Project Management Assignment - 'FitnessVentures Ltd'

Added on - 22 Nov 2020

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Project Management
Table of ContentsINTRODUCTION...........................................................................................................................1Main Body......................................................................................................................................1Risk Management Plan................................................................................................................1Developing a project risk management plan................................................................................2Monitoring and Control...............................................................................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONIn present business scenario, project management is an advantageous for large and smallcompanies that support them to effectively carry, manage and execute different project in aparticular time frame (Madter, Bower and Aritua, 2012). The allotted project manager areresponsible to guarantee that each employee understand the work well and complete it in specificmanner to increase more outcomes. Project risk management plan give assist a business firm toanalyse each and every risk associated with their business and make proper plan and controlsthese so that actual performance can be increased and overall productivity and profitability canbe raised. In this report effective risk management plan is being prepared for 'FitnessVenturesLtd' as company is planning to open new Youth Centre.Main BodyRisk Management Plan.In business term, risk are defined as the potential of business to gain or loss somethingthat can be counted in value. Project risk management plans are related to thought of mappingwhich could be determined, anticipate and make meaningful resolution in case if any of thecompanies project are determined to be facing any problems or issue. It is observed that aneffective plan can face any kind of unwanted issues as management of companies has alreadyconsider all the possible reason that may rise while doing a specific project. Thus in anorganisation a good and valuable project management plan are able to reduces the overall levelof problem around 70% to 90% that can make damage to important project of FV Ltd. Whilecompany is planning to invest and develop new Youth centre thus there is very much need ofvaluable risk plan that will help to analyse the variety of risk linked with the project and makevaluable decision in order to resolve these issues (Morris, 2013). It is very common almost eachtype of project have a high percentage of risk that can reduce the overall performance ofemployees and generate less result in specific time period.Project risk management plan is a systematic step by step statement that support managerof FV Ltd to determine and evaluate scenarios that can raise to specific project at a articular timeperiod and it also support to make effective solution and ways by different risk can be managedand controlled in proper manner. So the overall plan of respective company will summarizes the1
actual risk management methods and approaches that are been adopted, considers by the upperand lower level manager and different team member working for the development of Youthcentre. It is refereed to be a valuable part of business plan for FV Ltd has more the risk couldlead down the actual and future profitability and performance in dynamic world. Hence the lessrisk to company or more specific solution to company are helpful in better functionality of YouthCentre project and help them to build and reach the desired objective (Rose, 2013)Developing a project risk management planWith the effective effective project risk management plan FV Ltd is able to defines whena specific risk can come and what are the consequences and also able to generate proper solutionto avoid the situation of project facing derailment (Seymour and Hussein, 2014). An effectiveplan in discussed underneath:Risk IDDescription of RiskType ofrisk(Internal,External,Uncontrollable)RiskOwnerProbabilityOccurrence (1 -5)CostImpact(1-5)RiskScore(Probability*Impact)Risk Actions(Avoid / Mitigate /Transfer / Accept)R001If the requiredcommercialagreements are notissued at thenecessary milestonesthroughout theproject, then it willaffect the time scalesand potentially thecapability of theyouth centre.ExternalProjectManager3412Avoid – If theagreements are notmade to the correctspecification it maydelay certification.Ensure that all whohave an input towardsthe commercialagreements haveadequate training andknowledge to gain allcertifications.R002Owner sickness-InInternalOwner236Accept- It is very2
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