Project Resource Risk Matrix

The project will follow a series of phases during production. Each phase will reflect a goal in achieving a particular task and also the resources needed to

Resource constraint: If a resource is shared by many projects or activities, it would be used in order of priority, thus leading to delay of activity or project with lower priority.

Resources used will be primarily the project team members. To reduce risk all members need to be aware of the project schedule so that the right team members are available at the right times. Adequate computer resources, physical space and other support staff need to be ensured so that the project does not fall behind schedule.

The allocation and cost of resources need to be carefully monitored if a project is to be delivered on-time and on-budget.

Teams are an integral component of organizational success. They take on many forms and functions and can have various structures. Teams also conduct a wide variety of projects with goals of innovation or mitigation. An example, from my experience, of a project that required the execution from a team was the establishment of a finished goods inventory program within a paper manufacturing company. A project of this magnitude required that a diverse and multifaceted team be assembled.

What things need to be taken into consideration when allocating work and drawing up work plans? Consider: goals and objectives, competence, operational need, efficiency, cost effectiveness, consultation

Projects are used today as a way of achieving a variety of outcomes in local or international locations for new constructions, new product development, product improvement, process design, process improvement, utility installation, theory and technology development, and many more. Bringing a project to a successful conclusion requires the integration of numerous management functions like controlling, directing, team building, communication and others. It also requires cost and schedule management, technical and risk management, conflict and stakeholder 's management, and life cycle management.

Unit 5004 - Resource management  Introduction This unit is about being able to identify the different types of resources available to managers, select and plan for their use, and monitor and review their effectiveness in the pursuit of organisational objectives. Scenario Learners may use their own employment context, or that of another organisation with which they are very familiar, to base their assignment. However, in the case that they are not able to do so, please use the below scenario- If you will be using a scenario please select and research an organisation of your choice and identify a department within the organisation. Imagine you manage 6 staff within the department and have a range of human, physical and financial resources

After collecting and acquiring the data for the service request for Riordan Manufacturing, I have concluded that the integration of the present system will be valuable to the corporation’s human resource department. The idea for this development will be constructed in regards to the Work Breakdown Structure (WBS). A work breakdown structure (WBS), in project managing and systems engineering, is a deliverable accommodated breakdown of a development into diminutive modules. A work breakdown structure component may be a creation, information, advantage, or any mixture thereof. A WBS furthermore delivers the essential outline for thorough cost approximating and influence along with offering direction for agenda expansion and control.

Project Management Institute. (2000). _A Guide to the Project Management Body of Knowledge (4th ed.)._

The key to a successful project is planning the use of resources and time throughout the project. People are the most valuable and costly resource of most organizations. In order to maximize productivity, utilization and realization, it’s critical to assign the right people to the right project teams (LMR Solutions, 2008). Software solutions and Infrastructures are architected, developed, engineered and supported by employees who have the time, energy, skills and interest to make the specific initiative successful. However, Huffman Trucking has limited access to a number of these resources. Furthermore, these types of resources are often in short supply compared to the demand for new software solutions and infrastructures.

Project Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics.

A work breakdown structure (WBS) will develop for this project and the WBS is based on the project charter, scope statement, and other relevant information. Gantt chart and network diagram also will be well prepared for this project. While preceding the planning stage, the resource usage cash flow report will showing the hours each person is assigned to work on each task each week. Furthermore, the probability/ impact matrix and list of prioritized risks for the project will be included in the project

For instance, the concept of cost estimation which assists in estimating future expenditure as the expenditure depends on the cost of the respective activities can be applied in the setting of a budget which is simply an estimate and schedule of all costs required to be assigned to an activity. One can make an estimation of the resources required for an activity by applying the cost estimation techniques. Since there are limiting factors to each activity such as scarcity of resources for activities, the concept of constraints can be applied together with the concept of cost volume profit analysis to ensure that maximum benefits are driven from the scarce resources and the number of activities that are available. This facilitates the allocation of resources that most equitable and profitable. The theory of constraints is also applicable in the process of setting up budgets. In setting up budget one considers the amount of resources that are available and cannot therefore set a budget plan that exceeds the amount of resources that are available. This implies that the budget is constrained by the amount of

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,