Project Risk Analysis and Management Methodologies (Proj6000)

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PRINCIPLES OF PROJECT MANAGEMENT
PROJ6000

TABLE OF CONTENT
Project Risk
Project management methodologies
Project Initiation
Project selection process

OVERVIEW
 Project management calls for:
 To know the requirements.
 Changes which manages scope.
 To control work so that it gets completed
on time within budget.
 To plan the project which includes scope,
charter and Work break down structure.

PROJECT RISK
 A uncertain event which might create negative impact on the objectives specified such as
scope, schedule, cost and quality.
 Why Projects are at risks?
Project characteristics
 Uniqueness
 Complexity
 People
 Stakeholders
 Change
External Environment
Market volatility
Competitor actions
Emergent requirement
PESTEL factors

PROJECT MANAGEMENT METHODOLOGIES AND RESEARCH
 Standish group
 The survey is conducted with 365 respondents for a total of 8340
Applications. The project which are challenged are either over budget or
over time. In the survey, all the failed.
 2004- Overall the total success rate was 16.2%, and the challenged
accounted was a total for 31.1%.
 2009- overall success rate is 32%, and the projected accounted for 44%.

PROJECT INITIATION
 To process the initiation , the new
project would be defined as:
 Authorization to start the project are:
 Stakeholders are identified.
 Project charter.
 Stake holder register.
 Commitment of initial Financial resources.

PROJECT SELECTION MODELS
Numeric model-Financial focused
 The project has to quantify in order to pay the
investment back.
 Payback
 Return of investment
 Selection model- Realistic, capable, flexibility,
low cost.
 Value should be added to the strategic
objectives
 Relationship should be made between
Project’s expected results and the goals
specified.

REFERENCES
 Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
 Kerzner, H., 2017. Project management metrics, KPIs, and dashboards: a guide to
measuring and monitoring project performance. John Wiley & Sons.
 Sprecher, S., Wenzel, A. and Harvey, J. eds., 2018. Handbook of relationship initiation.
Psychology Press.
 Lin, X., Ho, C.M. and Shen, G.Q., 2017. Who should take the responsibility? Stakeholders'
power over social responsibility issues in construction projects. Journal of cleaner
production, 154, pp.318-329.