project risk and quality management

REFLECTION AND DISCUSSION 1

Summary

Chapter 1 provides an overview on the contents of the book and the various concepts that will be dealt in the upcoming chapters. An important topic in this chapter is the involvement of stakeholders at various stages of a project. Chapter 2 provides different perspectives on risk based on the society and situation. It should also be understood that the occurrence probability and impact of a risk is always depended upon the time. Risks can be classified based on organizational structure as governance and structure, quality management, occupational health and safety, purchasing, design and planning, board, human resources, production, transport, financial administration, marketing and sales, customer and public relations, information and computer technology, communication, research and innovation, legal affairs and project management. Chapter 3 talks about the hierarchy of strategic objectives. The most important objective is the results desired by a stakeholder. The next important objective is the operational objective and the function of the project. The third objective is the procurement objective. The list of these objectives are project delivery time and completion date, project cost, project quality and fitness of purpose (Peter J. Edwards).

Question 1

The most important project risks are scope risks, time risks, cost risks, technology risks, resource risks, communication risks and procurement risks such as delivery completion, project cost and quality. Some examples of these risks are failure to define the project purpose, incomplete design and deliverable definition, not listing out delivery dates and schedules, mis management of staff priorities, contractors/consultant deliverable delays, cost mismanagement, scheduling work and unplanned tasks (Peter J. Edwards).

Question 2

In order to identify the risks associated with a project, certain methods can be adopted. These methods are creating checklists for all the employees in an organization, learning from past mistakes and incorporating them in the present tasks, consulting experts in the subject matter, detailed review of the documentation, performing SWOT analysis, brainstorming ideas, using Delphi technique and root cause analysis of the problems. By following the above techniques, the risks associated to a project can be mitigated (Peter J. Edwards).

Question 3

Risk mitigation strategies are the methods employed to deal with risks in project management. The four types of risk mitigation strategies are avoidance, acceptance, reduction and transference.

Avoidance: Risks in a project can be avoided by terminating a project, by enforcing regulation and policies that would avoid high risk situations, testing products for defects in advance and implementing design reviews to identify risks in a project lifecycle.

Acceptance: Low risks can be accepted. Accurate predictions must be made at the planning level.

Reduction: Certain FMEA tools can be adapted to reduce the risks and control them.

Transference: Transferring the high-risk aspects to consultants or subject matter experts for better results (Peter J. Edwards).

Bibliography Peter J. Edwards, P. V. (n.d.). Managing Project Risks, Edition 1. John Wiley & Sons.