Project Management: Risk Assessment, Planning, Costs, and WBS Analysis

This project management assignment presents a comprehensive analysis of project planning and execution. It begins with a risk register, identifying and mitigating potential issues related to costing, time management, performance, and resource allocation. The assignment then delves into project planning, outlining tasks, durations, and costs using a detailed table. A work breakdown structure (WBS) is provided, breaking down the project into manageable activities with start and end dates. Finally, the assignment includes a discussion of Gantt charts and their benefits in visualizing project schedules, task dependencies, and resource allocation, supported by a list of relevant references. The document demonstrates a practical application of project management principles through risk assessment, planning, and scheduling.

Project Management
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Table of Contents
Risk Register..............................................................................................................................3
Planning and costs......................................................................................................................7
Work Breakdown Structure........................................................................................................9
Reference List..........................................................................................................................13

The resources that are to be used in the project installation must be examined for the best
ones available, however it is impossible to cross check every single resources that flows in
the making of the project. Therefore the project, in order to succeed, must have a backup plan
in case of failures in the strategies applied in the project.
Risk Register
Wee
k
Date of
identificati
on of risks
Identified
problems
/ risks
Accountab
le figure
Impa
ct
level
Impact on the
project
Actions taken
to reduce the
risks
1 Risks
related to
costing
Project
manager in
charge
M Risks related to
costing can
adversely
impact the
business project,
as costing risk
refer to the
circumstances
where the actual
costs are
witnessed to be
exceeding the
determined
budgeting. It
can further lead
the project
towards various
related the
performance
risks of a
project, if it is
not addressed in
a significant
manner
In order to
mitigate the
risks related to
costing, the
project team is
required to
demonstrate the
project through
a work
breakdown
structure. In
this regard, the
project would
be provided
with a
paramount
standard of
assistance in
evaluating the
planned
outcomes,
rather than
planned actions
in a significant

(Cagliano et al.,
2015).
manner.
2 Risks
related to
time
Project
manager in
charge
H This refers to
the risks related
to time
management,
where the
events take a
longer amount
of time than
expected. It is of
paramount
importance to
mitigate this
particular risk in
order to prevent
the project from
various risks
related to
excessive
costing, and add
further delays in
the completion
of the project
(
Hornstein¸2015)
.
In order to
mitigate this
risk, the project
management
team has
initiated several
training
sessions and
seminars
related to time
management. In
brief, the
training
sessions
provided to the
employees
associated with
the project
management
team with
necessary
information and
motivation that
can provide a
paramount
standard of
assistance to
the team in
order to realize
the importance
of time

management.
This can help
the employees
in working
more
efficiently.
3 Risks
related to
performan
ce
Team
leader of
the project
M Performance
risks refer to the
type of risks
that expose a
project towards
the risk of not
being completed
under the
desired level of
outcome. In
brief, it refers to
the
circumstance
where the
project is
underperformin
g, in
comparison
with the desired
outcomes of the
project.
In order to
mitigate the
risks related to
underperforman
ce of a project,
the project
management
team has
utilized
fundamental
methods related
to cost risk
analysis and
scheduling,
which are
completely
related to the
particular area
of the project.
With respect to
this, the project
management
team has
utilized several
constructive
quantitative
methods.

4 Risks
related to
resources
Entire
project
team
H In context to
this, the risks
related to
resources reflect
that the project
has not been
able to be
completed
successfully due
to the
insufficiency of
the necessitated
resources. In
brief, it can be
stated that
negligence of
this risk can
further result
into several
disruptions that
might take place
amidst the
project
(
projectinsight.n
et, 2019).
In order to
mitigate the
risk associated
with resources,
the project
manager in
charge has
ensured that the
resources are
insufficient, in
terms of
quantity.
Furthermore,
the team has
further ensured
that the team is
in possession of
sufficient
financial
resources that
can prevent the
project from
being exposed
to risks.
Table 1: Risk Register
(Source: Created by the learner)

Planning and costs
Tas
k
No.
Interpretatio
n
Duratio
n of the
project
Forerunne
r
Fixed
costs
(Includin
g in-
house
resource)
£M
Supplementar
y engineers
Additional
Technicia
n or
Productio
n staff
1 Panel of
design of
factory
4 - 2.7 10 4
2 Committee
outline design
of
Mechanization
Instruments
3 - 1.5 10 6
3 Control board
of power
saving design
of product
2 - 1.6 10 5
4 Detailed
factory design
7 1 3.7 10 4
5 Detailed
Mechanization
Instruments
and Power
saving product
design
8 2,3 5.3 20 9
6 Committee
and design
Mechanization
Instruments
9 5 3.2 10 6

and Power
saving product
design
7 Manufacture
automation
instruments
9 5 6.4 20 45
8 Construction
of modular
factory units
8 4,5 4.2 30 50
9 Transport and
construction
of modular
factory on site
in Germany
7 8 3.2 10 65
10 Test
automation
instruments
5 6,7 2.5 7 25
11 Transport of
new
equipment to
the factory
location
3 10 2.7 11 6
12 Installation of
novel
automation
equipment in
the new
factory
6 9,11 3.3 26 45
13 Installing
software for
automation
instruments
3 12 2.3 12 6
14 Installing 4 6 2.4 10 5

software for
saving power
in product line
15 Testing power
saving product
line
5 13 2.2 5 25
16 Handover and
training of
TMC
engineers in
automation
processing and
production of
products
7 14,15 1.7 6 15
Total 48.9
Table 2: Planning of the Project
(Source- created by the learner)
Work Breakdown Structure
Sl. No. Name of
activities
Start date Task duration Date of
submission
1.0 Initiation of the
project
01.04.2019 10 10.04.2019
1.1 Basic research 04.04.2019 9 12.04.2019
1.2 Classifying chief
resources
05.04.2019 9 14.04.2019
1.3 Preparing the
project
management
plan
08.04.2019 7 15.04.2019
1.4 Evaluating the
expansion and
09.04.2019 9 18.04.2019

growth of the
project
1.5 Inclusion of
efficient team
members
10.04.2019 9 19.04.2019
1.6 Analyzing the
raw materials to
be outsourced
12.04.2019 8 20.04.2019
1.7 Outsourcing of
the automation
substances
16.04.2019 5 21.04.2019
1.8 Construction of
power safety
products
18.04.2019 3 22.04.2019
1.9 Analyzing the
outsourced
materials
25.06.2019 35 10.08.2019
1.10 Utilizing the
materials for
automation
equipment
construction
23.07.2019 41 17.09.2019
1.11 Transport of the
automation
equipment
04.08.2019 57 20.10.2019
1.12 Transport of
power safety
products
13.10.2019 49 18.12.2019
1.13 Project
completion
01.04.2019 263 01.04.2020
Table 3: WBS
(Source: Created by the learner)

Gantt chart
Gantt chart is a kind of bar chart that outlines the schedule of the project work and illustrates
the relationship between different activities and the current schedule status. Moreover, it can
be said that Gantt chart is the visual illustration of tasks, which are displayed against time
(projectmanagement.com, 2018). The chart sketches the important information like duration
of the task, who assigned the task, what are the tasks involved, how many tasks are included,
what are the interpretation of those tasks, the cost expenditure, etc. The benefits offered by
Gantt charts are as follows:
 Proper information outlined in the chart
 Enhanced team work and effective communication
 Resource overload is identified and mitigated
 Measuring the progress of the project
 Identification of task dependencies