Project Planning and Risk Management Analysis

The given assignment is about project planning and risk management. It covers various aspects such as poor planning, lack of time frame, unskilled project managers, inaccurate estimations, and proper communication as major causes of project failure. The study also introduces six phases for expanding a small business in the Kennington market, which include strategy, preparation, design, testing, launch, and closure. It emphasizes the use of techniques like Gantt charts, critical path, and network diagrams to achieve targeted objectives. Additionally, it presents risk management using a risk matrix in the present scenario.

PROJECT PLANNING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
SMART Targets...............................................................................................................................1
Project Phases and Procedures.........................................................................................................2
Project Phases.........................................................................................................................2
Project Procedures..................................................................................................................2
Project Planning Tools.....................................................................................................................3
Network Diagram...................................................................................................................4
Gantt Chart.............................................................................................................................4
Critical Path............................................................................................................................6
Risk Assessment..............................................................................................................................6
Risk Identification..................................................................................................................6
Risk Matrix.............................................................................................................................7
Project Failure Causes............................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

ILLUSTRATION INDEX
Illustration 1: Network Diagram......................................................................................................4
Illustration 2: Gantt Chart: Part 1.....................................................................................................5
Illustration 3: Gantt Chart: Part 2.....................................................................................................5

INTRODUCTION
Proper scheduling at the time of adopting any project on the company is highly important
for the management. With the help of planning, goals and objectives of the firm can be achieved
in proper and appropriate direction. In the present study, a small enterprise is expanding its
business in the new market i.e. Kennington. In this, initially SMART objectives are prepared and
shows different phases of the project planning. Apart from this, it describes all the scheduling
tools which are supportive for the small business in order to expand its operations. At the end of
study, risks are identified along with its impact on the project and causes of its failure are
explained.
SMART Targets
At the workplace, goals must be proper, clear as well as appropriate which support to
work upon it in highly effective manner. In context to this, the objectives must be framed on the
basis of SMART concept. For small business expansion in Kennington market, objectives
prepared on the basis of SMART targets which are such as follows: S – Specific: As per S letter, the objectives must be highly clear as well as specific by
which employees and subordinates can easily understand. In the present project specific
goal is, to expand the small enterprise in another market which is Kennington (Haughey,
2017.). Along with this, other objective is to raise market share by 9% up to the next
financial year.
 M – Measurable: The objective should be measurable in proper form which support to
meet in appropriately. At the present study, the goal is measurable in terms of market
share of the new area i.e. Kennington.
 A – Achievable: Apart from this, the above desired goal is achievable as the management
of small business works to meet with the competitive advantages. As the company
attracts more customers then can meet with the agreed percentage of market share. R – Realistic: The framed goal is realistic for the SME because management and
subordinates are willing to meet it.
 T – Timely: As per this, the goal needs to be achievable on time and in the current
objective, one financial year will be required to raise market share by 9%.
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Project Phases and Procedures
Project Phases
While expanding the firm in Kennington market then different number of stages as well
as phases are taken into account by the manager (Turner, 2016). Further, basically six phases are
involved and used in the present study which are such as follows:
 Strategy
 Preparation
 Design
 Testing
 Launch
 Closure
Project Procedures
The method in which all the activities for business expansion are framed and on the basis
of that objectives are achieved is considered as the project process (Kerzner, 2013). For the
present study, the procedure on the basis of phases is mentioned below:
Activity Name of activity Predecessors Duration of activity
completion (in days)
Expanding the business in Kennington 215 days
Strategy Phase 15 days
A Identify market for expansion - 7
B Build specific goal A 5
C Frame strategies to achieve goals B 3
Preparation Phase 44 days
D Assess market situations B, C 9
E Analyse secondary data D 11
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F Market research E 16
G Analyse demand of the product in market
where business is expanding
F 8
Design Phase 40 days
H Choose particular product for expansion F, G 10
I Design layout H 14
J Designing of the goods and services I 16
Testing Phase 21 days
K Provide sample product in proposed market J 9
L Take review from sample users I, J, K 4
M Make modifications in product if needed L 8
Launch Phase 52 days
N Enter in Kennington market M 13
O Use social media or digital marketing N 17
P Attract people of Kennington market O 19
Q Start selling of the products and services O, P 3
Closure Phase 43 days
R Take feedback and suggestions from users of
Kennington market
Q 22
S Apply advises in the business R 9
T Prepare corrections R, S 12
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Project Planning Tools
When the company expands business in another market like Kennington, then the project
manager uses different kinds of the tools and methods. Under the project management generally
three techniques are adopted which shows clear path of the firm expansion. Along with this, such
tools are helpful for reducing the overall project duration (Hwang and Ng, 2013). Further,
scheduling methods are like network diagram, Gantt chart and Critical path which are shown
below:
Network Diagram
The tool which reflects critic as well as non-critic project activities to the manager of
small enterprise is called as network diagram. With the help of this tool new and revised time
duration of the business expansion in Kennington is identified. For the present study, network
diagram is mentioned below:
Illustration 1: Network Diagram
Gantt Chart
The method under which all the activities are shown in horizontal and clear format is
called as Gantt chart. Through this, the employees get clear idea that how to adopt the activities
and work upon it (Young, 2013). Moreover, Gantt chart for expanding small firm is as follows:
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Illustration 2: Gantt Chart: Part 1
Illustration 3: Gantt Chart: Part 2
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Critical Path
Those activities which are critic in network diagram, necessary for adopting and go
through while expanding business in other market. Apart from this, the project manager can
avoid non-critic tasks from the project planning by which total duration reduces to the great
extent. In short, the way which shows that which are activities mandatory to adopt and which can
be avoided is known as critical path. In order to expand small business in Kennington market, the
respective path and time duration of the project is mentioned as below:
Critical path: 1+2+4+5+6+8+9+10+12+13+14+15+17+18+20
Project duration: 7+5+9+11+16+10+14+16+4+8+13+17+3+22+12 = 167 days.
Hence, the present project will be completed within only 167 days instead of planned i.e.
215 days.
Risk Assessment
Apart from this, another aspect which is related to the project management is risk
assessment under which issues related to the project are identified. Once the obstacles and risks
are introduced in appropriately then, its influence on the overall project is analysed. Further,
combination of risk identification and its impact is known as the risk assessment (Kendrick,
2015).
Risk Identification
In the project, different types of risks and issues that have arisen which are necessary to
be identified at the time of implementing project at the workplace. Once the obstacles are
identified, then management can make strategies to resolve it which helps to meet with
objectives in proper direction. Further, risks which can be incur in the business expansion are
like improper market selection, ineffective research, technical problems, unskilled employees,
contingency risks, cost increasing etc. Among these all, when any of the aspect comes into
consideration within project then it affects negatively (Kamran and et.al., 2014). For instance: if
the small business gets fail for selecting the market in order to expand then whole project hamper
up to the higher extent.
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Risk Matrix
The method which has shown various risks of business expansion along with the impact
or level of risk on the overall project is known as risk matrix. Further, risk level of above
identified aspects on the present project is shown through risk matrix as below:
Risk Matrix
Level of risk Very low Low Medium High Very high
Very high Failure of
the project
Wrong
market
selection
High Decline customer
demand of the
consumers
Typical rules and
regulation of
Kennington market
Cost increasing
issues
improper
market
research
Contingency
as well
situational
risks
Medium Risk related to the
failure of project
unskilled and low
qualified workforce
Low Issues
related to
technology
Very low Employee
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inefficiency
Project Failure Causes
At the time of adopting new project within working environment of business, several
kinds of aspects are necessary to be considered by project manager. If the elements are not taken
into account then chances of project failure arise up to higher extent. Further, some causes by
which project gets fail are mentioned below:
 Poor planning is one of major issue by which project gets fail from the initial level.
 Lack of adequate time frame availability also create problem for failing of the selected
project.
 Along with this, if project managers in the company are unskilled and inexperienced
objectives of project cannot be achieved (Lim, 2016).
 Improper as well as inaccurate estimations of cost and expenses lead to fail the project.
 Due to proper communication and coordination between team members lead to hamper
overall project. Therefore, it gets fail up to the higher level and goals cannot meet
appropriately by the project manager.
CONCLUSION
From the present study of project planning it can be summarised that, at the time of
undertaking any project it is necessary to frame objectives on the basis of SMART targets'
concept. In addition to this, generally six phases are introduced for expanding small business in
Kennington market which are like strategy, preparation, design, testing, launch and closure. It
can be concluded that techniques like, Gantt chart, critical path and network diagram, are highly
supportive for achieving targeted objective i.e. raise market share by 9%. In addition to this,
several risks are associated with the project which have different level of risk. Further, this is
presented with the help of risk matrix in the present scenario.
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REFERENCES
Books and Journals
Hwang, B. G. and Ng, W. J., 2013. Project management knowledge and skills for green
construction: Overcoming challenges. International Journal of Project Management.
31(2). pp. 272-284.
Kamran, K., and et.al., 2014. "Evaluation of PMI’s risk management framework and major
causes of software development failure in software industry. "International Journal of
Scientific & Technology Research. 3.(11). pp. 120-124.
Kendrick, T., 2015. Identifying and managing project risk: essential tools for failure-proofing
your project. AMACOM Div. American Mgmt. Assn.
Kerzner, H., 2013. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Turner, R., 2016. Gower handbook of project management. Routledge.
Young, T. L., 2013. Successful project management. Kogan Page Publishers.
Online
Haughey, D., 2017. Smart Goals. [Online]. Available through:
<https://www.projectsmart.co.uk/smart-goals.php> [Accessed on 29th July 2017].
Lim, R., 2016. Top 10 Main Causes of Project Failure. [Online]. Available through:
<https://project-management.com/top-10-main-causes-of-project-failure/> [Accessed on
29th July 2017].
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