Project Management Report: Risk, Procurement, and Project Planning

This report delves into the intricacies of project management, specifically focusing on Hi-Rize Development's business expansion plans. It comprehensively examines the processes and approaches of risk management, including risk identification, analysis, assessment, mitigation, and monitoring. The report also explores how projects should be organized and managed, with an emphasis on appropriate procurement methods. Furthermore, it outlines the essential steps involved in project planning, including goal identification, task breakdown, timeline setting, action plan creation, and performance measurement. The report highlights the importance of effective communication, meeting management, and control mechanisms to ensure project success. Finally, it provides insights into various procurement forms and strategies to help organizations achieve their objectives efficiently. The report aims to provide a practical guide for managing projects effectively within a competitive business environment, offering valuable strategies for risk mitigation, project organization, and successful project completion.

PROJECT MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK ..............................................................................................................................................1
1.) Process and approaches of risk management.........................................................................1
2.) How project is organised and managed with appropriate form of procurement...................3
3.) Project plan............................................................................................................................7
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In this competitive world it is quite hard to manage the project working at higher level
and thus many companies are taking various steps to bring their business on top and make
themselves to successfully manage the different working scenario in organisations. Project
management has to be done with having a research of market so that effectively such work can
be done in better manner as well (Fuller and et. al., 2017). This is something which has to be
done in right manner and management also lead to have a proper working as well. The report is
based on Hi-Rize development who is looking forward to expand their business and in future to
serve people with their construction work. Assignment will include risk management, their
process and approaches as how it will be organised, managed and procurement of activities are
also there although project plan is required as well to have a better working.
TASK
1.) Process and approaches of risk management.
The risk management is such which help in analysing, assessing and avoiding,
minimisation of various unwelcome risk in business or project. Moreover, it can be seen that
many companies like HRD can use risk assumption, risk avoidance and risk transfer with the
other strategy with many proper management of future events in better manner (Verzuh, 2015).
Although the threats of risk can come in between work from several sources like (financial
uncertainty, legal liabilities, strategic management as well or may be with natural disasters)
which can result into fail compliments and work can be hinder for such, risk management plan is
such which increases processes like identifying and controlling as well with threats.
The companies even teach their employees about the risk factor and how they have to
manage if risk comes in between their working schedule as this make human resource and other
staff member of organisation a strength and they face risk as challenge and overcome such thing
in better manner as well. Their is a process of risk management and according to such the Hi-
Rize department works and it is as follows:
Process of Risk management
Risk identification
Risk analysis
Risk assessment and evaluation
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Risk mitigation
Risk Monitoring
These process are such which help company to identify risk and make strategies
according to such only and these points are as follows:
Risk identification: Moreover, it is required by company Hi-Rize to identify the
different sources from where the risk can occur and make plan according to such only.
Determining this thing can help organisation to have a smooth functioning of their working and
they can attain their goal and objective (Leach, 2014). Risk is that which hinders the working
scenario of firm and it convert the working into hurdles and nothing works in better manner.
Identification help entity to overcome with all these things before risk comes in between.
Analysis of risk: After having a identification of risk in market which is going to become
hurdle in working. In this step of risk management analysis is being done that which kind of risk
it is and from which source this has been occurred although what type of consequences it will
occur and has to be minimised in right contrast as well. Analysis of risk make company to
perform in better manner as well and thus risk is such which can effect any department in
organisation. Analysing can help in choosing the best strategy for such risk. Understanding risk
in right way which help company to specify every instance of risk.
Risk assessment and evaluation: In this step the risk is being evaluated and accordant to
such Hi-Rize and their management make a decision that risk is acceptable and providing
positive side of this thing or it is not acceptable and required to ignore for better working as well.
Evaluation is required before making it as mitigation and although this is such which help
company to identify whether risk is profitable for firm or not.
Risk reduction: At particular step the various companies make the list and comes out
with highest ranked risk and for such making a plan which can be used to reduce the risk and can
make it control as well (Mir and Pinnington, 2014). Therefore the plan will include several
things like as (tactics for prevention and contingency plans as well), ans whole thing can be used
as a fruition thing for entity.
Risk Monitoring: In last after evaluation, the company Hi-Rize monitor that risk is being
controlled in the manner they made a plan in right manner as well. Although this thing also help
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in assessing the new and existing risk in market and their working as well. Therefore, risk
management is such which also help in reviewing on regular basis and such thing also being
updated on needed basis as well.
The company also goes with having various approaches as well which can help them to
become aware from risk in market and thus these are as follows:
Different approaches in risk management
Avoidance of risk
Sharing of risk
Risk can be retained
Reduction of risk too
Risk avoidance: In companies having elimination of risk is less possible and this thing
make organisation to have a avoidance of work and this thing make them to have a proper
working as well. A risk strategy is produced which help firm to avoid the many threats as
possible as this thing help in perform in better manner as well.
Sharing of risk: Moreover, in large firms the risk are always being shared and in small
companies like Hi-Rize the risk are also sometimes being shared to share holders and also
distributed among the project's participants and various department of business as well. The risk
is that which reduce which sharing and it is mostly divided with third party (De Bakker,
Boonstra and Wortmann, 2010).
Retaining of risk: Sometimes the risk are very much good and fruitful thing for business
and in such scenario they thing for retaining such in better manner as well. Organisation also
being retain on positive level of risk and the projects has been also anticipated of profit and it has
been seen that the costs is greater and having a potential risk.
Risk reduction: Moreover, the company are looking forward to reduce the amount of
risk they are having on the business and somewhere they get success in reduction and effect of
risk on different processes as well and its scope can be reduced and a better working scenario can
also be seen in right way too.
2.) How project is organised and managed with appropriate form of procurement.
It is quite tough for the business to manage and organise different things in market to
handle their activities and task in better manner and thus this has to be done in correct way as
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well and there are various ways which help in organising and managing the project in better
manner although a step is being followed by the company to have an effective organise of
activities and task and some of those are as follows:
Identify the goals and scope: It is required to do for each activity in business and
analyse what things are there which is needed to accomplish success in right contrast and
identifying employees who will play the effective role in a team as well. This thing help in
working in better manner too (Flyvbjerg, 2013).
Break down task into small part: Moreover, this is such which help in completing the
task on time and it also help in creating the to do list for different projects as well. Although
dividing the work with team member help to have an effective working as well.
Timeline for completing task: Setting the time schedule for working makes company to
perform their working in better manner and thus this also help them to complete their working on
time as well.
Create a action plan: This is that which help company to have an smooth functioning in
organisation and although this also make them to ignore the issues and problems in market and
firm as well. As this help in keeping the work on track.
For measurement set scale: Although the activities and task are such which also help to
measure the working criteria and how they have been performed their working as well and this
makes them to have an effective working too (Walker, 2015). This measurement scale help in
tracking and making employees to perform in right way and keep themselves updated with such.
Therefore the company also works hard to manage various activities in business and this
make them to have an proper working as well and thus make organisation to achieve their goal
and objective in right contrast as well. The things which is required to manage different activities
are as follows:
Managing a task and activities of project.
Have meeting
Meeting frequency
Meeting should be cut to cut
Keep digging if everything is fine
Have control
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Never take this backyard
Have meeting: Organising meeting on timely basis help company to keep their staff
updated on the changes and different thing on activities as well. Moreover, provide information
as when the next meeting is being scheduled and working can be done in better manner as well.
Meeting helps to have better working too.
Meeting frequency: The schedule of meeting is also depended on the size of project and
people is being included to complete the project on time as professional meetings can be called
on regular basis like monthly, quarterly etc.
Meeting should be cut to cut: The agenda of meeting should be there and have
communication related to work and if it is meeting of status then keep this a professional meeting
don't mess up such thing with the brainstorm kind of thing. Although try not to waste time of
staff (Wysocki, 2011).
Keep digging if everything is fine: Moreover, if the meeting and work of firm is going
in right contrast and then company always go through the digging of work and this has to go on
working as well and this will make them to perform in better work as well. Sometimes digging of
work also help to have a better working as well.
Have control: Although the working of industry has to be in control which help them to
have an effective working as well. Therefore, management should be responsible for controlling
their staff and this is something which help to increase the performance of employees which will
help in having a great working as well and this somewhere make them to accomplish their goal
and objective in better manner.
Never take this backyard: If the company is facing pitfalls in working then it is required
by management of company should take this as positive sign and they have to bring a resolve
part in right criteria as well (Fleming and Koppelman, 2016). Moreover, such thing help in
having a better work and this has to be performed in correct manner.
Although there are evaluation forms as well in better manner of such thing and thus this
has to be done in correct format as well. Even it is required to have different forms of
procurement and choosing best among those is quite tough and such thing will help in having a
right contrast working as well.
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The different types and form of procurement are as follows:
project procurement is a great process of acquiring goods and services, which is being
used to distinguish the project procurement with the other forms of procurement. Moreover a
series of execution is taken in procurement and it has been seen as interdependent and some are
not.
Types and forms of procurement.
Fixed price contract.
Cost reimbursable contract.
Time and materials.
Fixed price contract: This is also known as lump-sum contract and it is being used when
there is no uncertainty in scope is there in work. If contract is signed then seller is according
written agreement conjugated with agreed amount and money in time as well (Schwalbe, 2015).
Concept is divided into three parts as;
 Firm fixed price
 Fixed price incentive free contract
 Fixed price with economic price adjustment too.
Cost reimbursable contract: This is such which also known as Cost disbursal contract.
In this concept the seller is somewhere reimbursed for the completion of project and which
represents the profit culture as well. It is divided into four parts and those are as:
 Cost with Fixed fee contract
 Cost with incentive fee contract
 Cost with award fee
 Cost with percentage of cost.
Time and materials Contract: This is something which incudes the fixed price and cost
reimbursable contract as well. A time and materials are being used when the deliverables are as “
labour hours” (Pinto, 2015). In this form of contract project manager of organisation will also
provide the require qualification as well for experience as well.
It can be stated that Cost reimbursable Contract is better one among the others and this is
such which help in having a proper working in organisation and thus in this the cost occurred
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from the side of seller also gets reimbursed which help to earn trust and faith with organisation
and this make company to increase the performance and availability of resources will also be
there which make them to have a quality product and service too and thus it also help to Hi-Rize
development which attain their aim and goals in right context.
3.) Project plan
Project plan
Understands the value and scope of plan
Organise a research
Ask the tough questions
Produce a plan outline
Communicate with team
Elaborate the project plan
Execution of Team Gantt
Publish the plan
Share the plan with team and make them to
read it
Prepare and keep effective planning.
Value and scope of plan: while making any plan in organisation it is require to have a
value an scope of plan as whether such plan will help in near future or not, or may it will provide
the long term benefits or not and making understanding of all such thing a proper working can be
done in business. Although scope plan should be there as this help in having a great working as
well.
Organise a research: After having the understanding of value and scope then it is
required to organise the research according to plan has been made and thus this scenario helps in
collecting the needed information from market and such data can be used in better manner and
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can make to use in company for the proper performance (Meredith and Mantel Jr, 2011).
Organising a research is a quite tough task and this has to be done in better manner too.
Ask the tough questions: Ask questions to people which is quite tough for them to
answer even researcher has to collect information for such questions that is not easy to hard and
even tough questions can provide the better information in right contrast as well. Tough question
are such which is being asked by the top executive in whole organisation.
Plan outline: Moreover the plan is outlined and thus it helps in knowing the criteria in
which plan is to be prepared and even getting boundaries too which help in making plan within
the outline and this make company to have a perfect plan (Larson and Gray, 2013). Although this
also include that how the team is going to approach the project and even how they behave with
this criteria as well. In this it is not required to include everything but those which is a needed
concept for everything.
Communicate with plan: Moreover, this is something which has to be done in right
contrast and thus communication in company should be done in better manner and thus it is a
back bone and it is like that they have to perform the work in right way even though. Meeting
should be organised on regular basis which help organisation to earn profit in correct format too.
Moreover clear communication with every employee can help in getting better working in
organisation thus it also help in attaining the goals and objective.
Elaborate the plan: After having all such step in Hi-Rize development and with this
they always go with elaborating the plan in better manner and even though it is likely to have
that and needed concept to elaborate different things of plan in right context. After having all the
meeting scenario with various parties and is puddle be there that the plan is made is of rock solid
and such thing make them to perform in correct format too (Burke, 2013s). Any of the formation
and outlining tool will help in moulding thoughts within the organisation scenario and this make
them to work in right manner as well.
Execution of Gantt with team: Team Gantt which is a online planning tool which is
somewhere a ability and compete with quick and ease of plan which is being used with the
simple drag and the drop feature as well. Creating the Gantt chart is something like which is
being based on the steps and required to communicate with team to have a proper working tool
and this make them to have a effective working by employees in Hi-Rize development.
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Execution is that which has to be done in proper manner and thus it is like which help teams to
complete their working on time.
Publish the plan: Hence, Company has done with the research and approach which is
being already discussed with formal project plan and this make them to have a better working
too. Although show the plan to your colleague before making and giving to client. This is
something which is more embarrassing moment for different management of company to deliver
project with error and issues.
Share the plan with team: After having all such and it is also required to have a
important document in better manner and thus it is also needed to have a review of the plan.
When a project plan is being delivered then a summary is provided in better way of the project
and thus the information which is covered with all such is like methodology, resources and
assumptions which make to convey the right working of project plan and this is something which
include everything (Kerzner and Kerzner, 2017).
Keep effective planning: Sometimes it can be seen that smooth and it is quite easy to
manage in better manner and even though when a good plan and a team is made then a clear
understanding of the solid plan which is somewhere a manageable and well thought out too in
right way.
CONCLUSION
From the above report it can be stated that, Hi-Rize development is the company who is
looking forward to use those technology in their working which can provide them a better
working in a single instance and this make them to have a better working too. Organisation is
being facing risk as well and also choosing the right approach to face risk and challenges and
thus make them to have a smooth functioning of work as well. Moreover the organising and
managing of project is also included that in which manner this thing can be done and all such
scenario help firm Hi- Rize to earn higher profits and help them in expanding their business too.
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