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Research paper on project risk management
Research paper on project risk management
Research paper on project risk management
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Project Conception and Initiation: During the forecasting of our project, we did not know which specific technique would suit us best. Because of this we started off by using the EFQM Excellence Model, which is based on Total Quality Management. Whilst there are numerous management tools and techniques commonly used, the EFQM Excellence Model provides an holistic view of the project and it can be used to determine how these different methods fit together and complement each other. The measurement step of this technique was not applicable for our project but this did not influence the applicability. We specifically used this model to explore our human resources during the forecasting section of the project. This technique benefited us because it developed our team culture and showed all the different specialties of each member. However, one area we failed to use the technique adequately was towards the client. Because this technique is based on a holistic approach we misunderstood our client’s needs. This resulted in a misinterpretation of the project objectives and eventually caused for a delay in our deliverables during the project definition and planning phase, in specific our SOW. Project Definition and Planning: Because the EFQM Excellence Model did not work optimally for us, we switched to a more hands on approach: DMAIC improvement cycle technique. We implemented this strategy as a means to distinguish where it’s problem areas were with enough time to make the necessary changes. We developed and improved ideas about the project scope. We benefited from the understanding of the content and complexity of the project. Some relevant questions that we were able to define were: What kind of think tank would we want to produce, ... ... middle of paper ... ...ter University Leiden. Additionally, members of the project development were satisfying a need they had found personally identifiable and important. As our project is a volunteer Think Tank, there would be no cost outflow due to wages. Resource Tools All project members study at Webster University Leiden, which maintained the status of “base point” throughout the project lifecycle. Virtual methods were used to include members whenever they were not able to participate at the base point. Structure Tools The Work Breakdown Structure evolved throughout the project life cycle. The work was divided into manageable sections, defined by the previous experience and capability of each team member. The work breakdown structure visually defined our project’s scope into manageable chunks that each project team member could understand. For our detailed WBS see Appendix section
The initiation phase of a project is not complete without a clearly defined goal and realistic, measurable objectives that describe the business benefits which are expected to be delivered upon completion of a project (Laureate Educatio...
... work for each cli¬ent. Our se¬nior ex¬ecutives and Project Directors frequently confer to make near- and longer-term fore¬casts of workload and share information about known or projected new Task Orders. The firm’s sophisti¬cated project tracking system ensures that we staff each project effectively.
What differentiates a list of project requirements from a Work Breakdown Structure (WBS)? A work breakdown structure is a key project deliverable that organizes the team 's work into manageable sections. The Project Management Body of Knowledge. defines the work breakdown structure as a "deliverable oriented hierarchical decomposition of the work to be executed by the project team”.
As the world is constantly changing in terms of program needs and the requirements to achieve them, there is a demand for innovative and tactical ways to increase success in achieving project objectives. The ever-changing technological climate, market dynamics, relatively short-lived solutions and the arduous integration of business and I.T., have proved stumbling blocks in managing complex programs and ultimately attaining desired results on time and on budget.
Contained within the following paper is the evaluation of the author’s organization’s mission, vision goals, and objectives .The author will discuss the pre-determined questions as set forth by Jeffrey Trapp, a certified University of Phoenix instructor. This paper will discuss the differences that a rise between a company that has implemented TQM (Total Quality Management) with that of the authors own organization’s management style.
PRINCE2 (Project in Controlled Environments, Version 2) is a project management methodology that are released in 1996. It was based on combination of two methodology that is PROMPT (Projects Resource Organization Management Planning Technique) and IBM's MITP (Managing the Implementation of the Total Project) methodology. PROMPT that is originally created by former IBM Project Managers in 1975. Central Computer and Telecommunications Agency (CCTA) one of IBM’s client which is responsible for IT support in United Kingdom Government, applied PROMPT methodology and adapted it in 1979 and called it PRINCE (PROMPT in the CCTA Environment) which became Projects in Controlled Environments. PRINCE was widely used in IT project in public sector at that time. Others sectors such as businesses also want to use PRINCE, therefore the PRINCE gain transformation so it can easily adapt for a new users. PRINCE2 was created which can be applying in any project with more flexible and generic unmindful of any complexity.
The WBS represent the breakdown of work and the list of the work schedule contain the same items in the WBS such as, sequence activity, how to estimate duration of the activity, and the project schedule of compression that is applied making an outline of the schedule
The EFQM Model has both advantages and disadvantages of its use. The Model is used by organisations is different industries and in the public or private sectors. An example of organisations that has used the EFQM Model has been provided within this report.
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
Kent Beck, the project leader will find using the WBS to make complex projects more manageable as it is designed to help break down projects into manageable chunks that can be effectively estimated and supervised. By creating a WBS include several benefits. For example it can help assist with accurate project company, helps with assigning responsibilities, shows the control points, project milestones, and allows for more accurate estimation of the triple constraint (cost, risk, and time) therefore helping to explain the project scope to stakeholders.
Project management is said to be completed within time when it completed within the “triple constraints”: cost, time and quality. And in a lot of causes, one them is sacrificed so as to meet the other two. Project managers prioritize which ones are the most important.
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.
Project managers have to improve their skills every day to deal with the organizational change and especially the world’s Megatrends. However, it can be a challenge for a project manager to comprehend what skills they should be improved, what sections of project management knowledge that should be tried to perceive, and how to measure and enhance their performance.
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.
This chapter discussed the reflection on the project and the wider implications of the project, and demonstrated the reflection on the MA experience. In a word, the major project and the MA experience gave me an extraordinary chance to carry on the higher education and learn new and advanced learning skills.