BSBPMG430 Assessment 1

.docx

School

King Mongkut's Institute of Technology Ladkrabang *

*We aren’t endorsed by this school

Course

BSBMKG609A

Subject

Management

Date

Jun 1, 2024

Type

docx

Pages

Uploaded by rassarinsoon

ASSESSMENT TASK 1 1. Explain the purpose of the project scope and a scope statement "The work that must be accomplished to provide a product, service, or outcome with specified qualities and functions" is the definition of project scope. In other words, a project's scope is an evaluation of the project's size and the resources and expertise needed to finish and deliver it. The project scope is part of the project planning process that should occur early in a project’s life cycle. It involves determining and documenting the following:  A list of distinct project purposes and objectives  A list of specific deliverables and goals  A list of characteristics  A list of tasks and sub-phases  A list of deadlines and schedules  Budgets and other relevant costs and resources Reference: BSBPMG430 Learner Guide P8 2.1. What do you mean by project stakeholder? The project stakeholders are clients or customers, government funding bodies or investors, management, employees and relevant key personnel with special responsibilities. In regard to the project, they can be internal or external, project sponsors or anyone else who is concerned about them or has an interest in the project. Reference: BSBPMG430 Learner Guide P15 2.2. Explain the purpose of “Stakeholder Analysis”. Identifying the key stakeholders (along with their roles, responsibilities, and interests in the project) will help you communicate and work with them more efficiently. The goal is to identify and satisfy their needs and achieve the project requirements successfully. A stakeholder analysis is a process of identifying these people before the project begins; grouping them according to their levels of participation, interest, and influence in the project; and determining how best to involve and communicate each of these stakeholder groups throughout. Reference: BSBPMG430 Learner Guide P21 https://www.productplan.com/glossary/stakeholder-analysis/ 3.1. How can you determine the resources required to undertake a project? There are several project resources usually required to complete a project. Managing these resources is the responsibility of the project manager. A manager that fails to allocate project resources properly is just like a ship sailing without proper navigation. Management of project resources is one of the key fundamental aspects of project management. Several questions, such as, do we have enough resources? Are those resources can be made available at the right time? Etc. are important considerations. The resources may include: BSBPMG430 ASSESSMENT 1 – MALEE MAYOE 1

• Human: These human resources are the various team members who will be participating in the project, usually allocated according to their skills and specialties. • Financial: The cash or financing facilities that can be used to see through the project. • Equipment: This is the physical equipment that will be used. Examples would include laptops, cell phones or projectors. • Government: For projects deemed of public interest, the government may provide support in the form of expertise, grants or beneficial regulatory decisions. • Technology: This refers to the available software, applications or data processing tools that the project can utilize. • Administrative: This is the organizational support that the project will receive from the organisation’s structures, for example, using the HR department to assist with hiring or legal to finalize contracts. • Property: This is the building or offices which will house the project’s location. • External contractors: As their success will also be linked to the project, contractors become a resource beyond purely physical help, including providing expertise, preferential rates and industry contacts. Reference: BSBPMG430 Learner Guide P26 3.2. Explain the following resource estimation techniques: a. Analogous estimating Analogous estimating is an estimation technique also referred to as top-down estimating. It involves leveraging the estimators’ experience or historical data from previous projects by adopting observed cost, duration or resource needs to a current project or portions of a project. Analogous estimating does not require data manipulation or statistical adjustments. This technique is useful if you need to produce estimates without having plenty of information available. This may be the case during project selection or initiation phases when overseeing a bunch of projects at the portfolio level (source: PMI Practice Standard for Project Estimating), or in the early stages of a project. Estimations can relate to a whole project or parts of a project, such as work packages or activities. Reference: https://project-management.info/analogous-estimating/ b. Parametric estimating Parametric estimating is a project estimation technique to estimate the cost, duration and effort of a project. It uses a set of algorithms, statistics or models to describe the project and is one of four primary methods that project managers use when estimating a project. While usually a more accurate method, parametric estimating requires a lot of effort upfront. The method is well-established and can be found in the Project Management Institute’s Project Management Body of Knowledge (PMBOK). It works by correlating a parameter with a cost or time value. That correlation is scaled to the size of the project; for example, if it takes one minute to hammer a shingle on a roof, it’ll take an hour to hammer 60 shingles to the roof. A parametric estimation requires historical data which can be many things such as old projects that are similar can be used. Market data is usually available to the public while some agencies provide statistics for benchmarking. Reference: https://www.projectmanager.com/blog/parametric-estimating BSBPMG430 ASSESSMENT 1 – MALEE MAYOE 2

4.1. What do you mean by deliverable in the project management context? Projects produce deliverables, which are simply the results of project activities. Project deliverables can be big or small, and their number varies depending on the project. They’re agreed upon by the project management team and stakeholders during the project planning phase. Put another way, there are inputs and outputs in any type of project. Inputs are what you put into the project, such as data, resources, etc., and the outcomes are the deliverables. Again, those deliverables vary greatly. For example, a project deliverable can be either a product or service or it can be the documentation that’s part of the project closure. Reference: https://www.projectmanager.com/blog/project-deliverable 4.2. How can you determine the key deliverables in a project?  Create deliverables: The first step is to create your deliverables.  Define internal or external audiences: Deliverables can be categorized into internal and external, so at this point, you’ll specify the audience for each task.  Add requirements: All deliverables should have two components: the specific deliverable and the acceptance criteria. Acceptance criteria are a list of requirements a deliverable must meet to be considered complete. When the deliverable is reviewed, you’ll check against these standards or requirements before advancing to the next round or handing it off to a client.  Define the project and process: In the case of an employee training program, for example, you may have subtasks as follows:- o Roll existing training materials into a new system o Train employees how to use it o Gather feedback on how the training program is going  Meet expectations: T he deliverables should meet the internal or external expectations.  Measure deliverables success: The last step is to check that your deliverables will be successful before they become part of the plan. Things like focus groups or A/B testing are helpful for external audiences. Or, internally, you could hold roundtable discussions or survey employees about your proposed deliverables. Reference: https://hubstaff.com/tasks/project-management-deliverables 5.1. What is a Work Breakdown Structure (WBS)? The strategies involved in project risk management are to be transferred to the WBS. How and when needs to be included in the project risk management plan. Reference: BSBPMG430 Learner Guide P34 5.2. How can Gantt charts be used to create Work Breakdown Structures? Step 1: Start with Your Work Breakdown Structure For example: list the finished product of the home at the top of the schematic when building a house. Under that, divide the task into the different building systems and components, such as foundation, frame, roof, electrical, heating and cooling, water and sewage, and finishes. Then, further subdivide each component (for example, under &quote finishes, &quote; list paint, flooring, and fixtures). BSBPMG430 ASSESSMENT 1 – MALEE MAYOE 3

Step 2: Identify Activities for Each Work Package For each work package, determine the activities or tasks that must happen to achieve the desired result. While the work breakdown structure is noun-focused, these activities are process- or verb-oriented . Step 3: Set Task Order your project & actions must be carried out in the correct order. The activities in your project must occur in the right sequence — these are dependent tasks. While the order of laying the subfloor before flooring is obvious, the picture becomes more complex when you add the dependency that the painters cannot enter the living room while the floor is drying. Thus, painting is dependent on the finish of the living room flooring. The scheduler needs to build in two days between installing the living room flooring and painting for the hardwood topcoat to dry. These dependency relationships are as follows:-  The predecessor must finish before the successor can start.  The predecessor must start before the successor can start.  The predecessor must finish before the successor can finish.  The predecessor must start before the successor can finish. Step 4: Estimate the Duration for Each Task In another part of the project planning process, you will identify all the resources you need to complete the work, including personnel, materials, and equipment. These can factor into dependencies as well, such as when the person laying the flooring in the living room is also installing the floor in the kitchen. That means those two tasks cannot proceed simultaneously unless you add another worker. After making these resource plans, estimate how long each activity will take. The time between the start and end is called the duration. You can use various estimating techniques — one such method is the program evaluation and review technique (PERT). Step 5: Develop the Gantt Chart Enter each task in its row. Assign one column for each day in the project lifespan. (For long-term projects, you may decide to use weeks or months.) Starting with the first task, shade in the cells across the row for each day you expect that activity will take place. If you draft the Gantt chart manually, reflect the Work breakdown structures (WBS) hierarchy in your row arrangement to make it easier to view the project overview. To do this, label a header row with the name of the work package. Indent or colour-code the rows beneath each child row for component activities. You can continue adding and indenting rows to break down the tasks more, but too much detail makes the chart hard to grasp. Step 6: Add Dependencies Represent dependencies with arrows between the task rows. Doing so ensures that those potential schedule complications are clear. In Gantt charts, the four dependence connections between tasks are shown below.  The predecessor must complete before the successor can start working.  The predecessor must begin before the successor can start working.  The predecessor must complete before the successor can start working.  The predecessor must begin before the successor may complete. Step 7: Consider Buffers for Activities Planners can build in buffers to allow for these unpredictable events. You can add this extra time to existing activities or include placeholders to account for the time but don’t represent actual work. You can colour-code these buffers to make them visible. In general, the client will want the project to be completed as soon as possible since longer durations increase costs and delay the payoff. This adds pressure to minimize buffers; right-sizing buffers requires balancing pragmatism and efficiency. Reference: https://www.smartsheet.com/content/wbs-gantt BSBPMG430 ASSESSMENT 1 – MALEE MAYOE 4

6. Explain the purpose of following project management tools a. Critical path: Critical paths are the sequences of project activities that determine the duration of a project and describe critical deadlines that must be met to complete a project on time. In brief, the critical path is the largest distance or time between the start and end of a project. b. PERT chart: Program Evaluation and Review Technique work (PERT) is represented in a chart or diagram that makes visible all scheduled tasks in a project in sequence. Using PERT, project managers analyze how much time it will take to complete each task and any dependent task, and then forecast how long the whole project will last. While most project frameworks depend on forecasting the most likely timeline, PERT integrates three-time scenarios - the shortest possible time, the most likely time, and the longest possible time. PERT’s formulas come up with a weighted average of those three durations, resulting in an estimate that is often more accurate than other models. c. Gantt chart: A Gantt chart is a timeline view of a project that tracks individual project tasks, dependencies, resources, and remaining work to understand better how a project is progressing, and if it is tracking on time. Gantt charts are composed of two separate axes: the vertical axis indicates the amount of tasks, and the horizontal axis indicates time, based on the project’s proposed start and end dates. Reference: https://www.smartsheet.com/content/pert-vs-gantt 7.1. Explain the risk identification process. Comprehensive identification and recording of risks is critical, because a risk that is not identified at this stage may be excluded from further analysis. To manage risks effectively, Institutions have to know what risks they are faced with. The risk identification process should cover all risks, regardless of whether or not such risks are within the direct control of the Institution. Institutions should adopt a rigorous and ongoing process of risk identification that also includes mechanisms to identify new and emerging risks timeously. Risk identification should be inclusive, not overly reliant on the inputs of a few senior officials and should also draw as much as possible on unbiased independent sources, including the perspectives of important stakeholders. Reference: https://web.actuaries.ie/sites/default/files/erm-resources/risk_identification.pdf 7.2. Explain the steps that should be included in a risk identification process BSBPMG430 ASSESSMENT 1 – MALEE MAYOE 5

The Five Essential Steps of A Risk Management Process: Step 1: Identify the Risk The initial stage in risk management is to identify the risks that the company faces in its operational environment. There are various kinds of risks:  Legal risks  Environmental risks  Market risks  Regulatory risks etc. Step 2: Analyze the Risk Once a risk has been identified it needs to be analyzed. The scope of the risk must be determined. It is also important to understand the link between the risk and different factors within the organization. To determine the severity and seriousness of the risk it is necessary to see how many business functions the risk affects. Some risks can bring the whole business to a standstill if actualized, while there are risks that will only be minor inconveniences in the analysis. Step 3: Evaluate the Risk or Risk Assessment Risks must be rated and prioritised. Most risk management methods categorise hazards based on their severity. A danger that may cause minor discomfort is rated low, whereas risks that might result in catastrophic loss are rated highest. It is critical to rate risks since it helps the organisation to acquire a comprehensive perspective of the risk exposure of the entire organisation. The company may be subject to several low-level risks, but they may not necessitate involvement from higher management. However, even one of the highest-rated risks necessitates rapid action. Step 4: Treat the Risk Every risk needs to be eliminated or contained as much as possible. This is done by connecting with the experts of the field to which the risk belongs. In a manual environment, this entails contacting each and every stakeholder and then setting up meetings so everyone can talk and discuss the issues. The problem is that the discussion is broken into many different email threads, across different documents and spreadsheets, and many different phone calls. Step 5: Monitor and Review the Risk Not all risks can be eliminated – some risks are always present. Market risks and environmental risks are just two examples of risks that always need to be monitored. Under manual systems monitoring happens through diligent employees. These professionals must make sure that they keep a close watch on all risk factors. Under a digital environment, the risk management system monitors the entire risk framework of the organization. If any factor or risk changes, it is immediately visible to everyone. Computers are also much better at continuously monitoring risks than people. Monitoring risks also allows your business to ensure continuity. Reference: https://www.360factors.com/blog/five-steps-of-risk-management-process/ 8. Explain the risk management process as outlined in the “ISO 31000 standard Risk management: principles and guidelines” ISO 31000 is an international standard published in 2009 (and updated in 2018) that provides principles and guidelines for effective risk management . It outlines a generic approach to risk management, which can be applied to different types of risks (financial, safety, project risks) and used by any type of organization. The standard provides a uniform vocabulary and concepts for discussing risk management. It provides BSBPMG430 ASSESSMENT 1 – MALEE MAYOE 6

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version