Introducation
Project management is one of the most important phases of every individual’s life. It is necessary that an individual should have the understanding of all the phases of the project so as to manage the life in a proper way. Applying all the project management aspects into the real life of an individual helps him managing the same in a smooth and subtle way. In this report, a project of managing things while changing a house will be provided. The risk assessment will also be done in which 8 risks will be identified which could affect the project process. The project developed will also provide a solution to the risk factors and will help an individual in managing the things in a better way. Attaching life with project management helps in making the same more smooth and effective. Hence, a report is developed which will deliver appropriate knowledge regarding project management and the risk factors which could affect the smooth functioning of a various set of aspects.
Shifting to a new city or a new home needs huge effort to make the adjustments and to make oneself comfortable. It is necessary that this aspect should be taken as a project and planning should be done so as to complete the same in an appropriate way (Teller, Kock & Gemünden, 2014). Working on the project management aspect will help in managing the shift in an appropriate way. Purchasing a house will require a huge amount to be invested; it will require approximately $ 425,000 to purchase a new house in the region of Adelaide. Transportation cost will also be included in which expenses of $12000 will incur. The project of shifting a house will take approximately 4 days. It is required that proper focus should remain attached with shifting as in the case of shifting time will increase then it will lead to increase the cost of transportation also the labour charges will also get increased. The increase in the cost of the labour and transportation cost will lead to affect the pocket of an individual (Smith, Jobling & Merna, 2014). Hence, it is necessary that the project should be managed and actions should be taken appropriately. This will help in completing the project tasks within the required time.
Risk assessment is one of the most important aspects which are required to be focused upon in a project. There are a various set of risk factors which remain attached to the projects. Hence, in this section, all the risk aspects will be taken into consideration and a trail will be made to develop the strategies which could help in removing all the risk factor (Simister, 2010).
Discussion
|
Project Phase |
Risk |
Impact |
Likelihood |
Composite Risk Score |
Response Type |
Response Description |
|
Project Initiation |
Unavailability of proper information |
High |
Very Likely |
5 |
Quick |
Before initiating a project one of the most important aspects which are required to be taken into consideration is the availability of a proper set of information (Maqsood, 2011). Failing to avail the same will affect the project initiation aspect. It might also be possible that the project would not get started due to the same reason. |
|
Project Charter |
Unavailability of resources |
High |
Likely |
3 |
Moderate |
It could be possible that the project manager may fail to find a proper set of resources. In this case, project initiation process will get affected (Lock, 2013). Hence, it is required that before planning all the resources should be availed. |
|
Project Planning |
Lack of Innovative Ideas |
High |
Not Likely |
4 |
Quick |
It could be possible that while planning people may fail to present innovative ideas. Such type of aspects leads to cause delayed services and affect the authenticity of the project. Hence, it is necessary innovative ideas should be presented so that project could be formulated in a proper way and quality could be ensured. |
|
Work Breakdown Structure |
Improper distribution of activities |
Medium |
Not Likely |
2 |
Moderate |
Work breakdown structure is one of the aspects which are required to be taken into consideration while formulating a project. In a very rare case, only such type of cases occurs in a project management. For the maximum time activities are distributed in a proper way and project requirements get fulfilled (Focacci, 2017). |
|
Execution Phase |
Unavailability of Funds |
High |
Likely |
4 |
Quick |
Unavailability of funds is one of the major matters of concern. It is necessary that the funds should be properly managed; failing to avail the funds will have a huge impact on the project. Quick action should be taken by the project manager so as to ensure that project requirements could get fulfilled in a proper way. |
|
Performance and Control |
Identification of loop and gaps Factors |
Low |
Not Likely (Denas, 2017) |
2 |
Moderate |
It is necessary that all the risk factors, as well as loops and gaps, is a most important aspect. It is a positive risk because if loops and gaps in the project will get identified in the identification phase only then the possibility of quality enhancement will get increased. This will help in managing the project in a better way. |
|
Project Closeout |
Failure while testing |
Low |
Likely |
1 |
Moderate |
It could be possible that when the project will be at its closing phase then it could fail at the closing phase. Such type of risk is a positive one as things could be managed before launching it to the general public. Hence, identification of the loop of the breach at the closing phase will help in managing the project and launching the same in a proper way. |
(Charrel & Galarreta, 2007)
The above table provides a brief explanation of the risk factors which could occur in the project. In this, it is required that the project manager should develop the list of all the risk factors in a well in advance form. Doing so will help the manager in developing the strategies which could help in mitigating the risk factors and will help in managing the project in an effective way. Risk assessment is a part of the project which should be done by each and every project manager; this lead to help in managing the cost of the project also provides the opportunities to project manager to complete the same within the required framework (Carroll & Morris, 2016).
There are various aspects which will help in mitigating the risk factors these aspects are:
Planning all the aspects in well in advance form
Forecasting all the risk factors
Developing checklist
Collecting Information
Developing Risk mitigation techniques
Mitigating Risk
Developing Checklist
Cross Checking
Taking Feedback
Working on issues
These are the some of the aspects which will help in collecting information related to the risk which might occur in near future. It is necessary that the project manager should work with such type of aspects and try to manage the risk (Besner & Hobbs, 2012).
Conclusion:
Evaluating all the aspects related to the risk factors it could be concluded that while managing a project a project manager should focus on all the risk factors which may incur in near future. It is required that a risk assessment table should be developed and bifurcation of the risk factors should be done. Setting the risk priorities will help the project manager in developing an appropriate set of strategies and will help in mitigating risk. Priority setting is one of the most important aspects attached with project management; if a project manager will set the priorities in a proper way then he will be able to manage the things in a more appropriate way. Priority setting will also help in reducing the risk of uncertainties and will help in processing the project in a smooth and subtle way.
Reference:
Besner, C., & Hobbs, B. (2012). The paradox of risk management; a project management practice perspective. International Journal Of Managing Projects In Business, 5(2), 230-247.
Carroll, J., & Morris, D. (2016). Agile project management in easy steps.
Charrel, P., & Galarreta, D. (2007). Project Management and Risk Management in Complex Projects. Dordrecht: Springer.
Denas, S. (2017). Estimating and Managing Enterprise Project Risk Using Certainty. International Journal Of Risk And Contingency Management, 6(2), 47-59.
Focacci, A. (2017). Managing project investments irreversibility by accounting relations. International Journal Of Project Management, 35(6), 955-963.
Lock, D. (2013). Project management. Burlington, Vt: Gower.
Maqsood, T. (2011). Managing Risk in Projects20111D. Hillson. Managing Risk in Projects. Farnham: Gower 2009. 102 pp. International Journal Of Managing Projects In Business, 4(1), 179-180.
Simister, S. (2010). Managing Project Risk and Uncertainty. International Journal Of Project Management, 22(3), 269-270.
Smith, N., Jobling, P., & Merna, T. (2014). Managing risk in construction projects. West Sussex [u.a.]: Wiley.
Teller, J., Kock, A., & Gemünden, H. (2014). Risk Management in Project Portfolios Is More Than Managing Project Risks: A Contingency Perspective on Risk Management. Project Management Journal, 45(4), 67-80.
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