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Sample on Project Risk Management

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Concept of Project Risk Management

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Introduction

The concept of PRM (Project Risk Management) entails about risks concerned with the projects and developing some plan of action to manage them. The management of projects are necessary part as it helps in reducing the risky factors from them. The major reason of risks generated in the projects are inclusion of high degree of uncertainties. Therefore PRM becomes a significant factor that helps in management of projects. The EOP or End of Project refers to the final documentation of the project. This stage reflects that the project carried out has now come to the final level because of which its official ending is conducted. The Project management is a discipline where different tasks of planning, performing and controlling of work is done so that the teams can be managed towards objectives to achieve set goals (Burke, 2013). The process of project management starts with the generation of idea and further processes for giving proper shape to the idea. The completion of entire projects is based on teams working for it and their skills, abilities and experience in the same field. The present report has discussed on project management with the chosen case of Winter Hungama. This is a social event which is organised with the objective of celebrating festive season under University campus. The report will be focussed on making objectives for project and developing plans to accomplish the pre determined objectives (Caniëls and Bakens, 2012).

1.1 Introduction to Winter Hungama

From the case, it is evident that Winter Hungama which is a social event is scheduled to be organised. This project will be arranged in University campus for about 10 weeks. Various events and games will be organised along with quiz competition and debates. The topics that will be mainly focussed in such events and quizzes include current affairs and topics. If nobody will be able to answers of questions asked in competition, it will be passed to audience. Besides this, refreshments at the end of game will also be served. For the entire event, a budget of £150 is determined. Moreover, time period of the event has also been decided which will be continued from 12.30 to 2.30 pm.

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1.2 Outlining objectives with their achievement

The project is primarily aimed at organising a social event under the name of Winter Hungama, in celebration of festive season. The event is being conducted at University campus for a fixed time period of 10 weeks. Further, the purpose will be to increase gathering of people so that large number of group can enjoy and take part in the event (De Bakker, Boonstra and Wortmann, 2010). Besides this, the project has some important objectives which are as follows:

  • To take the permission of Dr. Dhas so that programme can be arranged at University campus.
  • To assure more number of participants in the event with 20 to 30% target.
  • To accomplish the project as per the set objectives within fixed time period of 18th October to 13th December.
  • To get the details of participants and their confirmation before 15th October.
  • To get confirmation for the jag before the event till 20th October.
  • To complete the project successfully without any impediments in the event.
  • To ensure proper arrangements for the programme under set budget.
  • To assure minimisation and removal of various risks that can hamper the Winter Hungama programme.

As per the set objectives, various works were performed for each function. The arrangement of refreshments for the participants is also planned for which it is also necessary to assure the quality of food and food. On the basis of above objectives, it was discovered that many objectives were accomplished while some aims were not fulfilled in proper manner (Heising, 2012). The major reason behind this was improper implementation of project management theory. This has lead to the situation of exceeding budget. This necessitates the application of project management theories for completion of event in desired manner.

The work performance which was affected by the implementation of project management theories can be rectified. The methodology that can be applied for achieving set objectives is PRINCE2. This will aid in proper management and control of various activities that are planned to be organised. Therefore its proper adoption will make the work easier and controllable to manage in the efficient manner. The said methodology works on the basic principle of braking down various entire project into small and manageable work groups (Nicholas and Steyn, 2012). This makes different tasks to be accomplished easier to manage and control. After this, it makes the structure of whole tasks and plans clear to all the team members. A proper understanding of tasks will make easier to perform accordingly. On the basis of performance given by the team members, the achievements an be regularly updated so that it can be recorded that which tasks have been completed and which ones are need to be done. On this basis, accomplished tasks can be evaluated as well so that any shortcomings in the tasks can be identified and corrected. This helps in improving the proper supervision of work to improve quality in tasks. The project manager can also get proper reports on the progress of work on timely basis that will give maximum satisfaction to participants (Pritchard, 2013). The major areas where PRINCE 2 focuses are allotment of tasks on the basis of skills and experience, managing effectively, making modifications in the work wherever needed and proper control of various tasks done. Apart from these, this methodology is helpful at various stages as well like starting of project, planning, controlling and directing so that it can be accomplished in proper manner. Thus, with the help of mentioned project management tool, the event of Winter Hungama can be completed in desired way.

1.3 Benefits attained

Practical learning

The project management theories and models applied here gave considerable benefits that will be helpful in gaining practical exposure. Major benefits that can be attained through this are related with practical learnings. With the help of these theories project can be managed in efficient way that can give high quality services to participants. Besides this, it is evident that risk factor was very high but this project management theory can help in making the work better and mange risky areas (Schwalbe, 2015). The appointment of team members were done properly who were possessing different skills and expertise in various areas due to which the quality of services increased. The food that was served ion the event was also checked for quality that gave positive results and contacts with good suppliers was made.

Team work and time management

The team work and management of time is the most important aspect that should be learnt from such projects. The teams were made for various works as per the efficiency of members. Everyone shared their ideas and experience which helped in making proper arrangements and list of required materials and equipments. As per this, arrangements made for the participants who were disable. Therefore, wheel chairs were arranged, so that they can move freely in the event areas. The risk factors that may cause hindrance in the event were forecasted like fire accidents, emergency situations arising due to failure of tools and equipments, safety and security of participants and all other persons present in the event etc. (De Bakker, Boonstra and Wortmann, 2010). It was also forecasted that some unwanted persons may also reach to the programme that can create disturbances. Therefore, only those persons were allowed who were carrying ID cards with them after checking them properly. For effective time management, teams assured that every day the event starts at right time. For this, proper arrangement were made beforehand so that chaos can be avoided. Moreover, games and quizzes were also arranged as per the proper time schedule to manage all work as per the time.

1.4 Scope of the project

Time scale

The study of the project states that members made their efforts to manage the time, still due to some unavoidable reasons, the event was delayed (Littau, Jujagiri and Adlbrecht, 2010). As per the scheduled time, event should be started at 12.30 but guests arrived till 1 or 1.30 pm due to which the whole programme was delayed by 1 hour. This made a bad impression on the project as this made many guests to leave the event before its completion.

Budget

The budget for the event was decided at £150 but the team members felt that this will not be enough for accomplishing the plan of all arrangements with refreshments. Due to this, budget was increased and £50 were more collected to fulfil the purpose. The extra money was contributed by university which helped in this task. Thus, it is necessary to apply proper management theories and models so that appropriate estimation of budgets can be done. A tolerance limit should also be set for time and budget so that frequent approvals will not be needed to take from higher authorities (Littau, Jujagiri and Adlbrecht, 2010).

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Tolerance

The tolerance refers to different limits that are set other than pre decided costs, time and other factors so that exceeded or minimised cost or time can be adjusted without any bigger consequences. Thus, the tolerance limit for each factors should be pre decided with the approval of project manager. This will help in completing the tasks in proper manner and the major factors that can cause delay in completion can be restricted.

1.5 changes in plan with justification

  • There were some of the changes made in the plan so that performance of tasks can be done in proper manner. The changes in Debate competition was made where, previously it was decided to make debate between one student and one lecturer (Artto and et.al., 2011). Later on, this plan was changed and it was decided to make debate between two students with each other.
  • Besides the above mentioned changes, some other modifications were also made where it was decided to play cricket or football. But later, team decided to play some tissue game where all participants will be given task to draw various pictures and shapes.
  • In the game of quiz, the teams were made where each team was consisting two members. The questions asked in the quiz was based on movie clips and charisma of some famous persons. On failure of answering by any team members, it was passed to audience and viewers (Wu and Low, 2010).
  • Budget for entire event was also changed and exceeded to £200 as it was not sufficient for the whole event along with arrangements of refreshment.

Impact of changes

As per the mentioned changes, it is evident that the project manager identified many areas which needed corrections due to which the said changes were made. The project manager is responsible to properly communicate for all above changes so that no confusion and mismanagement can be created at the event. The debate plan was changed where afterwards debate will be between students instead of lecturer and student., this will make the competition between competitors of same level. Besides this, the plan of cricket or football was also changed. This decision was made as sufficient place was not available to play this game. In the absence of insufficient place, the game cannot be played and its risky for viewers to get injured as well (Tohidi, 2011). Budget was also increased so that all arrangements can be made in appropriate way.

1.6 Lessons learnt in the project

The project plan described above clearly reflects that with the help of systematic application of theories and models the project can be managed in better way. This makes the transformation of ideas into reality with the help of planning and execution. The discussion of the above sections suggest adoption of right tools and methods to plan for project. This increases the possibilities of success in the project as well as any shortcomings can also be removed on time. The theory also suggests that a tolerance limit should be made for cost and time so that any hindrance in the project can be removed. This will also aid in overcoming the adverse impacts on the tasks execution. Besides this, the service quality in food and other areas was also assured which helped in successful completion of project (Burke, 2013). Apart from these techniques, the PRINCE 2 method was helpful in identifying various ambiguity in project. The whole process was helpful in learning the team working which made the accomplishment of various tasks easier. The team kept continuous contact on application of Whatsapp so that ideas and informations can be shared instantly to all members. The help of stakeholder analysis was taken to identify various needs and preferences of stakeholders so that event can be managed accordingly.

1.7 Risk analysis

As mentioned earlier, various types of risks can be faced by the organisation at the time of event which includes fire accidents, failure of some equipments, failure of some team members to work on due to any emergency conditions etc. Therefore it is necessary for the management to make plans before hand for managing such problems and minimising the risks involved in various areas (De Bakker, Boonstra and Wortmann, 2010). The available options in the case of minimising risks are avoid, transfer and back up strategies according to which the entire event can be managed in following way:

Risk Analysis

Conclusion

The present report has focussed on project management where focus is laid upon an event of Winter Hungama. The various management techniques and theories have been applied for improving the quality of tasks. Time management techniques have been suggested so that all work can be planned as per the time table. The allocation of tolerance in areas of budget and time is also made to remove hindrance in project. Further, risk analysis has been done so that dangers of injury and accidents can be managed properly with pre determined techniques and solutions.

References

  • Artto, K. and et.al., 2011. The integrative role of the project management office in the front end of innovation.International Journal of Project Management. 29(4). pp. 408-421.
  • Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
  • Caniëls, M.C. and Bakens, R.J., 2012. The effects of Project Management Information Systems on decision making in a multi project environment.International Journal of Project Management. 30(2). pp.162-175.
  • De Bakker, K., Boonstra, A. and Wortmann, H., 2010. Does risk management contribute to IT project success? A meta-analysis of empirical evidence.International Journal of Project Management. 28(5). pp. 493-503.
  • De Bakker, K., Boonstra, A. and Wortmann, H., 2010. Does risk management contribute to IT project success? A meta-analysis of empirical evidence. International Journal of Project Management. 28(5). pp.493-503.
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