group project - only do my part
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j_project_risk_project_risk_classmate.pptxProject Plan Project Management Sherrell Holifield American Intercontinental University
Author Note This paper was prepared for MGMT-412-1401B-01 taught by Donald Buresh
Project Plan Overview
Describe how the project will be measured for success.
Schedule- Deadlines are sometimes hard to meet according to the client. Most just want it done. Knowing the factors of the schedule and finishing the product within the estimated time frame is a plan for success.
Scope- Knowing what needs to be done and keeping that schedule in mind will be beneficial. The scope is the most important part of the project.
Budget- Sticking to the budget that was quoted prior to start of the project will prove successful for client and the business. (Pozin, 2012)
Making sure that those involved have an understanding of what the project should look like, it a plan for success. There are quite a few elements that can cause issues within any project. They include the budget, poor dynamics of the team and bureaucracy.
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Project Risks
Possible Risk
Cost
Schedule
Financial
Contractual
Weather
Environmental
Client(s) (PM4ID, 2014)
Being able to identify the risk is a disciplined and creative process. Having brainstorming sessions that includes the team and their ideas is always helpful. The first task to is to identify the possible risk that could occur.
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Project Risk
Probability of Risk
There is a high and low potential of risk occurring.
High impact- may require mitigation and can help narrow the focus on the critical risk.
Evaluating risk mean to focusing on those that will have the greatest possibility of occurring.
Low impact- Are those that may go unnoticed and will least likely affect the project. (PM4ID, 2014)
Not all risk are the same. Some projects are more than likely to have issues compared to others. The cost associated with these risk can vary.
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Project Risk
Mitigation
Risk are mitigated in several ways.
Sharing
Avoidance
Reduction
Transfer
(PM4ID, 2014)
Once the risk are identified in any project a mitigation plan is required. This plan helps to reduce the results of an unplanned occurrence.
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Project Risk
Sharing- Partnering with others that will share in the risk of activities. When the others have experience that the team on the project does not have they have an advantage.
Avoidance- This form of mitigation creates an alternate strategy which includes higher cost with the new plan.
Reduction- this decrease risk on the project with an investment of funds. (PM4ID, 2014)
Transfer-This mitigation tactic transfers the risk of the project to another group. (PM4ID, 2014)
Mitigation tactics vary. Each comes with ways to share the weight of the project and decrease the risk that will heavily impact the project. Sharing those risk with others that are more experienced can help to eliminate those risk or decrease them.
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Project Risk
Contingency Plan
The contingency plan involves an alternate plan.
Funds are put in reserve under this plan. These funds help to cover events that may occur.
The contingency budget focuses on items that are high risk. The plan helps to keep track of contingency against the risk plan. (PM4ID, 2014)
An alternate plan is created to accomplish the project goal. This plan is established when risk that may hinder the project are noticed.
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Communication and decision-making barriers
Meeting distractions
Lack of focus
People out of the loop
Technical difficulties
Delay of decisions
These are a few forms of communication and decision making barriers. (Mark K, 2011)
Communication is key to all aspects of a project. Keeping everyone informed through the lifecycle of the project will keep everyone satisfied. Learning to focus, try out various scenarios and being able to trust in one another will break down some of the barriers.
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References
Pozin, I. (2012, March 20). 6 ways to measure the success of any project. Retrieved from http://www.inc.com/ilya-pozin/6-ways-to-measure-the-success-of-any-project.html
PM4ID. (2014, March 11). Risk management process. Retrieved from http://pm4id.org/11/2 /
Mark K. (2011, December 01). Barriers to effective communication. Retrieved from http://www.flyingintoprojectmanagement.com/2011/12/barriers-to-effective-communication.html
