Project Life Cycle and Effective Project Risk Management
Discuss about the Risk Management and Project Life Cycle.
Project management life cycle is mainly divided into four different phases which includes initiation, planning, execution as well as closure phase. It is found that the project management life cycle helps in providing proper framework for managing any type of the project (Li et al. 2016). It is identified that the four-step procedure is mainly followed by all the project managers while moving through different stages of the project completion. It is found that the project life cycle generally assists in providing proper framework in order to manage any type of projects within the business organizations (Dong and Ng 2015). It is found that the project management leaders generally conduct number of research for determining the proper process for running the entire project successfully. It is found that the project life cycle is quite critical for the various service organizations.
It is found that the project life cycle is considered as one of the significant standard procedure with the help of which the project team generally achieves proper project success (Matejka et al. 2016). As per the institute of project management, the project life cycle is considered as one of the critical process for the project managers with the help of which they can be able to deliver the project effectively to the clients of the organization (Kamoona, AlHares & Isik 2016). The steps that are mainly involved within the project lifecycle includes project conceptualization phase, project planning phase, project execution phase as well as project termination phase.
In the conceptualization phase of the project, the project manager generally develops proper business case for the project and generally undertakes feasibility study in order to establish project charter effectively. In addition to this, the project team members who are will be associated with the project are also hired in the conceptualization phase of the project.
However, in the planning phase of the project, the project manager generally creates proper project plan as well as resource plan. It is identified that the budget that is needed for developing the project are also assumed in the planning phase of the project (Chong and Hopkins 2016). In addition to this, the project manager creates a plan and assumes the risks as well as challenges that are mainly associated with the project in order to make sure that the risks will be mitigated in the initial phase so that it does not create any type of negative impact on the execution phase of the project.
Phases of Project Life Cycle
In the execution phase of the project, the project manager gets involved within building the deliverables of the project so that the entire project can be successfully executed (Dong and Ng 2015). It is found that proper steps are generally taken in order to monitor as well as control the entire project so that execution of the project generally assists in brining positive outcome and the entire project will get successfully finished within the expected budget and time.
In the closure phase of the project, the project manager undertakes post project review and generally asks the stakeholders of the project to sign off the project so that it can be developed appropriately within the expected time.
Risk identification is considered as one of the major step that helps in managing as well as mitigating the risks that are associated with the project quite effectively in order to prevent negative impact on the life cycle of the entire project (Chance and Brooks 2015). It is found that the risk is generally identified after analyzing each stage of the lifecycle of the project. The researchers generally help in distinguishing number of potential risks of the project. It is found that the project team needs to be quite aware of the fact at each project is very much unique and the risks that are associated with the project mainly vary as per the type of the project.
In addition to this, it is identified that proper analysis as well as assessment of risks generally helps in creating huge impact on the lifecycle of the project which generally can vary from low to high (Wynne 2016). It is found that project team generally forecasts the various possible impacts that are associated with the project. It is found that after proper analysis of project risks generally assists the team members of the project to allocate the needed resources in order to develop all the possible types of alternatives that are generally needed for mitigating as well as s resolving the negative impact of the entire project (Bromiley et al. 2015). It is found that the risks generally vary in context to their impact on the project from high to low but the probability that is associated with the occurrence of the risk also varies.
It is identified that project life cycle generally helps in creating proper implications on the effective management of project risks. It is identified that with the help of the project life cycle, the risks that are mainly associated with the project are generally categorized as per the four phases of the project and it is the responsibility of the project manager to review each phase of the project after completion (Cole, Gine and Vickery 2017). It is found that due to reviewing each of the project phases, the project manager generally gets to know about the risks as well as challenges that are associated with each phase of the project and thus the risks get resolved in each phase (Koks et al. 2015). The technique of project review for the risks and challenges generally assists in creating positive impact on the project as all the challenges and risks associated with the project cam successfully resolved and thus they will not be able to create any type of negative impact on the project.
Risks Associated with Design of Hybrid Passenger Vehicle
The risks that are mainly associated with the design of hybrid passenger vehicle are mainly elaborated below:
Designing improper prototype for the vehicle: It is identified that due to improper design of the prototype, number of technical issues and challenges can be faced by the designers who are involved with the designing of hybrid passenger vehicle (McNeil, Frey and Embrechts 2015).
Improper management of project schedule: If the schedule of the project that is created for the designing phase is not properly then the designers can face lot of challenges due to insufficient time (Rampini, Sufi and Viswanathan 2014).
Complex design: If the design that is developed is quite complex then the designers need to invest much of their time in the design and thus the Project time schedule will increase which further creates enhances budget of the project.
Inexperienced designers: If the designers are not experienced then they can face lot of issues in working with the project (Chong and Hopkins 2016).
Flaws in design: If the design techniques as well as metrics are not used then the created design will contain lot of flaws.
|
Risk |
Description |
Impact |
Probability |
Responsible person |
Mitigation |
|
Designing improper prototype for the vehicle |
The prototype that is mainly created for the new hybrid passenger vehicle is not appropriate and as a result the development team can face lot of challenges as they will generally focus on the design that is created and thus the vehicle that will be developed will be inappropriate. |
High |
High |
Project designers |
It is found that for mitigating the challenges the designers of the project must focus on the needs as well as requirements of the project and as per the need the entire design should be created. This is because in the development phase the developers does not face any type of challenges in developing the vehicle. |
|
Improper management of project schedule |
If the schedule that is mainly created by the project managers is not appropriate then the time that is mainly assigned for designing the new hybrid passenger vehicle will be inappropriate. This is because due to lack of time, the designers faces lot of difficulties in finishing the entire design for the vehicle within such a short time. |
High |
Medium |
Project manager |
It is the responsibility of the project manager to analyze the time that is needed for designing the vehicle quite effectively. This is mainly done so that the entire project will successfully get designed within the time that is mainly assigned to the designers of the project without facing any type of problems and issues. |
|
Complex design |
The blueprint that is created for the design of the vehicle is quite complex and as a result the designers are generally facing lit of difficulties as well as problems in designing the vehicle quite effective. In addition to this, it is identified that the time that is required for designing the complex blueprint for the vehicle is quite more and thus the designing process become too much time consuming. |
Medium |
High |
Designers |
In order to mitigate the issue, it is very much necessary to create simple design so that the designers do not needs to invest much of their time in finishing the design. In addition to this they can be able to proceed quite easily with the design without creating any type of issues and challenges. |
|
Inexperienced designers |
If the designers who are involved with the project are not experienced then they can face lot of difficulty in proceeding with the design of the new hybrid passenger vehicle. Thus it is very much needed to have experienced designers who will be engaged with the designing the entire vehicle quite effectively. |
Medium |
Medium |
Hr manager |
It is quite necessary to hire designers within the project who are experienced as well as skilled so that they can be able to design the vehicle quite effectively without facing any type of issues and challenges. Experienced designers will have ideas about the design and thus they will not invest much of the time in designing the new hybrid Vehicle and thus the entire vehicle will be effectively designed. |
|
Flaws in design |
Due to flaws with the design the development team can face lot of challenges and issues. Thus, it is needed to design the prototype quite effectively without any flaws. However, as the designers does not utilizes proper designing metrics and as a result the entire design that is made is full of flaws. |
High |
High |
designer |
In order to resolve this issue, it is very much important for the designers to utilize proper designing metrics as well as techniques so that the design that will be created will be flawless and the development team of the vehicle does not need to spent much of their time in the development. |
References
Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management: Review, critique, and research directions. Long range planning, 48(4), pp.265-276.
Chance, D.M. and Brooks, R., 2015. Introduction to derivatives and risk management. Cengage Learning.
Chong, U. and Hopkins, O., 2016. An international experience on the evolution of road costs during the project life cycle. Transport Policy, 48, pp.60-66.
Cole, S., Giné, X. and Vickery, J., 2017. How does risk management influence production decisions? Evidence from a field experiment. The Review of Financial Studies, 30(6), pp.1935-1970.
Dong, Y.H. and Ng, S.T., 2015. A life cycle assessment model for evaluating the environmental impacts of building construction in Hong Kong. Building and Environment, 89, pp.183-191.
Kamoona, K. R. K., AlHares, E. F. T., & Isik, Z. (2016). Decision Making during the Project Management Life Cycle of Infrastructure Projects. Decision Making,(World Academy of Science, Engineering and Technology), 10, 1.
Koks, E.E., Jongman, B., Husby, T.G. and Botzen, W.J., 2015. Combining hazard, exposure and social vulnerability to provide lessons for flood risk management. environmental science & policy, 47, pp.42-52.
Li, Y., Xiong, W., Zhang, W., Wang, C., & Wang, P. (2016). Life cycle assessment of water supply alternatives in water-receiving areas of the South-to-North Water Diversion Project in China. Water research, 89, 9-19.
Mat?jka, P., Kosina, V., Tomek, A., Tomek, R., Berka, V., & Šulc, D. (2016). The Integration of BIM in Later Project Life Cycle Phases in Unprepared Environment from FM Perspective. Procedia engineering, 164, 550-557.
Matyas, D. and Pelling, M., 2015. Positioning resilience for 2015: the role of resistance, incremental adjustment and transformation in disaster risk management policy. Disasters, 39(s1).
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative risk management.
Rampini, A.A., Sufi, A. and Viswanathan, S., 2014. Dynamic risk management. Journal of Financial Economics, 111(2), pp.271-296.
Wynne, B., 2016. Misunderstood misunderstanding: Social identities and public uptake of science. Public understanding of science
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