Project Requirements/Risk/Cost

User Generated

nyuneg1982

Business Finance

CPMGT300

Description

There is two parts to this.....

first: Prepare a project requirements matrix for the Learning Team project selected in Week 2. Microsoft® Excel® can be used to prepare these documents.

Collect and evaluate the high-level project requirements.

Prepare a requirements matrix that includes:

  • Requirement
  • Phases of the project
  • Responsible party
  • Cost to complete
  • Duration to complete

second: Use the same company/project idea you used in the Week 2 Learning Team assignment (Building a home)

Write a 1,050- to 1,400-word paper in which you address each of the following items:

  • What is the purpose of a risk response plan?
  • What is a risk owner?
  • Who should be appointed to own risk on a project?
  • What is a risk owner's role in the risk response plan?
  • How should a project manager assess and deal with risk?
  • List and describe the most common areas of the project where risks can originate.
  • List and discuss at least two types of risk for each area.
  • In the project you discussed in Week 1, what were the risks, and how were they handled? Should they have been handled differently?

Format your paper consistent with APA guidelines.

Unformatted Attachment Preview

1 Project Proposal – Construction of a Home Ailaine Librojo, Amber Lynn, Christian Wheeler, David O’Connell, Gwenda Woodland, Mickayla Smith CPMGT/300 Martine Anderson 2 Project Proposal – Construction of a Home A construction of a home project proposal is a type of proposal intended to be used by the construction companies. The purpose of a project proposal for the construction of a home is to design and produce a comforting environment for the client, while fulfilling the client’s needs or wants, mentally, physically and financially. A home construction proposal covers detailed data concerning the label of the company, the appropriate address and who to reach out to in the company, and the name and description of the architect of the proposal. The construction proposal as well will give the total funds overall for the monies forecasted mandatory for the conclusion of the project for which the proposal is planned. On business projects there will often be several stakeholders (internal and external) involved in company projects. Internal stakeholders consist of project sponsors, project managers, bricklayers, painters, ceiling fixers, designers, architects, electricians, and plumbers. (Akinsiku & Akinsulire, 2012). External stakeholders consist of “government entities such as city councils, local schools, other businesses and people in the area where the company conducts business” (Leonard, 2018). The impact of the project over the stakeholders will be different as per their nature and relation to the project. For example, the sponsor of the project will get a certain opportunity of living in the house that is being constructed by him. The other stakeholders like project manager, workers, etc. will get a positive impact as they will be able to earn some money by using their skills for the construction of the home (Ponnappa, 2014). The impact of the stakeholders over the external stakeholders i.e. neighbor will vary as per the nature of the individuals that are moving in the house next to theirs. The construction of our teams requires four areas of needed resources, the first being land. Before any design or construction can begin a plot of land will be needed. This plot needs 3 to be correctly zoned as residential, so it is legal to build a home on it. The second resource needed is a home design; this can be custom or a cookie cutter home design. The third resource needed is permits to build a house from local authorities; house plans will be assessed and compared against local building regulations. Finally, after the design and permits are in order a builder is needed to manage the physical construction of the project, they will coordinate building materials and supplies as well as the labor resources needed on-site to complete the task. Assembling Our Project Team For our construction project, assembling the perfect team is paramount. We must define our goals and the overall mission, so we know the type of people we are looking for. The team should consist of people from a construction background who have the skills necessary for us to complete our mission. We are looking for people who can communicate effectively, can carry out timelines, and overcome any obstacles. We need people who have the necessary behaviors to make work a smooth transaction. Once we have everyone for our new team, we will discuss the plan, goals, and why we chose each person to be a part of the team. Development Now that our team is established, we must pinpoint and develop our team’s competencies. The project manager will enforce a quality work environment where teamwork and positive communication are utilized. The PM and other leaders will create formal and informal team-building activities. These activities will create a closer family like team, better communication, and inspire everyone. 4 Managing the Team We will start out by sharing our company’s vision, and time sensitive targets. Setting targets keeps the team on schedule and shareholders happier. We will ask that each entity of the team follow our plan but be innovative. Finding an easier, cheaper, or faster way to complete goals, will benefit everyone. Every day we will share goals and updates, remind everyone of their task and responsibilities, create and open-door atmosphere by being honest, show respect and put trust into the team, and remind everyone how important each person’s position is to the overall mission. Sponsorship and leadership can be the biggest obstacle in a project. The lack of leadership in a project can lead to resistance and slower progress towards the organization’s desired results. Most projects need a Project Sponsor and a Project Leader. A sponsor is someone who takes on responsibility for the success of a project in an organization. According to Young (2016), “A good sponsor will be clear about the project’s objectives, have power (over resource expenditure) and be able to influence key decision makers to support or resource the project.” The sponsor will provide things to the team such as, objectives, risk management, expectations and benefits that the project manager will implement. Project managers make sure their team is performing at their best, ensures that the project proceeds within the specified time frame and under the established budget, while achieving its objectives (Young, 2016). As with any project, assembling a strong team is vital for its success. The new construction of a home requires assembling a strong project team, with good communication skills, timeline driven, goal oriented, and knowledgeable. Our project team successfully identified goals for each stage of construction, developed timelines, and identified resources needed to complete the construction. Sponsorship and leadership will be critical in leading the 5 construction project. Without delegation and motivation, the project has no direction and will never make the deadlines. Sponsors and leaders of this project will make sure that the timelines are being met and that goals are being achieved and stay on budget for all stakeholders. 6 Reference Akinsiku, O., & Akinsulire, A. (2012). Stakeholders' Perception of the Causes and Effects of Construction Delays on Project Delivery. Journal Of Construction Engineering And Project Management, 2(4), 25-31. doi: 10.6106/jcepm.2012.2.4.025 Leonard, K. (2018, June 27). Chron. Retrieved from What Are the Stakeholders' Roles in a Company?: https://smallbusiness.chron.com/external-stakeholders-company-64041.html Young, M. (2016, August 7). Transformed. Retrieved from The Importance of a Project Sponsorship: Young, M. (2016). Project Management. Retrieved from https://www.transformed.com.au/project_management/the-importance-of-projectsponsorship
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Explanation & Answer

Attached.

Unique Number

Project
requirements

1 Land
2 home design

Phases of the project

Project Initiation
Project planning

3 permits to build aProject
house approvals
Project
4 physical construction Execution

Reviewer/Approve
r

Executive
Sponsor
Project
Manager
Jan Jones,
Permit issuer
Jeff Smith,
Accounting

Reviewer

Approver

X
X
X
X

Estimate
(cost)

Responsible party

Project owner
Architecture
National
construction
authority
Project Manager

Signature

Duration to
complete

$
$

50,000 1 day
1,000 3 days

$
$

500 2 days
10,000 14 months

Attached.

Running Head: Assignment

1

Assignment
Institutional Affiliation
Date

Assignment

2

Purpose of Risk Response Plan
As the project starts, there a number of times during various phases of the project, the
project manager and the time will find specific components or requirements that come inherent
risks. Before the commencement of the project, it is important to define various risks that might
arise during the period of the project. An analysis to categorize and organize the inherent risks will
be required through the use of the risk response plan. The project manager will determine the best
way to deal with the risks and ensure that they do not affect the progress of the project (Ward &
Chapman, 2013). Therefore, it would be important to have a risk response plan for various reasons.
Discussed below are some of the purposes why a project manager needs a risk response plan.
➢ Risk mitigation – when constructing a house, the risks of site injuries and over absorption
of costs might arise. It is important to have a plan so that it can prevent the occurrence of
suc...


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