Project Management: Risk Register, Project Closure and Methodologies

This report discusses the importance of maintaining a risk register and adopting suitable project methodologies for better productivity of the project firm. It includes evaluation of different types of methodologies like Waterfall, Agile and Prince 2. The report also provides recommendations for further improvements in the operational work produced during the course of project and also aids towards countering with several project challenges and issues faced during implementation of project activities.

Project 2

Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Risk Register..........................................................................................................................3
Project closure........................................................................................................................6
Methodologies........................................................................................................................7
Recommendations............................................................................................................................9
Conclusion.....................................................................................................................................10
REFERENCES..............................................................................................................................11

Introduction
Project planning refers to the process in which several tasks are being taken into
consideration for completion of a project with specified period of time and with given resources.
In the given report which is a continuation of project 1 in which development of an application
called “QAHE mobile application” was being described. The respective project will undertake
several associated risks in carrying operational work of the project by developing a suitable risk
register and will define scope of project closure with relevant to the specified project. In the
presented report evaluation of different types of methodologies like Waterfall, Agile and Prince 2
is being taken into consideration (Monteiro, 2017).
Main Body
Risk Register
Risk register is a document in which list of risk associated to a given project is being
outlined. It is an important document which provides its important contribution in decision-
making process of the business firm. For carrying a project work it becomes important for a
project manager to take considerations of various associated risks for achievement of project
goals and objectives. In regards to the given project a risk register is being maintained by
managers of the given project. By maintaining such documents completion of project goals and
objectives can be assured and damage control strategies can be initiated for completion of project
within the investment of provided resources. For the given project project managers have taken
into considerations of 10 risks, these are as follows (Marnewick, Silvius and Schipper, 2019);
1. Technological failures
2. Staff priorities
3. Market uncertainties
4. Limited resources
5. Natural disaster
6. Unexpected requirements of funding
7. Funding requirements on the project that is already completed
8. Appointment of incapable production manager
9. Money invested in worthless software
10. Terrorist attack in the premises

Description of
risk
Chances of
occurrence of
the risks
Impact Severity Owner Mitigating
action
Technological
failures
The
possibilities of
occurrence of
this risk stays
at high
frequency.
This might
largely impact
over project
activities. As
due to high
dependency of
project work
over such
technologies
over time have
created its
negative
impact if they
are not
available at
the required
period of time.
It is high while
considering
both the
aspects
Technological
department
In order to
overcome such
risk, suitable
backup plan
can be
formulated by
project
managers.
With the fact
that respective
backup plan
would not
derive that
better scope of
effective
working but it
might be
useful by
limiting the
scope of the
project.
Staff priorities The chance of
such type of
risk stays at
moderate
frequency.
This could
lead to
possible
conflicts and
disputes in the
The severity
is low while
evaluating
both
likelihood and
Human
resource
This could be
solved through
use of
appropriate
human

organisational
firm.
impact
(Pollack,
2017).
resource
techniques.
Market
uncertainties
There are
higher
frequency of
this type of
risk.
This could
lead to project
failure.
Moderate R&D Initiating
research
programs.
Limited
resources
Moderate Inefficiency to
progress
through
project tasks.
High Human
resource
Preparation of
proper
budgetary
plan.
Natural
disaster
Low Failure in
project
operations.
High Operational
department
Weather
considerations.
Unexpected
requirements
of funding
High risk of
occurrence
Will have to
arrange
emergency
funds
High severity Financial
manager
To save
additional
funds for
contingency.
Funding
requirements
on the project
that is already
completed.
Moderate risk
of occurrence
Will have to
postpone
ongoing
projects
High severity
as tasks can be
stopped.
Finance
department
Keep
maintenance
checks on
existing
programs
Appointment
of incapable
production
manager.
Low chances
of occurrence
Will have a
high impact as
the production
line of the
company will
High severity
as the
company may
have a losses
of resources
Human
resource
department
To have a
close check on
employees
before
appointing

have to suffer. which are
scarce.
them and
creating a pool
of talent which
can help them
in appointing
talented
employees.
Money
invested in
worthless
software
Moderate
chances of
occurrence
High impact
as the funding
of the
company
which is
already
limited will go
waste.
High severity
as the funds
are involved
IT department To have a trail
period of the
software
which the
company is
going to invest
in.
Terrorist
attack in the
premises
Low chances
of occurrence
High impact
as it can effect
the lives and
workings of
the employees
and
management.
Extreme
severity as the
company may
have to suffer
from high
damages
Security
department
To have
proper security
in the premises
and keeping a
close check on
unknown
people
entering the
premises.
Project closure
The respective element i.e. Project closure is regarded as the last stage of project
planning. In this stage the project initiated is being completed and various closure as well as sign
off activities take place. In the said context of application development this stage will be an
inclusion of three elements (Scott-Young, Georgy and Grisinger, 2019);
 Assurance that work is being completed at various levels.

 Assurance of all activities relation to work related context is being executed.
 Formal recognition for completion of the given project which includes taking consent
from every individual engaged in project for completion of respective tasks.
Methodologies
Agile methodology
This project methodology includes breaking up of large project tasks into small activities
and different pathways or phases. The respective method includes completion of a project task
by initiating team efforts towards the desired project goal. Several principles which can be
associated with this methodology are explained below (Keshk, Maarouf and Annany, 2018):
 Scrum: It refers to modify long and complex project tasks into small phases or tasks and
by initiating group efforts towards the desired objective. For the purpose being specific
project management techniques or strategies are being taken into consideration. This will
enable manager of a specific project to ensure effective coordinative approaches for
completion of the desired project. In the given context, this methodology will ensure
proper coordinative techniques and strategic approaches for completion of the given
project. Kanban: This element of the model ensures continuation of activities being performed the
given project. As there might be certain situations in which due to long term deadline of
given task the individual workers might lose control over the given project. Therefore,
this segment of the methodology enables good flow of working in the project firm which
contributes towards completion of project goals in the most effective manner with proper
use of resources.
Waterfall methodology
The theory of waterfall as the name suggest is the continuous process in which
individuals associated with the given project should be indulged in project activities on regular
basis. Respective methodology is an inclusion of five stages, which are as follows;
 Requirements: The respective stage in the methodology indicates the requirements of
respective tools or other resources for starting the project. In the given context managers
of the project firm take into consideration several requirements of resources which can be
needed for starting a given project. This stage is an inclusion of allocation of resources
and preparation of budget for the said project.

 Design: It refers to collaboration all the resources being allocated in the project industry.
This is yet another important element of the methodology as it includes development of
specific standards through which all project activities are to be governed.
 Implementation: Carried forwarded with previous stage i.e. Design, this stage provides
with implementation of various project tasks in the most appropriate manner. For this
stage various tools and techniques are being used. It is a technical stage in which
application of knowledge and skills of an individual in being applied.
 Testing: In this stage the testing procedures of working at the project firm is being taken
into consideration. It is to be ensured that all the work being produced in the project
industry is as per the desired standards. Maintenance: In this segment initiates are taken with regards to maintain the discipline
work which is being operated in the project industry. This enables working of the project
firm in an efficient manner.
Prince2 methodology
This methodology initiates project tasks in the best possible manner and is effective from
project initial to the project closure stage. The respective type of methodology contributes
towards regulation of project tasks in the most appropriate manner by use of effective techniques
and coordinative manner. This enables project manager to derive effective outcomes out of
several project tasks being produced in the project industry (Ika and Donnelly, 2017).
Methodology Strengths Weaknesses
Agile The strength of the respective
approach is that it provides
great flexibilities which aids
towards enhancement of
productivity of the project
firm.
One of the weakness of the
Agile methodology stays with
the period of time it takes for
completion of a given project.
Prince2 Prince2 method of project
enables better communicative
techniques in the project firm.
As this method is an inclusion
The Prince2 project
methodology includes huge
processes of documentation.
This could be due to adoption

of using innovative techniques
for communicating in the
project firm. Therefore, better
communication could lead to
fulfilment of desired goals and
objectives of the business firm.
of various techniques for
communicating which comes
with associated documentation
formalities. This in turn raise
about weakness of high
complexities faced in the
course of project activities.
Waterfall Waterfall methodology proves
to be an effective approach in
terms of determining clear
goals and objectives of the
project undertaken. This
enables working of the project
company towards right
direction.
One of the biggest weakness of
the respective methodology is
that it is not flexible enough to
deal with market uncertainties.
Therefore, effectiveness of the
approach can be questioned for
its execution in uncertain
business environment.
Recommendations
From the evaluation of data and information presented in regards to the given project
adopted for development of QAHE recreation mobile application. It is recommended to given
project industry to adopt Waterfall project methodology as all project scope an relevance can be
defined well which will eliminate risks relation to uncertainties. There are several
recommendations that could be drawn to the respective project industry. Such recommendations
are subjected towards making further improvements in the operational work produced during the
course of project and also will aids towards countering with several project challenges and issues
faced during implementation of project activities.
 Detailed market research: The respective project firm is recommended to perform
detailed market research in which all the project tasks and activities are to be
undertaken. As the project institution will adopt to Waterfall methodology which is
highly reactive to uncertain business environment. Therefore, performing suitable
market research well in advance will enable firm to produce effective project tasks at the
project industry.

 Workplace relationship: Another important recommendation drawn for the chosen firm
would be of maintaining effective workplace relationships. This will enable better
relations with workers that would further initiate team efforts and will also enable
effective working of the firm in complex business environment (Hurta and et. al., 2017).
Conclusion
From the analysis of the above report it can be concluded that, a project manager by
maintaining a risk register can initiate better productivity of the project firm. This includes
developing several standards of operational project work and also initiates effective working at
the project site. By adoption of specific project methodology a project manager can enable better
approach towards project goals and can also derive better outcomes through approaching the
project task in the most coordinative manner. From analysing the strengths and weaknesses of
the given project methodology given project manager can adopt to certain methodology which
suits best to their project work.

REFERENCES
Books and Journals
Hurta, H. and et. al., 2017. Mergers and Acquisitions from the perspective of project
management. Polish Journal of Management Studies. 15(2). pp.100-114.
Ika, L.A. and Donnelly, J., 2017. Success conditions for international development capacity
building projects. International Journal of Project Management. 35(1). pp.44-63.
Keshk, A.M., Maarouf, I. and Annany, Y., 2018. Special studies in management of construction
project risks, risk concept, plan building, risk quantitative and qualitative analysis, risk
response strategies. Alexandria engineering journal. 57(4). pp.3179-3187.
Marnewick, C., Silvius, G. and Schipper, R., 2019. Exploring patterns of sustainability stimuli of
project managers. Sustainability. 11(18). p.5016.
Monteiro, A.J.V., 2017. Project management office (PMO): typologies and models (Doctoral
dissertation).
Pollack, J., 2017. Change management as an organizational and project capability. Cambridge
handbook of organizational project management, pp.236-249.
Pryke, S., 2017. Managing networks in project-based organisations. John Wiley & Sons.
Scott-Young, C.M., Georgy, M. and Grisinger, A., 2019. Shared leadership in project teams: An
integrative multi-level conceptual model and research agenda. International Journal of
Project Management. 37(4). pp.565-581.