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Construction Project Risk Management Research Paper

… Construction Project Risk Management

The nature of the construction market

The nature of the construction tasks makes the sector one-of-a-kind because the production centers or plants mostly need to relocate to the construction website (Chapman, 2001). There are lots of various descriptions of the construction sector, drawn from various expert disciplines. This ambiguity is compounded by the truth that the construction industry includes such a large array of tasks that the sector's exterior borders are likewise confusing (Baloi and Price, 2003). For instance, the term "construction" can consist of the erection, repair work, and demolition of things as varied as residences, workplaces, forms, dams ... And so on. Construction is tough to understand totally due to the fact that the relationships in between the components…. [read more]


Project Management in the Oil Industry Thesis

… Project Management in the Oil Industry

The oil industry has had to adopt various tools in order to survive intense competition in the international market. Conservative efforts to get more profits and gaining customers by relying on size and strength are no longer applicable and only those companies who have successfully implemented project planning and management have been able to get an edge in this industry. Project management is typically a repetitive cyclical procedure which includes planning, implementing and controlling a series of tasks. Project planning and management consists of various processes which can be broadly placed in two parts. These are (a) Process designing to get the desired result, and (b) preparing a schedules and budget for the process. Process definition involves definition of…. [read more]


Manage Project Risk Essay

… Project Risk Management

Manage Project Risk

Project management is the application of skills and knowledge in activities with the intentions of satisfying the client's needs and objectives set for a certain project. Project management happens in different phases, which include the, conception phase which is including the nurturing of an idea, the definition phase which entails documenting the idea, the planning and organizing phase that involves the project planning in details plus involvement of all stake holders, the implementation phase that entails the project undertaking and work are done, and lastly the project clean up phase that sees all the documentations filed, tools and materials cleared and handover of the project Zwikael and Ahn, 2011()

A core function of the project manager requires them to…. [read more]


Project Management February J. 2014 Research Paper

… (Kerry, 2010). A project manager is an important project leader who communicates a project's vision to the subordinates. A project leader plans a project, measures performances of a project and solves problems that could arise from a project implementation. Common leadership styles used to run a project include:

Charismatic

Transformational

Transactional,

Autocratic,

Situational,

Participative,

Autocratic or Democratic.

To achieve organizational goals from a project, a project leader defines the phase of a project which includes:

Technical work to perform in each phase of a project,

The time of deliverable of each project

Stakeholders involved in each phase,

Strategy to implement control and approval in each phase.

A project sponsor also plays a critical role in the success of a project. Involvement of a project sponsor…. [read more]


Project Management Any Essay

… Finally, the manager must make sure prior to okaying the change that all of the necessary resources -- time, people, supplies -- are available, or the purpose of the compression will be for naught.

Risk Assessment

A risk assessment is a tool used in many different areas because it is necessary to determine what the risk of failure of a particular venture will be. Project management is no different, and it is actually the specific process for which risk management was invented. Project managers have to complete this step before they being a project, but it must also be done when any issue occurs during the completion of the project. The team must have a risk management protocol in place to make sure that they…. [read more]


Project Management Essay

… Project Management

A project is a temporary group activity that is designed to produce a unique result, service, or product. It is temporary since it has defined end and a beginning and has defined resources and scope. Project management is the process of controlling resources, planning, motivating, organization, protocols, and procedures to achieve the desired goals in daily organizational activities. It is meant to bring about benefit or beneficial change. The temporary nature of projects contrasts with other business operations, which are semi-permanent, repetitive and permanent functional activities to produce services and products (Dinsmore, 2005). This essay endeavors to expound on projects and the benefits of project management as presented from the book (Gray, & Larson, 2011).

Chapter 1 summary

From this chapter, it is…. [read more]


Project Management Project Information, History Term Paper

… Fig 2: Sample Communication Plan

"Time, Cost and Quality Expectations, use of project network"

"Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of actual and plan throughout the life of the project.

Project status reports depend on reliable estimates as the major input for measuring variances and taking corrective action." (Larson & Gray 2011 p 128)

Project estimate is a yardstick for cost control, project managers often use cost and time estimate for forecasting. Larson & Gray (2011) defines estimates as the process where the project stakeholders forecast costs and time that can be used to complete a project. Types of project cost estimates are:

top-down and Bottom-up approach.

The top management performs a top-down approach…. [read more]


Using Fuzzy Logic for Scheduling Multiple Chapters

… 315). Even when executives make the effort to plan their projects carefully, they may overlook the most important ones in their attempt to organize all of the enterprise's projects in a cohesive fashion. In this regard, Dinsmore and Cabanis-Brown point out that, "Most executives are aware of the need for drastic change in multiproject management practices, but many place the emphasis in the wrong place. Unfortunately, a great deal of such investment is misdirected into multiyear efforts to implement software tools and time sheets before dealing with the highest leverage points" (2011, p. 315).

There are three discrete roles that organizations must formally define in order to develop an effective project portfolio management system as follows:

1. Governance: This executive role is one of decision…. [read more]


Project Management in a Legal Essay

… However, given the space of time allotted in the schedule here above, this budget will ultimately be calculated based on the cost and quantity of legal personnel acquired for the project within the scope of said duration.

Resources

The resources required to carry out this project are a combination of human resources (both legal and internally investigative) and the technical resources that will allow a review of company data.

Risks

The primary risk in this case is that GCC ultimately loses the decision before it. It is the position of our company that Tuffy did not adequately perform in its duties as our contracted cleaning company and that, consequently, Tuffy was terminated without formal notice. The concern here is that the lack of formal action…. [read more]


Project Management and the Federal Research Paper

… The argument presented in the UN report that sustainable growth can actually be implemented through cost-effective means is another indictment of the administration's project management aptitude. When the unfortunate course of America's newly launched sustainability project is analyzed from the perspective of project cost management, it becomes readily apparent that a significant portion of the government's project management team likely consisted of individuals with a background in information technology. It is widely known among the project management community that "many information technology professionals often react casually to cost overrun information (because) they know that many of the original cost estimates for information technology projects are low to begin with or based on very unclear project requirements" (Schwalbe, 2011). The fact that so many of the…. [read more]


Sidpers Program Risk Management Plan Essay

… Project team member

The roles of a project team member are;

The active participation in the risk management process as well as the proactive identification and management of the risks falling within their areas of responsibility.

The provision of inputs to the PM (Project Manager) for inclusion into the risk management report.

The Risk Identification and management tools and techniques

The following risk Identification and management tools and techniques are to be used in the SIDPERS project:

Initiation

The Risk Management Plan (which is this document)

Identification

The risks were identified using the following techniques;

Brainstorming

All members of the project team as well as representatives of the key suppliers were involved in the brainstorming sessions.

Analysis of all the project assumptions as well as…. [read more]


Project Management Essay

… The analysis also assists the project manager to build stakeholder's relationships at different stage of the project lifecycle. (Heerkens, 2002). The project manager can use various model for stakeholder analysis and these include:

The power/interest model, which can be used to group stakeholders based on their level of concern and authority regarding the project outcome. Power/influence model group stakeholders based on their level of involvement in project and their level of authority. Influence/impact model group the stakeholders based on their power to effect project changes and their active involvement in the project. Salience model describes stakeholders based on the ability and power to impose the decision on the issues that require urgent attentions. (Larson & Gray, 2011).

Moreover, the project manager must devise an expert…. [read more]


Project Management Essay

… Back-loaded the preset sets the highest level of activity to occur at the completion. Of the project

Front-loaded this preset sets the highest level of activity to occur during the beginning of the project.

Double peak this preset sets the project to have two most important periods of climax activities.

Early peak this preset sets a loaded contour with a rise.

Late peak this preset sets a back-loaded contour with a ramp

Bell this preset sets a single climax of activity.

Answer the following questions:

What is a resource?

A resource refers to the people, machinery and materials, which are necessary in completion of a task.

Why resources aren't assigned summary tasks?

Summary tasks refer to categorization of a set of related tasks. Additionally, the…. [read more]


Project Risk Analysis Football Match as Charity Essay

… Project Risk Analysis

Football Match as Charity Event -- Project Risk Analysis

The football match is organized as a charity event to raise more funds. Yet, as any other organized endeavor, it stands to suffer due to several potential risks. Some of these risks include the chance of rains, the chance that a certain player would not show up and so on. While these risks seem rather trivial, a deeper look at the situation would reveal that they in fact have the ability of ruining the entire event especially when they can occur at all levels of the project life cycle -- defining, planning, executing and delivering (Gray and Larson, 2002).

The risks which can occur at phase levels include:

At the defining level, when…. [read more]


Woody 2000 the Project Proposed Research Paper

… In this regard, the Time Management chapter from The PMBOK Guide indicates that, "When a schedule activity cannot be estimated with a reasonable degree of confidence, the work within the schedule activity is decomposed into more detail." In the event that the Design Reviews and Development Lead elements have been completed and it is still not possible to provide estimates to several activities, the Design element needs to be revisited and refined (Dinsmore & Cabanis-Brewin 2006).

Scope of the work. The scope of this project will extend from project commission through completion and will include commissioning and start-up reports; equipment operation manuals; equipment manuals; production and maintenance department project hand-over; punch list and follow-up work; and a final report. POS will be developed and managed…. [read more]


Project Management and the Transformation Research Paper

… Phillips (2004) asserted that project managers along with the team members come up to the planning processes as many times as they feel a need during the project. Considering the need to continuously modify the planning, experts in project management field recommend that it is the best approach to adopt a continuous planning; this approach has been named as 'progressive elaboration' (Gido & Clements, 2006; Kerzner, 2006a, 2006b; Phillips, 2004; PMI, 2004) in anticipation of the planning baseline has been produced

While going through the planning phase, the project managers and their team members hold meetings, till the time when project is effectual so as to efficiently plan their execution of the project. The activities that take place during planning are, "preparation of the scope,…. [read more]


Project Management for an Experienced Essay

… Generally, open negotiation consisting of several rounds following an initial evaluation of potential contractors and suppliers is recommended, as this tends to yield the best available price from the most reliable contractors or suppliers. A determination cannot be made in this case, however, as for certain needs and processes a closed-bidding or other procurement process might be best (Bower, 2003). This organization is more than capable of advising on general and specific procurement processes once further discussion of your needs has been carried out.

Contract Elements and Termination

Specific parts of procurement contracts that should be included with your suppliers and other contracted parties as a part of this project include, as mentioned above, penalties for time delays and budget overruns, and these should be…. [read more]


Astra Zeneca Project Proposal Term Paper

… However, the initial target was merely provisional. It forced the various divisions to prioritize their expenditures and look for ways to reduce waste in the company. For example, if the company only hits a five or six percent reduction in expenditures then this will still put the company in a better competitive position. The ten percent target was merely a provisional target that is expected to change. However, the company will have to be careful that there is not any loss of morale for not hitting the ten percent target. When the project office coordinates the project portfolio from the various divisions, it can then announce a new and official scope that is based on the individual estimates.

The ultimate goal of the project is…. [read more]


Project Management Project Libra Case Study

… The second reason why projects fail is lack of executive support and sponsorship. Lack of support from senior management will lead to a project becoming a lower priority in any company, and eventually lead to its complete failure as well (Tsoukakas, 2001). The third reason a project may be terminated is lack of communication arising from trust either not being present to begin with, or violated through continual conflicts (Sutterfield, Friday-Stroud, Shivers-Blackwell, 2006). Lack of communication can also lead to internal processes and systems failing to capture overall direction of the project, in addition to the need for monitoring and continually improving process workflows as well. The fourth reason a project will fail is due to ongoing conflicts over goals. This is different than lack…. [read more]


Construction Project Risk Management Research Paper

… Construction Project Risk Management

Objective of this course work is to explore the strategy to be used for the risk identification and risk management within the construction project. The study discusses risk identification, risk management, data collection and risk analysis. The study uses a case study to demonstrate the importance of risk management within the construction industry. The findings of the case study reveal that risk plan is critical before the project implementation. The risk plan will be used to identify the known and unknown risks during the project lifecycle and the method to manage these risks. The study suggests for further research on the risk management procedure within a complex construction project.

Project Outline

Introduction

: Risk Management Requirements in a Construction Project/sub-project

:Risk…. [read more]


Project Management Team Building Essay

… Project Management

Team Building

a) There are several team building techniques that trainers use based on the objectives that must be reached. Some of the most efficient techniques are represented by personal development activities, team development activities, and organizing social activities. Personal development activities refer to individual programs assigned to different groups. This technique helps team members improve their skills and performance at work, influencing the efficiency of the team and of the project they are involved in. Team development activities focus on certain games intended to help team members approach the problems they are confronted with, and how to improve the activities they are developing within the project in case. Social activities are simple strategies used by companies in order to improve relationships between…. [read more]


Project Manager Scenario Essay

… The lack of a communicated vision led to the next problem with the project team, namely the issue of 'scope creep' or the project going over-time and thus over-budget. This is a frequent problem with poorly-coordinated teams, given that a problem with one component can lead to delays with other aspects of the project. Project managers must clearly understand the extent to which specific aspects of the project are dependent upon one another, so time-critical areas can be flagged and expedited to ensure that other contingent components are not delayed in their completion. Using software to keep track of deliverable's timetables and the schedules of personnel involved in different projects is essential to avoid repeating old mistakes. "Break the approved deliverables into actual work requirements.…. [read more]


Management Philosophies Samsung Group Essay

… Another article by Kamii & Ewing (1996), states that it is impossible for learners to establish high levels of relationships with what they observe unless they incorporate certain levels of knowledge to it. According to Kamii & Ewing (1996), cooperative learning methodology brings great maintenance of material and an increase in the transfer of learning. Jean Piaget insisted that constructivism would advance to other philosophical theories because the ideas are innovative and concepts can change with time.

Narrative

The article by Ruth-Sahd is about social collectivism. The article bases on concepts of observation in a nursing clinical setting. The article also incorporates personal experiences of nurses. Observation and personal experiences help nurses in learn of effective management practices that will help them in their nursing…. [read more]


Project Management for Construction Essay

… Construction Project Management

Project Management for Construction

Project management in the field of construction is a task that encompasses each and every facet of the construction project itself -- all the way from research and development to a project's ultimate review and completion. It includes a seemingly endless cycle of decision making and planning, optimizing performance, fragmenting the project management among different areas and specializations, improving productivity, communicating effectively and ensuring quality of both work and performance (Hendrickson, 1998, p.3). The project management process and the procurement process are two aspects of construction that have long been considered to be in "lock-step" with one another, in that neither can function without the evolution of the other (Hairston, 2005, p.1). The procurement process, generally involves five…. [read more]


Management Organizational Structure Essay

… This form of organizational structure can be observed in various departmentalization discussed in this paper. Brews and Tucci (2004) explains that the strategic business units can be created basing on geographical lines or product lines. In the figure 4, the strategic business unit is based on geographical area.

Conclusion

Organizational structure as explained by Brews and Tucci (2004) is the way the organization is organized according to leadership of the organization. There are several factors that determine the structure of the organization; they include size, industry and objective of the organization. Accordingly, there are several organizational structures that can be formed. They include divisional organizational structure, which have several departmentalizations, which allows the organization to be divided in small management units depending on their functions…. [read more]


Change Project Essay

… Members must be talented leaders with realistic sense of own to avoid egos, and avoid those that slither and destroy the union in form of snakes.

The third step is the development of a strategy and visions for the specific change. This implies the creation of a well-defined vision and strategy especially in the buy-in step when the project manager uses the expertise and leadership of other coalition members to create a vision and strategy for the project (Cameron & Green, 2012). Vision and strategic plans can arise from active participation of coalition members as they provide value to the decision-making process and from their sense of ownership. For vision to be created, change managers must lead the coalition team to adopt characteristics like desirability,…. [read more]


Woody's Project Management: The Custom Case Study

… Management's Failure to Create a Cultural Environment:

The failure by Woody's management to create a cultural environment was the second major source of problems associated with the project. This is evident from the strained relations on the site, difficulties for the project management consultant to obtain information from staffs, and the unwillingness of the staff to reveal short-comings. The lack of such an environment that is created by the establishment of effective policies and procedures usually results in problems during project implementation.

Lack of Project Commitment:

The lack of commitment to the project by the company's workforce is an evident source of problems associated with the implementation process. This lack of project commitment can be seen in their unwillingness to reveal short-comings, the scattered information…. [read more]


Woody 2000 -- Project Outline Research Paper

… It is reasonable to suspect that proper risk planning could have worked to identify many of the problems that the project experienced during the planning phase. Another aspect of the project that was also immediately deemed insufficient was the lack of a change management plan or a system developed to control change. In response to these issues the project a new project plan must be administered to bring the project back on track.

Time, Resources, and Cost Issues

There were many additional costs that were incurred beyond that of the actual project. First of all, the project ended up affecting the main business operations which had a serious detrimental effect on the competiveness of the overall business. Therefore not only was the project a failure…. [read more]


Project Management Understanding the Principles Essay

… There must be a clear understanding of the priorities of the project and applied in the daily on goings around the project and there should also be continued feedback to the project team. These measures will not only ensure people are accountable in every little task they are entrusted to carry out, but also take the last responsibility of the progress the task takes.

2.1 Decision models

There are various decision making models that have been researched upon and fronted in the academic field. These include decision matrix, multivariable decision-making model, Myers-Briggs Type Indicator (MBTI) model, Vroom-Jago decision model, seven step decision making model and rational decision making model which are deemed most appropriate in project management (Decision Making Confidence, 2010). For instance, in a…. [read more]

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