Project Risk Management Transcript: Addressing Urgent Requirements

This assignment presents a transcript from a student responding to an urgent project disruption scenario. The student, acting as a project manager, addresses a communication from an operations manager regarding a critical change in project requirements. The project involves a storage tank in Western Australia, and the stakeholder requires the tank to be operational within three weeks due to a rescheduled aviation fuel shipment. The student identifies potential risks, including schedule delays and financial penalties, and proposes solutions involving project rescheduling, budget redistribution, and the utilization of project management tools like Gantt charts and WBS. The student emphasizes the importance of open communication, feasibility studies, and timely training to ensure project success. The transcript also includes a bibliography of relevant project management literature. The student apologizes for past mistakes and seeks support to meet the revised project objectives within the given constraints.

Running head: TRANSCRIPT
Transcript for the given case scenario
Name of the student:
Name of the University:

1TRANSCRIPT
Transcript
I would like to bring your kind attention in some significant situational risk. I would like
to inform you that due to some immediate urgent requirements we may face major operational
and functional risks. After reviewing the current project schedule and budget details I have
identified that the project is not planned and implemented accordingly. I feel that, if the schedule
and budget is properly re-planned and redistributed then, potential risks can be resolved. I think
that, if capacity of the storage tank in Western Australia, is increased using some advanced
technology then you requirements will be easily fulfilled. In order to bring the project back in
preliminarily designed schedule then avoiding communication, operational, functional and other
risks will be reduced. The shipment has to be rescheduled along with that the budget. I feel that if
this is successfully done and implemented then the identified possible risks will be resolved. I
know that the commercial division of Western Australia is willing to earn high range revenue
and not interested to face lose more than $2 Million.
I think that while rescheduling the project we need to utilize some project development,
monitoring tools and techniques. In order to track direction of the project and make sure that it is
governing towards expected direction this tool is very helpful. We know that we cannot miss the
deadline and also we do not have chances to make extension on the schedule. I know that if we
deliver the project in delay then major penalty will be exposed of almost #3 Million per month.
The master project plan that we have developed identify that this project is already running in a
delay of 10 days. However, we cannot delay it for additional of 3 weeks. I feel that Gantt charts,
WBS, communication process and quality management plan are the most essential knowledge
areas that need focus of the project team associates. I will make sure that if all the project team

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associates will work accordingly with cent percent contribution, then the reschedule will come
with high level benefits and commercial competitive advantages as well. I can say that there are
many ways through which a project can keep o track and expected direction. Sir, I would set
aside a regular time period foe checking in and work on the project. We have to keep different
options while conducting for the operational and functional activities. Before, rescheduling and
developing budget plan for the project, I would like to design the project scope statement once
again. Followed by the newly developed project scope, I will design the resource allocation and
communication management plan.
I feel that open verbal communication is the best suited approach, applicable for the
project. The process of open communication will allow the associates to interact directly with
other members and make sure that each individual is part of the decision making process. The
members of the project group needs to be reduced to operate easily. I would conduct a feasibility
study and find out all the possible obstacles that may interrupt the expected project success line. I
know that opinion of each individual is essential for project success. Not only with the associates
but also I will periodically share status with you too because I think that your opinion is also
important and valuable for us. Arrangement of timely training and development program is the
other essential approach that will help to improve the skills and knowledge of the project team
associates. I will arrange this kind of training and development program for the project associates
as well to make that they can contribute as per the primary expectation. I will design a clear
checkpoint on expectation to hold and monitor the project. Employee independence is crucial to
keep balance between the project team associates. The project activities will be sub divided into
smaller segments and I will prioritize each of the activity based upon their importance. I will use
Gantt chart and WBS for scheduling the project accurately. I will add new resources within the

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estimated budget. I can say that the new schedule that I will prepare would definitely live up to
your expectation.
Sir, I would like to apologize for the mistakes we have done, which brought major
interruption in the project path. I would like to ask for some consideration and I will ensure that
the new schedule will complete the project on time. I would be thankful to you if you kindly
support me to meet the objectives.

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Bibliography
Colin, J. and Vanhoucke, M., 2015. A comparison of the performance of various project control
methods using earned value management systems. Expert Systems with Applications, 42(6),
pp.3159-3175.
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Marchewka, J.T., 2016. Information technology project management: Providing measurable
organizational value. John Wiley & Sons.
Vanhoucke, M., Coelho, J. and Batselier, J., 2016. An overview of project data for integrated
project management and control. Journal of Modern Project Management, 3(2), pp.6-21.
Willems, L.L. and Vanhoucke, M., 2015. Classification of articles and journals on project control
and earned value management. International Journal of Project Management, 33(7), pp.1610-
1634.
Dang, G., 2017, July. Construction of Cost and Schedule Equilibrium Control Model for
Communication Base Stations Project. In 2017 3rd International Conference on Economics,
Social Science, Arts, Education and Management Engineering (ESSAEME 2017). Atlantis Press.