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The five common project risk strategies
Project management and risk essay
The five common project risk strategies
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A project manager must have a clear understanding of the landscape or management methodology needed prior to starting the project. There are both internal and external factors regarding each project that may help shed light on what Project management process and what would be best process for the proposed project. It has been my experience that the all projects while similar will can various issue and problems associated with it. The construction process at Dayton power and Light is very involved and goes through many people departments and approvals prior to construction starting and project close out as completed. See Flow chart: At any one on these points or several times at one point or multiple points an issue or problem or poor communication or just plain lack of follow through can through the Project train right off the track and has. The idea came about from my time in the military and my time as a fight instructor, and early in my career at working at Dayton Communicate Power and Light as an operation Supervisor. CCC, Communicate, Communicate, Communicate, As a pilot if you get in trouble, or have a malfunction occur, or you are lost, talk to someone, work it out, help is out there. As an operation supervisor you job it to communicate with everyone, from field personnel, to testing personnel, to call center representatives, to customers, to Corporations, to the Directors, Vice President, and President of DPL. So a few of the Project Managers at DPL got together to brainstorm and look at solutions to the Project management process. Where are our chock points located, want are our problem areas. This worked but when we looked at the date results id was very slanted to the project managers pointing fingers at ... ... middle of paper ... ... Concern Construction Folder Not Provided Proposal Not Included Line Clearance Not Requested Project Not or Staked Incorrectly Right Of Way Not Requested Permit(s) Not Included Must Provide Comments On Items Below Material Incorrect Customer Unaware Of Requirements Field Changes Required (attach as-built) Other Exceptional Effort or Deficiency Comments Follow Up Must Provide Comments On Items Below Standards Related Design Material Related Stakeout Related Communication Related Construction Related Other Follow Up Comments Date Reviewed With DT Name of Reviewer
Though the project manager may not have the authority as functional managers, his or her leadership skills should be sharp. Part of a project manager’s responsibility includes project governance which includes decision-making (PMBOK, 2014, p.34). In his article, “Everything goes through me-The Project Manager’s Words to Live By”, author Bill Dow shared how the “everything goes through me” confidence displayed by the pharmacist at a local pharmacy could be beneficial for project managers (2013). Dow believed if project managers “possessed that same kind of confidence and showed those same leadership skills, the project management industry as a whole could be much more efficient…” (2014). Moreover, Dow identified similar characteristics as shared in Beach’s article. Jumping to the wrong conclusion or making impulsive decisions can have a negative impact on the project team as well as project success. In jumping to conclusions, we interpret reality and facts, based upon our beliefs or existing assumptions without obtaining sufficient information to draw conclusions. We then take actions which seem right because they are based upon our beliefs. This is also referred to as delusional reasoning (Manktelow et al.,
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
This disorganized project management soon contributed to frustrations on both the client side and within the Consulting Group team, straining our day-to-day interactions. Midway through the engagemen...
The project manager is the key person responsible for the overall project and serves as the steering mechanism for the project team (Cornell Project Management Methodology, n.d.). In order to become an effective project manager, there are certain skill sets that are required to set one on a path to project management. Organizations like the Project Management Institute serve as the conduit for training and certifying project managers.
A fundamental truth in construction is that every project is unique. As a result, every project presents new challenges as well as new opportunities for owners, designers and constructors. In recent history, the predominant delivery system for construction projects has separated the design and construction portions of the project, but several others are used as well. A number of studies have been performed which have attempted to quantify the relative benefits of each approach. Some useful results have been obtained, but overall the results have been inconclusive. The selection of a delivery system depends upon a number of factors including the general project requirements, the experience level of the owner, budget, time constraints and many others. Careful selection of a delivery system that best suits the project is perhaps the most important decision an owner will make on a project. The extra attention and effort put into the initial phases of the project can yield a smoother, faster, safer and ultimately more profitable result.
The project manager leads the project and provides vision, direction and encouragement. The project manager takes lead in project planning to determine the schedule and budgets neces-sary to meet the project objectives and is responsible for delivering the project once the pro-ject has been approved by senior management. The project manager is also responsible for the project support team.
Frequent changes in a project by senior management, rather than involved support by senior managers, contributes significantly toward project failure (Hickson, 2015). Understanding the benefits of project management by those in senior management positions, who are acting as sponsors and leaders, is also vital to project success (Hickson, 2015). The project management methodologies initiated by senior managers often fail to favorably influence project success (Ancosky, 2013). Even when project management methodologies are used, they provide little benefit without proper governance (Young & Poon, 2013). Research has also demonstrated that senior managers play an important role in the success of projects (Ancosky, 2013; Hickson, 2015; Young & Poon, 2013). Senior managers should know more than just the benefits of project management methodologies, they must understand project management concepts and how to leverage these concepts within the organization (Ancosky,
Ferris Healthcare, Inc recognizes that their growth as organization was depending on their rapid implementation of project management. Their line managers have been performing as project managers, which most of the times resulted on delayed and over budget projects. All employees agree that a project management methodology is necessary in the organization.
Often, the goals and visions of the projects are not clearly discussed. The project management team doesn’t understand the needs of the organization.
A project manager should also ensure customer satisfaction through surveys as well as by getting feed backs from the customers. The effective measures must be taken to improve the performance and hence to make the customers satisfied. A project manger should also have a focus on developing the team members through delegation without impacting the management by using different project management tools and resources.
In return, team members must agree to hold each other accountable, as well as embracing conflict and making it work for the team, all the while producing a program plan or design that is within budget (Grigsby, 2008). Several problems associated with HIT projects can be attributed to conflict resulting from the diversity of project team members (Liang, Jiang, Klein, & Yu-Chih, 2010). Each member has different skills and know how, therefore selecting the right people for the job involves looking at their capabilities or desire to contribute and not just in their position in the company. Another potential pitfall is when leadership overlooks the need for a project charter. We covered this in the previous unit and there is no denying the importance of a project charter because it covers the roles and responsibilities of the task force and the other people involved in the project as well as the list of tasks and expected work products (The Results Group, 2009).
Having seen this with my own personal experience, poor planning can derail a project very early on, or you can see evidence of it spinning out of control as the project is transferred to the Execution Group. You have to have a firm grasp of milestones, the scope of work that is needed to reach each milestone, or go even granular and see how each activity can be performed on time, on budget, and not delay the project, especially if subsequent phases and tasks are waiting for this phase to be completed. An article on Bright Hub has a good point about this group, in that it is critical to the success of your project. After the documents created in this phase of the project are completed you will have a clear and actionable roadmap for project delivery, with the key being actionable. (Source: http://www.brighthubpm.com/project-planning/1673-moving-into-the-project-planning-stage/ (Links to an external site.)).
Project management involves the use of appropriate processes to deliver a project focusing on efficiency and operational performance (Shenhar, 2004) within constraints of time, budget, and scope (Kerzner 2009, 2010; Maylor, 2010; Morris & Pinto, 2007; Sanghera, 2010 Wysocki, 2009, 2014).
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan