Comprehensive Report on Project Risk, Closure, and Methodologies

This report provides a detailed overview of project management, focusing on the importance of risk registers in identifying and mitigating potential risks, the critical aspects of correctly managed project closure for avoiding future mistakes and ensuring project success, and the application of various methodologies such as Waterfall and Prince2. The report elaborates on the benefits and drawbacks of each methodology, highlighting their role in achieving project objectives and ensuring effective project execution. It emphasizes the need for proper planning, risk assessment, and resource management to successfully navigate complex projects and deliver desired outcomes, with project closure ensuring all deliverables are finalized and lessons learned are documented for future improvements.

Project Management
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Table of Contents
Introduction......................................................................................................................................3
Part A...............................................................................................................................................3
Importance of risk register...........................................................................................................3
Risk register.................................................................................................................................4
Part B...............................................................................................................................................6
Importance of correctly managed project closure.......................................................................6
Part c................................................................................................................................................7
Methodologies.............................................................................................................................7
Waterfall methodology................................................................................................................7
Prince2 methodology...................................................................................................................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
Introduction
Project management refers to the application of different methods process knowledge skills and
experience to attend particular goal and objective of the project (Abdelghany and et.al 2019).
Project management is an art through which all the components of the project can be managed by
the organisation. This report provides detailed information about the importance of risk register
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apart from this correctly managed project is important is also mentioned in this report. Various
methodologies have also been elaborated in this project.
Part A
Importance of risk register
Risk register is helpful in enable to a project manager about all the possible and potential
risk which was involved in the project. Risk register identify all the important components of the
risk. The main objective of risk register is to evolve all the upcoming and potential risk which
can make delicious and the completion of the project. Apart from this risk register is being used
to collect information about weak organisation of hazards and risk apart from the risk register
also helps to know the nature and level of which is going to impact the overall business and
project this have been mentioned in the risk register.
One of the major importance of creating a descriptive study to identification of one of the major
importance of creating a descriptive study to identification of risk in various means. Risk register
is helpful from brain storming to assessing the minerals and also on the task of individual (Bon
2020). Along with this risk register is also important to remember the overall complexity which
has been described by the risk register. In this project various risk associated which can damaged
entire project. The major risk which has been associated is natural climate mentioned in high risk
category so that managers can put more focus on such risk so that they can be mitigated
Technology failure so that through this the entire project can get cancelled. With the help of risk
register this risk can be gated.
Apart from this selection of countries also because management can’t choose such
countries always have a risk of terrorist attacks all natural calamities otherwise all the events can
take place this is also one of the high risk which is involved in the entire project. With the help of
risk register the severity of the risk can be produced. Apart from this and other importance of
risk management is that it provides risk Matrix rating. Once the disc are being recognised risk
are rated as per the likelihood of each and every event and as per that they have been categorised
into various risk such a high risk medium risk and low risk. So risk register is important to
highlight the likelihood of risk.
Along with this risk register has been recognised as one of the internal part of management
practices because risk register provides all the processes and risk so that organisation can easily
find out optimum risk and can protect the entire project. Along with this main purpose of making
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risk register is to record all the data inaccurate format and data remains secure within the
organisation apart from this risk register also helps the organisation to mitigate the legal risk and
nobody can charge any penalties and fines to the organisation. Is management is very helpful in
recognising the potential issues and problems at the earliest so that management can take
accurate decisions how to manage such kind of uncertainty. It also has been management to track
the risk as per time durations and they can also track down how to risk is changing.
Risk register
Risk description Likelihood of the
risk occurring
Impact of the risk
occurrence
Actions
Selection of
country
High Medium By selecting suitable
country which is free
from
All type of terrorist
attack and it is uses
all precautions.
Natural
calamities( changes
in weather )
Medium Medium Natural calamities is
not necessary but it
can create risk so by
using proper tools
and techniques this
situation can be
mitigated.
Poor management High Medium By hiring skilled
employees in the
management this
risk can be mitigated
Players may get
injured
High High By providing proper
treatment and
healthcare facility
this risk can be
reduced
Absence of
leadership
Low Low By getting
experienced
employees who have
proper knowledge of
leadership this risk
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can get eliminated
Technology failure High High Having advanced
technology and
equipments
Poor explanation of
scope
Low Low Having meetings
with sponsor
Lack of cost
estimation
Medium Medium Revising entire cost
estimation
Improper time
estimation
Medium Medium By revising the
entire schedule
Employee
management
Low Low Making rules and
policies
Part B
Importance of correctly managed project closure
Project closure is very critical part of the entire project because it helps in avoiding mistakes on
the future project as well (Chari and et.al 2018). Project closure includes different steps such as
initiating the entire Project Planning the project executing monitoring and closing of the project
so closing of the project comes at the final stage of the entire project life cycle. In this stage all
the deliverables get finalized and transferred and all the documents that signed off approved and
also get archived. One of the major importances of project closure is that organization to know
that all the work has been completed as per the project plan.
It also assists the management to know that all the project and processes get executed
effectively. Along with this final stage of project help the management to know that whether they
have received the final sign of an approval from their all the parties or not. Another importance
of project closure is that it gives an opportunity to attend management that they can review and
also evaluate the overall performance of the project so that in the future if they get the same work
same project to deal with the king easily get succeed. Project closure also helps the management
to avoid repeatedly mistakes so that in the future they will not repeat the same mistakes on the
project. Apart from this at the end of the project organisation and teammates will learn how to
face different challenges and difficulties so that they can easily bring solution to Complex
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problem. Along with this closure of project will also help the organisation to create various
liabilities and its related issues so that they can get help from incomplete payments contracts and
also they will get all the deliverables at the earliest.
There are different steps get included in the closure of the project which has to be followed
by the management so that they will get accurate result and objectives which they have set before
(Khalil and et.al 2017). One of the biggest importance of project closure is that it gives a chance
to management that they can review the entire project and if they missed any steps or any
information then they can again such information and identify all the deliverables so that they
can complete the project in given duration with all the necessary details. Along with this the next
step of project closure is that confirmation of the completion of entire project. This stage helps
the management in entire organisation to know all the needs after project completion before the
official E close the entire project so that if they want to make any kind of changes that can easily
do in this state as well. To confirm the project completion management has to get approval from
all the project deliverables were their stakeholders other parties.
After getting approval the can officially state that project has been completed. Another
importance of project closure stage is that it gives an opportunity to review all the documents and
all the contracts so that management can easily in sure that all the parties were involved in the
project have been paid off for their works and they have also completed their job effectively to
make the project successful. Releasing of resources is also another important factor of the entire
process of project closure release all the necessary information about the resources which has
been included in the project whether they are suppliers contractors team members or any
individual and partner of the project. It is very important to notify them that they get their all the
final payment and applications and officially organisation can release that they are free from the
work and they can now get some other project so this step is also one of the important step.
Part c
Methodologies
Methodology is known as contextual framework for the entire research. Methodology is an
ongoing process for carrying out the entire Research and the development of the procedure so
that overreaching strategies can be executed (Leva and et.al 2019). In other words methodology
States about studying the research methods which has been used in the project and it also States
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about various principles and theories which has been used within the research so that the overall
objective of the research can be obtained.
Waterfall methodology
Waterfall methodology is one of the sequential and linear procedures of entire project
management. It involves various discrete phases (Papelniuk,2017). No one face of this
methodology can get started when the prior face do not get completed. Waterfall project
management has its on roots and therefore this will help in this project to get proper execution.
Apart from this proper planning is also necessary in this methodology all the requirements of the
project must be expressed clearly and each team member must understand their job and
responsibility.
Pros Cons
This methodology technical documentation is
very important for the initial requirement face
and therefore it indicates that each and every
employee know their objectives and job role.
One of the biggest disadvantages of these
methodologies that need it is very difficult to
recognise.
This methodology has timescales which in
force discipline and produce the situation of
delay.
This method also have lack of flexibility
Agile methodology
It is also a type of entire project management procedure and this methodology is used for
software development in which demands and overall solutions have been evolved by
collaborative efforts and various cross functioning of teams. This methodology also follows
various methods principles and rules. Agile methodology is all about being responsive to market
conditions and also it is responsible for customers so that organisation can quickly respond to
their needs and demands and provide them satisfactory result for the production services.
Pros Cons
One of the biggest benefit of this
methodologies that it is more flexible as
compared to other methodologies
This methodology has some cons as well
because it is very hard to predict outcomes.
Those organisation who has adopted Agile
methodology during any project we can easily
get communication within the team.
For those projects which are complex in
nature in their requirement of resources and
efforts are become very difficult to estimate
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through this methodology.
Prince2 methodology
Is methodology has a widely adopted around the entire globe it is used by people as well as
organisation and different sectors as well (Raine, 2020). It is one of the flexible methodologies
which guide the management to all the Essentials for making the project successful.
Pros Cons
The centre methodology is flexible and it can
be adopted for any type of project.
On each and every step lot of documentation
is being needed in this methodology that it is
one of the biggest disadvantages of this
methodology.
It is useful for better communication and
accountability of the entire project.
Owing to lack of involvement and it has
been seen that senior management always
take a lot of time and therefore this
methodology makes the entire project slow.
In this entire project prince2 methodology has been adopted because it is more accurate result
and it is flexible to impose as well. Apart from this prince2 methodology focuses on outputs and
it also provides a better communication between the team so that it will be helpful for this project
to get completed on the given deadline.
Conclusion
After analysing the entire report it has been stated that this report focuses on project management
and how with the help of effective project management organisation can easily complete each
and every project within the given timeframe. This report provides detailed information about the
importance of risk register along with this importance of correctly managed project closure has
also been mentioned in this report. How effectively closure of project is beneficial for the
organisation is mentioned in this reports that management get a chance to review the overall
project step by step in the canned mitigate each and every problems on that project can be
delivered under the time frame. This report also state about different methodologies. Waterfall,
agile and prince2 methodology have been explained in this report along with their pros and cons.
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References
Books and journal
Abdelghany, A., Darwish, N.R. and Hefni, H.A., 2019. An agile methodology for ontology
development. International Journal of Intelligent Engineering and Systems.12(2).
pp.170-181.
Bon-Gang, H., 2018. Performance and Improvement of Green Construction Projects:
Management Strategies and Innovations. Butterworth-Heinemann.
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.
Khalil, M.A. and Kotaiah, B., 2017, August. Implementation of agile methodology based on
SCRUM tool. In 2017 International Conference on Energy, Communication, Data
Analytics and Soft Computing (ICECDS) (pp. 2351-2357). IEEE.
Leva, M.C. and Sheehan, R., 2019. Developing a risk register to deliver risk intelligence.
In Total Safety and the Productivity Challenge (pp. 105-125). Routledge.
Papelniuk, O., 2017. Development of methods of innovative projects’ management in developer
organizations. In MATEC Web of Conferences (Vol. 106, p. 08044). EDP Sciences.
Raine, S., 2021. Half of the National Risk Register is missing. RUSI Newsbrief.41(1).
Sakhno, E.Y., Moroz, N.V. and Ponomarenko, S.I., 2018. Use of the urban logic theory with
development projects management. НауковийвісникПолісся, (3 (15)), pp.119-126.
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