Hardware Replacement Project: It/205

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

risks and determine the likelihood and consequence of that risk occurring during the project. The

Hidan, L. (2011). Project management and engineering issues. Annals of the University Dunarea De Jos of Galati: Fascicle XIV, Mechanical Engineering. (1), pgs. 57-60

The concept of project scope may be one of the most ample in project management. It involves objectives, limits and intentions. Every requirement in a project as well as its characteristics must be dealt with when planning the scope. Even though it 's reasonable to say that every project is unique, the causes for which it fails are generally the same. And if you already know what these causes are, you can minimize the likelihood of problems being repeated and thus increase the chance of success.

The following short case will give you a good idea of how risks surface in business and project planning and what companies do about it. Consider that you are the Risk Manager as you look at this case, as it will be a good exercise for the time when you will be that Risk Manager!

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

Project scope defines the goals of the project and the budget of both time and money that has been allocated to achieve the objectives. For the best results to be achieved, both the definition and the allocated budget must be precise and detailed. A good process scope document will define specifically the tasks to be completed or the delivered results. The project scope is important because it will define the specific date for which the deliverables

Explain what is meant by the following: “The project scope statement should not be built in isolation”.

Many risks are interrelated. Analyze the following compound risk: Unstable requirements with tight budget will likely cancel the project. Discuss the dependencies that exist between the two risks.

Quality [Typographical error: eliminate duplicate word (if on the same line)] is the result of how well the final results [Redundancy--"results" is the final development, so "final" is unnecessary] of a project satisfy the corporate management. To improve performance and the decision making [Check spelling--if these two words function as an adjective, they should be spelled as a single hyphenated word] are the quality considerations for the information system projects. The precision and timeliness of data generated by the new customer relationship management application, system, and the user-friendliness are also the quality considerations that can also be [Clearer writing suggestion--This is smoother as "also can be"] part of the hardware replacement project.

Defining the project scope sets the stage for developing a plan and its primary purpose is to define as clearly as possible the deliverables and to focus project plans (Gray & Larson, 2006). The team has

Within a project, the project’s success and budget belong to and are the responsibility of the customer. The Customer should have the final say in regards to what is acceptable and unacceptable in regards to risk and the quantification of risk. It is however, the contractor’s responsibility to be the primary source of expertise on a project or what they are being contracted to do. The contractor should offer their opinion and recommendations, and the customer should take their contractors opinions and recommendations seriously due to their expertise in the area. Overall, collaboration between the customer and the contractor should be the ultimate way to resolve a matter of dispute. Members from both the customer and contractor side should meet discuss historical events, modeling and simulation to arrive at the appropriate answer. Also, with quantifying risk, the customer and the contractor should be able to go back and look at the data. With risk quantification, there should be very little room for opinion and judgment which should make it easy to base a decision or a resolution based on hard core data. If a solution or an answer is not able to be decided upon, a third party consultation

Project Scope – identifies goals, deliverables, tasks, costs, and deadlines. Project scope is part of project planning.

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project

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,