Project Success Case Study

976 Words2 Pages
bulb-icon

Recommended: Relationship between risk management and project management

Project success is critical to business performance and still many projects suffer from overruns, delays and failure. Each project is different and consists of risks. According to Morris and Hough (1987), project failure rate are high when one fail to consider and analyze project risks. As per Jiang & Klein (2001), the way project risks are managed has a direct effect on the project deliverables. Tzvi et al. (2002) suggested that there is no risk free project. Project risk management aims to maximize opportunities and minimize threats. This ensures achievements of project objectives. Hence, it is unlikely that a project will be successful without effective project risk management.
According to Baccarini and Collins (2004), the likelihood of project success is improved by reducing the impact of potential risks. Al-Rousan et al. (2010) stated that “If a project is successful, then it is not successful because there were no risks and problems, but because risks and problems were handled successfully”. Bakker et al (2010) suggest that risk management activities contribute to project success via four different effects: action, perception, expectation and relation. Action refers to the stakeholders’ ability to cause and …show more content…

It is critical that all telecom projects are as successful as possible to advance the business of the company. The telecom industries have recognized that traditional business models have changed. With the ever increasing competition within this industry, the products and services must reflect the latest technologies, the new industry players and new approaches. Very strong project management approaches along with strong business, marketing and technical skills are required for project success in the dynamic telecom environment. As per Celia (2008), this will happen if standard project management techniques are applied within telecom

Show More
Related

  • Optimism Bias in Project Management

    3404 Words  | 7 Pages

    Projects are widely used by many organizations and government institutions in the course of conducting their business. One of the reasons for this is because they have been proven to be effective in initiating change and translating strategic programs into daily activities. However, it has been established that most projects fail to deliver on time, budget, and customer specifications. In most cases, this failure is caused by over-optimism by the project management team. This over-optimism commonly referred to as optimism bias can simply be defined as overestimating the projects benefits and conversely underestimating its cost and duration time. Research have portrayed that this is often caused by failure to properly identify, understand, and manage effectively the risk associated with the project therefore putting its success at jeopardy(Mott McDonald, 2002). Fortunately, this biasness can be detected and minimized during the project gateway process.

    Read More

  • Project Management Career Summary

    1715 Words  | 4 Pages

    With today's businesses constantly embracing the technological advances that are made on a daily basis there becomes an increasing need for someone to supply the foresight, ability and commitment to ensure that these new technologies are implemented as seamlessly and successfully as possible. The Project Manager is just the person for the job. This paper will examine this career and explore the benefits of working in this profession. It will provide a look into the life of current Project Managers and their thoughts and concerns regarding their profession.

    Read More

  • Flayton Electronics Case Study

    929 Words  | 2 Pages

    Hillson, D, & Simon, P. (2012). Practical project risk management: The ATOM methodology (2nd ed.). Vienna, VA.: Management Concepts.

    Read More

  • Traditional Project Management and Agile Project Management Approaches

    2639 Words  | 6 Pages

    Kendrick, T, 2009. Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project. 2nd ed. United States of America: AMACOM.

    Read More

  • A Case Study Of Barclays's Risk Management Team

    856 Words  | 2 Pages

    Our most important goal, as previously stated, is to examine and evaluate our current risk management team. An effective risk management team will be able to easily identify a project’s strengths and weakness, and as a result, they will also be able to generate strategies to aid or hinder that project (Duggan “Why is Risk…”). I call out our current risk management team in

    Read More

  • Project Management Case Study

    821 Words  | 2 Pages

    The projects in today’s world are given a lot of importance and it will continue to grow in the coming years. There are a lot of companies which do not have production, but all of them do have projects. There are a lot of books which have been published on which related to planning and managing the projects. The one of the most important one was published by the author Eli Goldratt in his book ‘Critical chain’. This book basically talks and shows how the application of theory of constraints in the field of project management. The novel is basically based on one of the MBA classes in America where a number of ideas are developed in discussions among the students and the lecturers. The lecturer is basically fighting for a tenure with the president of the university who expects a downturn in the executive MBA. The lecturer who teaches project management has a word with one the senior colleagues and project management was the right topic to teach. There were three students who were placed in the project management team of their company which manufactures electronic products. The students are enrolled in this MBA class along with other students, here they discover a new approach to project management which is known as the

    Read More

  • Project Management Case Study

    834 Words  | 2 Pages

    The topic of my group (group 4) was “How to totally float through your project for free” and the presentation was held by Roger Goodman who works for PMI NZ and Ernst & Young supply chain management with many years of working experience in many different countries such as Saudi Arabia and China.

    Read More

  • Difference Between Startup And Project Management

    1095 Words  | 3 Pages

    There is an immense difference in project management between a large traditional organization, a technology company, and a startup. To begin with, project management practice in a traditional company is superlative, well-defined and shows a sustained approach. They have a balanced set of strong metrics and internal communities to maintain personalized methodologies and tools to achieve project deliverables. However, in a large technology company, project management is complicated as the business needs keep changing with the demanding stakeholders from traditional organizations. Project management in an IT organization ensures that a factual technology is applied to provide a direct solution to the organization.

    Read More

  • Risk Management Framework Essay

    1318 Words  | 3 Pages

    These are the specific risks involved to a particular project or program. The organisations continuously undertakes specific projects, which should be managed with consistency with the legal obligations to be kept in mind. There are significant program management methodology which spell out the requirement and clear risk management approach within the project environment and align by the whole of the AS/NZS ISO 31000:2009 Risk management – Principles and guidelines.

    Read More

  • Reflection On Project Risk Management

    1157 Words  | 3 Pages

    This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the

    Read More

  • Project Management: The Importance Of Project Management

    1567 Words  | 4 Pages

    This make project management very significant because it ensures risks are identified and properly managed by preventing them so that they do not become a big issue that threaten the success of the project within the organization. Good project management practice requires project managers to carefully analyze all potential risks to the projects, and develop a prevention plan against them. Risk should be prioritized according to the strength of them occurring and allocate appropriate responses. How to deal with risk and adapt change of any kind is the key to successfully delivering the projects.

    Read More

  • Risk Identification Techniques

    840 Words  | 2 Pages

    Brush, (2005) research reviews defined risk as any uncertain event associated with the work of implementing a particular project. The definition is conventional with other universal definitions while it further attaching the definition with factors that could be used to identify inherent risks. The objective of the research review was to correlate risk as a product of two main factors: the expected consequences of the occurrence of the uncertain event and the probability that the uncertain event might occur. All the risks involved within the entity are distinct and different from each other. Employing this concept is vital in identifying the particular risks associated with a particular project. Risk can be categorized in terms of micro or macro depending on the population that the risk affects.

    Read More

  • What Is The Importance Of Project Management

    781 Words  | 2 Pages

    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.

    Read More

  • Traditional Project Management Essay

    1096 Words  | 3 Pages

    Project Management is defined as an organized approach which aims to bear client anticipations, in order to accomplish the requested advanced business value (Wysocki, 2014). Since the 1950’s methods and procedures were applied in a uniform way to every project from the smallest to the largest (Špundak, 2014). Their success is certain in some industries (Badewi, 2016) (Kozak - Holland, 2010). A rapid growth of complex new technologies and innovations is indisputable (Saynisch, 2010a). Important changes propose new aspects for project management (Saynisch, 2010b). Traditional project management practices that have been used years now, known as PM 1.0 are challenged and new project management practices PM 2.0 come in the surface.

    Read More

  • Essay On Importance Of Risk Management

    709 Words  | 2 Pages

    In this competitive world, companies have to deal with various types of risk all the time with there projects. Generally, it affects the budget and schedule of the project. So it is important to keep in mind the risk management strategies while creating an initial project plan.

    Read More

More about Project Success Case Study

Open Document