planning with alternative technologies in
uncertain environments. European Journal of Operational Research. 242(2). pp.465-
476.
Fang, C. and Marle, F., 2012. A simulation-based risk network model for decision support in
project risk management. Decision Support Systems. 52(3). pp.635-644.
Heravi, A., Coffey, V. and Trigunarsyah, B., 2015. Evaluating the level of stakeholder
involvement during the project planning processes of building projects. International
Journal of Project Management. 33(5). pp.985-997.
Herroelen, W., 2014. A risk integrated methodology for project planning under uncertainty. In
Essays in Production, Project Planning and Scheduling (pp. 203-217). Springer US.
Kerzner, H., 2013. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Rahi, M. A. and et. al., 2012. Project planning and management. U.S. Patent 8.306.842.
Serrador, P., 2013. The Impact of Planning on Project Success-A Literature Review. The Journal
of Modern Project Management. 1(2).
Tasevska, F., Damij, T. and Damij, N., 2014. Project planning practices based on enterprise
resource planning systems in small and medium enterprises—A case study from the
Republic of Macedonia. International journal of project management. 32(3). pp.529-
539.
Online
Project Management Processes. 2017. [Online]. Available through: <http://www.free-
management-ebooks.com/faqpm/processes-01.htm>. [Accessed on 12th August 2017].
Scheduling tools and techniques for Project Management. 2015. [Online]. Available through: <
http://www.skillmaker.edu.au/scheduling-tools-and-techniques-for-project-
management/>. [Accessed on 12th August 2017].
8