Project Risk Assessment and Management

The assignment delves into the importance of proactively identifying potential risks in a project. It emphasizes the need to analyze these risks based on their likelihood and impact, followed by developing appropriate mitigation strategies. The objective is to ensure smooth project operation by minimizing the adverse effects of unforeseen circumstances.

System Analysis and Design

Table of Contents
INTRODUCTION...........................................................................................................................1
Determining the functional and non-functional requirements for TLS.......................................1
Developing the Work-Breakdown Structure (WBS)...................................................................2
Developing the PERT/CPM chart...............................................................................................3
Class diagram to represent unit registration................................................................................3
Calculating the Net Present Value (NPV), Payback Period and Return on Investment (ROI)...4
Developing a Poster-....................................................................................................................6
CONCLUSIONS AND RECOMMENDATIONS..........................................................................6
Summary of findings...................................................................................................................6
Recommendations........................................................................................................................6
REFERENCES................................................................................................................................7

List of figures
Figure 1: Gantt chart........................................................................................................................5
Figure 2: Critical Path method.........................................................................................................5
List of tables
Table 1: Activity table.....................................................................................................................3
Table 2: NPV of TLS.......................................................................................................................7
Table 3: Payback period..................................................................................................................8
Table 4: Return on Investment........................................................................................................8

INTRODUCTION
Project management is the process of completing a certain task to attain some specific
objectives. It is applied with several effective techniques such as critical path method, network
diagram (Kaus & et. al., 2007). The present report is based on developing new Teaching and
Learning System (TLS) for High-Quality Institute (HQI) for better education of students and
providing them easy access to portal or units. For this purpose, project plan has been prepared
with the application of Gantt chart and critical path. Furthermore, evaluation of the project has
been done through payback period, net present value and return on investment. Moreover, the
work-breakdown structure has been prepared for overall TLS project.
Determining the functional and non-functional requirements for TLS
There are different requirements of TLS for HQI so as to ensure the better education of
the students. The functional requirement is related to installation and configuration of email,
database management and development of web-page. At the same time, installing switches and
routers for the smooth functioning of supporting network is called as the functional requirement
(Burke, 2013). This proves to be effective for each student to get registered in the relatively less
time span and submit their assignment in an effectual manner. Furthermore, unit registration
procedure will be easy for entire college through which it becomes easy for completion of all the
related task. This, in turn, students can seek the advice of available teacher in order to
accomplish their allotted task (Stevenson & Hojati, 2007). Moreover, functional requirement of
the system is that all data should be recorded for the performance of students and advisor.
The non-functional requirements are related to keeping the track on the performance of
the students and assigned advisor of them (Yang, 2006; Van Lamsweerde, 2009). It is supported
with the functional requirement through which HQI can easily maintain its high performance and
ensure the betterment of the students. Therefore, a number of students should have easy access to
the portal or unit for timely completion of their data (Crawford, 2007). Apart from this, the
functional requirement is related to making sure the availability of teacher of advisor for the
guidance of learners (Rao, Savsani & Vakharia, 2012). It proves to be effective for knowledge of
postgraduate and undergraduate learners of HQI.
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Developing the Work Breakdown Structure (WBS)
The work breakdown structure for TLS has been provided as follows-
Sr.
No. Activities
Duration
(weeks)
Description
1 Assessing the requirement 1
Internal environment f HQI is
assessed in order to determine
the functional and non-
functional requirement of the
project
2 Collecting the information 2
Management will be asked
about the current learning
process
3 Framing the objectives 1
Installing and configuring
email, website and database
management for all staff
Easy registration of students to
the unit
Availing advisor
4 Allocating the task 3
The project team will be
allocated task related to
installing supporting server,
security, the configuration of
database etc.
5
Installing and configuring email and
database management 4
Access to all staff and
management
6 Establishing IT infrastructure 5
Preparing the lab and other
related facilities by installing
software’s
7 Availing system and security 2
Security check of overall IT
system
8 Installing supporting servers 3
All working areas will be
covered
9 Reviewing the performance 2
Continuous monitoring through
project manager
10 Modification 2 Changes in the process
11 Sustain system performance 3 Implementation
12 Execution 1 Completion
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Developing the PERT/CPM chart
The Critical Path Method is considered as the effective aspect in which duration of the
overall project is reduced to a great extent (Kerzner, 2013). The below-mentioned network
diagram is prepared to assess the longest path of the project in which several activities are
completed simultaneously. The activity table has been presented in the following manner. It
contains the overall plan for the implementation of testing of TLS. This facilitates corporation to
arrange for the necessary resources and accordingly deliver the respective task among team
members. It proves to be effective for corporation to ensure timely completion of all project
activities. Furthermore, project will be started in the October month and it will last till March
2018. In this manner, estimated time for the project is 29 weeks so the efforts are put to reduce
this time and accomplish the long as well as short term objectives of the business in the right
manner.
Table 1: Activity table
Task name Duration Start Finish Predecessors
Project 21 wks Thu 12-10-17 Wed 07-03-
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TLS
system
ULS and
PLS
Sutain system
performance
Assessing
the
requiremen
t
Gathering
the
information
Framing
the
objective
s
Installing
and
configuring
email and
database
management
Installing
supprting
system
Establis
hing IT
infrastru
cture
Reviewi
ng the
perform
ance
Executi
on

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Assessing the
requirement 1 wk Thu 12-10-17 Wed 18-10-
17
Collecting the
information 2 wks Thu 19-10-17 Wed 01-11-
17 2
Framing the objectives 1 wk Thu 19-10-17 Wed 25-10-
17 2
Allocating the task 3 wks Thu 02-11-17 Wed 22-11-
17 3,4
Installing and
configuring email and
database management
4 wks Thu 02-11-17 Wed 29-11-
17 3
Establishing IT
infrastructure 5 wks Thu 23-11-17 Wed 27-12-
17 2,5
Availing system and
security 2 wks Thu 28-12-17 Wed 10-01-
18 6,7
Installing supporting
servers 3 wks Thu 26-10-17 Wed 15-11-
17 4
Reviewing the
performance 2 wks Thu 11-01-18 Wed 24-01-
18 8,9
Modification 2 wks Thu 25-01-18 Wed 07-02-
18 10
Sustain system
performance 3 wks Thu 08-02-18 Wed 28-02-
18 11
Execution 1 wk Thu 01-03-18 Wed 07-03-
18 12
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Figure 1: Gantt chart
The Gantt chart is displaying all the activities covered under the project through which
manager can allocate the task among overall team. At the same time, project activities can be
started in the respective time with the close monitoring (Kaus & et. al., 2007). This facilitates to
note down the starting time and ending time of each activity whereby resources can also be
arranged accordingly.
Figure 2: Critical Path method
According to the critical path method the longest path of the project is
1+2+3+5+7+8+10+11+12+13=21, however; overall duration of the project was 29 weeks but
with the use of critical path method duration has been reduced by 8 weeks. This indicates that
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project management techniques are helpful for TLS completion so that advantages can be
provided to the organization in relatively less time span. Apart from this, activity, 6, 4 and 9 are
completed simultaneously and separate time and resources are not allocated for the same. This
proves to be effective for organization in delivering the good quality of services to students.
Class diagram to represent unit registration
The unit registration will be done in the following manner which assists students to get
themselves registered in the unit (Ahlemann, 2009). In this regard, data model diagram has been
presented through which at first user or student login in the system by entering their name, ID
and class etc. However, they can also get an option to find their advisor by typing the name.
Further, the display window will provide more information related to the assignment or their
unit. This diagram is showing the subject list or course list which can be referred by students for
the purpose of their quick registration (McAuley & et. al., 2010). In this manner, the model is
helpful for existing or new learners.
The data model is showing that unit registration is quite easy because of availability of
several options. These options consist of course data, availability of advisor, search for users etc.
This in turn learner can get several benefits from the TLS system (Cleland & Ireland, 2006).
Also, they do not have to ask or inquire about different courses or detail of the same. This is
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because TLS would make it possible for them get all information on their own. This aids to
accomplish their task effectively and get themselves enrolled without any kind of difficulties
(Winter & et. al., 2006; Trietsch & Baker, 2012).
Calculating the Net Present Value (NPV), Payback Period and Return on Investment (ROI)
The TLS project is evaluated with varied capital budgeting techniques. These are
analyzed as follows-
 The net present value-The below-mentioned table is showing that net present value of
TLS project is positive which is favourable for HQI. However, the net present value is
low but it is positive (Bierman & Smidt, 2012). Owing to this, HQI should accept the
project and TLS can be implemented in the Institute for the learning of students.
Table 2: NPV of TLS
Years
Value of
benefits
Annual
expenses
Net value of
benefits 6%
Present
value
0 20000
1 7000 2000 5000
0.943
4 4717
2 7000 2000 5000 0.89 4450
3 7000 2000 5000
0.839
6 4198
4 7000 2000 5000
0.792
1 3960.5
5 7000 2000 5000
0.747
3 3736.5
Total present
value
4.212
4 21062
Initial
investment 20000
Net present
value 1062
 Payback period- According to this technique, initial investment or development cost
involved in the TLS would be recovered within 4 years. However, benefits of the system
are long-term but it would take time to recover the cost (Truong, Partington & Peat,
2008).
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Table 3: Payback period
Payback period method Initial investment 20000
Annual cash flow 5000(7000-2000)
Payback period
Initial investment/Net annual cash
inflow 4
 Return on Investment- The return generated from the TLS is 25% which is positive and
appropriate (Bennouna, Meredith & Marchant, 2010). Owing to this, the project can be
accepted as it is considered as the effective one for the growth and development of HQI.
Table 4: Return on Investment
Return on Investment Net profit 5000
Cost of investment 20000
Net profit/cost of
Investment*100 25
Developing a Poster
The poster consisting detailed information related to the TLS project. It reflects the functional
and non-functional requirement of the project along with work-breakdown structure. This assists
management or assessor to get information about activities which are covered under the project.
Moreover, class diagram and critical path method are also completed or attached in the poster
through which overall plan can be understood with a glance. Not only this but the evaluation of
project with the use of capital budgeting has also been done. This in turn corporation can
effectively gather evidence that whether the project is effective in term of net present value,
recovery of initial investment and return on investment.
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CONCLUSIONS AND RECOMMENDATIONS
Summary of findings
The aforementioned report concludes that TLS system can be implemented by using suitable
technologies such as critical path method. This is helpful in reducing the time consumed in the
project and ensuring the overall well-being of the business. It can also be said that project
evaluation techniques are helpful through which management come to know about the potential
benefit of a particular project in the future time span. This in turn decision related to continuity
or discontinuity of the project can be taken. In addition to this, a work-breakdown structure is
presenting that project under consideration derived long-term benefit for the business by
involving staff members, students and management of HQI. Moreover, TLS project ensures easy
access of students to their unit and advisor so the chances to score good marks in their semester
is possible. This is because hurdles in the teaching will be removed and digital aspect of the
teaching ease students in completing their assignment’s or units.
Recommendations
According to the evaluation of the report, it has been found that project should continue
because of its several benefits for HQI. For this purpose, skilled and competent personnel should
be appointed in the team and proper budget or financial resources should be employed. It would
be effective in completing the project in a successful manner and save the overall time of HQI.
Furthermore, critical path method should be employed through which project manager can merge
two or more activities in the one. On the other hand, the project team should go through
continuous training and monitoring of task they are doing. It aids to assess the loopholes and
taking the corrective action on the right time. This contributes towards meeting the expectations
of long as well as short-term objectives of the corporation. Apart from this, project evaluation
techniques and critical path method are showing the effectiveness of TLS so management is
recommended to implement the same by employed suitable staff or project team. Furthermore,
risk register should be prepared in order to assess the potential risk and taking the corrective
actions for smooth operation of the project.
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REFERENCES
Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA.
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Crawford, J. K. (2007). Project management maturity model (p. 75). New York: Auerbach
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Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
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Cleland, D. L., & Ireland, L. R. (2006). Project management. McGraw-Hill Professional.
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management: The main findings of a UK government-funded research
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Bennouna, K., Meredith, G. G., & Marchant, T. (2010). Improved capital budgeting decision
making: evidence from Canada. Management decision, 48(2), 225-247.
Truong, G., Partington, G., & Peat, M. (2008). Cost-of-capital estimation and capital-budgeting
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McAuley, A., Stewart, B., Siemens, G., & Cormier, D. (2010). The MOOC model for digital
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Bierman Jr, H., & Smidt, S. (2012). The capital budgeting decision: economic analysis of
investment projects. Routledge.
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Kaus, M. R., Brock, K. K., Pekar, V., Dawson, L. A., Nichol, A. M., & Jaffray, D. A. (2007).
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