Risk Analysis, Assessment, and Evaluation of PCNet Project
EXECUTIVE SUMMARY
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.
INTRODUCTION
In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project
Many types of risk are created – risk to the project, to the organization, to the employees involved and to the individuals supporting the change.
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.
risks and determine the likelihood and consequence of that risk occurring during the project. The
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 risk-management plan then starts by identifying each of these sources, their magnitude, their relation to the various design stages, and their possible effects on cost, schedule, quality, and performance. The next step is to look for modifications or alternatives that would permit risk reduction. The thoughtful selection of computer language or operating system may reduce some of the integration risks. If management decides to develop a new software package, contingency plans that cut expenses and development time at the cost of lower performance should be prepared. These plans are used in case the undesired event takes place. By preparing a contingency plan in advance, time is
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
Risk mitigation would allow the project manager to know the project’s strengths and weaknesses then evaluate the threats facing the project. The project manager would implement different strategies such as lowering exposure to threats or improving strengths of the project to make sure that the variance in schedule and cost is not very high when there are risk event occurrences. A risk mitigation strategy ensures that the project manager, the implementing team, and the project’s stakeholders are on the same page in the project implementation job. It also gives the project team an opportunity to address risks in advance so resolving additional issues becomes easy when the issues occur later during the implementation of the project. Moreover, the risk management strategy would fine-tune the parameters used for measuring the results of the project (Kerzner,
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
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
Background- In its most basic sense, risk management identifies, allows assessment, and prioritizes risks that are associated and central to an individual project or organization. Risk management allows the organization to be proactive in preventing or mitigating risks, for improving certain processes within the organization, and with the hope of preventing fiscal exposure. However, in almost every organization there are risks individuals are unique and do not always perform at a high level of safety; mechanical or design failures exist, construction projects have supply or labor issues, there are uncertainties in computer or data modification, of course natural disasters, and even deliberate attacks from competitors, etc. Because this is such a common occurrence, national and even international standards have been developed in conjunction with the insurance and regulatory institutions to at least provide basic guidelines to minimize risks risk (International Organization for Standardization, 2009).
Risk Management Procedure: Defining and summarizing the steps to respond to the risk during the project life.
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.
Project Risk Management – identifies potential risks (good and bad) that can affect the objectives of the project.
This process will be used by the entire project team. As such, this document defines the
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.