Comprehensive Project Management: Risk, Closure, and Methodologies

This report provides a comprehensive overview of project management, focusing on key aspects such as risk assessment, project closure, and various project management methodologies. It includes a risk register that identifies potential risks, their likelihood and impact, and corresponding mitig...Read More

Project 2

Table of Contents
INTRODUCTION...........................................................................................................................3
Part A...............................................................................................................................................3
Risk register table........................................................................................................................3
Part B...............................................................................................................................................6
Importance of project closure......................................................................................................6
Part C...............................................................................................................................................7
Project management methodologies...........................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................1

INTRODUCTION
Project management is a systematic approach to handle the whole project by the manager.
This report will discuss the different elements and aspects associated with the project
management practice. Risk register will also prepare in the project. Importance of risk register
will also highlight in the project. Furthermore, importance of the project closure stage will also
discuss in this project. Different project methodologies will also discuss in this project.
Part A
Risk register table
Risk Likelihood Impact Risk score Mitigation
strategies
Action Risk legend
Technologic
al risk
3 2 6 Installation
of latest
equipment
and other
respective
modules
Installing
latest
technical
equipment
will help
and support.
Medium
Financial
risk
4 2 8 Budgeting
strategies
can be
applied to
overcome
this risk.
Budgeting
will allow
the
organisation
top
overcome
this
particular
risk.
High
Functional
risk
2 5 10 Team
developmen
t techniques
can be used
Functional
risk can
overcome
with proper
High

analysis and
evaluation.
Lack of
interest of
student
3 2 6 Career
counselling
sessions can
conduct to
attract the
interest of
students
Regular
interaction
and solving
doubts of
students will
help.
Medium
Teaching
material risk
2 1 2 Supply
management
practice can
be applied
Proper
strategic
alliances
with
suppliers
will support.
Low
Lack of
parent's
support
3 2 6 Marketing
strategies
will be used
Parent
support can
be grabbed
with career
counselling
sessions.
Medium
Contingency
risk
1 5 5 Back up
plans are
prepared to
overcome
these
situations
Proper risk
plan can be
prepared.
Medium
Performance
risk
3 2 6 Performance
assessment
can be done
IT can
overcome
with proper
Medium

on a regular
basis.
evaluation
and
monitoring
Market risk 2 3 6 Market risk
can
overcome
with proper
evaluation
and analysis
This can
overcome
with the
proper
evaluation
and
analysis.
Medium
Governance
risk
3 5 15 A legal team
can be
formed to
overcome
this
particular
risk.
Managemen
t can look
into the
matter
High
Legal risk 1 3 3 Legal team
can look
into the
matter.
Legal teams
will cover
up this risk.
Low
Strategic
risk
2 2 4 Managemen
t team can
appoint to
overcome
the risk.
More
strategic
alliances
can be
formed.
Low
Importance of risk register
Risk register is a process of assessing and analysis about the potential risk involve in the
business. The role of risk management register is to indicate the organisation about all possible

riks involve in a particular project management plan. This register highlight all potential risk
involved that can somehow affect and influence to the success of the project undertaken by the
venture. This register also state the impact of the risk and also the mitigation strategy that can
somehow management to the associated risk involved in the project plan. Risk register allow the
stakeholder to understand the implication of risk in the business (Kudszus, Klemencic and
Spyridis, 2020). Risk register not only indicate about the potential risk involve in the project
rather it also talks about all the certain and possible ways to overcome the respective risk involve
in the project. Mitigation strategies identified din the risk register guide to the stakeholder to
formulate proper strategies that can support to the manager of the project to overcome the
particular risk involve in the project. Covering risk is also equally important for the stakeholder
than to face the respective risk factor (Niemi, Höbbel and Sill Torres, 2021). The risk mitigation
strategy guide to the stakeholder to cover the respective risk involve that can further clear all
damage project can face. Risk management allow the manager to overcame the possible delay
ion the project. Every delay witnessed by the management crate a direct impact over the financial
aspect of the project (SAKUWAHA, 2020). Risk management register guide the management
about the possible risk factor which could further allow and direct to the manager to frame a
possible strategies to overcome the respective time related risk that could make the project delay.
The risk register project a financial advantages as well to the manager. All the possible areas or
factors that can certainly make a delay in the project are also get to eliminate by the manager.
Part B
Importance of project closure
Project closure is a term indicate about all the possible aspect that can indicate to the
manage to close the project. This is a stage where the entire project get to introduce completely
in front of the stakeholders. This is a stage where the project manager create all final
modification in the entire project and make it look more productive in its own manner. This stage
of the project management is very significant in its own manner. This is required for the project
manager to correctly managed this stage of the project life cycle. At this stage more and better
vigilance is required as it will definitely influence and impact over the overall success of any
project. This is a stage involve in the project life cycle where all deliverables are get to transfer
to the respective departments (Rees and et.al., 2022). IN order to execute the project many
supplies also take h the manager that can favour in implementing the respective project. The

project closure allow and favour to the manager to supply back all deliverables taken from other
department. Project completion also get to confirm which official assure to the management that
the respective project has been completed (Shiri and et.al., 2021). The manager also get to
review every stage and aspect of the respect project. This stage invoke assessing the significance
related to the every activity and task involved in the project. Quality related reviews are also
done at this level by the project manager. The manager get to verify and assess the overall
quality of the project that also put a direct impact over the overall success of the respective
project undertaken by the stakeholders. This stage also favour to the manager to carry out the
clear post mar term of the entire project undertaken by the manager (Mills, 2019). This is a very
significant aspect related to the project management an project closure stage. Documentations
are also submitted by the manager. This stage play a vital role in monitoring the overall success
of the project undertaken by the manager. Manager get to celebrate the entire project in the end
at this stage of the project life cycle. This stage is one of the most significant stage involve with
the project life cycle. Closing up the entire project is a very satisfying thing to do as a project
manager. This stage allow to the manager to monitor and assess the significance and
effectiveness of all the different strategies adopted by the project manager in order to implement
the respective project.
Part C
Project management methodologies
Waterfall
This type of methodology is a linear project management approach in which customer
and stakeholder is gathered in the beginning of the project. This plan is generally created in
order to accommodate those requirements. This, model is known as waterfall as it is consisted
of various project phase. It is a structured methodology and most common in project
management as this model include It and construction company (Mousaei and Javdani, 2018).
Moreover, Gantt chart is most preferred tool for the project manager while working in waterfall
method. There are various steps in this model such as Requirement in which customer needs is
collected at the beginning of the project. The another stage is design which is consisted of two
parts such as logical and physical design. In third stage of implementation is when
programmers gather together to improve specification at previous phase. The second last
phase is verification is to review customer product to make sure about that all its needs are

fulfilled. In addition to this, in last stage of maintenance the customer can make use of the
product and find out the errors.
Pros Cons
It is a detailed project plans It is rigid in nature as it make strict blueprint
and departure from original plan is difficult
The project with clear outline even if team
experience turnover it can hire a new member
that contribute in accomplishing the goals in
limited time frame.
The testing is done at the end of the project.
And the final stage require a lot of time.
The client have clear idea about the project as
it outline project scope, cost and timeline
The client cannot make any changes in the
project.
Agile
It refers to the ability to act and build on change as well as way of dealing with
unpredictable environment. The word agile means responsivity to change and adaptativeness.
Although it about teams to understand about the environment as well as identifying the
uncertainty it is facing as the project move along. Moreover, it is an iterative approach to
project management and software development that helps in development, learning, constant
planning. The aim of this methodology is to inspire a flexible response to change. Although
with helps of this project a manager can manage several projects by dividing them into various
stages and by involving collaboration from stakeholders (Khoza and Marnewick, 2020). It also
contributes in delivering higher value to the customer quickly. Instead of depending on team
submits and big bang launch it evaluates plans, requirement and regular process helps in
meeting the changes quickly.
Along with this, four core values of Agile is individual and interaction over processes and
tools, working software over documentation, customer collaboration and responding to change.
In addition to this, Six steps in Agile methodology is project planning, product roadmap
creation, release planning, Sprint planning , daily stand ups and review.
Pros Cons
It gives designers the freedom to develop. The project manager have to stick to all

individual models together.
It makes the development process much more
adaptable
There is no defined plan and pre determine
course of action
Feedback and testing occurs simultaneously Losing the designer mid of the project can
create delay in project
It works with idea that it do not have defined
ends goals.
Collaboration of team is necessary for
success.
Prince 2
It is known as Project in a controlled Environment which is a process based on
project management methodology that aims at improving the management and control of the
phases of project from start to end. This lies on the end result rather than planning out the
project. The seven principle of prince 2 is to make sure that project gives benefit, learn from
previous mistake and update the knowledge (Chari and Agrawal, 2018). Along with this,
define roles and responsibilities clearly and always stay focused on the quality of the project
deliverables. In addition to this, flexibility need to be maintained to meet the unique needs of
each project. To manage the project in controlled and pre planned stages as well as to delegate
the authority on the bases of stakeholders role.
Pros Cons
The whole of the model is flexible that can
be applied at any type of project.
It need lot of documentation for completing
project.
This can be used in project for better
communication and maintaining
accountability.
At every stage proper documentation is
required for update.
Progress and result is guaranteed as it focus
on outputs and need continuous
improvement.
The project manage is not involved properly
due to lack of time and it leads down the
growth of project.

CONCLUSION
Project management is a term demonstrate different stages and activities undertaken that
can play a vital role in managing the entire project effectively. The risk register is also prepare by
the project that can indicate all the possible risk involve in the project undertaken along with
mitigation strategies are also specified that can allow to the manager to overcome the respective
risk involve in the project. Risk management is very significant as it allow to the manager to
overcome all the possible risk involve in the project by making relevant strategies and mitigation
practices. This practice also favour to the manager to reduce the total project cost by overcoming
all the factors that can possibly delay the entire project. Project closure is a stage that allow to the
manager to introduce the entire project in front of the stakeholders and investors. This is a stage
where the success factors involve in the project are identified. Financial success of the project is
also monitored by the manager at this level.

REFERENCES
Books and journals
Chari, K. and Agrawal, M., 2018. Impact of incorrect and new requirements on waterfall
software project outcomes. Empirical Software Engineering. 23(1). pp.165-185.
Khoza, L. T. and Marnewick, C., 2020. Waterfall and Agile information system project success
rates-A South African perspective. South African Computer Journal. 32(1). pp.43-73.
Mousaei, M. and Javdani, T., 2018. A new project risk management model based on Scrum
framework and Prince2 methodology. International Journal of Advanced Computer
Science and Applications.9(4).
Kudszus, R., Klemencic, R. and Spyridis, P., 2020. Basic Concepts of Engineering Risk
Management for Fastenings and Risk Register Based on Industry
Survey. CivilEng. 1(3). pp.275-290.
Niemi, A. T. O., Höbbel, T. and Sill Torres, F., 2021. Risk register database to improve
organizational resilience and knowledge management. Risk Register Database to
Improve Organizational Resilience and Knowledge Management, p.1943.
Rees, S. and et.al., 2022. A Marine Natural Capital Asset and Risk Register–Towards securing
the benefits from marine systems and linked ecosystem services. Journal of Applied
Ecology.
Mills, C., 2019. Lived Experiences of Information Technology Project Team Members at Project
Closure: A Hermeneutic Phenomenological Study (Doctoral dissertation, University of
Phoenix).
Shiri, M. and et.al., 2021. Knowledge and data management during project execution and
organisational closure: learning from the Technical Centre for Agricultural and Rural
Development (CTA). Knowledge Management for Development Journal. 16(1). pp.67-
77.
SAKUWAHA, J. L., 2020. SUSTAINING SKILLS CAPACITY AFTER PROJECT CLOSURE AT
CHIPATA TRUST (Doctoral dissertation).
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