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Prepare a paper in which you address each of the following in separate, titled sections framed by an introduction and a conclusion:


Select a hypothetical or real project in your personal life, such as moving from one city to another or buying a house. Describe the project specifically and measurably in terms of scope, budget, schedule, and quality.


Identify 3-4 logical chronological phases that comprise the entirety of the project duration and describe these phases.
Brainstorm a total of eight risks facing this project, including six negative risks and two positive risks. State each of the six negative risks concisely in the form of an undesirable event and explain each risk. State each of the two positive risks concisely in the form of a desirable event and explain each risk.
Prepare a table that includes the following column headings, from left to right: Project Phase, Risk, Impact, Likelihood, Composite Risk Score, Response Type, and Response Description. Populate only the first two of these columns. Populate the first column with the names of the phases identified in (2) above. Populate the second column with the eight risks identified in (3) above in such a way that each risk appears in the same row of the table as the project phase to which it pertains. Title, but do not populate, the Impact, Likelihood, Composite Risk Score, Response Type, and Response Description columns at this time. You will populate these columns as a part of your Module 6 CT Assignment.

You may create your table for (4) above in Excel if you would like, but you must then move it successfully to the MS Word file that you submit”and the table must be readily viewable by the reader of the MS Word document. Hyperlinks, embedded files, or any other approach to incorporating the table into the MS Word document that renders the table not immediately viewable by a reader of the document”without having to take any action”are not acceptable and will result in no credit for the table.

Introducation

Project management is one of the most important phases of every individual’s life. It is necessary that an individual should have the understanding of all the phases of the project so as to manage the life in a proper way. Applying all the project management aspects into the real life of an individual helps him managing the same in a smooth and subtle way. In this report, a project of managing things while changing a house will be provided. The risk assessment will also be done in which 8 risks will be identified which could affect the project process. The project developed will also provide a solution to the risk factors and will help an individual in managing the things in a better way. Attaching life with project management helps in making the same more smooth and effective. Hence, a report is developed which will deliver appropriate knowledge regarding project management and the risk factors which could affect the smooth functioning of a various set of aspects.

Shifting to a new city or a new home needs huge effort to make the adjustments and to make oneself comfortable. It is necessary that this aspect should be taken as a project and planning should be done so as to complete the same in an appropriate way (Teller, Kock & Gemünden, 2014). Working on the project management aspect will help in managing the shift in an appropriate way. Purchasing a house will require a huge amount to be invested; it will require approximately $ 425,000 to purchase a new house in the region of Adelaide. Transportation cost will also be included in which expenses of $12000 will incur. The project of shifting a house will take approximately 4 days. It is required that proper focus should remain attached with shifting as in the case of shifting time will increase then it will lead to increase the cost of transportation also the labour charges will also get increased. The increase in the cost of the labour and transportation cost will lead to affect the pocket of an individual (Smith, Jobling & Merna, 2014). Hence, it is necessary that the project should be managed and actions should be taken appropriately. This will help in completing the project tasks within the required time.

Risk assessment is one of the most important aspects which are required to be focused upon in a project. There are a various set of risk factors which remain attached to the projects. Hence, in this section, all the risk aspects will be taken into consideration and a trail will be made to develop the strategies which could help in removing all the risk factor (Simister, 2010).

Discussion

Project Phase

Risk

Impact

Likelihood

Composite Risk Score

Response Type

Response Description

Project Initiation

Unavailability of proper information

High

Very Likely

5

Quick

Before initiating a project one of the most important aspects which are required to be taken into consideration is the availability of a proper set of information (Maqsood, 2011). Failing to avail the same will affect the project initiation aspect. It might also be possible that the project would not get started due to the same reason.

Project Charter

Unavailability of resources

High

Likely

3

Moderate

It could be possible that the project manager may fail to find a proper set of resources. In this case, project initiation process will get affected (Lock, 2013). Hence, it is required that before planning all the resources should be availed.

Project Planning

Lack of Innovative Ideas

High

Not Likely

4

Quick

It could be possible that while planning people may fail to present innovative ideas. Such type of aspects leads to cause delayed services and affect the authenticity of the project. Hence, it is necessary innovative ideas should be presented so that project could be formulated in a proper way and quality could be ensured.

Work Breakdown Structure

Improper distribution of activities

Medium

Not Likely

2

Moderate

Work breakdown structure is one of the aspects which are required to be taken into consideration while formulating a project. In a very rare case, only such type of cases occurs in a project management. For the maximum time activities are distributed in a proper way and project requirements get fulfilled (Focacci, 2017).

Execution Phase

Unavailability of Funds

High

Likely

4

Quick

Unavailability of funds is one of the major matters of concern. It is necessary that the funds should be properly managed; failing to avail the funds will have a huge impact on the project. Quick action should be taken by the project manager so as to ensure that project requirements could get fulfilled in a proper way.

Performance and Control

Identification of loop and gaps Factors

Low

Not Likely

(Denas, 2017)

2

Moderate

It is necessary that all the risk factors, as well as loops and gaps, is a most important aspect. It is a positive risk because if loops and gaps in the project will get identified in the identification phase only then the possibility of quality enhancement will get increased. This will help in managing the project in a better way.

Project Closeout

Failure while testing

Low

Likely

1

Moderate

It could be possible that when the project will be at its closing phase then it could fail at the closing phase. Such type of risk is a positive one as things could be managed before launching it to the general public. Hence, identification of the loop of the breach at the closing phase will help in managing the project and launching the same in a proper way.

(Charrel & Galarreta, 2007)

The above table provides a brief explanation of the risk factors which could occur in the project. In this, it is required that the project manager should develop the list of all the risk factors in a well in advance form. Doing so will help the manager in developing the strategies which could help in mitigating the risk factors and will help in managing the project in an effective way. Risk assessment is a part of the project which should be done by each and every project manager; this lead to help in managing the cost of the project also provides the opportunities to project manager to complete the same within the required framework (Carroll & Morris, 2016).

There are various aspects which will help in mitigating the risk factors these aspects are:

Planning all the aspects in well in advance form

Forecasting all the risk factors

Developing checklist

Collecting Information

Developing Risk mitigation techniques

Mitigating Risk

Developing Checklist

Cross Checking

Taking Feedback

Working on issues

These are the some of the aspects which will help in collecting information related to the risk which might occur in near future. It is necessary that the project manager should work with such type of aspects and try to manage the risk (Besner & Hobbs, 2012).

Conclusion:

Evaluating all the aspects related to the risk factors it could be concluded that while managing a project a project manager should focus on all the risk factors which may incur in near future. It is required that a risk assessment table should be developed and bifurcation of the risk factors should be done. Setting the risk priorities will help the project manager in developing an appropriate set of strategies and will help in mitigating risk. Priority setting is one of the most important aspects attached with project management; if a project manager will set the priorities in a proper way then he will be able to manage the things in a more appropriate way. Priority setting will also help in reducing the risk of uncertainties and will help in processing the project in a smooth and subtle way.

Reference:

Besner, C., & Hobbs, B. (2012). The paradox of risk management; a project management practice perspective. International Journal Of Managing Projects In Business, 5(2), 230-247.

Carroll, J., & Morris, D. (2016). Agile project management in easy steps.

Charrel, P., & Galarreta, D. (2007). Project Management and Risk Management in Complex Projects. Dordrecht: Springer.

Denas, S. (2017). Estimating and Managing Enterprise Project Risk Using Certainty. International Journal Of Risk And Contingency Management, 6(2), 47-59.

Focacci, A. (2017). Managing project investments irreversibility by accounting relations. International Journal Of Project Management, 35(6), 955-963.

Lock, D. (2013). Project management. Burlington, Vt: Gower.

Maqsood, T. (2011). Managing Risk in Projects20111D. Hillson. Managing Risk in Projects. Farnham: Gower 2009. 102 pp. International Journal Of Managing Projects In Business, 4(1), 179-180.

Simister, S. (2010). Managing Project Risk and Uncertainty. International Journal Of Project Management, 22(3), 269-270.

Smith, N., Jobling, P., & Merna, T. (2014). Managing risk in construction projects. West Sussex [u.a.]: Wiley.

Teller, J., Kock, A., & Gemünden, H. (2014). Risk Management in Project Portfolios Is More Than Managing Project Risks: A Contingency Perspective on Risk Management. Project Management Journal, 45(4), 67-80. 

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[Accessed 14 July 2024].

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My Assignment Help. Risk Planning And Assessment For A House Moving Project Essay. [Internet]. My Assignment Help. 2021 [cited 14 July 2024]. Available from: https://myassignmenthelp.com/free-samples/bus375-project-management/managing-projects-in-business.html.

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