Project and Risk Management

Present study will be focused on making risk management plan, stakeholders analysis, timescales of project management plan and some other essential academic tool that helps in accomplish the overall growth of the project objectives.

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QAB020C410A Business Organisation - Hobby Craft

Various Concept and Factor on Project Risk Management

TASK 1

PID Stakeholder analysis

Project stakeholder are individual and organisation that are actively involved in the project. It is the another most appropriate and significant in the project management plan. It gives better way to start the other further stages (Bourne, 2016). Project stakeholder are individual who actively involved in all activities of the process. In order to communicate stakeholder about all activities, it is necessary for manager to prepare project initiation document to better communicate about project task to everyone.

TASK 2

Risk Registers

Risk is the management activity which needs to be very much effective and most required plan in order to meet out the project goals. Risk registers management is something which helps to know about the possible risk log in order to reduce them all risk with some action plan. Created during the early stages of a project, the main purpose of risk registers is that to track the issues and address them as they arise. All kinds of possible risk has been evaluated.

Risk management approaches

In order to get over from the risk, Project manager required to have proper control on the risk management. Management of project risk is the method or techniques to risk identification, and assessment prior to measure to contain them are adopted. Some steps should be considered by the manager in order to reduce them into the best possible manner. It is also very much well productive in order to meet out the; QAHE project management plan.

Project Risk identification

In order to evaluate the project risk, managers should needs to monitored or collects all required information such as document reviews in which manager should need to measure risk from past documents and measure taken to contain risks. Brainstorming is the another approach to identify the new managing successful QAHE project management growth. Apart from that, interviewing is the another factor through which company can easily evaluate the risk chances. This is a process of calling in experts who are well versed on a particular manner. Overall, it helps to bring new managing successful business growth. There are so many other techniques or approaches are also available such as diagramming techniques, assumptions analysis, check lists etc. overall, it helps to bring new managing effective goals in order to sustained in a long term manner.

Project Risk Assessment

It is the another step of research desertification in which manager prioritized the risk on the basis of need of attention with the help of Qualitative and Quantitative analysis method (Kerzner and Kerzner, 2017). This process can help Project manager to reduced the risk factors from University refurbishment process.

TASK 3

Gantt Charts

Work break down structure

Work break down structure is the process of project management which is a project deliverable oriented breakdown of a project into smaller components. It makes the overall business growth and best forming results, and more effective channel of distributional growth. Work break down structure simply defines that work is divided into smaller task between employees as per their skill and knowledge.

Gantt Chart

Gantt Chart is the another most appropriate technique after making all further task which helps to accomplish the overall activities step by step. It us the horizontal bar chart which reflects activity which has been done or to be done by the holding responsible person. Through which QAHE rfurbishment project can easily be accomplished on time. It is creates by simply in the form of graph paper which is created buy Microsoft project management. Present chart helps to know Which activity has to be start after which following activities. Apart from that, it helps to keep the long term goals and best target performance activities.

Critical path

Critical path method is a process or method which has been set on the basis of scheduling as set of project activities. Critical path is the strategy to select the best way to perform the activity. Below given critical path helps to guide the following effective goal oriented process through which QAHE refurbishment project can easily implement the higher education classes into new software based techniques. This process makes task easier and effective.

through which QAHE refurbishment project can easily implement the higher education classes into new software based techniques. This process makes task easier and effective.

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TASK 4

Short Report

Explaining the structured approach to risk management and its important.

Report to project sponsor

Risk management is the process or method which add value to the activities of the organisation which increases the probability of success in achieving the project objectives. Benefits to adopt risk management plan helps to take care of the QAHE targets and get the best possible action plan and growth (Islam, 2016). Risk management is very much effective for the project management. Some following advantages are given below which showing the importance of risk management plan

Risk management approach : Risk management approach is very much necessary in order to hold the specific project goals. In this process project manager needs to control on management activities and maintain risk register plan etc. in order to control on the activities.

It helps to add value: it helps to adding value into the project management plan and get all task done in more productive manner. For example: By applying all legislative and regulatory approaches will help project to not get any inference from company side. That helps to have good image in front of the government.

It helps in decision making : another benefit is that to create best decision making task by informed choices, prioritize action, distinguish among alternative courses of action.

Risk practices are systematic and structured and timely : it is very much necessary and long lasting effective growth into the best possible action plan. Overall, it helps to collect the best possible action plan.

It helps to make systematic and structured and timely: it is the another effectiveness of risk management that helps to get the positive results and ensuring consistent, comparable and reliable results which contribute to efficiency (Larson and Gray, 2015). Moreover, it gives overall great result to the project success.

Risk is dynamic iterative and responsive to change: this is the another advantage of risk management which helps project manager to adopt the best possible action plan. Overall, it helps to develop the deep understanding between stakeholders that helps to promote effective work (Zhao and Chen, 2015). It also helps to monitoring the project management plan or process. It also assists manager to meet out the result and taking further contingency plans to mitigate the all possible risk.

Effectiveness of Prince and their strength and weaknesses with their different alternatives

Prince structured of project management method is further divided into best effective; and productive manner. It has been adopted by different countries including UK, Western European and Australia. This approach developed by UK government standards for information systems projects. It is the best strategy or methodology for managing project activities it is actually facto standard used by the UK (Letaifa, 2015). Some of the given benefits helps QA higher education for managing different activities of such new project development which is based on refurbishment to enhance the way of computing labs in London Campus in order to appropriate manner.

Strength this technique is useful along with execution appraisal & business firm planning as well as mitigating against certain risks.

• It is very confident methodology to perform
• Client has full focused on the target
• Backings cross functional working
• Convey what the business need (Theaker, 2017).
• It helps to better control the activities
• it helps to accomplished the project needs and wants

Weaknesses

• This is limited to some extent and not performed the high level of activities that much effective (Turner, J2014).
• It is less relied upon to change environment.
• It is based on non-realistic because some process are not accomplished in specific period of time and not fulfilled the objective of model.
• This method of project is quite tough and complex method in order to collect methods of activities.

On the basis of Prince principles, it defines a very good methodology which helps project management very effective and best approachable to the target goals (Project Management Institute, 2018). This is the best way to evaluating the long term growth to the management performance. A project manager is always looking through knowledge and its complex

CONCLUSION

On the basis of concluded present project or report, it has been analysed that with the helps of proper planning or project management plan. Company can easily get the best possible action plan. Present project aims is to refurbishment of teaching rooms and computing labs of QAHE higher Education. Primary purpose of this project in order to ensure the scholar & staff excellence towards learning environment. To get all project outcome effective. Study has been presented PID plans along with stakeholder analysis to analyse the impact of stakeholders on overall activities. Further, to mitigate the risk, report also discussed risk register to evaluate all kinds of controllable or uncontrollable risk. Overall, study also analysed the Prince theory and their strength and weaknesses towards success. Need assignment help? Talk to our expert.

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