Project Risk Management Plan Essay

The simulation requires that the project manager successful and effectively manage the Project Integrate that will Influence the Integration between American Bank of Indiana (ABA) and First American Financial Service Group (OAFS). A successful Project Manager must simultaneously manage the four basic elements of a project: resources, time, money, and most important, scope. To excel at this position an individual must have communication and interpersonal skills, attention to detail, and strong analytical skills.

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The Project Manager must motivate the project team to adopt he goal and methods to achieve them by evaluation through performance. The Project Manager must break the project Into many steps and perform them in logical order. This requires the project manager to have exceptional time management skills; this will enable the project manager to stand good chance of staying within project budget and succeed in meeting the project schedule. A project manager’s effectiveness or lack of It Is the determining factor as to whether the Project Integrate will be complete successfully.

Risks will be focused on from the start of a project, at conceptual stage then watched closely as the project proceeds. The project manager has to adequately measure performance, and implement a closure process throughout the Project Integrate that will be improved for the future. A project manager has to be able to weigh risk, and establish contingencies to resolve risks of the project for the present and future outcome of the Project Integrate.

Management Responses first Issue for the project manager Is to deal with Is the weak commitment of the database personnel, and evaluate how to handle the loss of resources since management has requested the assistants from the Database Specialists. The project manager needs to be able to plan and coordinate the efforts ether than perform the efforts of Project Integrate. It would be in the best interest to release two of the four database staff to the other project.

This would meet the demands of the management to pursue the other project, and It may slowdown Project Integrate, but, It would not bring the inure list of tasks to a stop that need to be accomplished. The Database Specialist are an important asset to the project due to the knowledge and background they posse, which are valuable to both projects. This could cut the cost in reassigning tasks, and training to make up for the loss of key database personnel. The second part of the situation Is the missing deadlines, which needs to be under control as soon as possible, or risk timeshare deadlines.

Project Manager should arrange for an initial meeting to see analysis deadlines that are being missed. This will give the chance to reorganize the processes of deciding what the staff are required to carry out in the project. In addition, lines of communication must be specified and made clear (Promise’, R. ). This will give the project manager and database specialists the opportunity to look at the scope and incorporate change project. Delivering the originally promised project scope with high quality, on time, and on budget requires hard work and hard choices.

Regardless of the reason, weak commitment to success is Just about certain to result in being late, going over budget, and/or not delivering the promised scope. With changes in management priorities, the project manager should be able to take on OAFS resources and outsourcing project tasks. Originally, the choice was one or the other however, it would be beneficial for both to incorporate into completely the Project Integrate. The project should consist of five of the 15 non-project resources, and budget increase. This shows the willingness to coordinate effort, maintain structural flexibility and adapt to change.

Project environment involves change and turbulence and project staff must be able to adapt. Personnel policies must also assist the project process by using seniority and rank to ensure the achievement of project objectives due to the changes in management priorities. The time span of a project being finite puts pressure on decision-making processes where factors other than analysis will dictate the effectiveness of a decision. Using non-project resource and an increase is budget will create a work environment that s conducive to high-performance, both physically and organizationally.

It will be up to the project manager to assist within group processes and keep informal channels of communication open. By showing commitment to the project, and continuity, morale will increase, which could ultimately save time, and money. Weighing of Perceived Risks major source of risk in project management is inaccurate forecasts of project costs, demand, and other impacts (Blueberry, B. ). The following risks were established, which are listed in order to minimize an undesirable outcome. 1 . Resource Constraints. Skills and Competency. Dependency on OAFS for Design Inputs. Availability Systems and Standards.

Legacy Systems and Standards. Launderettes Problems. Natural or Manmade Disasters. Technology Obsolescence. Change in Management Priorities. Lack of Team Synergy and Commitment result of the risk planning is the Plan how to manage risks and the List of Risks with actions to avoid them. The Risk Management Plan contains definition of roles and responsibilities related to the risk management, potential risks scoring and interpretation, the way of tracking and reporting format. In case of Project Integrate, the project manager is responsible for all aspects of the risk management.

The project manager needed to be able to identify, interpret and score the potential risks, which can be done from two points of view. The first one represents a level of estimated consequence through probability, impact, and exposure and the second one represents the actual probability, impact, and exposure. Looking to the Futurities the ABA and OAFS are looking to outsource areas of the deadlines. Unanticipated overtime, schedule delays, and the resulting cost overruns can all be symptomatic of planning and scheduling done without proper inconsideration for resources and their limits Oust, M.

R, Murphy, J. P). To handle this, the project manager can assign office staff, and IT staff to monitor and assist the outsource company, and have meets to establish a status report. Schedule logic and activities may be adjusted to accommodate the constraints. For example, activities may be split up to satisfy the constraints. In any case, management must be aware of the constraints before any of these alternatives can be considered, and cost effective decisions made Oust, Michael R, Murphy, James P). The future of Project Integrate can hold many possible of risk to ABA and OAFS.

Once the project is complete the organizations will have to address skills and competency gaps with internal and external customers using the new system. To ensure the mitigation moves across the organization and to the customers the organizations will have to allocate resources to overcome training, and knowledge based issues. Measuring Project Oversimplification’s measures are recognized as an important element of all projects. The project manager directing the efforts of the Project Integrate have a responsibility to know how, when, and where to institute a wide range of changes.

These changes cannot be sensibly implemented without knowledge of the appropriate information upon which they are based. Performance management is not simply concerned with collecting data associated with a predefined performance goal or standard. Performance measurement is better thought of as an overall management system involving prevention and detection aimed at achieving conformance of the work product or service to the organizations requirements. The simplest way to assess a project is to look at two standard metrics – on-time delivery and quality.

These are usually easy to measure as most project goals are defined up front and the project leader can easily apply them to the actual exults (Fifteen, R. ). The process will optimize through increased efficiency and effectiveness of the processes and product enhancement. Performance measurement is primarily managing outcome, and one of its main purposes is to reduce or eliminate overall variation in the work product or process. The goal is to arrive at sound decisions about actions affecting the product or process and its output for staff involvement.

The project manager will establish appraisal system. The starting point should be the strategic plan of the organization. The details of the plan should be reviewed in order to design an appraisal system in insistence with the overall goals of ABA and OAFS. Setting performance expectations and goals for the staff need to be channeled to the efforts in achieving organizational objectives. Getting employees involved in the planning process will help them understand the goals of the organization, what needs to be done, why it needs to be done, and how well it should be done.

Process performance may be an early warning signal of downstream problems in a project’s quality, time, or productivity (Swamis,A. , Doll,W. J, and Paging, C. H. ). Attainable, Realistic and Timely. Through critical elements, employees are held accountable as individuals for work assignments or responsibilities. Employee performance plans should be flexible so that staff can be adjusted for changing program objectives and work requirements. To be effective the organization project will be monitored continuously.

Monitoring well means consistently measuring performance and providing ongoing feedback to employees and work groups on their progress toward reaching their goals. Ongoing monitoring provides the project manager the opportunity to check how well employees are meeting predetermined standards and to make changes to unrealistic or problematic standards. Finally, verbal project performance indicators such as customer satisfaction, time-to-market, development cost, and manufacturing cost reductions are assumed to affect a project’s economic value as measured by revenue, profits, and market share.

Thus, each link in this product concept to economic value chain is pivotal to the economic value of the project (Swamis,A. , Doll,W. J, and Paging, C. H). By monitoring continually, the project manager can identify unacceptable performance at any time during the project and provide assistance to address such performance rather than waiting. Employee developmental needs are evaluated and dressed by increasing the capacity to perform through training, giving task that introduces new skills or higher levels of responsibility, or other methods.

Providing employees with training and developmental opportunities encourages good performance, strengthens Job-related skills and competencies, and helps employees keep up with changes in the project. Rewarding means recognizing the Project Integrate staff for their performance and acknowledging their contributions to the agency’s mission. A basic principle of effective management is that all behavior is controlled by its consequences. Those consequences can and should be both formal ND informal and both positive and negative.

Project Closure Project Manager has to make sure that certain activities are attended to before the Project can be closed. Some of these are simple, mechanistic and, potentially,The actions that will require attention coming up to termination are: 1 . That all mandated actions are completed and signed off by the staff of those actions. 2. Ensure that the Documentation Deliverables and Internal is complete design notes, calculations, logbooks, validation history, etc are properly authenticated. 3. Index and store, or archive, historical records/drawings/ reports/database information. 4.

Ensure that all stakeholders are satisfied ideally in a formally minutes signify meeting. 5. Clear the final billings from invoices on the budget. Close down the project 7. Redistribute the assets (Equipment, Material and Personnel). Assign support responsibilities, cash reserves and inventories. 8. Conduct an evaluation/audit of activities to provide a lessons- learned database from the project completion. This form of personnel allocation substantially eases the disruption of project completion but has to be carefully managed to avoid distraction from the closure acquirement as a Project Integrate approaches its end.

When personnel transfer out of the project before its completion it is good practice to conduct an exit review with them to ensure that necessary tasks have been completed and project performance issues understood. In this way, a clean exit can be achieved and they can contribute to the final project review. It is imperative that the assets be released as soon as possible to be applied elsewhere and minimize cost. It is important to make sure that all staff have completed their task and have invoiced the project.

Staff should have aroma sign-offs should even if this is only an email exchange. Provide evidence that the project has been completed satisfactorily. Enable future work on the system to have complete information. All documents that have a legal or commercial implications must be kept this include but should not be limited to designs, process specifications, design calculations, design decisions, failure mode analysis, test results, contracts, permits, letters and memoranda that moderate the project terms or scope in any way.

All the above should have already been indexed prior to storage and a copy of the index should be attained in the project office or technical library. The final financial commitments need to be balanced before the accounting systems can be closed down. Although the project activity will be decreasing towards the end and people will be redeployed, the quality and accounting systems will still be operating. The Project Manager must close off all existing cost accounts rapidly. Many organizations formally announce the closure of a project to inform other staff that no further activity is authorized.

Personnel redistribution is considerably more difficult. In any team, and particularly n effective one, there will have been considerable personal bonding and the closure of the project signals the break-up of a family. Even in weakly bonded projects, change is stressful and, so, termination must be planned and orderly. One of the more important products of any project is the usefulness of the knowledge that has been obtained, about the process of managing it and the effectiveness of the supporting activities.

Learning is achieved in two fundamental ways, either from some external source (consultant, teacher, training course or observation), or internally by doing some activity and practicing it until it becomes reflect (Crawford, J. K. ). Very often capable people who attend training courses are unable to influence the way in which the organization operates because no one else is interested in the knowledge acquired. So it is with consultancies, many of which sources are only effective if there is an element finally, no review is worth doing if the resulting reports are not published and the recommendations either acted on or justifiably rejected.

The whole reason for being of the review process is to generate learning and a resultant improvement in the management of projects and the supporting processes. Conscientiousness management has a formula for success. This consists of the following: Resources-people, equipment, material; Time-task durations, dependencies and critical path; money- costs, contingencies and profit; Scope-project size, goals, and requirements. Everyone is involved from the conception stage to the end stages of any project; each individual can help in contributing input about the project’s progress and the future of the project from a stake holder’s point of view.

Working together helps in coordinating the project and possible reduce delays or financial problems. The project management and team can have a positive impact on the future of a project provided the manager has the proper tools and environment in order to respond to subsequent impacts, and new requirements. All projects contain certain amounts of risks, some more than others, effective risk management and planning in the early stages is needed to combat disasters and obtain successful outcomes for any project. Risk management techniques and methods are tailored to organizations; which play a major part in risk assessment.


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