Project Management Report Autumn 2021: Risk, Closure & Methodologies

This report delves into key aspects of project management, beginning with a risk management register for a QAHE launch event, identifying potential risks, their causes, and impacts, alongside a discussion on the importance of risk registers in project management. It further explores the significance of correctly managed project closure, highlighting its benefits in achieving objectives, improving future engagements, and rewarding team members. The report also examines different project management methodologies, specifically Waterfall and Agile, outlining their pros and cons, providing a comparative analysis to inform effective project management strategies. Desklib offers a wealth of resources, including past papers and solved assignments, to support students in their academic endeavors.

PROJECT MANAGEMENT PART 2

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................4
CONCLUSION..............................................................................................................................10
REFERENCES................................................................................................................................1

INTRODUCTION
Project management is process of leading the work of team in order to accomplished
goals with given constraints. It is mainly known as project documentation that is created at the
beginning of the project development process. Along with this, the study will discuss about risk
register as well as methodology related with project management.
MAIN BODY
Part A
Risk Management Register for Launch Event of QAHE
Risk Identification Assessment
Serial
Number
Risk Event Cause Effect Probability Impact Risk Score
1 External
Environment
Risk
The taste
and
preference
or the nature
of the
targeted
audience
might
change
Project
failure
1 3 3
2 No control
over staff
priorities
The project
manager
have not
define roles
and
responsibility
to staff
Project
Delay
2 1 2
3 Ill Defined
Scope
The purview
of the
affected
parties was
not
formulated
properly
Project
Delay
1 3 3

4 Inappropriate
Budget
management
expenditure
is much
more then
estimated
costs
Increased
Project
Costs
1 3 3
5 Communication
Barrier
Team
members are
not
performing
their tasks
with
expected
efficiency
and
performance
is lower
Project
failure or
Project
Delay
2 3 6
6 Legal action
delays
Not
following
legal law
while
working in
project
Increase in
project
costs and
delays
1 2 2
7 Natural
Calamities
Landslide,
earthquake,
floods, heavy
rains etc.
Project
cancellation
1 3 3
8 Stakeholder or
Sponsor
disengagement
The sponsor
is no longer
interested in
the project
due to its
non-viability
Project
delay and
increase in
cost
1 3 3
9 Theft of
material
Theft of
intellectual
property or
raw material.
project
delay and
unnecessary
expenditure
1 3 3

10 Business case
become
obsolete or is
undermine by
external and
internal change
If any
change in
business
case then
project
goals will not
be able to
achieved
Project
failure
1 2 2
Importance of risk register
Risk register refers to an instrument that plays an important role in an organization and in
the project management in order to identify the risks associated with the project. With the help of
the risk register, the project management team identifies the risks and makes sure that the team
complies with the necessary steps in order to mitigate the risks. The importance of risk register
has been explained as follows:
Determining the risks
A risk register involves identification of risks associated with the particular project. A
specific team is hired by the project management team which specifically work towards
identification of the risks. The team gathers information about the risks and the hazards, work
towards de terming its nature and how the risk can affect the successful completion of the project
(Leva, and Sheehan, 2019.). Under the risk register, the risk management teams mentions the
risks, their description in order to gain a brief understanding of the risk so that the project
management team can understand its nature and take necessary action in order to mitigate the
impact of the risk.
Ranking the associated risks
The risk register plays a vital role in identifying the severity of the associated risks to a
project management team. The risk management team ranks the potential risks in order from
high to low in terms of its severity. This helps the project management to identify which the most
hazardous risk which can arise during the completion of the project and which one is the least
risky. Similarly, the risk register also shows the likelihood of a risk which means what are the
chances that the particular risk might arise in the future or during the process of project
completion. This helps the project management team to first, take the precautionary steps for the
one that is most risky and whose chances of occurring are the most and then review the other
ones.

Designing the risk mitigation strategies
The preparation of the risk register helps the project management team to review all the
risks in advance (Tereso, and et.al 2019. ). This helps the project management team to prepare
strategies for those risks which can be avoided which include steps which can help the project
management to remove the risk by taking the necessary steps in advance. Similarly, it can help
the project management department to formulates strategies for the risks associated with the
project that cannot be avoided. Since, the risk registers informs the whole team about the
associated risks, the project management team has much time to check whether implementation
of the desired mitigation strategy will be successful or not. It the project management department
identifies that the current strategy is not suitable for mitigating the risks, then they have the
option as well as the required time to plan out another strategy for mitigating the risk and
implement the same.
Part B
Project closure is the last phase of finalizing all activities for the project management process.
The main advantage of project process or phase is to gather archived information as well as to
plan that work is completed and to organize team resources and are released to pursue the goals.
The close project phase is another one where project manager check that all project work is
completed on time so that it can met its s objectives. Along with this, it also includes work goals
as well as tool and technique in order to accomplish project aims. The project closure is last
stage in project management lifecycle. During this stage the team reviews the deliverables then
it compares with the quality of the outcome as well as share it with deliverables with project
client. Moreover, project closure process is important because it confirm that objectives being
met as project closure obtained UTA sign from client and teams have met the project objectives
are met the agreed upon requirements (Chawla and et.al., 2018). Along with this, sense of
closure as it confirms objectives that have been met in order to meet client satisfaction and it
provide project team sense of accomplishment. Furthermore, it helps in improving future
engagements as it helps in analysing every stage of project management. It is important because
it helps in capturing the knowledge the team should in the end identify what resources can be
used for future engagements. Although project manager at end of meeting should allot someone
that can meet the goal and it should not be forgotten at next engagement. There should be
knowledge base where all the project documents can be accessed by internal team and customer

in the future. Furthermore, it is important for rewarding the team as job recognition and
constructive feedback need to be given to employees. Thus, it will contribute in increasing
overall motivation of team members.
Project management cycle:
Initiating: This is the first stage of management cycle in this goals, resources and scope of the
project is very well defining and roles of team member is also stated. It is one of the most crucial
phase in the success of project also without clarity the company will not be able to identify risk
and meet the expectations of stakeholders (Puška and et.al., 2020). Along with this, QAHE has
decide to organize trip to Uganda in order to teach students about sustainability of environment.
It has also decided to add maximum students in the new course of the university in order to earn
high profitability.
Planning:
In planning phase, the project manager has to determine the steps to actually achieve the project
goals. The company will establish budget and timeline as well as sources of material. In this
stage company will make use of tools for calculating as well as predicting risk and outline
communication protocols (Sabini and Alderman, 2021). The company will be making use of
Gantt chart and risk register in order to make mitigation plans for potential risk.
Execute and complete tasks:
This means putting plan into action as well as to keeping the track on team. It basically means
tracking as well as measuring progress, mitigating risk, managing budget so that it can use this
data for informing decisions (Ika and et.al., 2020). The company will be making use of GANTT
and breakdown charts in order to track the progress on task as well as to keep the team member
to motivated so that it can complete task on time. The company will be keeping their
stakeholders informed in order to make any changes.
Close Projects: This is last stage of project management lifecycle that will help in concluded
stage activities and to turn the finished product service to the owner. The tool that can be used by
closing phase such as project closeout report that will provide a summary of the project result
and to provides key learning for future project managers to reference.
Part C
A project management Methodology is set of principles and practice that guide company in
setting or organizing the project so that it can ensure optimum performance (Larsson and

Larsson, 2020). Moreover, it is the framework that help the manager in managing the project in
best way possible. Although project management is important for the company and team but in
order to be effective company need to map out things correctly as well as use appropriate
methodology that will help project manage to accomplish the desire goals in limited set of time.
Waterfall Methodology:
It is also known as waterfall model as is consisting of various development process that flows
like a waterfall through phases of project (Chen and et.al., 2019). The stage mainly include
analysis, design, testing and development. In this methodology each phase need to be
completely wrap before starting other. It basically follows a chronological process and the work
is based on fix dates and outcome. Although the team involved in this do not have to
communicate constantly unless there is special requirement is required. The members can work
independently and do not required to give status report frequently. It is consisting of five stage
such as requirements, design, implementation, verification and development as well as
maintenance.
Pros Cons
The project manager can evaluate errors
during the stage of designing and it helps in
avoiding the risk during the implementation
phase.
The customer are not involved in design and
implementation stage.
The total cost of the project and timeline
can be estimated after the requirement has
been define.
The major disadvantage of this project
framework is not able to complete on time if
one project has not been achieved. Thus. It
delay in project.
In this framework customer do not add any
new requirement thus it do not to delay in
project.
Customer are always coming up with new
changes and it became harder to
accommodate.
The project manager will be able to achieve
goals effectively as it is easier to manage
progress.
Project can take longer to meet the deadlines
due to chronological approach.

Agile:
It is way of managing the project by segmenting into various stages. This framework mainly
includes constant collaboration with stakeholders as well as constant improvement at every
stage. In this framework when the work is executed into goes through process of planning as
well as executing and evaluating. Along with this, in this project continuous collaboration is very
much important with stakeholders and team members. Moreover, is an Agile Software
development that refers to turning the business goals into software solutions (Hai and Sarstedt,
2021). It refers to term that is used to describe software development approaches that employ
continuous planning, learning as well as team collaboration and it encourages flexible change.
Advantage Disadvantage
It deliver of software is unremitting. Documentation is less in this framework.
The customer are satisfied because it help in
delivering them good quality (Picciotto, 2020).
In this the result is hard to predict as sometime
requirement is not clear. Thus, it is difficult
to predict the expected results.
In this framework the customer has any
feedback or change it is accommodated
properly.
It is difficult to estimate the actual effort in
starting of software development.
In this methodology the daily interaction is
required between the parties involved and
developers.
It cannot be use in complex projects as
requirement and effort are hard to estimate.
Prince 2:
It is basically a project methodology that aims at improving organization, management and
control of the project phases form starting and end (Armenia, Nonino and Pompei,2019). This
approach outcome is based on means that lay more importance to end result rather than planning
out the project. Along with this, there are seven principle of Prince 2 methodology like ensuring
continued project viability, learn from previous mistake, defining roles and responsibility, always
stay focused on quality of project, delegating authority, controlling stage of project and to meet
the unique needs of each project.

Advantage Disadvantage
It is flexible in nature so it can be incorporated
in any type of project.
There is lot of documentation required in
Prince 2
It provide better accountability and
communication in project.
At every stage there is loads of documentation
need to be maintain.
It focuses more on outputs for completing the
project.
Due to lack of involvement and time there is
slow down in the project.
CONCLUSION
From the above report it has been concluded that project management is very important for
project so that it can be accomplish in limited set. Along with this, the study has also
summarized about importance of risk as well as closure in project management. Lastly, the
study has depicted about advantage and disadvantage of methodologies.

REFERENCES
Books and journals
Armenia, S, Nonino, F. and Pompei, A., 2019. Sustainable project management: A
conceptualization-oriented review and a framework proposal for future
studies. Sustainability. 11(9). p.2664.
Chawla, V. and et.al., 2018. The sustainable project management: A review and future
possibilities. Journal of Project Management, 3(3), pp.157-170.
Chen, T. and et.al., 2019. How do project management competencies change within the project
management career model in large Chinese construction companies?. International
Journal of Project Management. 37(3). pp.485-500.
Hair, J. F. and Sarstedt, M., 2021. Explanation plus prediction—The logical focus of project
management research. Project Management Journal. 52(4). pp.319-322.
Ika, L. A. and et.al., 2020. Cross-learning between project management and international
development: Analysis and research agenda. International Journal of Project
Management. 38(8). pp.548-558.
Larsson, J. and Larsson, L., 2020. Integration, application and importance of collaboration in
sustainable project management. Sustainability. 12(2). p.585.
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.
Ma, X. and et.al., 2018. Conceptual framework and roadmap approach for integrating BIM into
lifecycle project management. Journal of Management in Engineering. 34(6).
p.05018011.
Picciotto, R., 2020. Towards a ‘New Project Management’movement? An international
development perspective. International Journal of Project Management. 38(8). pp.474-
485.
Puška, A. and et.al., 2020. Evaluation software of project management used measurement of
alternatives and ranking according to compromise solution (MARCOS)
method. Operational Research in Engineering Sciences: Theory and Applications. 3(1).
pp.89-102.
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Sabini, L. and Alderman, N., 2021. The paradoxical profession: Project Management and the
contradictory nature of sustainable project objectives. Project Management
Journal. 52(4). pp.379-393.
Tereso, A., and et.al 2019. Project management practices in private organizations. Project
Management Journal. 50(1). pp.6-22.
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