Project Status Reporting: Risk Management and Status Report Evaluation

This report delves into the critical aspects of project status reporting and risk management. It identifies and discusses various status reports, including risk reports, resource reports, and variance reports, highlighting their significance in project management. The main body explores the pitfalls and challenges associated with each report type, such as high costs, time consumption, and difficulty in predicting resource needs. Furthermore, the report evaluates the practical application of these status reports within a construction project, illustrating how they aid in risk control, resource allocation, and maintaining project objectives. The analysis provides insights into effective strategies for mitigating risks and optimizing project outcomes through diligent status reporting.

Risk Management and
Project Status Reporting

TABLE OF CONTENTS
MAIN BODY...................................................................................................................................1
Identifying status reports used in project management...............................................................1
Effectively discuss the pitfalls and challenges associated with different status report...............1
Effectively evaluating how these status reports are applied.......................................................2
REFERENCES................................................................................................................................3

MAIN BODY
Identifying status reports used in project management.
Status report helps in summarizing the particular situation for the particular period of
time. It helps in considering such report by effectively arriving at the decision associated with the
particular issue (Kerzner, 2017). These reports are produced on a regular basis in order to
identify the operations of the business.
Risk report: This report is useful in summarizing various risk and opportunities
associated with the Lyle's construction project. It is very useful in controlling risk associated
with coerced various engineering department, communication problem, project delays, etc. It
helps management in providing supporting risk treatment plan.
Resource report: This report helps management in determining the resources required to
carry out particular task (Advantages and Disadvantages of Company Reports, 2019). This report
helps in predicting how much, where and why the particular resources are required.
Variance report: This report helps in comparing set financial outcomes with the actual
results. In case of any deviation necessary action will be taken for higher operational growth
(Zou, Kiviniemi and Jones, 2017). Atlay company departmental organizational chart is very
complicated. Variance report helps in finding loopholes.
Effectively discuss the pitfalls and challenges associated with different status report.
Pitfalls and challenges associated with Risk report
Challenges associated with risk report leads to high cost to the company. This report does
not cover areas which are free from risk but can develop risk in future (Young, 2016). It tends to
include areas which is easily quantifiable and tends to ignore areas with qualitative aspects.
Pitfalls and challenges associated with Resource report
It is considered to be time consuming process which is mainly considered to be expensive
(Advantages and Disadvantages of Company Reports, 2019). Implementing the resource report
and predicting the actual resources required seems to be difficult for the company.
Pitfalls and challenges associated with Variance report
The major challenge associated with the variance report is that it takes long duration to
examine the effects of variance on the particular project (Carvalho and Rabechini Junior, 2015).
This in turn affects the controlling measures and delay in significant action.
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Effectively evaluating how these status reports are applied.
Application of Risk report
Lyle's construction project apply risk report by effectively analysing the areas which
leads to high risk (Zou, Kiviniemi and Jones, 2017). It helps management in controlling the risk
by taking controllable measures to reduce risk.
Application of Resource report
Resource report is effectively used by the management of the Lyle's construction project
by examining the direct and indirect resources required to carry out particular task (Zou,
Kiviniemi and Jones, 2017). This helps in effectively carrying out all the activities which leads
to better results and outcomes.
Application of Variance report
Variance report is used by setting a planning objective and all the activities in the
organization is carried out by effectively maintaining a control over the business (Carvalho and
Rabechini Junior, 2015). It helps in implementing better recommendable actions to carry out
project and attain desired goals.
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REFERENCES
Books and Journals
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Zou, Y., Kiviniemi, A. and Jones, S.W., 2017. A review of risk management through BIM and
BIM-related technologies. Safety science.97. pp.88-98.
Young, T.L., 2016. Successful project management. Kogan Page Publishers.
Carvalho, M.M.D. and Rabechini Junior, R., 2015. Impact of risk management on project
performance: the importance of soft skills. International Journal of Production
Research. 53(2). pp.321-340.
Online
Advantages and Disadvantages of Company Reports. 2019. [ONLINE]. Available
through:<https://www.upcounsel.com/advantages-and-disadvantages-of-company-reports>
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