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You have selected your project team members from d...




You have selected your project team members from different disciplines (nuclear scientists, engineers, technologists, and regulatory experts) to work with you on the project risk management plan. Before you can start developing your risk management plan, you first need to perform a risk analysis, and create a probability and impact matrix. This matrix uses a weighting system to rate and measure project risks by organizing it in a chart using a three-point estimate. You will be performing a risk probability and impact assessment to help you plan risk responses for these risks in the coming weeks, so it's important to agree on them now. Create a risk probability and impact matrix by listing those risks that you think are appropriate for Project X. The matrix should include the following: Description of the risk External risks Internal risks Budget risks Schedule risks Resource risks Quality risks Categorize them according to your knowledge of risks and their probability and impact to the project. Develop a weighting system to help you rate risk levels (measure), utilizing the three-point estimate to assign risk probability and impact. If you have made assumptions about the project, include them at the top or bottom of the template. Identify at least 12?15 risks for this matrix. This is what i have wrote so far I just don't know how to add it to the excel spread sheet attached. MEANING OF PROJECT MANAGEMENT Project Management is all about managing your tasks and goals with the optimum use of available resources within a finite frame of time. To achieve that, one would need the proper coordination of all possible inputs required to carry out the task successfully. It touches upon every possible area one an think of ranging from software development to missile launch to the latest space program to the smooth functioning of your daughter's wedding to ensuring that your house is leakproofed before the monsoon. Needless to say, project management is one of the most crucial areas of any business. Not only does it give them customer focus in terms of delivery times, but also gears them towards cost effectiveness. When a company has proper project management techniques in place, it automatically instills best management practices and moves the company up the value chain. Project management is an organizational system used for effective execution of multidisciplinary, one time undertaking of finite duration. Examples of this system include High technology R&D programs, Launching vehicle program, Software development, Missile program, Tele communication program etc. A project organization is usually an overly to the functional structure of the host or parent organization. This overlay organization is characterized principally by horizontal lines of communication and workflow and by the necessity for planning, integrating and controlling various multidisciplinary tasks across functional lines. Projects are used today as a way of achieving a variety of outcomes- in local or international locations for new constructions, new product development product improvement, process design, process improvement, utility installation, theory and technology development, and many more. Bringing a project to a successful conclusion requires the integration of numerous management functions like controlling, directing, team building, communication and others. It also requires cost and schedule management, technical and risk management. Create a Risk Template by listing those risks that you think are appropriate for Project X. A project team might use this table to prompt their thinking about risks for their project. Risk Category Header that names the category in which the following risk factors belong. Risk Factors Named areas of potential risk to projects in this domain. Low Risk Cues Characteristics of this factor when it can be considered low risk to a project. Medium Risk Cues Characteristics of this factor when it provides a medium risk to a project. High Risk Cues Characteristics of this factor when it should be considered high risk to a project. ? Internal risks Mission and Goals ? Project Fit to Organization Project X, which will design, develop, test, demonstrate and deploy 10 AMDS units to a location to be determined by the DoD assuming a successful demonstration. This project is expected to take at least 5 years to complete at a cost of $1.5 billion. On successful completion of it the DoD will order 150 more AMDS units at a price of $10 million per unit. Thus it has low risk regarding mission of project as it directly supports organization mission and goals. ? Significant work flow Regarding workflow it has high risk as it will significantly change the work flow as organization will get major order as it is of huge amount of $1.5 bn ? Management Support Its risk is low as strongly committed to success of project Customer Perception Its risk is low as customer expects this organization to provide this product. ? Project Objectives Medium risk as verifiable project objectives, but ambitious requirements External risks ? Use of Attractive Technology Technology risk is high as project is being done as a way to show a new technology as missiles are based on based on a radically new design; an anti-missile control computer (AMCC) used to automatically target and deploy the ABMs. ? High political risk as contract is with department of defense. Schedule risks ? Date Its risk is medium as delivery date is being partially driven by need to meet deadline of 5 years so as to get new order. It may not related to technical estimate Customers/Quality risk User Experience/Maintenance Its risk is low as department of defense, is highly experienced in similar projects; have specific ideas of how needs can be met. User will also be trained. A self-contained power source (for the ABMs) and solar charged batteries for the AMCC and SKYEYE make the entire AMDS portable and completely automatic (no personnel are required to operate any of the systems). However, military personnel on a regular basis will perform routine system monitoring and maintenance, preferably from a remote site. On-site maintenance should only be needed on rare occasions expected to arise from unforeseen events such as earthquake, tornados, ice storms, etc. Should it become necessary, military personnel will move the AMDS to a location known only to them. Hence, It has got low risk regarding maintenance because it will require less onsite maintenance and it is portable. So it is user friendly also. Budget/Resources risks ? Project Size Its risk is high, as project is large, highly complex and not decomposable. ? Requirements Stability Its risk is low as requirements are clear and little or no change expected to approved set ? Delivery Commitment Its risk is low as stable commitment date of 5 year. ? Budget size and constraint Its risk is low as budget size is clear of $1.5bn and it has been allocated Use of Defined Development Process Its risk is low as development process in place, established, effective, followed by team. Team Members Its risk is low It has over a dozen nuclear scientists, engineers, and technology professionals. As Team Member are available. Little turnover is expected and few interrupts for fire fighting. All are having good background with application domain within development team, but to be trained about project risk management. Other challenges 1. Special challenges Special challenges arise from differences in cultures, mores, tradition, values, philosophies and languages of the project partners. In addition, attitudes of the project team in each of the partner organizations take on added importance. 2. Foreign exchange risk The financial risks and implications of the project can be immense, extending far beyond the financial capabilities of any one partner operating independently. It has to manage currency risk such as economic exposure, translation and transaction exposure if some supplies have to be imported. Employ the techniques for monitoring and controlling risks The goal of a Project Quality Management Program is to ensure that the design and construction of a project meet the quality requirements established by a Facility. To accomplish this goal, facilities management personnel should perform the following functions for the project team in order to ensure the desired quality of the constructed project. A Project Quality Management Program includes the following: * Quality management planning and implementing policies, procedures, and requirements. * Quality control ensuring that work is being performed and that work is being checked prior to its acceptance. * Quality assurance verifying that quality control tasks are being performed. * Continuous quality improvement continually pursuing improvement in the quality of the project process. ? Quality costs redoing a project item even when this increases the item's cost. In evaluating a project for quality, the project team should: * Define expectations. * Define problems. * Determine what is needed to rectify problems. * Estimate needed resources. * Determine if the project cost or program needs refining. Periodic project team evaluations will assess team performance in accomplishing project quality goals by considering the team's: * Effectiveness in relation to established quality requirements. * Efficiency (staying within budget). * Timeliness (remaining on schedule). * Compliance with imposed constraints as stated in policies, procedures, and programs. * Teamwork Evaluations can be made by completing evaluation forms predesigned with questions and data-entry requests that have been developed on an objective basis. The total Project Quality Management Program applies to the following sequential project phases: 1. Planning 2. Programming 3. Budgeting 4. Design 5. Construction Documents 6. Bidding 7. Construction TEAMWORK A Project Quality Management Program should not only address technical issues, but should also address people-related issues and encourage teamwork. Technical issues include checklists, inspections, interdisciplinary plan checks, other reviews, and value engineering. People-related issues include encouraging commitment to the project, building teamwork, defining expectations, and partnering . Cooperation within the project team should be encouraged as early as possible during the project process. One last thing to consider is re-training the affected people. After being on a project for a long period of time, a person may be so specialized that some of the skills they would need for another project may have become rusty. The last few years of a project, when activities are winding down, may be an ideal time to refresh one's skills. Management must do its job to find funding for this re-training. If there are a number of people on the project that need the same re-training, classes could be brought on-site and tailored around the employee's schedules to make the training fit as easily as possible into their work and personal time. The most important measures of the success of a project are whether the product was developed and delivered successfully and how well the needs of the Customers have been met. The most effective way to determine these measures is to Solicit Feedback. The Project Manager should gather feedback using a survey appropriate to the project. The survey must also assess the outcome of the project and the performance of the Project Team and performing organization. The Project Manager should follow up if the survey is not returned on time. The goal of this task is for the Project Manager to meet with select members of the Project Team and stakeholder community to present the summarized results of the feedback surveys, discuss all other aspects of the completed project, gain consensus on what was successful and what was not, and derive best practices and lessons learned. In addition to the Project Team, the Project Manager should consider inviting Project Managers from the performing organization with experience on similar projects. Based on experience and prior knowledge, other Project Managers can provide information and insight on the assessment process. It is a good idea for the Project Manager to distribute the summarized survey results to each participant in advance of the Project Assessment Meeting, to allow them to come prepared to address the contents. In order to provide the best possible products and services to Customers, performing organization management must strive to continuously improve the way Prepare Post-Implementation Report After the Project Assessment Meeting, the Project Manager prepares a Post-Implementation Report. In the report, the Project Manager distills information gleaned from the discussion and organizes it according to the feedback categories described above, adding information on key project metrics. The Project Manager must present or distribute the Post-Implementation Report to members of the performing organization. In performing organizations that undertake many projects, it is most effective to assign an individual or unit to take ownership of collecting and organizing the information, teaching the lessons learned, and implementing the best practices throughout the organization. When the project is officially closed, the project repository should include the following materials: 1. Project description/definition documents such as the Project Charter and Project Initiation Plan 2. Project Plan (Detail) 3. Project Schedules ? retain all copies electronically, but only include the baseline and final schedule in the hardcopy repository 4. Project financials 5. Project Scope changes and requests log 6. Project Status Reports 7. Team member progress reports and timesheets 8. Issues log and details (open and resolved) 9. Project acceptance log by deliverable 10. Project Deliverable Approval Forms, with original signatures 11. Risk Management Worksheets 12. Audit results, if encountered 13. Correspondence, including any pivotal or decision-making memos, letters, e-mail, etc. 14. Meeting minutes, results and/or actions 15. Final Project Approval Form, with original signatures 16. Post-Implementation Report A hard copy repository should be archived in a designated documentation area. It may be made available electronically at the discretion of the Project Sponsor and or Project Director in accordance with organizational records management policies. REFERENCES: 1. CORPORATE STRATEGY : GARY HAMEL 2. WWW.INDIAINFOLINE.COM 3. WWW. BUSINESSWORLDINDIA.COM


Paper#10532 | Written in 18-Jul-2015

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