Description
You have been meeting with the CEO, the project sponsor, your manager, and the heads of all the other departments to discuss the project and their expectations. You are starting to be concerned about the level of risk of this project and whether or not the organization really understands it. As far as you can tell, the company has never done formal risk management, taking a more relaxed approach to risks. You are starting to develop your risk management plan; you will present it to your manager and the sponsor in two weeks along with some other project planning deliverables.
Assignment Guidelines:
- Create a project charter and identify the key constraints of the project (scope, budget, timeline, quality, people resources, etc.).
- Using the scenario from this unit, create a spreadsheet that
lists all the project risks you see based on what you currently know
about the project. List at least 15 risks. For each project risk,
provide a:
- Detailed description
- Category (schedule, strategy, people, etc.)
Note: This list will be used in later activities throughout the course.
Your submitted assignment (175 points) must include the following:
- A 2-4 page typed document that includes:
- A project charter and identification of key constraints
- At least 15 risks listed in a spreadsheet with a detailed description and the category of each
Explanation & Answer
Here you go buddy.
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Surname
Student’s Name
Professor’s name
Institutional Affiliation
Date
Project Charter
In every project, just as it applies in this case, the key determinant towards its success is
managing risks. In this regard, whether experienced or not, the management needs to understand
the likely sources of risks as well as the efficient ways to mitigate them. A successful project
requires proper definition and explanation that is clear to all (Gido 39). Also, there should not be
a relaxed approach to risks; there is no project that is immune to them. Consequently, when the
management is aware of what is needed to be done and when as well as what can deter it and
how to prevent it, there is no doubt that the project’s objectives will be achieved.
Delineation of Roles
The power to commence, end, halt and to make changes rests
with the project’s team
Project’s Objective
Make a positive change overall
Project’s Manager’s authority
Assigning roles, hiring and firing, adjustments and consulting
Executive
Overseeing and providing resources
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The Key Constraints
a) Budget
The first step to getting the project done is having all resources sufficient. Among the
greatest constraints is a scenario where finances are inadequate. This might occur due to
unexpected overheads coming about, miscalculations or underestimations. As such, it is crucial
to set aside a contingency in case the above mentioned or other likely scenarios happen to
surface. An organization may also lack enough funds to complete the project as other priorities
may also arise; therefore, having the potential to outsource is important to ensure project
completion (Snyder 281).
b) Timeline/Schedule
It is an issue when a certain undertaking consumes more time than expected. In this
scenario, a project consumes more time to complete which also affects other areas of budgeting
as it calls for additional resources. It is crucial to be prepared for such scenarios as well. In all
situations, there should be a clear starting period and deadline too.
c) Quality
It is more or less an issue to do with who is responsible for which area. Although the
management is responsible for overseeing every process, the people assigned regardless of their
positions may affect the quality. As a result, it is crucial to work with the professionals and
experienced individuals. Even if it may be expensive especially where outsourcing is required, it
is worth at the end and should be prioritized.
d) People Resources
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It is important to work with the right people and in the required numbers; sufficiency of
labor in a project is essential. Due to the experience required, it is likely a...
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