Project Management Report: Risk, Communication, and Methodologies

This report delves into key aspects of project management, beginning with an examination of risk registers and their role in mitigating financial, time-related, and technical risks. It underscores the consequences of poor risk management, such as project delays and failures, while emphasizing the need for proactive risk mitigation strategies. The report then explores the importance of effective communication between project managers and team members, highlighting various communication tools and the impact of communication theories like Actor-Network Theory and Information Theory on project success. Finally, it analyzes and critiques project management methodologies, specifically comparing Agile, Waterfall, and PRINCE2, evaluating their strengths and weaknesses to provide recommendations for project sponsors. The report concludes by summarizing the key findings and offering practical insights for successful project execution.

Project management-2
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INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................4
A risk register.........................................................................................................................4
What happens when risk is not properly managed on projects..............................................6
C. A short report..............................................................................................................................7
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................12
Appendix 1.....................................................................................................................................14
Project 1.........................................................................................................................................14
MAIN BODY.................................................................................................................................14
1. Project Initiation Documentation.....................................................................................14
2. Work Breakdown structure and Gantt chart.....................................................................18
3. Risk register which containing documented risks............................................................20
Explanation of the need for effective, structured communication between the project manager
and members.........................................................................................................................23
Analysis and critique of methodologies that might be used to run the project case............24
CONCLUSION..............................................................................................................................26
REFERENCES..............................................................................................................................27
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INTRODUCTION
Project management is defined as and application of methods, process, skills and knowledge
in order to accomplish project objectives as the project criteria and in agreed parameters. A
project have various deliverables with are required to be accomplished within a proper time scale
and budget (Hackman, 2021). With the assistance of effective project management techniques,
skills and knowledge each and every activity of project can be accomplished in effective manner.
However in this project manager is required to undertake advantage of various practices such as
risk register, risk management plan, proper communication and methodologies. Present report
involve discussion upon importance of risk register and risk management plan, need of effective
communication between project managers and other members of team and to take analysis of
methodologies.
MAIN BODY
A risk register
Risk Risk Level(L/M/H) Likelihood of events Mitigation strategy
Financial risk- This
is the risk which is
faced within project
and during the event.
Financial risk is
related with shortage
of funds which are
required in order to
meet material and
resources
requirements for
organisation of
Olympic event.
Medium It may be possible. All the budget are
required to be made
before initiation of the
project so as to avoid
any complexity and
risk related to financial
perspective.
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Time scale of project-
This represents the
standard time which
is required by project
manager for
completing the
project and all the
activities related to
the project.
High It is having high
chances of occurrence.
To deal with this risk,
comprehensive project
is to be made by
project manager so that
all the activities related
to the project can be
completed within
desired time frame
(Nicholas and Steyn,
2017).
Unrealistic
estimation of cost-
This is denoted as the
cost which is
extraordinary in
nature and can be
proposed in context of
varied goods.
Low It may be likely
possible.
In order to deal with
this risk, cost planning
is required to be
included by
management while
executing a project. On
the other hand at the
time of changing of
resources specific
planning is required to
be drawn so that to
manage additional
costing.
Availability of project
team- This denotes
availability of skilled
workforce which are
required within the
Medium It may be possible. In order to deal with
this risk management
is required to monitor
varied processes and to
align needs of the
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project and to
complete assigned
project within desired
time frame and
efficacy (Heldman,
2018).
project in same
manner.
Technical risk-
At the time of
execution of the
project there are some
technological issues
which may arise.
These are related to
machines, equipment
and many more.
Medium Likely possible This risk can be
mitigated by keeping
additional equipments
and by executing
repairing and
maintenance on timely
manner.
What happens when risk is not properly managed on projects
Risk register is an essential framework in context with risk management and plays an important
role in managing activities of project. With the help of this tool potential risks can be identified
at prior stages that allow project manager to undertake use of various strategies in order to
overcome the identified risk in effective manner (Bruce, 2021). With the assistance of risk
register project manager can mitigate risk by evaluating potential behavioural trends and
environmental issues factor that can negatively affect success of project. Risk register allows
managers to list down all the activities and manage all the risk by evaluating them and tracking
during project process simultaneously. It has been identified that risk register is a crucial part of
an overall risk management plan as with the help of this risk can be identified in proper time that
further allows minimising the negative impact of these risk by controlling measures this
enhances probability of project success. However it has been identified that when risk is not
properly managed in project, then in this case project manager can lead towards taking more time
to understand, analyse and prepare management plan in order to properly monitor and act on
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them. Along with this it has been determined that when risk is not managed it can delay activities
of project that will surely and take longer time than expected and push other activities mentioned
in the project schedule. Furthermore, according to the analysis it has been evaluated that risk
when not managed in project it lead towards projects failure and can also take more time, cost
and efforts that lead only resources toward wastage. In addition to this consequences of poor risk
management involve lack of transparency and lawsuits (Sarkar, Jha and Patel, 2021). It is
essential for project manager to manage risk with the help of proper risk management plan. For
this project manager is required to take advantage of risk register in order to conduct project
activities with high standards along with in proper budget. Negligence of risk register also affect
overall objective of project and can affect in an adverse manner. It is essential to undertake use
of risk register in an effective manner as to manage each and every project activity by evaluating
potential risk that can affect project success. It helps in accomplishing project objectives and
goals in more effective way. Thus, according to the above mentioned evaluation it has been
identified that risk register is an essential aspect of risk management plan that helps in managing
risk while identifying them at first stage. This will facilitate project manager to evaluate and
monitor each and every activity step-by-step and identify risk and further implement strategies to
mitigate them. It helps in enhancing effectiveness of project that also benefits in accomplishment
of all the activities within proper budget and time. Both risk register and risk management plan
simultaneously plays important role and are required to implement in effective manner in order
to accomplish all the activities in proper time manner.
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C. A short report
i. Need for effective, structured communication between the project manager and members of
their team.
Communication is termed as passage or transmission of information or messages from sender via
a selected channel to the receiver. This is one of the most important processes that assist in
creating as well as sharing feelings, views, ideas and factors among individuals. Communication
process enhances success of a project, as with the help of effective communication tools as well
as practices data and information can be transmitted in a smooth and effective (Rosenson, 2021).
A project manager is required to have proper knowledge of different type of communication
tools, methods and practices in order to assure continuous flow of information with the
assistance of systematic process. This helps in completing each and every activity of project in
an effective manner. It has been identified that project success is depend upon the form of
communication practices being implemented. It helps in overcoming the conflicts, risk and other
factors that can create hurdles in order to accomplish activities of project. Communication tools
and practices also help in strengthening relationship and allow collaboration between project
members. There is a significant need for effective and structure communication between the
project manager and members of team, as it helps in building trust, relationship, collaboration
and commitment towards project goals and objectives. Project manager is required to make sure
that various forms of communication techniques is being implemented in order to make sure that
every member is conducting their roles and responsibilities in an appropriate manner. In terms
with present case in order to organise Olympics games in London it is essential to undertake use
of various communication practices, such as internet. This is an effective tool that helps in
facilitating communication in more effective way.
There are various forms of communication tools such as Google Voice, email, text
messages, telephone, web conferencing, video and social networking sites through which
communication process during project can be maintained in effective way. These tools helps
individuals to deliver documents letters in time effective manner while storing responses in
estimated time frame. According to Actor-Network Theory it has been identified that both
human as well as non human factors equally influence technological innovation success.
According to this theory it is essential to ensure that communication is being done in effective
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manner. As per actor network theory both receiver and communicator have a responsibility to
ensure a better and smooth communication. In addition to this Information theory is a
procedure for conveying a message and various information has to be transmitting signals,
written language, spoken words and body movement. In this one source has to be collected that
makes information to be transferred. Thus, with the help of both of these theories Olympic
events can be successfully conducted by HIE. This theory is a scientific study of communication,
qualification and storage of information that was established to find practical ways of
communication to transfer information in better manner.
ii. Analysis and critique of methodologies that might be used to run the project case study,
principally comparing Agile, Waterfall and PRINCE2 methodologies. Explain their strengths and
weaknesses and give your recommendation to the sponsor as to which methodology you believe
would be best to use.
Brief introduction on methodologies
Methodologies are defined as techniques, strategies and rules that an individual or
organisation and take in order to exercise activities within a project. Waterfall, Prince2, Agile are
different forms of techniques through which project activities can be conducted in a successful
manner while assuring positive outcomes. Mentioned below evaluation of these methodologies is
being defined:
Waterfall
Waterfall methodology is basically a classical model that can be effectively used in
system development cycle to develop a system with sequential as well as linear approach. It has
been identified that this model is mainly known as waterfall as it formulate systematically from
one face to another in downward manner. This model was founded in the year 1970 that can be
undertaken by an organisation in order to conduct project activities in an effective manner.
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Strengths and weaknesses
Pros Cons
Major benefit associated to this methodology
is that it is a simple way that does not involve
complex activities. Along with the help of this
methodology project can be undertaken in
which each phase depend on the variable of
previous one (Korytárová and Hromádka,
2021). In addition to this it has been a line that
waterfall project methodology also benefits in
conducting project in a sequential phases
through which team members can accomplish
project goals in effective manner.
There are certain disadvantages such as, in
order to implement change during project it is
difficult to undertake changes in this
methodology, as it has been identified that
waterfall methodology is entirely based on
following set of steps that has been undertaken
by team members in order to move forward.
Along with this another disadvantages
associated with this methodology is that, it
delay testing until after completion. This
methodology is also not effective for large-
scale projects.
Agile
This methodology mainly involves developing and discovering requirements and solution
with the collaborative efforts of cross functional and self organising teams. It allows in managing
project by breaking it into several phases. Along this it has been underlined that in this
methodology constant collaboration of stakeholders are involved along with continuous
improvement at each and every stage.
Strengths and weaknesses
Pros Cons
Major advantages associated with Agile
methodology are that it assures consumer
satisfaction while offering superior quality
products. Along with this, with the
Irrespective of having number of benefits there
are certain disadvantages of agile
methodology. It has been identified that
sometime level of collaboration can be difficult
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implementation of this methodology in project,
better control, increased flexibility, continuous
improvement, improvement in morale among
team member can be assured in effective
manner.
to maintain in effective manner. Along with
this it has been identified that individual can
get sidetracked easily because of lack of
processes. In addition to this, it has been
underlined that Agile methodology also takes
more time and commitment and have less
predictability.
Prince 2
Prince2 methodology is basically a systematic project management methodology that
basically involves series of high-level steps associated to planning, implementing, controlling
and reviewing a project while creating a systematic clear and well structured environment. With
the help of this tool process based methods can be undertaken in order to manage project. It has
been identified that prince2 methodology mainly imprecise upon business justification and
defines organisation structure in order to manage project team in effective manner with the help
of product based approach (Feghaly and et. al., 2021) . It has been identified that with the
integration of this methodology project manager can undertake move flexible and responsive
measures in order to manage project. It effectively helps project manager to determine engage
individuals along with their responsibilities.
Pros Cons
Prince2 methodology is having number of
advantages such as it promotes communication
by offering common vocabulary. Along with
this it is the time saving method and as well as
business focused. Furthermore these
methodologies significantly secret project into
the number of stages that helps in managing
project activities in effective manner. Along
Prince2 methodology does not involve soft
skills and need senior management along with
experience to implement this methodology in
effective manner.
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with this is it improve communication among
team members along with external
stakeholders.
Recommendation
According to the analysis of above mentioned mythologies it has been recommended to
HIE to undertaker advantage of Prince2 methodology, as with the help of this project activities
can be effectively divided into different aspects and all the team members and stakeholders can
be involved, with the help of effective communication methods. It helps in enhancing decision
making process through which project can be accomplished while assuring successful outcomes.
CONCLUSION
According to the above mentioned report it has been concluded that project management
include number of techniques, measures and methodologies through which all the activities
within project can be undertaken in effective manner. However it is essential to accomplish
project while ensuring successful results to undertake advantage of risk management plan. For
this risk register plays an essential role through which risk can be identified at first stage. It is
essential for project manager to implement effective communication methods and techniques
with the help of effective methodologies such as prince2 and others in order to conduct each and
every activity of project while assuring positive outcomes.
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REFERENCES
Books and Journals
Feghaly, J and et. al., 2021. Design–Build Project Administration Practices for the Water
Industry. Journal of Pipeline Systems Engineering and Practice, 12(1), p.04020068.
Potts, M., Harvey, D., Johnson, A. and Bullock, S., 2021. The Complexity Register: A
Collaborative Tool for System Complexity Evaluation. Engineering Management
Journal, pp.1-17.
Korytárová, J. and Hromádka, V., 2021. Risk Assessment of Large-Scale Infrastructure Projects
—Assumptions and Context. Applied Sciences, 11(1), p.109.
Rosenson, R.S., 2021. Register now to R3i!. Omega.
Filippetto, A.S., Lima, R. and Barbosa, J.L.V., 2021. A risk prediction model for software
project management based on similarity analysis of context histories. Information and
Software Technology, 131, p.106497.
Ma, G., Jia, J., Ding, J., Wu, M. and Wang, D., 2021. Examining the Impact of Social Media Use
on Project Management Performance: Evidence from Construction Projects in
China. Journal of Construction Engineering and Management, 147(3), p.04021004.
Sarkar, D., Jha, K.N. and Patel, S., 2021. Critical chain project management for a highway
construction project with a focus on theory of constraints. International Journal of
Construction Management, 21(2), pp.194-207.
Thesing, T., Feldmann, C. and Burchardt, M., 2021. Agile versus Waterfall Project Management:
Decision Model for Selecting the Appropriate Approach to a Project. Procedia Computer
Science, 181, pp.746-756.
Bruce, G., 2021. Overview of Project Management. In Shipbuilding Management (pp. 33-43).
Springer, Singapore.
Hackman, D.C., 2021. Quantifying heterogeneous individual perceptions in project management
research. International Journal of Managing Projects in Business.
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