It-301 Unit 2 Assignment Essay

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.

At this point the scope of the project has been defined in detail and the project team are ready to be appointed. Although a Project Manager can be appointed at any stage of the project, s/he will need to be appointed prior to the establishment of the project team. The Project Manager is responsible for all aspects of project performance including: planning, budget execution, project execution, and close-out Funding.

Key outputs in this phase are the Projects Requirements definition, the capability and capacity assessment, project delivery strategy and the Project Management plan. The role of the construction/ project manager in this phase is, once project authorized, it is the project manager’s responsibility to implement the project. In terms of the Project Requirements Definition the, the project manager refines and details the project authorization and details what the project is required to accomplish in terms of the products/services the project will deliver and the scope of work that needs to be done. The project manager must provide project team members, corporate sponsors, and other stakeholders with a common understanding of what the project is all about, and is the authoritative reference document that defines the project.

Perform high level project management 2. Ultimate authority and responsibility for the project 3. Provide funds for the project and manage the overall budget 4. Approve and continuously monitor the project 5. Schedule work with other project teams and initiate 6. Develop and maintain project charter

A project administrator is a person responsible for accomplishing the depicted attempt destinations. Key project organization application commitments consolidate making clear and accessible attempt destinations, collecting the project requirements, and managing the confinements of the project organization application pie, which are cost, time, opportunity, and top staggering quality.

When the manager of project carried out its work plan should take into consideration the possible risks that may occur within the project. The risk is the possibility that occurs a problem within a project and that may cause some change within the same (Heldman, 2011). It should be noted that not all risks are bad since they can be potential opportunities to make some changes that will improve the overall status of the project. In the same way a risk not taken into account in time can create one problem in the project and can completely change the final performance of the project. The project manager can take several elements to identify the risks. Some elements and documents that can be used to identify risks are: search internal risks of the project, such as resources

The project manager will focus all the attention of managing the scope, budget and schedule of the project such that the risks are minimized and the outputs are maximized. The reports at every stage are essential for analysis of the project phase. Regular reviews and testing for each module will determine the re-evaluation of project such that the processes are controlled and monitored at every phase. Plus the soft skills help a PM to follow up and follow through each task while understanding the requirements from the business stakeholders. A thorough market research would give an analysis on the qualitative and quantitative research evaluation which will ensure any concerns that can be captured

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

Risk management is an ongoing process that must continue through the life of a project. It includes processes for risk management planning, identification, analysis, monitoring, and control. These processes need to be reviewed throughout the project’s lifecycle as new risks arise throughout the implementation of the project. It is the objective of risk management to decrease the probability and impact of events adverse to the project. On the other hand, any event that could have a positive impact should be exploited.

Within every project, issues occur that require alterations in the schedule or scope of the project. The change management plan outlines the process in which these recommendations be submitted, evaluated, and approved or declined (Vaidyanathan, 2013). Appendix CC demonstrates the change request form that will be utilized by team members. These forms are assessed and reviewed by the change control board that will be further discussed in the project execution section.

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

• who will be responsible for planning and management of project operations as well as the roles of other bodies and organizations associated with the project

Hence, a proactive project manager points out hazards at the start of the project and then manages and observes them throughout the project.

The management of the entire project will be the responsibility of the project manager who will report directly to the Director of the project stationed in the head office. It's therefore defined by the scope statement, work breakdown structure and the work breakdown dictionary. The project manager, the management team and stakeholders of the project will be initiated to approve any documentation to be used for measuring the project scope which contains deliverable of quality checklists and work performance measurements.

The project manager working with the project team and project client will ensure risks are actively identified, analyzed and managed throughout the life of the project. Risks will be identified as early as possible to minimize their impact. This can be done using several ways like