The Importance of Performing Close Out Activities Before Closing the Project and the Business Risks Associated with Skipping These Activities

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.

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!

When all the deliverables, customer requirements and\or goals have been met in a project, in other words, at the closing of a project the Project Manager is responsible for compiling and delivering a Final Project Report, known as a Project Closure Report. A good project closure report will summarize the entire project from the beginning project plan and scope information to the lessons learned from the project. It should also include other information such as the changes to the project scope if there were any, the final project budget reconciliation, and “a recap of the performance metrics taken during the project; the budget and schedule reconciliations will provide the final

Three factors define the success of any project; these are time, cost, and quality (Wysocki and RK 2013: 4). This paper identifies three main facets of project management that were inappropriately implemented, namely; Resourcing, Stakeholder Management, and Risk Management and how their improper implementation led to the violation of the three constraints (i.e. time, cost, and quality).

PM within organizations is gaining momentum and an indispensable component of the work flow procedure. Improving organization project management can effectively improve an organization use of resources. Nevertheless, if an an organization does not possess a clean target and does not follow project phases no one willing enters into the transformational journey. The issue is the bottom line in PM, whether it is to better the organization financially, ethically, or for standardization of procedures. Constitutions must be cognizant of the elements and competencies required to receive a successful PM outcome. In the closing, business should have an active strategy to revise and adapt to the shifting marketplace.

By analysing these areas it is apparent there are lessons to be learnt when undertaking enormous projects that are exposed to numerous external pressures. Whilst there were many significant negative issues that ascended from this project, it must be emphasised that over due time, Federal Square has developed itself into a cultural epicenter that feeds a thriving city.

The most valuable output of the Plan Procurement Process is the Procurement Management Plan. As is the case with almost every aspect of the project management process, it is essential and imperative that the project management team implement an effective and concise plan when it comes to the various components of procurement throughout the project’s life cycle. Specifically speaking, the procurement management plan refers to the plan that has been put into place that is meant to dictate and describe the entirety of the procurement process and how it is means to relate to and with the developing procurement documentation, and how contract closure will relate to all. The procurement management plan should be implemented and developed as early in the project life cycle as possible to assure that the procurement process is consistent throughout, however, in some cases the plan may be altered once the project begins, particularly if budgetary reasons dictate.

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

Performance reviews are intended to encourage changes in behavior, encourage career development, and support continuous organizational learning. These reviews focus on social and technical contributions the individual contributed to the project team. For example, the 360-degree feedback process has been used successfully to improve the ability of people to work on teams. As long as performance reviews are not directly related to pay and promotion decisions, such reviews are more readily accepted and even perceived as positive for the individual and organization.Since pay reviews can result in negative or positive outcomes for a career, they are perceived as very serious by most individuals. Pay reviews should be more carefully structured and based on clear standards and criteria known to the person being evaluated. Every attempt should be made to avoid confrontation. 4. Advocates of retrospective methodology claim there are distinguishing characteristics that increase its value over past lessons learned methods. What are they? How does each characteristic enhance project closure and review? * Uses an independent facilitator. The facilitator is held responsible for identifying and implementing lessons learned. Independence encourages gaining more information from stakeholders. * Includes a minimum of three in-process learning gates during the life project cycle. These gates catch problems and success

It is clear to see that throughout the project the tasks and progress were monitored very closely. The project is heavily dependent on the resources provided by its shareholders and in turn they rely on regular updates to reassure them on their investment. In the construction and building industry the methods and application of project management tools are very reliable and well tested. Therefore, it could benefit the project if the it was managed with detailed and defined practises and also follow standards set and agreed upon on a international level.

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

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

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,

A key activity in project management is assessing project constraints. A project has three limitations: scope, budget and schedule. These limitations are project constraints because they are sensitive to change and have an impact on project risk. Risk is exposure to uncertain outcomes. Project constraints are mutually exclusive. If one constraint changes it affects the others and adjustments may be required to compensate and manage risks. For example, a delay in the schedule can increase the risk that the project will not finish on time. Time is money and delays have a negative impact on the budget. To

Another key area that is necessary for the successful completion of the client construction project is the organization for the site meetings. Through a properly planned and conducted site meeting, much can be accomplished since well planned meetings enhance positive achievement, (Shmueli, Pliskin & Fink, 2016, pg 400). However, meetings with no pre-planning will tend to accomplish very little, and always result into a waste of time which is one of the most valuable resources. According to (Shmueli, Pliskin & Fink, 2016, pg 399), for the construction project, personnel have the right to call on the meetings which can be convened by both the Principal Contractor and the organization’s Key Personnel such as the construction Manager, Project Manager, Estimator and the Accountant. In the meeting some of the most important issues that can be discussed comprise of the feasibility of the Project. Generally, feasibility of the any project is based on the project’s Tender Documents.