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Project Assignment: Budget and Risk Management.

Table of Contents 1. Overall project budget 2 2. Project requirements 3 3. Cost management plan 4 4. Detailed risk management plan 4 5. Risk response plan 5 6. Risk mitigation plan 6 7. Change management process 7 8. Project RAID 8 9. Stakeholder engagement 8 References 9

1. Overall project budget

The entire budget required to transform old data centers and migrate a firm's applications to the cloud at a firm, focusing on the many components and cost variables involved with it so that sufficient budget is available to complete all tasks and achieve success is as follows:

Task

Expenses ($)

Organize meetings

600.00

Identifying issues

900.00

Identifying issues

1,300.00

Plan a review

700.00

Designing data center

1,000.00

Designing software and hardware

1,500.00

Review and specification of the design

1,000.00

Obtaining resources

4,500.00

Training staff

1,500.00

Hardware and software installation

4,000.00

Extraction and loading of data

1,700.00

Conversion of data

1,000.00

Initial evaluations

700.00

Testing at the unit level

500.00

System evaluation

900.00

Performance evaluations

600.00

Testing for integration

8,00.00

Observing a data center in action

9,00.00

Detecting and implementing changes

1,200.00

Approval and completion of the project

8,00.00

Total

25,200.00

2. Project requirements

The following are some of the high-level criteria for a project focused on modernizing three old data centers at a company:

· Within the $1.5 million budget, move 145 enterprise applications and infrastructure to the cloud, including 450 windows servers, 550 Unix servers, and 350 legacy AIX, VMWare, and ESX servers. (Gido, Clements, & Baker, 2017)

· Determine the characteristics and capabilities of a data center in order to store more data without compromising security or privacy, avoid data loss, carry out business operations, and fulfill the primary demands and expectations of stakeholders.

· Using common tools, such as Microsoft project management, to define the project's core activities and build a timetable. (Gido, Clements, & Baker, 2017)

· Using modern project financial management software to anticipate the cost and budget required to complete the project, conduct cost-benefit analysis, manage the budget, and achieve success.

· Using common tools such as the RACI matrix to analyze stakeholders, decide and plan resources, conduct activities, and execute projects according to the plan produced.

· Develop standard data backup strategies to retrieve information in the event of a disaster, as well as load and extract data without losing any data. (Watt, 2014)

· Improving a data center's efficiency by storing data, providing faster access to resources and data, simplifying data center management, reducing expenses, and promoting production.

These are the most important requirements for a project, and meeting them helps to avoid problems for the client and to meet their demands effectively.

3. Cost management plan

Taking into account the project, the plan created for managing project costs, allocating and facilitating sufficient money to perform tasks, avoiding variance, managing staff, suppliers, and completing the project within the specified budget includes key elements such as project inputs such as the project charter, project management plan, environmental factors, tools and techniques, and project outputs (Athayde, Elswick, & Lombard, 2013).

4. Detailed risk management plan

The following is the plan for managing project risks, considering the project, scope, and requirements:

Risk

Priority

Risk-avoidance measures

Person in charge

Deliverable

Risk schedule

1

Using modern tools to identify and schedule jobs

Project manager

The project's schedule has been revised.

Risk budgeting

2

Allocating additional funds and calculating budgets with modern tools to accurately evaluate costs

Finance specialist

The budget plan has been updated.

Roles and resources

4

Identification of resources and creation of a plan for resource management

Project manager

Optimal resource allocation and improved performance

Quality

1

Reviewing the quality strategy and devising activities to mitigate quality risks, as well as implementing quality standards

Quality analyst

Modifications to the quality plan

Training

2

Advanced tool-use procedures are being taught to the personnel.

Technical specialist

Keeping technical concerns to a minimum and performing well

5. Risk response plan

The plan created to respond to the various risks associated with the project and achieve project success includes identifying key inputs for the project, such as a risk management plan and register to prioritize and manage risks effectively, tools and techniques to avoid negative effects of risks on data center transformation, and outputs, such as updates to the project management plan and documents created. The risk response process is depicted in the diagram below:

6. Risk mitigation plan

The following is the plan prepared for limiting the impact of various hazards associated with the project and transforming the data center to meet the needs of a client:

Risk

Level

Risk mitigation plan

Slowing down of the server

High

Testing and monitoring the server to keep track of its condition and avoid delayed application processing.

Running a deficit

Moderate

Developing strategies and plans to maximize activity while keeping costs under control.

Technical

Extreme

Regularly designing and updating data centers, as well as utilizing advanced tools.

Resources

Low

Monitoring resources and assigning them appropriately allows you to manage and complete projects effectively.

7. Change management process

Identification of significant changes that occur within a project, identifying the impact of changes on project performance, and developing effective strategies and actions to manage the changes and execute the project well are all part of the process for effective change management. It also entails going over the plan for dealing with changes and reporting them (Alotaibi, Sutrisna, & Chong, 2016). The following are the steps in the change management process:

8. Project RAID

In a project, RAID focuses on identifying the project's important risks, establishing assumptions, identifying key issues, and finding dependencies among the risks in order to develop appropriate plans and actions to manage them and complete the project successfully. This can be controlled by storing data on systems and managing duplicate copies relevant to the project in order to restore them in the event of data loss, building an effective risk management framework, and providing appropriate employee training (Gido, Clements, & Baker, 2017). This enables the project to collect data, monitor progress, track issues, and plan strategies to avoid issues and mitigate hazards, allowing the project to avoid risks and perform successfully. It also entails identifying essential characteristics that lead to hazards and determining dependencies among the risks in order to determine relationships and build effective steps to avoid them.

9. Stakeholder engagement

For the project focused on modernizing legacy data centers, a communication strategy is designed to promote effective communication among stakeholders, communicate information, and accomplish tasks using appropriate communication means. It is then followed by:

Communication

Frequency

Audience

Type

Meetings with the team

Daily

Project team

Meeting

Stakeholder update

Monthly

Project stakeholders

Newsletter

Board meeting

Weekly

Board of directors for project

Video conference

Discussing issues

Daily

Project team

Email, newsletter and social media communication

References Alotaibi, N. O., Sutrisna, M., & Chong, H.-Y. (2016). Guidelines of Using Project Management Tools and Techniques to Mitigate Factors Causing Delays in Public Construction Projects in Kingdom of Saudi Arabia . Journal of Engineering, Project, and Production Management, Vol.6, No.2, 90-103. Athayde, W. P., Elswick, R., & Lombard, P. (2013). Project Management Essentials: A Quick and Easy Guide to the Most Important Concepts and Best Practices for Managing Your Projects Right. USA: Maven House. Gido, J., Clements, J., & Baker, R. (2017). Successful Project Management. Boston,MA: Cengage Learning. Watt, A. (2014). Project management.

Inputs

Plan for risk management

Tools and techniques

Strategies and actions to prevent negative risks

Outputs

Updates in project management plan

Risk register

Strategies to avoid positive risks

Contingency plan

Expert judgement

Updates in project documents

Process management

Finding key changes

Evaluating changes and impact on the project

Approval of changes and developing actions

Managing changes

Reviewing process and making changes

Inputs

Project charter

Tools and techniques

Meetings

Outputs

Cost management

Schedule and risk management plan

Environmental factors

Process assets

Data analysis

Expert judgement