Project Management: Methodologies and Risk Management

Project Management
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Table of Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
Risk register.................................................................................................................................3
PART B...........................................................................................................................................5
Importance of correctly managed project closure.......................................................................5
PART C...........................................................................................................................................6
Project management methodologies and their importance..........................................................6
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
APPENDIX....................................................................................................................................11
Project 1.........................................................................................................................................11
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INTRODUCTION
A procedure of leading work of team in order to meet goals of specific project is known as
project management (Vedernikov, 2020). This study is based on a project in which project
manager wants to refurbish or redevelop London campus in order to attract students and make
them feel valued. It will discuss all important elements that are required for making project
successful and effective such as implementation of Prince 2, Agile and Waterfall methodologies.
It will discuss some risks that may occur and can lead barriers in project success such as cost
risk, technological, time risks and others. It will then discuss effectiveness and importance of
managing project closure in an effective manner.
PART A
Risk register
Risks High Medium Low
Cost High
Time Medium
Technology High
Resources Low
Communication Low
Procurement Medium
Environmental High
Market Medium
Strategic Medium
Legal High
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Cost risk:
It is one of the common risk and this is also associated with this project and it is also
consider one of the threat for college infrastructure (Kliem and Ludin, 2019). To stay in budget is
important and that will only ensure success. To cut the cost, remove unnecessary costs if they are
associated with any activity.
Time risk:
It is another important risk which should be measured carefully. While starting the
refurbishment work of infrastructure, management make sure that they are distributing time to
every activity as this will ensure that project will be completed on time.
Technology risk:
As technology diminishes and changes very fast and in infrastructure, technology role is
important so project should have the capacity to adopt advanced technology.
Resources risk:
When the infrastructure maintenance is going at that time it should be ensured that people
who are working for the project have necessary resources. As lack of resources can lead to
failure of the project. Needful resources will help to successful completion of project.
Communication risk:
In the competitive world management should make sure that team members are
effectively communicating with each other and with them as well. Team members should
communicate with management for any delays or any issue if they are facing with project.
Procurement risk:
Many projects depend on other same projects and copy them (Crispim, Silva and Rego,
2019). In order to meeting the deadline and taking most of the investment, the refurbishment
work of college should be given to that company who can provide better service.
Environmental risks: Some changes in climate or current situation of pandemic can create
problems in employing labor and even starting project. Due to covid-19 or pandemic, it is not
possible to gather at one place. So, this situation and extension of lockdown can create problems
in completing project in a timely manner.
Market risks: It includes risks that posed from market like increasing competition, interest
rate, liquidity and credit risks. Increasing competition can create problems in having labors at
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