Sustainable Project Management
Q2. Risk analysis / Risk
- a) Optional risk management tool.
Risk management options, refer to taking care of choices partitioned as control, assumption, presumption, exchange of risks, and information and research (Tsay et al.). By and large, the evaluation of the board alternatives is hipshot since the essential choices must happen right off the bat in a program when things are as yet fluffy. Notwithstanding, whenever experienced faculty are given the realities, one can expect generally excellent choices since there is only from time to time any genuine puzzle about the common sense of choices accessible.
- b) Why do you do a risk analysis/risk management? Are there any disadvantages?
Effective risk management strategies permit me to recognize the project’s qualities, shortcomings, openings, and risks (Zhang). By making arrangements for surprising occasions, I can be prepared to react if they emerge. To guarantee my undertaking’s prosperity, characterize how I will deal with potential dangers so that I can distinguish, alleviate, or maintain a strategic distance from issues when I have to do. However, risk management involves disadvantages too, which include, the cost which will dish out money from the organization reserves, training which alludes to the time spent for advancement and research, and motivation.
- c) Reflect on the risks that are difficult to find at an early stage of the project? Are there differences between different project type how difficult is it to analyse possible risks?
Risk sometimes is difficult to be identified at the early stages of a project this includes market risk, credit risk, liquidity risk, and operational risk. Moreover, there is a difference between different projects. For instance, the Programming project depends on sensible work, while others depend on physical work. Sometimes is difficult to analyse risks because risk management involves analysing how project results and goals may change because of the effect of the hazard occasion. When the risks are distinguished, they are investigated to recognize the subjective and quantitative effect of the risk on the project so that suitable advances can be taken to alleviate them
- Group development (10 p)
- Describe two optional models/theories for group development.
Fisher’s theory of choice for development in groups
Fisher plots four stages through which group development will, in general, continue when occupied with dynamic. The four include orientation, conflict, Reinforcement, and emergence. In this theory, Fisher noticed how communication changes as the cooperative choice are figured and cemented. His technique gives extraordinary consideration to the content measurement of groups by arranging proclamations as far as how they react to a choice proposition.
Tuckman’s Stages model
Each of the five phases in the Forming-raging norming-performing-deferring. The five stages are Adjournment, Forming, Storming, Norming and Performing. The model proposed by Tuckman includes two angles: relational connections and assignment practices (Jones). Such a qualification is like the Bales equilibrium model which expresses that a group consistently separates its consideration between task-related and socio-emotional needs.
- What are the similarities and what are the differences between these two models/theories?
To push a group development ahead it is imperative to arrange the pieces of the group to move towards an aggregate as opposed to individual yield. We have to urge individuals to communicate their contrasting conclusions, thoughts, and sentiments by asking open-finished inquiries, we have to raise issues, face deviations from responsibilities, and make associations between disparate points of view. We have to set reasonable focuses for the gathering with the end goal for them to accomplish a couple of execution objectives and errands.
- Do you think these theories describe reality? Use your examples to sell in your opinion.
Yes, they describe reality. Because, when a group is built up, the group can truly begin to work; Performing in the terms of Tuckman, Effective Team it is useful in this stage to praise triumphs, share rewards, officially give and get input and perceive both gathering and individual accomplishments.
- Interest management and communication (10 p)
- Describe the Mendelow matrix, which is a tool that can be used when you need to plan for how to manage the project stakeholders.
Mendelow’s Matrix is a tool that is utilized to break down partners and their perspectives (Elsaid et al.). Moreover, this will consider factors, for example, the degree of intrigue a partner has in a project picked systems and whether are they prone to utilize their capacity to impact this.
- Describe how you would plan to communicate with your stakeholders, let the layout of this communication plan follows what you have come up with of the Mendelow matrix.
I will use High Interest and High Power to communicate with my stakeholders (Andriof et al.). This will be the key to boost the project management and the business will effectively draw in. Probably this will have a huge impact, it will be the driver behind the change or system. Also, it will have the ability to stop the change or technique proceeding if they are despondent.
- Reflect on why your stakeholders are important and in the way they can in the long term
contribute to your project.
If a stakeholder has a budgetary premium this will expand the degree of premium, are they a financial specialist who may believe their venture to be in danger or perhaps a representative, their business is their employment so would not have any desire to hazard that. For instance; workers might be loath to an association putting resources into innovation to build computerization along these lines setting occupations in the risks.
- Sub-projects, Projects, Programs and Portfolio (10 p)
- Describe the differences and similarities between these concepts
Differences
A subproject is an undertaking that is a piece of a bigger task. Isolating work into subprojects is a fundamental method that will decrease multifaceted nature and with its risks and cost, whereas a project is an action to meet the formation of a special item or administration (Kosztyán). On the other hand, a program is an assortment of undertakings that should be overseen and facilitated together while a portfolio is an assortment of tasks and projects that are overseen as a gathering to accomplish key objectives and business esteem.
Similarities
A subproject is the numerous pieces of a bigger undertaking or smaller tasks inside a bigger collection that are utilized to characterize and expand control. A subproject resembles a project, however part of a greater project (Kosztyán). A program is unique. A program looks to accomplish a profit by the aggregate administration of a gathering of activities. A portfolio contains the two ventures and programs and is overseen by a portfolio dominant.
- Use a fictional company as an example and give examples of how these concepts would work
can be used by this company. What could be contained in these concepts and how could the company handle them well in your opinion?
The company I will use is Company XYZ. The activities in a program are identified with one another. Portfolios are assortments of sub-projects, projects, or sub-portfolios and are an approach to design and deal with the tasks from an association point of view. The programs could conceivably be connected. To plan them properly, company XYZ will characterize clear goals, Agree on a methodology, Agree on jobs and duties with the group, Set-up correspondence channels, agree on the needs of the project that make up the program and lastly complete project arrangement (Bathallath et al).
Work Cited
Andriof, Jörg, et al. Unfolding stakeholder thinking 2: Relationships, communication, reporting and performance. Routledge, 2017.
Bathallath, Sameer, Åsa Smedberg, and Harald Kjellin. “The Viable System Model for Diagnosing and Handling IT-Project Interdependencies in Large Portfolios.” International Journal of Information Technology Project Management (IJITPM) 10.1 (2019): 72-87.
Elsaid, Asmaa, Rashed Salem, and Hatem Abdul-Kader. “A dynamic stakeholder classification and prioritization based on the hybrid rough-fuzzy method.” Journal of Software Engineering 11 (2017): 143-159.
Jones, Alex. “THE TUCKMAN’S MODEL IMPLEMENTATION, EFFECT, AND ANALYSIS & THE NEW DEVELOPMENT OF JONES LSI MODEL ON A SMALL GROUP.” Journal of Management (JOM) 6.4 (2019).
Kosztyán, Zsolt T. “An Exact Algorithm for the Flexible Multilevel Project Scheduling Problem.” Expert Systems with Applications (2020): 113485.
Tsay, Andy A., et al. “A review of production and operations management research on outsourcing in supply chains: Implications for the theory of the firm.” Production and Operations Management 27.7 (2018): 1177-1220.
Zhang, Yao. “Selecting risk response strategies considering project risk interdependence.” International Journal of Project Management 34.5 (2016): 819-830.