Project Management: Risk Management, Project Closure, Methodologies

Project Management
1

Table of Contents
Part A ..............................................................................................................................................3
Risk management including risk register table .....................................................................3
Part 2................................................................................................................................................5
Importance of correctly managed Project Closure.................................................................5
Part 3 ...............................................................................................................................................7
Discussing methodologies of project management ...............................................................7
References ....................................................................................................................................10
Appendix ......................................................................................................................................11
Project Initiation Document...........................................................................................................11
Stakeholder Analysis of the project......................................................................................11
Gantt chart............................................................................................................................12
Importance of WBS in managing the tasks on a project...............................................................13
Importance of critical path analysis...............................................................................................13
2

Part A
Risk management including risk register table
Risk management is the process of identifying risks before initiating a project in order to
prepare for uncertainties and develop contingency plans for the same. The function of risk
management is crucial in the project management as it deals with defining risks and ascertaining
their probability and take preventive measures in order to mitigate the threats and their impacts.
The importance of risk management register is highly significant in determining the impacts and
scope of a particular risk associated with the project. The relevance of risk register is very crucial
in planning a project and what are the actions that needed to be taken to reduce such risks
possibilities. Moreover, this risk register is used for reference purpose during the whole process
of planning and executing a project as well (Hair and Sarstedt, 2021). For instance without
proper maintenance of risk register the risk of uncertain weather cannot be accessed and with
risk maintenance register, it will be planned how to make arrangements in backup space.
Maintaining risk register helps in proper allocation of funds and all the risks are accessed to be
covered through maintaining a separate budget for addressing risk factors. It helps in integrating
efforts and provides assistance in improving the overall execution of the project. Risk register
access and address all the risk factors and state what has to be done in order to cope with threats
of various risks. Following is the risk register for the project of sporting event.
Risks description Likelihood Impacts Severity Owner Mitigating action
Lack of resources Medium Low success of
the organised
event
Medium Project
manager
Ensuring optimal
use of funds with
strategic planning
and minimising
wastage.
Financial risks High Various issues in
sponsoring event
and lack of
fame , low
success of event.
Overall impact
High Principal Ensuring
unnecessary
expenses and
developing
contingency plans
for mitigating
3

on capital and
reserves of
university.
financial risks.
Severe Injuries of
players
Medium Loss of players
in game and
compromising
with well-being
of individuals.
High Coach Proper equipments
for safety of
players.
Uncertainty of
weather
Low Delay in event Medium Project
manager
Developing
contingency plan
for covering costs
of event.
Postponing of
event
Low Loss of funds
and opportunity
cost
High Project
manager
Effective planning
and preparing for
covering costs in
case of postpone.
Medical costs due
to injuries
High Loss of funds High Coach Making
arrangements and
prior agreements
with nurses and
doctors at the
event.
Insufficient
arrangements
Medium Less fame, low
success
Low Project
assistant
Strategic planning
with delegation of
work.
Loss of reputation
due to low
performances of
players
Medium Declining image
of the university
and future impact
on events
Medium Principal Ensuring high and
effective coaching
and practise before
the event.
4