Project Management Risk Analysis: Strategies for Success and Failure

This report delves into the critical aspects of project management risk analysis, focusing on the significance of risk registers, effective communication strategies, and various project methodologies. The analysis begins with an overview of risk analysis as a tool for assessing potential risks during ...Read More

Project management Risk
Analysis
1

Project 2...........................................................................................................................................3
Risk analysis....................................................................................................................................3
PART B............................................................................................................................................4
Discussion on importance of Risk Register............................................................................4
Examples where projects succeeded and failed, in relation to presence or absence of risk
management............................................................................................................................4
PART C [i].............................................................................................................................5
PART C [ii]............................................................................................................................7
Rationale what methodology you chose for your project and why........................................8
REFLECTION.................................................................................................................................8
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Project 2
Risk analysis
Risk analysis is an effective tool that helps in accessing risk at the time of conducting project
activities. It has been evaluated that risk, hazard register straightforwardly help to deal with each
and every risks which will be arising in it while conducting project activities. In addition to this,
it has been underlined that, risk register effectively prompts analysing risks in effective manner
overseeing, for example, risk mitigation (Etemadinia and Tavakolan, 2021). Furthermore, it has
been underlined that Budget risk analysis is an effective strategy with the assistance of which
data identifying with costs is embraced as to quantify the general consumption. Thus, it has been
identified that with the implementation of effective risk analysis errors can be identified in a well
define and effective manner. Furthermore, this has been evaluated that with the assistance of
effective risk examination mitigation of risk can be possible in best successful way that will
additionally encourage execution of task working more effective manner.
Risk Risk Level(L/M/H) Likelihood of events Mitigation strategy
Time scale of project:
In this duration of time
is evaluated by top
level management
with an aim to launch
event.
High In this, certainty is
there.
With the help of
designing
comprehensive project
timelines plans all the
activities can be
undertaken in an
effective manner. In
this manager is the
responsible individual.
Unrealistic
estimation of cost:
Within this, cost is
being consumed in
over expenses.
Low This is mainly
doubtful in nature
To mitigate this risk,
proper cost
management
techniques can be
involved according to
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project requirement,
Responsible individual
in this is management.
Technical Risk:
In this risk problems
and issues mainly
exists in the form of
techniques as well as
tools.
Medium Likely possible Technical risks can be
mitigated with the help
of making
arrangement of
equipment and tools in
proper manner and
have extra stock. Here
management staff is
responsible person.
Availability of
project team:
Risk associated in this,
is related to leaves
than can be undertaken
by employees
Medium Might be possible In this, employees are
not allowed to take
long leaves. In this
management is
responsible individual.
Resources risk:
Risks pertaining to this
are subjected to non
availability of
resources.
Medium Might be possible. To overcome this risk
it is essential to
manage risks while
reviewing availability
of resources on
continuous basis.
Project investors are
responsible individual
here.
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PART B
Discussion on importance of Risk Register
Risk register plays an essential aspect in risk management and act as an important tool for
managing project. This tool is mainly undertaken to evaluate potential risk in a project or
organisation. With the help of this project can be accomplished while identifying potential risk. It
helps in implementing effective strategies in proper time frame. With the help of this tool risk
can be mitigated in an effective manner (Johnson and Swedlow, 2021). It has been identified that
with the assistance of risk register potential behavioural trend as well as environmental issues of
factors that can affect success of project can be identified. With the help of this managers can list
down all the risk and can clearly state and access them in order to mitigate the risk in effective
manner. In addition to this it has been identified that risk register serves as a central repository
that helps in evaluating risk, with a purpose to conduct project management practices in effective
way while tracking potential project risk. It helps in managing each and every risk that further
facilitates success of project. It is essential to undertake advantage of risk register as it effectively
provides a quick as well as easy framework through which all the risks can be accessed and
project manager can review these risks after each stage of the project. Thus according to the
above mentioned analysis it has been identified that risk register helps in minimising risk through
which effective controlling measures can be undertaken in time effective manner that enhance
probability of success of a project.
Examples where projects succeeded and failed, in relation to presence or absence of risk
management
Risk management facilities project manager to assure success of project. It is help in identifying
those factors that can act as major risk and can create obstacles in accomplishing project goals
and objectives. It has been evaluated that with the presence of risk management desired
objectives can be accomplished with high standards in proper budget. While on the other hand, it
has been identified that in the absence of risk management lead project to fail, as absence of risk
management involve poorly define project scope, inadequate risk management, no formal use of
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methods and strategies, lack of effective communication, failures to evaluate key assumptions
and more (Dingsøyr and Petit, 2021). All these factors play major role in failure of projects.
Thus, it is essential for project manager to make sure that there is proper risk management is
done as it helps in identifying possible risk that can affect success of project. With the help of
proper implementation of risk management number of benefits can be assured. It will not only
allow project manager to accomplish all the activities in proper budget but also facilitate
accomplishment of project goals and objectives in proper time frame. Thus, according to the
above analysis it has been identified that absence of risk management lead project towards
failure. While on the other hand with the presence of effective risk management facilitate
organisation to ensure success of project with great effectiveness. Thus, it is essential to
undertake advantage of risk management in order to conduct all the activities while identifying
and mitigating risk at every stage.
PART C [i]
Brief introduction on Communication and the process
Communication is defined as a transmission or the passage of message or information from the
sender through selected channel to the receiver. Communication is a fundamental process that
helps in sharing and creating information, ideas, feelings, facts views between individuals. It is
essential to undertake advantage of effective communication process in order to successfully
communicate (Pan and Zhang, 2021). Communication plays an important role in the
accomplishment of project activities as it allows in transmission of all the information and data
in a well define an effective manner. It is essential for a project manager to implement strong
communication practices and methods and make sure that there is continuous flow of
communication with the help of systematic process. It helps in accomplishing all the activities in
proper time frame with accurate communicated information’s.
Importance of communication in projects (both top down and bottom up from the project
structure perspective); that includes both verbal and non-verbal mechanisms. Include examples
of tools (apps, etc.) that are used for that purpose.
Success of a project mainly depends upon effective communication process. It has been
identified that importance of communication is significant in any form of project, as it helps in
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enhancing success while reducing associated risk. With the implementation of effective
communication skills project managers can effectively collaborate with project members and
engage stakeholders and can manage communication within team in effective manner.
Furthermore, it has been identified that effective form of communication practices also helps in
resolving conflicts through which collaboration and strong relationship between project members
can be maintained in effective manner. In addition to this has been identified that communication
is playing important role in projects as it helps in building team trust that further allow individual
to perform better together with each other (Sarkar, Jha and Patel, 2021). There is different type
of communication practices such as verbal and nonverbal that will facilitate information and data
in effective manner. It is essential for project manager to ensure that there is formative
communication prevails between top down and bottom up as it enhance project success. There is
different type of communication tools such as e-mail, telephone, Google voice, text messages,
and video and web conferencing, social networking sites that’s helps in facilitating effective
communication practices in projects. With the implementation of different type of
communication tools applications and measures project manager can accomplish project aims
and objectives with more effectiveness. It not only helps in removing unnecessary conflicts
between team members but also allow direct managers to build trust and collaboration with each
other. It helps in building positive workplace environment that further play key essential role in
project success.
Apply the above to your project, that is, explain how communication can be applied to your
project for it to operate successfully, hence eventually achieving the objectives.
It has been identified from the above analysis that the application of communication practices
within present project assures success of project. Good communication practices and use of
different type of communication tools and application helps in resolving conflicts and
communication that can create unnecessary hurdles in success of project (Content, 2021). It also
helps in assuring that all the key individuals or project members are effectively aligned on
project goals. With the help of effective communication practices and verbal and nonverbal
measures information and data can continuously facilitate between team members. By taking
advantage of various forms of communication methods such as meetings, email, instant
messages and voice calls project management can be done in effective manner. It helps in
exchanging skills, experience and knowledge that enhance success of project. It is essential to
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take advantage of a project management communication plan in which important information
can be communicated to stakeholders. It helps in accomplishing each and every objective of
project with more effectiveness (Maulana and Ariyanti, 2021). Thus, according to the above
mentioned analysis it has been identified that there are different type of communication
practices, tools and techniques with the implementation of which in project helps in enhancing
possibilities of project success. It is essential for project managers to undertake advantage of
verbal and nonverbal mechanism of communication within project as it allows achieving overall
objective of project with more effectiveness. Communication not only helps in ensuring success
of project but also facilities formative of communication and relationship with engaged
stakeholders and team members that help in developing a positive workplace environment.
PART C [ii]
Brief introduction on methodologies
Methodologies are expressed as strategies, rules, techniques and so forth that are received
by firm and individuals to play out their exercises in focused way. PRINCE 2, Agile and
waterfall are various techniques received to accomplish project in best successful way. Here, are
some methodologies being defined:
Waterfall
It came into existence in the year 1970 which state as value strong planning; perform it once but
in a correct order (Mutunga and Ondara, 2021). Waterfall is the oldest methodology prevailing in
the cut throat competitive world. It is very simple in nature and can be carried out easily in the
working premises.
Pros Cons
This can be understood in an easy manner as it
is not rigid. In addition to this, this
methodology can be implemented in a smooth
manner within workplace.
It is inflexible and also in this, accommodation
of changes in bit hard. In addition to this, it has
been evaluated that this methodology is
unsuitable for those projects that are large.
Agile
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This is a type of methodology that provides fast and flexible approach in the open market
place. Agile is widely used for small and medium size project so that they can be achieved
timely. This is software which focus PM methodology as well as it is just opposite of waterfall
method.
Pros Cons
In this, there is a continous stakeholder
feedbacks undertake places that eliminates or
lesser down risks or uncertainties.
There is irregular form of scheduling undertake
place thus it become somehow difficult to
properly manage everything in a systematic
manner.
Prince 2 (Pros and Cons- these can be in a table)
Prince 2 methodology is mainly process based technique for dealing with a task. Main
advantage of PRINCE2 centre around justification of business, characterizing the design of an
association for the venture supervisory group and utilizing an item based methodology. In
addition to this, it has been evaluated that it is an efficient venture the executive’s strategy which
comprises of a progression of undeniable level cycles to design, carry out, control, and survey a
task through making a very much organized and plainly portrayed climate. It is an effective
manner for project arranging and execution that gives an adaptable and flexible way to deal
business requirements in a well define and effective manner.
Pros Cons
It promotes communication and saves time. In
addition to this, it divides projects into various
parts so it becomes easier to manage.
This methodology does not include soft skills
and also required experience to apply.
Rationale what methodology you chose for your project and why
Prince2 methodology was coined by United Kingdom government in the year 1966 for
information technology. Number of new businesses and take advantage of this methodology in
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their workplace structure as this methodology defines input and output for every stage. This
method can be used in medium and large size project and promotes communication by offering
common vocabulary. This methodology is also time effective that save most of the time. In
addition to this it has been identified that prince2 methodology is product based and segregate
projects into various stages that further makes them easier to manage in effective manner. With
the help of this methodology communication between all the team members of present project is
improved. It also helps in improving communication with external stakeholders that allows them
to come to decision making process. It effectively enhances effectiveness of project that helps in
managing and minimising project risk in cost effective manner. Thus, according to the analysis it
has been identified that prince2 methodology is a processes based method to manage project in
effective manner. It mainly imprecise upon business justification and define the structure of
organisation for project management team with the help of product based approach.
REFLECTION
According to the reflective analysis of this project it has been identified by me that
management of project is being done in effective manner by project managers and leader. It has
been identified by me that both of these members effectively guided each and every individual
engage in this project throughout the whole project process. Furthermore, effective leadership
techniques have been undertaken by leaders and managers in order to guide every individual
towards direct goals in effective manner. In this project risk analysis has been conducted that
helps in analysing risk at earliest stage through which effective strategies get implemented in
proper time frame. It helps in resolving the obstacles that can affect success of this project.
Furthermore, it has been identified by me that in this project collaboration between team
members is developed will the help of implementing effective and strong communication
practices. Verbal and nonverbal form of communication tools and techniques is being
implemented in order to make sure that each and every individual are aware with the project
objectives. Furthermore, with the help of proper communication tools stakeholders are also get
informed with necessary information. This project is being done in an effective manner with the
help of different tools and techniques such as risk management. Risk management plays essential
role for every project, as it helps in mitigating risk that further enhance possibility of project
success. With the help of different type of tools and techniques this project gets accomplished in
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effective manner. In addition to this it has been underlined by me that different type of
techniques practices as well as rules is being implemented in order to perform project activities
in a different manner. Methodology like prince2 is being implemented that help in conducting
project activities in proper time frame by taking advantage of resources at great extent. However
it has been identified that in order to conduct this project number of limitation has been faced by
me. However during this project with the advantage of different tools and techniques and
effective communication practices all the activities get accomplished in ineffective manner.
Furthermore, it has been identified that project management communication plan is also used in
order to make sure that project activities get accomplished with the help of engaging each and
every member. It not only helps in facilitating collaboration but also enhance project
effectiveness. Experiences that have been measured by me during this project effectively
enhanced my number of skills such as risk analysis, understanding of communication
management plan and more. These experiences not only helped me in professional manner but
also enhance my personal growth and development through which I can conduct project in future
in more effective manner.
REFERENCES
Books and Journals
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Etemadinia, H. and Tavakolan, M., 2021. Using a hybrid system dynamics and interpretive
structural modeling for risk analysis of design phase of the construction
projects. International Journal of Construction Management, 21(1), pp.93-112.
Johnson, B.B. and Swedlow, B., 2021. Cultural theory's contributions to risk analysis: A
thematic review with directions and resources for further research. Risk Analysis, 41(3),
pp.429-455.
Dingsøyr, T. and Petit, Y., 2021. Managing layers of risk: Uncertainty in large development
programs combining agile software development and traditional project
management. arXiv preprint arXiv:2103.09034.
Khalife, M.A., Dunay, A. and Illés, C.B., 2021. Bibliometric Analysis of Articles on Project
Management Research. Periodica Polytechnica Social and Management Sciences, 29(1),
pp.70-83.
Pan, Y. and Zhang, L., 2021. A BIM-data mining integrated digital twin framework for advanced
project management. Automation in Construction, 124, p.103564.
Su, G., Hastak, M., Deng, X. and Khallaf, R., 2021. Risk Sharing Strategies for IPD Projects:
Interactional Analysis of Participants’ Decision-Making. Journal of Management in
Engineering, 37(1), p.04020101.
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.
Content, S., 2021. Behavioral project management: 3 reasons you may not recognize when you
are stuck Republished. Risk Management.
Maulana, S. and Ariyanti, F.D., 2021, March. Application of Lean Project Management Method
in Environmental Drainage Development Case Study: x Area Bekasi City. In IOP
Conference Series: Materials Science and Engineering (Vol. 1096, No. 1, p. 012085).
IOP Publishing.
Mutunga, M.S. and Ondara, A., 2021. Risk Management Practices and Project Performance at
Kenya Airports Authority. Journal of Entrepreneurship & Project Management, 5(1),
pp.45-63.
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