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Project Risk Management (pdf)

   

Added on  2019-12-18

12 Pages3243 Words301 Views
Project Management1

TABLE OF CONTENTSINTRODUCTION................................................................................................................................3PROJECT OVERVIEW OR SCOPE...................................................................................................3Definition..........................................................................................................................................3Rational.............................................................................................................................................4Constraints........................................................................................................................................4Assumptions.....................................................................................................................................5Project charter...................................................................................................................................5PROJECT COST MANAGEMENT....................................................................................................6Resource analysis..............................................................................................................................6Budgeting..........................................................................................................................................6Cost control.......................................................................................................................................6PROJECT TIME MANAGEMENT.....................................................................................................7Gantt chart........................................................................................................................................7Network diagram..............................................................................................................................8Critical path analysis.........................................................................................................................8PROJECT RISK MANAGEMENT.....................................................................................................8Risk identification.............................................................................................................................8Risk analysis.....................................................................................................................................9Risk matrix.......................................................................................................................................9CONCLUSION..................................................................................................................................10REFERENCES...................................................................................................................................112

INTRODUCTION Project management is all about related to creating configuration structure and managing theproject obligations and deliver the expected outcomes. The primary function of it is organizing andplanning projects to meet the goals. In the present time, organizations are developing in a completenew way. There approaches towards doing the businesses become complete change. To managetheir small to complex projects, they are taking help of project management application. Thepurpose of using this is grouping of distinct activities with the aim of attaining particular objectives(Kendrick, 2015). The present research is based on project management and to understand itssignificance, a case study is taking into the consideration. According to case, London School ofBusiness and Management wishes to celebrate the end of the academic year with a one day charityfund raising event. Along with this, charity options are also being considered as critical part ofevent. It means through annual year celebration project the college is trying to get charity forbetterment of education system. This program will be held on May 2017 and the aim behindorganizing this plan is to raise at least £2017. The prepare project plan will include projectoverview, risk assessment, project schedule and project budget. PROJECT OVERVIEW OR SCOPEDefinitionProject definition is the stage where a project define in a particular and actionable terms. It isdesigned to execute the plan to facilitate informed actions and decision making. In the case ofLondon School of Business and Management, definition of academic year celebration event is asfollows:Scope definition: It is a first step in the direction of defining of academic year celebration project.In this context, to state scope of event, project scope checklist will create which is as follows:Project objectives To celebrate the end of the academic year.To raise funds through one day event. Deliverables To collect the funds at least £2017 via celebrating year end academicyear. MilestonesProject initiationPlanningImplementationMonitoring and controlProject closerTechnical requirements Project management software, budget preparation tool, scheduling3

software etc. Limits and exclusion Limits: Predefined budget, time and schedule activitiesExclusion: Do not promote offer courses of London School of Business andManagement.Event will not be run more than one dayReview with clientEstablishing priorities: This is the second stage of project definition where some priorities establishby the project manager to a project. In the context of London School of Business and Managementto celebrate academic year, few priorities of the project manager will be as follows:To maintain project scope to attain major objectives of the plan (Schwalbe, 2015). To set the quality standards for the success of the event so that better charity can becollected. To manage the time slot for effective management of entire work.To optimally utilization of limited funds in order to attain the deliverables (Devaux, 2015). RationalProject rational is an argument in support of executing the planned project. This provides aclear and detail explanations about why the selected plan is carrying out by an organization. It isone of the first documents that prepare by the project manager because it helps in setting out of thebackground for the business case. As per the case study of London School of Business andManagement, it has determined that college wishes to celebrate the end of the academic year with aone day charity fund raising event (Turner, 2016). In this regards, the ration behind organize thefollowing project is to raise the funds for the charity so that charitable organization can use thatamounts for different social works. ConstraintsIn project management, constraint means restriction that limits the success of a project. Byconsidering academic year celebration project, there will be three major constraints that may createbarriers in accomplishment of this plan. These will schedule, cost, scope, resources and quality. Allwill influence each other and will make impact on overall event. For example, if sufficient resourceswill not available then it will take time to raise the funds for charity organization by London Schoolof Business and Management (Hering, Carvalho and et.al., 2015). This will increase entire projectcosts because to carry out this plan, alternative resources will needed to be arranged and that may bemore expensive as compare to planned budget. 4

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