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Project Risk Management Risks Essay

… Participants to the risk identification include project manager and project team. While only few members are responsible for risk identification, project team members need to identify risks.

Risk identification

Risk identification is always a continuous process since risk factors develop almost on a daily basis. Risk identification is a requirement when analyzing Qualitative risk factors. Identification of risks involves the analysis of breakdown structures, using sample risk list, using knowledge and experiences of the management teams. Consultation is very important in identification of critical risk factors. Ignoring the possibility of a risk is dangerous to any project. These risks quantitatively and qualitatively recorded, have the potential of destroying the project. Threats will have a negative influence on the project opportunities yield positive results. In developing…. [read more]


Risk Analysis Capital Budgeting Essay

… This is because this type of risk tends to identify that the project is the only asset that the organization has, in its portfolio of various projects. Another issue related to this category of entrepreneurial risk is, it fails to allow diversifications made by stakeholders related to the organization. The measurement related to the firm risk is made by identifying the project's impact in relation to the uncertainties that the organization might incur in the future in its total cash flows.

Market risks

This is the third type of risks that an organization may incur in a certain project. Market risk is also referred to as beta risk (Ehrhardt & Brigham, 2010). One of the characteristics of market risks is that it is a risk…. [read more]


Project Management Plan Research Paper

… 1

Develop Project Charter

2

Plan the Project

2.1

Develop Work Plan

2.2

Develop Project Control Plan

2.3

Finalize Project Plan and Gain Approvals

3

Execute and Control

3.1

Design Framework

3.2

Build the Framework

3.3

Test the Framework

3.4

Implement Framework

4

Close the Project

Project Schedule

The project schedule includes milestones, task dependencies, task duration, delivery dates, and staff resources assigned to complete the tasks.

Project Management Improvement Project -- Phase 1

Effort Estimate in Days

Planned Start Date

Planned End Date

Resource

1

Initiate Project

1.1

Develop Project Charter

1.1.1

Define Scope

4.00

06/01/05

06/08/05

Name1 - Project Manager, Core Team

1.1.2

Define Requirements

3.00

06/09/05

06/15/05

Name1 - Project Manager, Core Team

1.1.3

Identify High-Level Roles

0.25

06/16/05

06/17/05

Name1 -…. [read more]


Management Chapter 1-The Influence of the Project Research Paper

… ¶ … Management

Chapter 1-the influence of the project procurement process on the design management strategy

The client may choose one of many available methods of procurement. This may result in different contractual and managerial relationships with the design team. In many instances, each method is unique in its approach and overall direction. Interestingly the entire design team, or design unit, may be within the client's own organization, an independent consultant or part of a contractor's organization. However with the many different facets of project procurement there are similarities as it relates to the overall management strategy. These similarities are common with all procurement processes and should be addressed appropriately with the client. These aspects heavily influence the design management strategy as the often come…. [read more]


Project Management Involved Formation Research Paper

… It is essential to realize that a mega project such as A380 t requires extensive risk management analysis, which include risk identification and risk management plan before the project implementation. The delay led to another shift in project delivery schedule. The company announced that project delay was attributed to aircraft wiring problems. (Robertson 2006, Clark 2006).

Communication problem was another factors leading to A380 crisis. The management did not formerly communicate the problems to appropriate stakeholders on time. It was already too late before the management actually communicated the problem to the appropriate stakeholders. Realistically, the Airbus did not have experienced in building a complex aircraft such as A380. Thus, the company did not integrate effective risk and time management in the project life cycle.…. [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]


Risk Management Essay

… Contingency planning also seeks to protect livelihoods and reduce environmental damage. (Office of International Programs, 2013, paraphrased)

VIII. Risk Management in Justice and Security Organizations

The OECD reports a multi-layered approach to justice and security assistance is between and among the state at various levels in providing justice service delivery, the state in regulator the parameter for justice and security and ensuring accountability and non-state justice and security service providers and the users or recipients of justice and security. Justice and security sustainability in short-term responses has four primary aspects: (1) human capital; (2) financial; (3) cultural appropriateness; and (4) institutional structures and systems. Development programs in justice and security must be designed with realistic consideration of the capacity of the four primary factors. The…. [read more]


Sochi Every Project Has Risk Research Paper

… Today, past data is often gathered and applied to simulations that incorporate a wide range variables, so that the managers can run the simulation multiple times to determine better numbers with respect to both probabilities and damages (Winkelvos, Rudolph & Repp, 2011).

Three Major Risks and Potential Impact to the Project

The project being chosen is the Sochi Olympics. The three major risks are terrorism, construction problems and bad weather. The weather is something that can be studied ahead of time based on past weather. Terrorism is something of an unknown but it would be catastrophic. Construction risk is easier to manage because there are best practices in construction that can be followed.

Suggested Ways to Manage the Risks

There are many ways to manage…. [read more]


Risk Case Study

… Risk

Create a risk register for the project. Identify six potential risks.

RANK

RISK

DESCRIPTION

ROOT CAUSE

TRIGGERS

POTENTIAL RESPONSES

RISK

OWNER

IMPACT

Negative Moral

People Risk

Employees

Key members leaving the project

People Risk

Project Manager

Medium

Lack of candor regarding the status of the job

People Risk

Project Manager

Low

Increased efficiencies from intranet

Product Risk

Employees

High

Lower Costs from efficiencies

Product Risk

Over Company

High

Increase Collaboration

Product Risk

Employees

Medium

Risk

Risk- Negative Moral

Description- the intranet may cause opposition from traditional employees. They may revolt which ultimately may lower employee moral

Category-People Risk

Root Cause- the cause could potentially come from the lack of communication regarding the overall benefits of intranet. The company also did not properly notify employees…. [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]


Project Management Strategies Used for the Sydney Research Paper

… Project Management Strategies Used for the Sydney Harbour Tunnel

This study examines the project management strategies that were used for the construction and administration of the Sydney Harbour Tunnel. The research method used for this purpose consisted of a review of the relevant peer-reviewed, scholarly, corporate and governmental literature concerning the Sydney Harbour Tunnel project. This approach is highly congruent with the guidance provided by various social researchers who emphasize the need to review what is known about a given topic before formulating opinions and to identify existing gaps in the body of knowledge. For instance, Fraenkel and Wallen report that, "Researchers usually dig into the literature to find out what has already been written about the topic they are interested in investigating. Both the…. [read more]


Life Cycle Management Managing Research Paper

… At this point, the text by Method 123 shows, the major dimensions of the Planning phase are really a range of separate plans.

For instance, one important aspect is the need to create a resource plan. This plan should lay out the cost requirements related to materials, labor, project time, equipment, real estate, emerge consumption and any other commodities that would be needed to bring the project to fruition.

Similarly, this stage calls for the project manager to create a quality plan that would help to articular benchmarks, propose metrics for measuring success in achieving project goals and proposing a basis for rendering post-implementation evaluations. This describes one of a number of additional projections which must be made during the planning phase. Once this has…. [read more]


Project Management: Managing Risk Term Paper

… Project Management: Managing Risk

Project management is defined as "a set of activities which has a defined start point and a defined end state and pursues a defined goal" (Slack, Chambers, Harland, Harrison, & Johnston 1998, p. 589). The challenge of project management is to ensure that the project achieves the defined goal. The major problem of project management is that there is a lot of uncertainty involved in getting from the start point to the end point. Project management means getting from point a to point B. successfully, but there is never a clear path to point B. The project manager has to manage uncertainty to make it most likely that point B. is reached. One source describes this effective saying,

The role of…. [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 Term Paper

… While on the surface, it would be easy to point blame on the project members who were responsible for the mix up in the case, ultimately it is the project manager's responsibility to address many of these quality concerns. In this case, the project manager quickly recognized their role transgression and worked to address the issue without any blame placed on the subordinates.

How does verification/validation and change control support quality in an IT project?

Verification and validation are useful tools to support quality control in any IT project. This shifts the testing process from the end of the development process as it is commonly found, to an ongoing process that can instituted whenever a task changes hands. For example, using verification and validation, once…. [read more]


Project Management Project Title: Opening Essay

… The amount above is also an estimation that may not be accurate to the letter due to other aspects of Federal incentives and consultation as well as experts fees that may vary. There is a relatively high likelihood that this risk may be encountered in the course of the project. If this happens, then there must be financial adjustments that must be made or the strategic adjustments in terms of the scope of the project size reduction or time extension for the management to gather more money to fill in the deficits.

The other risk is a possible expansion of the gourmet store that already exists in a bid to stem competition and overshadowing from our new branch. This may present a new challenge in…. [read more]


Project Management Assessing the Role Thesis

… Project Management

Assessing the Role of the Project Plan

The intent of this analysis is to assess the role of the project plan and why its location in the project planning phase is optimal for attaining inter- and intra-group collaboration and minimizing shared risk through a project's duration. This analysis will also discuss the challenges a project manager faces in creating a project plan, best practices in developing project plans, and a template for a project management deliverable are also provided. Evaluating tools and techniques, both from a theoretical and empirical standpoint, are also evaluated. This analysis concludes with recommendations for project managers who will be using the proposed project management deliverable for their project. The deliverable is a pro-forma product launch activity plan for…. [read more]


Project Management Is a Subject Research Paper

… Project Management is a subject that has received a great deal of attention in recent years. The topic of Project management is important because it informs the manner in which businesses operate. The purpose of this discussion is to examine the book Project Management a systems approach to planning, scheduling and controlling by Harold Kerzner.

Project Management a systems approach to planning, scheduling and controlling

The most relevant aspects of the book include the manner in which he explains how to go about managing projects, the manner in which he applies project management to different organizational structures, and the detailed oriented approach given for the development of a project management team. Kerzner presents all of these tools in an effort to make certain that project…. [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 Scope Management Small Term Paper

… But, because The Project Leader's team had minimal experience in the cabling and wiring area, the Project Leader was not able to minimize costs by reducing the time the contractors were needed. The elctrical contractors instantly became an expensive liability when the work schedule fell behind schedule.

Organizational Planning

Because Spring Academy Childcare Center needed to meet an established date, Small LAN's Inc. felt that the planning phase was crucial to the success of the project. Unfortunately, Small LAN's Inc. planned without the elctrtirican contractors. Small LAN's Inc.'s project manager needed to so better implement the communications process. The link was broken from the beginning.

As a solution to the communication's issue, Spring Academy Childcare Center should have utilized the Work Breakdown Structure to determine…. [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]


Project Management Emerging Markets Continue Essay

… This also allows flexibility in respect to overall consumer trends. With a matrix organizational structure, a particular region can quickly and efficiently address varying consumer tastes within that region. As I will show with my McDonalds example later in the document, the entire organization did not have to change its product offering which would have been detrimental to the entire business. Instead, only the Indian region was to change which allowed flexibility within the overall scope of the McDonalds franchise. Below are many multinational structures and how they are defined. It's important for the project manager in the digital age to understand organizational structure so as to determine his best approach to leadership and success.

1. Ethnocentric. An ethnocentric mind-set is one primarily based on…. [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 Management Term Paper

… " ( Larson,. & Gray, 2010 p 272).

However, its shortcoming is that it can increase resource utilization.

Chapter 9

Larson, & Gray, (2010) demonstrates the strategy to reduce project duration by focusing on reducing critical path activities. Important reasons to impose dates for the project duration are:

Pressures on time-to-market,

Unforeseen delays

Bonuses for project's early completion.

Public goodwill costs.

Overhead,

Contract commitments as well as imposed deadlines.

Pressure from stakeholders to move project's resources to other projects.

Larson, & Gray, (2010) differentiate between projects that are not resources constrained and resources constrained in the table 1 below:

Table 1

Not Resources Constrained

Resources Constrained

Adding resources

Critical-chain

Scheduling overtime

Fast-tracking

Outsourcing work project

Compromise quality

"Establishing a core project team" (Larson, & Gray,…. [read more]


Construction Project Risk Management Research Paper

… Construction Project Risk Management

Risk management is the process of identification, assessment and prioritization of risk to minimize uncertainties within a project lifecycle. Risk management is a management tool aiming to identify the risks and uncertainties as well as determining the impact and develops appropriate management responses to manage the risks. A systematic approach to manage the risks is to divide the risks into risk identification, risk analysis and risk response. However, risk response is divided into further actions, which include reduction, retention, transfer and avoidance. Contrary to other industry, construction industry is characterized with more risks due to the unique features associated to construction activities and complicated process surrounding the construction project. (Zou, Zhang, Wang, 2010).

Construction projects are categorized as very complex projects…. [read more]


Risk Management on a Satellite Development Project Case Study

… In arriving at a required threshold, the risk level is calculated by the risk harm occurred against the severity of the harm. This project has identified the following categories of risk; negligible (those instigated by the project management office), marginal (risks occurring in project enrollment), Catastrophic risk (risks with significant impact), and critical risks (those that need immediate concern). The PMO will be required to align each risk based on its severity in the overall risk assessment plan.

Ways of maintaining the current goal

Managing a geographically dispersed team presents significant challenges to the PMO. Consequently, the PMO is required to choose the appropriate team players. Satellite candidate should be self-motivated and have the ability to work at individual levels as well as, handling pressures.…. [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]


Risk Management What Is Risk? Essay

… " Compare and contrast the advantages and disadvantages of each approach. Respond to another student's post (ground students will discuss their positions).

The downside to the first approach is that there is a separation between the positive and negative aspects and that can be problematic because it can cause a disconnect between the good and bad things inherent to a single event. The upside is that here is a clear list of both the good and bad and allows for distinct analysis of all of the above…just not a combined approach that deals with it concurrently. The upsides/downsides of the second approach are inverted. Treating them together is more "big picture" but the size and scope of the individual upsides or downsides are perhaps not…. [read more]


Vendor Management IT Management Process Research Paper

… Vendor Management

IT management process under the Vendor management system is a recent trend used by various organizations. Many organizations are using this centralized program to control their staffing. According to research conducted on it services vendors, over 91% organizations are currently using the vendor management systems. This trend entails introducing it procurement process in organizations. However, the trend is facing numerous challenges because of the many resources required to adapt it. Evolution and introduction of VMS into corporations occurs because of the varying business environments experienced within the organizations. In recent decades when Vendor management programs took hold of vital business operations, the demand for it services increased. In this respect, VMS became a business approach that enhanced human resources by recruiting competent vendors…. [read more]

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