Project Management & Business Strategies | Report

Added on -2020-02-14

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Project Management
TABLE OF CONTENTStask 1................................................................................................................................................1e) Critical analysis of FIVE different risks that could affect your project..................................1f) Strategies to minimize risks in order to meet stakeholder expectations..................................2references.........................................................................................................................................4
TASK 1e) Critical analysis of FIVE different risks that could affect your projectProject manager of Wandsworth council in London is accountable for managing aCommunity Centre building project. Project management process will be associated withdifferent types of risks which can affect final findings and overall objectives of the wholeprojection. Projects risks may effect on scope, schedule, cost and quality of the project(Andersen, Dysvik and Vaagaasar, 2009). So, at the time of project management manager needsto focus on the following uncertainties:1.Financial risks: Lack of the financial resources for completing the project in effectivemanner may include in the major risk for this community center project. As per the givenproject plan developing a building of community centre will require huge investment forpurchasing required resources. Including this, financial risk may occur due to priceinflation of the construction material and inappropriate estimation of cost, etc. Lack offunds may affect the project budget in negative manner as well as can also affect the totalquality of the project (Kumaraswamy, 2011). 2.Environmental risk: Construction of building for community center may also affect bythe weather conditions. So, environmental risk can also affect the findings of the project.This types of risks include natural disasters like earthquake, heavy rains, inappropriateweather conditions can affect the working situations for workers and entire constructionproject. Sometime, environmental risk can terminate the project (Managing project risks,2015). 3.Strategy risk: In appropriate planning is one of the major strategic risk for thisconstruction project. This risk can occur due to the inappropriate formulation of projectscope, schedule and plan. It can affect the execution and implementation process of theproject in negative manner. Overall findings and result of project can affect. 4.Operational risk: This risk is associated with operation and production process ofconstruction project in which project may suffer from unavailability of resources such aslack of personnel, material, machinery and technology, etc (Kloppenborg, 2011). Alongwith this, inappropriate allocation of resources may also occur the situation of operationalrisk which can harm the entire project management process and system. Operational riskscan increase time and cost of the project. 1 | P a g e

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