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Project management and risk assessment

Extracts from this essay...

Introduction

3ISY509 PROJECT MANAGEMENT PROJECT MANAGEMENT AND RISK ASSESSMENT ASSESSMENT 1 MOIEN WAFA CONTENTS PAGE TERMS OF REFERNCE 2 REPORT SUMMARY 3 MAIN REPORT PART A: PROJECT FAILURE AND RISK ASSESSMENT PART B: THE PROJECT ENVIRONMENT PART C: RISK REGISTER AND DOCUMENTATION REFERNCES APPENDIX TERMS OF REFERENCE STUDENT NAME: MOIEN WAFA (W02157894K) PROJECT MANAGEMENT AND RISK ASSESSMENT Overview of the Project: This is an individual research assignment answering three set questions in regards to project management and risk assessment. Objectives for the Project * Research the areas of Project management and Risk Assessment. * Answer three set questions in regards to the research area. Constraints- A word count of 3500 has been imposed upon the report. Researching the topics can only be used through the University of Westminster Infolynx resource no web sites are allowed as a source of research. Resources - Microsoft Word 2000 is the only software required for the write up of the report. Two bound copies of the report will be submitted alongside two copies of the report on Disc. REPORT SUMMARY This document looks at the technique of project management alongside risk assessment and is designed to give an overview of why projects fail in regards to the project environment and the risks associated within it. For the purpose of this study project management is defined as the process of managing a project which requires the application of planning, team-building, communicating, controlling, decision-making and closing skills, principles, tools and techniques. Risk assessment is defined as Part of risk management in which planners identify potential risks and describe them, usually in terms of their symptoms, causes, probability of occurrence and potential impact. Identified in this document are three stages in regards to Project management and Risk assessment. These are Projects failure and Risk assessment, the project environment and risks and Risk register and documentation of project risks. These stages assess, identify and evaluate factors involved in Project management in terms of risk assessment and why projects fail.

Middle

WHAT WENT WRONG? Overspend The purchase of a new computer system appears to have been planned without any serious attempt to calculate the cost. Project Management Lessons There was a failure of budgeting for the cost of these particular project deliverables. By presenting a full business case before the project is started, a commitment to resources is obtained from stakeholders and senior management. The construction of a business case also ensures that time is allowed to fully assess costs and benefit of any proposed new system before the project gets underway. Inadequate attention to tendering and drawing up contracts Consultants seem to have been employed without proper tendering practices being followed, and when engaged were not given written briefs. Project Management Lessons Roles and responsibilities need to be clearly defined. This is especially true for staff being brought in from 'outside' who will have little awareness of other aspects of the project. Lack of planning of project infrastructure Preparation for the implementation of the accounting system was disrupted when the team working on it was moved into new office space which was not yet properly equipped. Project Management Lessons This indicates a lack of planning of the basic tools that allow the project staff to conduct their day-to-day work. This problem also indicates of a lack of attention to 'people' issues including the infrastructure of the project. Lack of contingency plans There were no alternative procedures for administrative staff to follow when the operational system was found to be not working properly. Project Management Lessons This indicates a major failure of risk management. If a more phased handover had been planned, or parallel running of old and new systems held in reserve, then staff could have continued with the old system while problems were fixed in a controlled way. One of the key risks for any project is overrunning. Contingency plans for this eventuality are therefore vital for any project.

Conclusion

This is vital for any project as it would allow the project manager to manage the project with the view of identifying any potential impact upon the project if a risk materializes. The supporting information could also include the number of times that the risk has been included. Recording Risks A Risk Register should include: * A description of the risk * The likelihood of the risk occurring * The potential impact of the risk * The risk owner * Details of mitigating actions to be taken * Identification of any early warning signs that indicate the risk is about to occur There are many risks that can effect the system development. These include: Inability to recruit suitably qualified staff: A risk to the development of a system may be in regards to recruiting adequate levels of qualified staff. The work load may exceed existing level of staff thus resulting in missed dead lines. Necessary facilities not available: Not having the necessary facilities to complete the project may effect the completion of it. This will ultimately result in delay to the work of the project. This could result in not meeting the agreed deadline and ultimately having the project scrapped. Exeeding Budget: A major risk to an IT project is the chance of not meeting budgetary levels. This will result in increased costs and ultimately leading the project to be scrapped by the owners. Not meeting deadlines: A project that is completed late may no longer be of any use to the end-user or the owner. This needs to be avoided as it could cost the project developers a lot of time and money. Lack of management support. Project owners tend to be passive rather than active when it comes to project success. This is a major risk to any project is the amount of involvement from those of whom are commissioning the project. Project development has many risks that need to be overcome in order for it to be classified a success. An example of a Risk Register can be found in the appendix see figure 3.

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