Abi Project Risk Management Plan

We would prepare a few things before meeting with Dr. Aplin and his consultant. First, study the business plan of AFC carefully to see if the proposal is feasible and reliable. Look at all the components with the current and future economic condition, trend of the industry and related news to see if everything is reasonable. When everything looks good from the surface, the next step is to conduct a detail research on Dr. Aplin and his company and the industry. Dr. Aplin’s personal information such as reputation, education and achievements can tell us the ability of him to support his new firm and to conduct the business. Studying about his company’s details like financial statements and how the operation goes can get us close to the most important part—compare the firm with some established companies within its area of industry. From that we can estimate the risk of the business, the return, cash flow, payback period, competitiveness

Analyzing the critical path, there is a high level risk as it runs parallel to itself, more than one task at a particular time could delay project. Some other tasks run parallel to the critical path and have same duration; a delay in one of these tasks will change the critical path and delay the whole project.

B) If a project schedule is relaxed or lengthened the impact of quality could add additional costs, a change in schedule as well as a budget increase. If you have additional time in your schedule you might be able to increase scope by adding tasks and duration. With this extra time and scope you can build a higher level of quality into the project and its deliverables. If you need to cut costs to meet your budget, you might have to decrease scope by cutting tasks or reducing task durations.

My partners and I have made a list of areas that might cause the project delays or failure with their respective outcomes. We have listed the risk below that can prevent the project to finish on time.

Increase urbanization, adverse weather incidence due to climate change, constant threats from terrorists, etc. calls for the need to re-evaluate our city risk analysis plan and risk communication plan. This will enable the city residents, and city businesses prepare for the adverse effects of disasters such as a hurricane. Due to the closeness of this city to the coastline, any serious hurricane incidence will have a serious damage to the city infrastructures such as airport and seaport facilities, oil refineries, military installation, and even create unforeseen contaminations. Knowing that it will not be possible to completely eradicate all the risks associated with natural disaster like a hurricane, there will be need to develop a risk

One of the main concerns during the meeting was the impact of cost and time constraints on networking techniques and project schedules. Under the ideal situation, the project start and end dates are fixed. Adding resources is not usually feasible as it increases cost. There should be a balance between time and cost constraints as it avoids wasting of resources. Also most people are willing to accept that costs could exceed expectations, and might even take a perverse delight in recounting past examples, the same is not true for time constraints. This is probably due to the fact that cost over runs are resolved in-house, while schedule issues are open and visible to the customer. A company has a lot of useful, desirable work that could be done, but has limited and finite resources available with which to do that work. Choices have to be made about which work to do and how to allocate resources. This leads to constraints especially, the time constraint and the cost constraint. Time, in project management, is analyzed down to its smallest detail. Each and every component of the project is analyzed with respect to the time required for completion. After completion of this analysis these components are broken down even further into the time required to do each task.

2. What are the alternatives and what should be done to get the project back on schedule?

| Initiative: Efficiency and productivity is key in the companies to achieve their set out merged goals under BRF. Budget: Medium; Considering the amount of time it might take to combine data from both companies with different systems may result in a new system being built, requiring some investment by BRF. Business processes have to be picked and sorted into a new bracket from which optimization of results can be observed quarterly. Elimination of bad/negative business processes are key, and thus this will also require some investment by BRF to figure out. Thus, a good chunk of an investment needs to be made.

More software projects have gone awry for lack of calendar time than for all other causes combined (Brooks, 1995). Why is this cause of disaster so common? Statistics show that schedule delays occur in about 70% of software projects, cost overruns are above 90%, and the time scheduled for large-scale development projects is exceeded by an average of between 20% and 50%. Lastly, the larger the project, the more likely it is that its budget will exceed what was originally planned (Junguang, Ruixia, & Estrella, 2015). On completion of any project, a risk section should be provided for the Project Lessons Learned Report, detailing risks that might affect other similar projects, together with responses that have been found

One thing that the vice president forgot to include in his analysis is the fact that the schedule variance does not measure time by itself. Even though the project currently has a negative schedule variance at this point in the project, it does not mean that the project manager can’t make up the time later in the project and get the schedule variance back on track. Franklin Electronics should have included a real schedule analysis to show where the timeline really stands. It is important to see a real schedule analysis to determine if the project is truly in danger of not getting done on time.

In conclusion, this scenario does not put the time as of the essence, but will

Having 3 days of delay in electrical can affect the whole project. Therefore, the negotiation of 15 working days would exceed up to 18 days, which could cause the penalty of $300 ($100 per extra day). In order to minimise a project’s critical path, sequencing of tasks should be changed. On the off chance that one can do a project’s tasks in alternate grouping to that initially proposed, one might have the capacity to shorten the critical path. A level of intricacy by striving for shortening the critical path, which is primarily hazardous, is unavoidably acquainted with the task. (Aydar, 2014) With a specific end goal to convey this shorter timescale, the critical path should be controlled

The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete the project to satisfactory levels, the project must be completed within the stipulated timelines, fall within the approximate budget and be of the required quality standards. However, most of the projects are affected by adverse changes and unforeseen events that occur during the execution period. Research shows that the magnitude of change is dependent on the size of the project, with large projects experiencing more uncertainties due to several factors including; planning and design complexity, interest groups having deferring opinions, resource availability, Economic and political climate and statutory regulations, which may necessitate change of plan. Most of the uncertainties are known to occur in the concept phase and if not intervened, they may affect the entire project. The burden falls on the management of such risk as some managers choose to ignore the uncertainties since they call for additional costs. Other inherent risks may go unnoticed and therefore remain unsolved,

Proper following and acknowledgement of the timeline is vital to the success of this project. If the project goes overtime, it can cause serious budget mess-ups and furthermore delays.

Hence, proper time management is crucial in meeting the deadlines of the projects. As a team, we agreed upon realistic deadlines for all distributed tasks as it helped us complete projects in timely manner.