Individual Assignment: Risk Response Plan Paper Purpose of Assignment Risk does not have to derail or stop a project. Using the team project as the template, a Risk Response Plan is developed. This provides a more in depth understanding for the students of how risk is identified, planned for, and mitigated so that the project can be successfully completed. Grading Guide Content Met Partially Met Not Met Total Available Total Earned 7 #/7 The student uses the same company/project idea used in previous Learning Team assignments starting in Week 2. The student answers what the purpose of a risk response plan is. The student addresses what a risk owner is. The student answers who should be appointed to own risk on a project. The student addresses what a risk owner’s role in the risk response plan is. The student answers how a project manager should assess and deal with risk. The student lists and describes the most common areas of the project where risks can originate. The student lists and discusses at least two types of risks for each area. The student answers where the risks were in the project in Week One, and how they were handled. The student addresses how the risks should have been handled differently. The paper is 1,050 to 1,400 words in length. Comments: Writing Guidelines Met Partially Met Not Met Total Available Total Earned 3 #/3 10 #/10 The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: Overview of a Project 1 Overview of a Project W CLASS April 3, 2017 Doctor 2 Overview of a Project Introduction A project is a temporary endeavor that is aimed at achieving a certain goal and showing certain results, over a specified period of time. A good research done on the project ensures that the management has goals and objectives that are well planned to enable the project to be successful (Kerzner, 2013). The management of a project involves planning, execution and controlling activities from the conception of a project to its completion. I was involved in the project management of an incentive travel for staff members. The project management team was multi-disciplinary with four members. The Mission / Objective of the Project The projects mission was to develop employee potential by making informed choices on reward systems to improve their work experience and to achieve personal and professional fulfillment. We had three objectives which were clear and precise. One was to motivate the staff members. An incentive travel does not only fulfill the inherent desire of most people to see the world but it also gives them something to work towards. The policy implemented for incentives was; the higher a department earns, the better the travel destination would be. This would motivate the staff to work harder so as to go to better places in the coming years. Second, it was to facilitate team building and emotional bonding among the staff so as to boost the company's retaining rate. Trips are one of the best places for employees to form stronger social ties and develop a sense of belonging as they are afforded memorable experiences during their time together. The third was to reward the employees for their contribution and commitment to the company throughout the year. The company wanted to show appreciation to the staff as valued 3 Overview of a Project contributors to its purpose. Employees are important members of the company, though they do not believe or act in a likewise manner. Our third objective was to counter that mindset and attitude. Scope of the Project The project was for the planning and execution of an incentive travel program for employees in a financial services firm to an agreed location suitable for corporates. The travel period was five days. It is anticipated to offer a relaxed environment for employee bonding outside the workplace. Need Identification for the Project The need for incentive travel was recognized using two needs identification tools, that is, observation and individual interviews. It was observed that most employees were inclined to exploration and travelling, this observation was as a result of the number of leave applications received by the Human Resource department during holiday seasons, with most employees citing travel arrangements as the key reason they wanted to take their leave at that specific time. Managers and Heads of Departments were engaged in individual interviews to brainstorm on which reward system would be most effective for their employees, 86% of them recommended incentive travel as a suitable reward for their subordinates. Cost of the Project and How It Was Funded The project was self-funded. A significant portion of the budget costs was covered by additional profits made by the employees. Financial performance targets had been set for each department. There were 20 participants in total. The budget allocation was $4050 per person 4 Overview of a Project inclusive of transport, sightseeing and accommodation expenses. This totaled up to $81000 and an extra $9000 was set aside for unforeseen expenses. Timeline of the Project The incentive travel project took two months. The project planning was one month, three weeks for any last minute confirmations or changes that might occur and the final week was to execute the plans. Parties involved and Their Roles The team was multi-disciplinary. There was the project manager who was also the head of the team her main role was to supervise the coordination of activities. There was also a travel agency representative whose work was to recommend packages for different destinations, such as airlines, accommodation and places to visit in the destination and make necessary arrangement according to our preferred package. A representative from the human resource department, who worked on the coordination of the number of employees to travel, a representative from the accounting department, his role was to look for ensure the activities do not go beyond their budgetary allocation. My role was to ensure smooth and reliable communication among the different parties as well as any other role allocate to me by the head of the team, mostly logistical support. Steps Taken to Ensure the Success of the Project For a project to be successful the following steps were considered. One is that we involved experts in the field of travel and tours. A representative from a selected travel agency worked for us for the greater part of the planning and execution phase. We also involved the 5 Overview of a Project participants, giving them opportunities to offer recommendations on preferred destinations. We gave ample time for the planning of the project to avoid the last minute rush and to incorporate all the required elements. Measurement of Success of the Project We measured the success in three ways. One was through observation, during the trip we observed the general mood of the participants, whether they were excited about the experience or not. We also asked for feedback from them through the company website, we created a short questionnaire asking about their experience and how we can improve on it. We also had a reviews section with five stars, participants got to rate their personal experience. Project Management Roles in the Success of the Project Project management enabled us to plan and avoid chaos. Projects tend to involve a lot of activities which can result in confusion (Burke, 2013). Skills on project management enabled us to organize, control and coordinate all the activities. It also helped us manage and utilize the available resources efficiently. We controlled costs and avoided wastefulness because we already knew where we want to be and what we required to get there. It encouraged teamwork; we were able to openly share ideas and collaborate throughout the process. We were also able to maintain quality for what we were working towards. It also helped to manage risk; we were able to identify, control and manage risk and minimize the occurrence of loss. The project was a success with an overall satisfactory rating from the participants. The role of project management cannot be overemphasized; it is practical and thus, maintains a key role in the success of the project (Leach, 2014). 6 Overview of a Project References Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons. Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA. Leach, L. P. (2014). Critical chain project management. Artech House.
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