Project Management: Mitigating Risks to Improve the Chances of Success!
Parikshit Chavan 19 Aug 2012
Abstract Project Management is increasingly important in the IT industry as more and more companies and organizations integrate technology into their structure to solve problems and work more efficiently. This paper explains the process of Project Management and the risks, specifically associated with IT projects, that threaten the effective execution and success and implementation of an IT project. It describes in detail the process and tools used in Project Risk Management as well as how to mitigate risks throughout the life of a project.
Introduction Changes in technology, competition, and demand have prompted companies and
…show more content…
It involves assembling and developing the project team and training them. It also involves implementing the approved changes to the project. The main outputs of the execution process group are progress reports and quality reports. Monitoring and Controlling The monitoring and controlling process group is one of the process groups that overlaps with other process groups or is working simultaneously with other process groups. The basic function of this process group is to observe, identify the problem and correct the problem. It ensures that the other processes are functioning correctly such as, the execution process group follows the outputs and the functions planned in the planning process group. This is an ongoing process. Quality is one of the important aspects of this process group. Closing This is the last process group of the project management lifecycle, it closes the project. It involves ensuring that the stakeholder’s requirements are satisfied and gaining stakeholders acceptance for the delivered project. It also involves creating the lessons-learned report.4 Triple Constraint of Project Management All projects have three objectives to meet the requirements of the end-users needs. These objectives are scope, time and cost, also known as the Triple Constraint. Project scope refers to the deliverables and the boundaries of the project. Time signifies the schedule of the project and the date of delivery
There are five major variables to consider when starting a major IT projects and there are scope, time, cost, quality, and risk. Most major IT projects will require a project manager to handle to overseeing of the project. The project management refers to the application of knowledge, skills, tools, and techniques to achieve specific targets within specified budget and time constraints. Project managers activities will include the planning of the work, assessing the risk, estimating the costs required to complete the project, and several other important duties. As in other areas of business, Project management for
| To design and build a playground and picnic area for the neighborhood. The lot is 1/2 acre of cleared land and needs to have 4-6 picnic tables and a large playground on rubber mulch with a separate area for
When the manager of project carried out its work plan should take into consideration the possible risks that may occur within the project. The risk is the possibility that occurs a problem within a project and that may cause some change within the same (Heldman, 2011). It should be noted that not all risks are bad since they can be potential opportunities to make some changes that will improve the overall status of the project. In the same way a risk not taken into account in time can create one problem in the project and can completely change the final performance of the project. The project manager can take several elements to identify the risks. Some elements and documents that can be used to identify risks are: search internal risks of the project, such as resources
Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.
However, when IT projects fall behind schedule, these efficiencies can quickly evaporate and lead to cost overruns, glitches and bugs. (3) Due to their inherently complex nature, IT projects are susceptible to many types of failures; mainly caused by a lack or risk management and flexibility. Many of the risks present in IT projects are unrealistic goals; inaccurate estimates of needed resources; badly defined system requirements; poor reporting of the project’s status; poor communication between developers and users; adoption of immature technology; inability to cope with project complexity; sloppy developed practices; mismanagement of the project; stakeholder politics; and commercial pressures. (4) With so many potential risks, it is not surprising that IT projects that are completed on time, and on budget, are more the exception rather than the rule. Additionally, before IT projects begin, clear objectives and the allocation of time and resources need to be defined; all of which are usually lacking for one reason or another. The result is a high failure rate associated with IT projects overall, which puts a spot light on the need for organizations to improve their risk management abilities and design processes that will allow them the flexibility to reallocate resources when unexpected problems when they
* Development began in late 2002 and was to be completed in 12 months’ time.
Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It
Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering
I had my ups and downs through out my self-change project, which was to turn off the water when I brushed my teeth, to shorten my shower times and turn off the water, and to use a reusable water bottle. I struggled the most with turning off the water, when I brushed my teeth I just keep forgetting to do it. Towards the middle I was able to turn off the water more, but I did notice that during work where I have limited time and I am in a hurry I keep forgetting. Towards the end, I was more successful.
With a specific end goal to improve the probability of a venture achieving a fruitful conclusion, the dangers or potential issues for an undertaking should be distinguished at an early stage and suitable countermeasures must be created. The main purpose of the report is the evaluation and analysis of the project management: (The PCNet Project (A): Project Risk Management in an IT integration Project). The project definition phase of the PCNet project will be discussed in the report and also some of the difficulties that has been faced during the project regarding the definition phase of the project. The paper will also focus on the role of the PCNet project manager andexamined a portion of the center skillsets requested by the employment part. The feature of the risk management (PCNet project) was also considered in the given report. Lastly the recommendations are also given to report the problem faced by Jack Muller, the project manager for the PCNet project.
This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.
Project Execution and Control Phase has a direct correlation to project progress and stakeholder 's expectations. If the minor issues are not noticed, they impact cost, schedule and risk and see the project from the Project Plan, thus
The risks of the IT project are in many factors, such as poor estimation, poor scheduling, ineffective stakeholder management, insufficient risk management, poor quality assurance, insufficient project sponsorship, lacks of user involvements and other risks. In K-Mart IT project, the most risky parts and constraints are lacks of top executives support and highly customization modules.
In this report, we analysed and evaluate the project management of the case: The case, The PCNet Project (A): Project Risk Management in an IT integration Project. We had look into the project definition phase of the PCNet project and discuss some of the problems that emerged during the project in relation to project definition phase. We also evaluated the role of the PCNet project manager and discussed some of the core skillsets demanded by the job role. The risk management aspect of the PCNet project was also studied in our report. Lastly we made recommendations to address the dilemma faced by Jack Muller, the project manager for the PCNet project.
The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on