Project Execution and Control: Risk Management Plan

This document discusses the importance of project status reporting in project execution and control. It highlights the goals and aims of project status reporting and the risks and issues associated with it. Different types of project status reports are also explained, along with the role of the project team, sponsor, and steering committee in preparing and updating these reports.

Running head: RISK MANAGEMENT PLAN
Project Execution and Control: Risk management Plan
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Part A: Project status reporting
Project status reporting is referred to as a document that is widely used by almost all
project associates to guide project team members and give ideas regarding project practices,
overview, requirements, project development activities and other relevant key terms associated
to the project requirements. The project status report also demonstrates the project history. In
order to strengthen the lesson learned and to evaluate, review current status of any project, the
document is very essential. The goal and aim of project status reporting are mentioned below:
 Improve the communication of information within the project and across the
entire business organization
 Improve the overall organizational support for the project
 To simplify the process of information gathering and dissemination
 To make sure that associated stakeholders are receiving all accurate information
timely
 It helps to communicate all key message related to the project
The risks and issues of varous project status reporting are illustrated in the below section:
 If the project risk logs are not updated and integrated timely then the project
would fail to meet the objectives and expectations
 Work ambiance is the other aspects that need to be considered by the project
manger and project team members while preparing a project report. Issues with
personality traits, working ambiance and cultural norms, regulations are the other
reason that may cause failed project status reporting

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 If the project manager failed to identify the potential risks at the primary period
then the status report would fail to deliver actual requirements of the consumers
and project needs
 If the project status report updating responsibilities are given to the project
executive then it will definitely cause project status misreporting
 If any important information is ignore by the project leader and associate project
members then, again the project would cause misreporting
 For successful implementation of the project equal contribution from each project
team members are essential. If each members failed to contribute as expected then
the project status will not be understood by the associates which is the other pitfall
 If the status report is not timely shared among project associates then the project
status will not be identified by the project team members and it will mislead the
entire project and result in overrunning budget, over allocation of time and over
allocation resource issue.
 The reporting approaches varies for different project associates if proper reporting
approach is not followed by the project manager then that would be other pitfall
The different project status reports used by the project managers while managing and
implementing any project are: risk report, board and executive reports, resource reports and
current status report. Whether a project is governing towards accurate direction or not is
analyzed easily with the help of this reporting approach. The content of each of project status
report are different and used for different project scenario. The difference between the status
report prepared by the project team, sponsor and steering committee are elaborated in the below
section:

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Due to an obvious cause the project managers have identified that success of a person is
dependent on success of a project. In order to get both bigger and brighter image the employees
are offered incentives and rewards. If it is found that in any change management plan of a project
an executive is associated then, the misreporting is a confirm pitfall or challenge that will occur.
Apart from this, it is also identified that due to dysfunctional and wrong operational activities the
business functionalities and many other project operations will be misreported which is the other
major pitfall or challenge
It is necessary of the team members and project leader is to ensure that all possible risks
and pitfalls are detected at the initiation phase. The project executives are unable to reply upon
the associate project staffs and also other employees for reporting the current project status. In
most of the cases the project managers prepare partial reports to describe and demonstrate the
present position of the scheme.
This project status report delivers by the project steering committee is again different.
The role of the project steering committee is to monitor the project quality and improve the
project according to project needs and consumers expectations. The project status report mainly
contains advices and sometime detail decisions those have been made. The steering committee
gives support, oversight progress details and guidance to the project team members so that it can
meet the project requirements sooner within the assigned time and budget. After each meeting as
per the changed decision the report should be updated. If this is not done then the current status
of the project will not be known to each individual. The steering committee needs to balance the
resource and conflicts accurately of the status report fail to identify the actual communication
approach then that would again be a major pitfall. Timely project outputs should be actively
promoted by steering committee if it is not done then that would also result major challenges.

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Based on the project requirements accurate strategies are needed to be prepared and again if that
is not accomplished then cause major challenges.

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