University Project Life Cycle and Risk Management Report

This report provides a comprehensive analysis of project life cycle and risk management. It begins by outlining the four phases of a project life cycle: initiation, planning, execution, and closure, emphasizing their importance in effective project execution. The report then delves into the critical aspect of risk management, defining risks as potential issues that can arise during project execution and highlighting the significance of their effective management. The ERIC framework (Eliminate, Reduce, Inform, Control) is presented as a tool for risk mitigation. The report applies these concepts to a hybrid passenger vehicle project, detailing specific risks such as cost overruns, lack of technological support, and inadequate project management, along with corresponding mitigation strategies. The report concludes by emphasizing the importance of proactive risk identification and management for successful project completion.

Running head: PROJECT LIFE CYCLE AND RISK MANAGMENT
PROJECT LIFE CYCLE AND RISK MANAGMENT
Name of the student:
Name of the university:
Author Note:

1PROJECT LIFE CYCLE AND RISK MANAGMENT
Table of Contents
Part A.........................................................................................................................................2
Part B..........................................................................................................................................5
References..................................................................................................................................8

2PROJECT LIFE CYCLE AND RISK MANAGMENT
Part A
The significant concept of the project life cycle is depicted as a four step process that
is adhered by most of the associated project managers in respect to the fact that the
organization will intend to execute a project effectively. The project life cycle enhances the
initiation, processing, execution as well as the completion of the project in an accurate
manner. This concept tends to provide an effective framework that deals with the overall
management of the project thus providing an enhanced business environment thus amplifying
the exposure of the business (Lock, 2017). The usage of the project management life cycle is
depicted to be a significant as well as critical section in respect to the overall services within
the organization. This framework is identified to be a standard procedure, which implies the
associated teams within an organization to cope with the strategic goals as well as scope as
set the overall management of the organization.
As identified by the various studies with the Institute of Project Management it can be
identified that the Project Management Life Cycle is associated with the implementation of
the significant four steps. These are mainly depicted to be project phases (Harrison and Lock,
2017). These phases include the Initiation phase, planning phase, execution phase as well as
the closure of the project.
The significant first phase deals with the overall conceptualisation of the associated
project. Within this phase the significant problem is identified as well as the solution to that
potential problem is also analysed so that the project can be executed effectively. The
significant goals of the overall project is significantly identified in respect to the project
management. The statement of work is developed within this phase. The significant usage of
the potential requirements in accordance to the fact of the relevant business case is presented

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within this phase. Thus, the phase provides a clear overview in respect to the significant
business thus adhering the concept of project management in respect to the overall project.
The next phase in respect to the overall management of the project within an
organization involves the overall fact of the project planning. This is a necessary and an
important step associated with the effective execution of the project. This phase mainly
identifies the potential purpose, mission as well as vision of the overall project (Costantino,
Di Gravio and Nonino, 2015). The description of the overall criteria within this phase
analyses the fact of the overall management of the project. This phase also tends to provide
an effective level of description in accordance to the requierements of the project. This
project also intends to analyse the overall risks associated with the project that may tend to
hinder the overall management of the project. In addition to this, this phase also intends to
provide an effective budget planning which signifies the potential execution of the overall
project.
The next significant phase deals with the effective knowledge of the resources as well
as the execution of the overall project with the help of the proper budgeting. The overall
planning of the resources are significantly carried out in respect to the overall optimization of
the projects (Kliem and Ludin, 2019). The potential execution phase deals with the overall
management of the strategic planning methodology as well as deals with the implementation
planning within the organization that are trying to execute a potential project.
The last phase of the project management life cycle deals with the effective delivery
of the project thus enhancing the fact related with the significant planning as well as the
proper development of the project. This phase clearly identifies that whether the project has
fulfilled the overall requirements as well as the organization has successfully carried out the
project in each phase (Uhl and Gollenia, 2016). Some of the projects related to various

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organization also deals with the fact of the customer feedback as well as provide live support
to the potential customers. The completion criteria related to the project is also checked
within this phase thus analysing the concept of project management.
The overall project management is effectively associated with the effective processes
that are adhered by the organization. While the overall project is in execution there may arise
several risks associated with the project (Sánchez, 2015). Risks within a project are depicted
to be the uncalled issues that may occur while the project is in execution. The overall
management of these type of Risks are analysed to be an effective procedure that are adhered
by the organization while they implement the project management life cycle (Thiry, 2016).
The efficient handling of these risks are depicted to be a significant approach that is to be
adhered by the organization to successfully achieve the goals as well as scope of the overall
project. The risk mitigation criteria identified within any organization mainly involves the
fact of the skilled employees, effective managerial team as well as the resources associated
with the qualitative and the quantitative approaches (Steenkamp and Bekker, 2018). The
feasibility study of the different risk management procedures are effectively identified within
the environment of an organization that tends to accurately manage the risks.
The significant objectives that are identified to be effective for the management of a
project are analysed as the cost, scope, time as well as quality of the overall constraints that
enhances the successful completion of the project (Cagliano, Grimaldi and Rafele, 2015). The
associated project management team within an organization deals with the effective
knowledge of this approaches thus adhering the overall risks that may arise within this
approaches. The potential risk management team of an organization identifies the overall
risks associated with in these fields thus developing a risk assessment process for the overall
risks. This will be important for the successful completion of a project.

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The project-planning phase is the noteworthy and the best effective step highlighted
within the project management life cycle that potentially deals with the identification as well
as the analysis of the risks according to their livelihood and probability thus assuring the
project to be successfully completed (Juan, 2019). If the potential risks are identified within
this stage itself then it is identified to be very effective in respect to the management of the
project in the next phases of the life cycle.
Part B
The overall safety design in respect to the risks associated with the management of a
hybrid passenger vehicle project is described in respect to the ERIC acronym. This acronym
is depicted to be useful in respect to the management of the significant risks associated with
the identified project. The overall details are provided in the table below
Element Description
Eliminate (E)
The risks identified are to be eliminated as
soon as possible for the effective
management of the project.
Reduce (R)
The potential risks are to be reduced that
could not be mitigated totally.
Inform (I)
The risk information is to be passed or
informed to each associated employees so
that the future aspects of those risks can be
provided successfully.
Control (C)
The proper actions are to be undertaken in
respect to the mitigation of those risks.

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The overall framework is very important in respect to the identification as well as
mitigation of the risks within the project of hybrid passenger vehicle. The design
implementation associated with the mitigation of the risks are successfully carried out in
respect to the various risks related to the project of hybrid passenger vehicle. The risks that
are significantly identified as well as the mitigation of those risks are justified in the table
below:
Identified Risks Mitigation of Risks
Project management
phase to be adhered
Cost of supplies
The effective usage of the budget
is to be effectively maintained in
respect to the development of the
depicted vehicle.
Planning phase
Lack of technological
support
The development needs a lot of
knowledge within the employees.
The perfect selection is to be
carried out in respect to the
employees as well as the engineers
associated with the project.
Initiation as well as
execution phase
Lack of effective
project manager
The project manager must be
capable of both managerial as well
as knowledge skills that will
intend to carry out the overall
project effectively.
Initiation as well as
execution phase
Lack of effective team
members
The significant team members
must be efficient in carrying out
Execution and termination

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the project, which will help the
overall development as well as
delivery of the project within the
time frame
phase

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References
Cagliano, A.C., Grimaldi, S. and Rafele, C., 2015. Choosing project risk management
techniques. A theoretical framework. Journal of Risk Research, 18(2), pp.232-248.
Costantino, F., Di Gravio, G. and Nonino, F., 2015. Project selection in project portfolio
management: An artificial neural network model based on critical success
factors. International Journal of Project Management, 33(8), pp.1744-1754.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach.
Routledge.
Juan, H.U., 2019. A Full Life Cycle Project Management Method for Military
Enterprises. DEStech Transactions on Economics, Business and Management, (emba).
Kliem, R.L. and Ludin, I.S., 2019. Reducing project risk. Routledge.
Lock, D., 2017. The essentials of project management. Routledge.
Sánchez, M.A., 2015. Integrating sustainability issues into project management. Journal of
Cleaner Production, 96, pp.319-330.
Steenkamp, J.R. and Bekker, M.C., 2018. Validating a project life-cycle review framework
for mining projects at Exxaro. South African Journal of Industrial Engineering, 29(1), pp.74-
85.
Thiry, M., 2016. Program management. Routledge.
Uhl, A. and Gollenia, L.A. eds., 2016. A handbook of business transformation management
methodology. Routledge.