Project Management - Woolong Company

Running head: PROJECT MANAGEMENT
PROJECT MANAGEMENT
Name of the Student
Name of the University
Author Note

1PROJECT MANAGEMENT
Discussions
The Woolong Company generates high-end vacuum cleaners and then sells them to the
customers online. The company is designing a new product.
 The stakeholders need to be identified for the new project. The tools and the techniques
that can be used in order to recognise the stakeholders of the project include the project
charter, documents of procurement, enterprise environmental factors and the
organizational procedure assets. These inputs are used in order to identify the
stakeholders (Eskerod & Larsen, 2018). The tools and the techniques include the analysis
of the stakeholders. The tools that can be used include resistor, neutral and the advocate.
The output includes the stakeholder register after the stakeholder analysis has been done.
 The potential risk those are associated with the project include the scope creep, risk of
budget, risk of integration, risk of resources of the project, disputes and the support of the
sponsor (Silvius & de Graaf, 2019). The risk management procedure include the
following:
Identification of the risks: In this stage the risk must be identified that can cause failure of
the project
Frequency and severity: The frequency and severity of the risks must be measured and
many organizations use heat map.
Evaluation of alternative solutions: the alternative solutions of the project must be
evaluated to solve the risks of the project
Implementation of the solutions: The solution that is evaluated must be implemented
Monitoring results: The results must be monitored to see the solutions are effective or not.