I have worked with a team of four members on a project that is based on banking operations. The aim of the project was to automate the existing operations of the bank to provide support to the SMEs. My team members are Fazeel, Basalath Alo khan and Asifalvi. In this project I have identified and developed the project scope and performed the risk management on the project.
Significance: The project was mainly designed to provide financial support to the small and medium sized enterprises by ICICI bank. Previously, the bank used to provide funds only to the large enterprises. By pressure of Indian government, the bank has embarked on a project to allocate funds for the SMEs from the deposits and the retained earnings of the bank.
Aim: The aims of the project is to identify the business requirements and develop an appropriate project plan for the project of ICICI bank
Objective: The objective of the project is to automate the business processes to provide funds to the SMEs
Learning: I have learnt the importance of proper scheduling and risk management in projects.
The aim of the project was to provide financial support to the SME’s. One problem or risk that was encountered in the project was from the large enterprises. The project by the ICICI bank had increased the interest rate of loans that was given to large enterprises. This led the organization in loosing quite a number of clients. This risk was addressed by ensuring the rate of interest for large enterprises and SMEs has a valid difference.
Another risk was on ICICI bank. In case a SME fails to perform, there were chances of high loss for the bank since the bank was providing the enterprise a loan on a subsidised rate. This risk was addressed by providing needed guidance to SMEs.
While working on this project, throughout this semester, the team dynamics that worked well during the semester is proper communication among the team members. We worked in a team of four members and ensured that the proper information flow is maintained within the team.
For future projects, the practical knowledge that is gained from this project, including the importance of leadership, risk management in the projects will help the team members in working in complex projects and managing the risks associated with the projects. Development of a communication plan and risk registers at initiation phase of the project helps in proper project management.
Out project team ensured that weekly meetings are held among the project team in order to discuss the issues and the progress of the project. Project status reporting is an important project management concept and our team has ensured that status reporting is performed on a weekly basis (Yung 2014). This had a positive impact on the team performance. However, in one such meeting, one of the team members who was in charge of project monitoring failed to turn up that resulted in a considerable delay in the project.
This situation was managed by setting up a telephonic conversation with the member. The management of these situations enhanced my project management skills and skills of proper decision making.
Worked Well: Proper scope identification is one of the most important aspects that worked well for this project. The identification of the project scope helped in proper planning of the project and identification of the project deliverables.
Did Not Worked Well: There were some internal conflict among the team members about the choice of the project in the initial stages of the project that did not worked well as it resulted in certain amount of project delay. This happened mainly because of the difference in thoughts or choice of the team members. However, this matter was managed by going through several brainstorming session and talking out the matter with the team.
Project Status Reporting: Project reporting challenge is one of the major issues associated with the implementation of the projects as it is often found out the team members are reluctant to share the bad news. This is a general phenomenon and is very common in the prject implementation and is therefore chosen. The risks associated with the project should be properly communicated and it is one of the aspects of status reporting.
Project Risk Management: Risk management is one the most important project management practices as every project is associated with a certain amount of risk. This aspect is chosen since it is very essential to evaluate the risks associated with a project in order to gain the desired benefits. The risk management issue is chosen in order to evaluate the different process of risk management which will be a great help in our professional career as well.
In any type of projects be it an information technology project or construction, improper project status reporting is a major issue that is faced. The improper status reporting further results in certain project risks. This issue is integral as it is often found out that the managers are not really ready to listen to the bad news. Furthermore, there are tendency of the team members to report the progress in a more optimistic way that results in improper status reporting. In this academic course we were provided proper knowledge about the different project management concepts. One of the significant needs of proper project management is generation of regular reports on the project progress. A project report is a document that provides the needed details on the overall progress and condition of the project. This theory helped in understanding the issues that might creep in as a result of improper status reporting. The issue arises because of a number of factors. It can be sheer out of negligence or out of the fear of job loss, the team members who are given with the responsibility of reporting the project progress may not provide the details of the real scenario of project to the managers and the stakeholders there by increasing the chances of the project in facing a number of risks (Abdou, Yong & Othman 2016).
Proper knowledge about the structure and need of project report helps in understanding the issues associated with the improper status reporting.
Optimistic status reporting is another significant issue associated with the status reporting. The communication channel further plays an integral role in propagation of the status report. However, it is very important to evaluate how the status is perceived. The status reporting can be biased or can be perceived wrongly.
The use of proper communication channel is important in order to properly propagate the status reports. The issues in status reporting can often be the cause of improper communication channel. The theory of communication in project management helped us to understand the need and importance of maintaining an appropriate communication channel during the execution of a project. The choice of evaluation of this project management issue will help in my professional career growth as proper status reporting is an important aspect of successful project implementation.
One of the important aspects of proper project execution in elimination of the different risks associated with a project. Generation and propagation of the timely project progress reports are therefore essential in order to identify whether there are any risks associated with the project or whether the project is following a proper project plan (Alhawari 2016). The different theories of project management have given a clear idea of the need of report generation and propagation in a project. The communication theory further helped in identifying the importance of maintaining a proper communication channel for easier propagation of the status reports (der Prüfungen 2013).
The issues and the challenges associated with status reporting can was easier to identify as this course has given a proper knowledge about the different project management concepts and issues associated with project management. The issues associated with the project status reporting were evaluated as reporting the status of the projects is a very important aspect of project management (Heagney 2016).
This academic course on strategic project management helped me understanding the different causes of the problems that are associated with the status reports of the projects (Burke 2013.). Project status reporting problems is a major issue in project management irrespective of the type of the project. The identification of the different issues in status reporting was needed in order to gain a firsthand knowledge about the different problems that might be faced by the project team members while execution of the project. The course work and the lectures that I have attended in this subject have helped me in gaining a deeper knowledge about the issues associated with project status reporting. The lecture from the guest lecturer has given an idea of the Mum effect which is a significant cause of the different issues that are faced in project status reporting. The mum effect refers to the hesitant nature of the people that they feel while sharing the bad news in comparison to the good news. This issues associated with the project status reporting is chosen to be evaluated since this is as important for a project as risk management is.
With generation of proper progress reports and establishment of the proper communication channel helps in eliminating the issues associated with the project status reporting (Keil et al. 2014). The lecture of Professor Mark Keil has helped me in understanding the different issues associated with the project status reporting.
The communication theory will be a help to the team members in understanding the necessity of the establishing a proper communication channel, which is one of the necessary need of proper status reporting (Schwalbe 2015). Furthermore, it is necessary to develop a project environment where the team members will not feel reluctant to convey the bad news associated with the project as it is mandatory to address the different risks associated with the project (Kerzner & Kerzner 2017). The proper risk identification can be possible only if timely status reports are generated and circulated among the team members, project manager and the project stakeholders.
On addressing the issues that are associated with the project status reporting, I have gained knowledge about the mum effect. It term was new to me and therefore I took an active interest in learning more about this effect. This assignment and the course has helped me in understanding the different issues associated and IT project. Status reporting is however important in every project irrespective of the type of project. The knowledge about the different issues associated with the project status reporting helped me and my team members in properly managing the project in which we have worked. Since hesitant nature of the team members in propagating the bad news is one of the main reasons of the issues associated with the project status reporting, our team members ensured that all the issues and risks associated with the project are propagated on time. For this a proper communication channel is made that resulted in the easier propagation of status of the projects. Maintenance of a proper communication channel was essential and for that a communication plan was made in the beginning of the project. The concept of communication plan was obtained from the course work. It is understood that having a proper communication among the team members is very important for ensuring the success of a project.
The risk management theory helped in understanding the concept and need of project risk management as discussed by Suzanne Rivard. The first step is to identify the different components of risk exposure so that the risks associated with the project can be managed properly. The concept of risk exposure has mainly two components, the likelihood of occurrence of the risk and the loss that will be a result of the risk. The issue of risk management is essential to address in a project. The likelihood of project deviation from the identified project requirements and the deliverables of the project gives rise to the risks associated with the projects (Loosemore et al. 2012). The risk management theory helps in identification of the different project attributes that results in the different risks associated with a project. This issue was chosen to be evaluated since risk management is one of the essential needs of project management and any project irrespective of their type and size are associated with the certain amount of risk (Stukalina 2016).
The choice of theories of risk management is appropriate in this concept and the issues that is to be addressed is mainly based on the process of risks management and the different issues that are encountered by the project teams in management of the identified risks (Pryke & Smyth 2012).
The risk management theory helped in gaining a deeper insight of the identified problem since it gives an overview of the process of risk management that is essential in any project. The risk management theory helps in evaluation of the loss that the project can face due to the risks in the project.
The exact measurement of the risk exposure is necessary in order to identify the different approaches of addressing the risks. This is possible only when a proper identification of all the risk attributes is made (Hopkin 2017). The risk management theory gives us knowledge about the addressing of the risks. The first response to the risk can be risk acceptance. This response is recommended only when the risk exposure is low and therefore the project team can readily accept the risk. The second response is avoidance of the risks associated with a project. The risk avoidance is mainly chosen when the risk exposure is very high and the presence of such risks in the project might result in project failure (Pritchard & PMP 2014). The third response is risk transfer which is chosen when a particular risk can be transferred to a third party for example to a contractor or a supplier. The fourth response and the most interesting risk management approach is risk mitigation. Risk Mitigation diminishes the likelihood of occurrence of the risk in a project.
The risk management theory definitely helps in gaining a deeper insight of the risk management problem. The approach addressing of the risks associated with a project mainly depends on the expertise of the team members. This theory has helped me in understanding the different aspects of risk management. One of the important approaches of risk management is to reduce the likelihood of occurrence of the risk (Ashan & Sakale 2014). This theory has helped me in understanding the importance of risk monitoring in management of the different risks associated with the project. Risk monitoring is important since a risk that is addressed in the initial stage of the project can return in the subsequent stage. Therefore, performing tthe risk assessment in regular interval is necessary (Titarenko, Titov & Titarenko 2014).
This theory and the lecture of professor Suzanne RIvard have helped me in gaining knowledge about the different aspects of risk management.
The issue of risk management is common in every project and therefore, the evaluation of the different issues and risks associated with the risk is very important. The risk management theory helps in identification of the different aspects of the risks associated with a project. Since the evaluation of the risk or risk assessment is one of the major aspects of risk management, the choice of this theory helped me in gaining a deeper insight of the second issues associated with the project. It is essential to address the different risks in a proper manner as the risk response is mainly dependent on the different attributes of risk exposure. Our entire project team took active interest in gaining a proper knowledge about the different processes of risk management, which helped us in managing our current project. The evaluation of the risks associated with the project was possible with the knowledge gain from process and attributes of risk assessment (Zhang & Fan 2014.).
The proper knowledge about the risk management process and the different aspect o risk management will help me in my professional career. Risk management is an important need of any project and therefore understanding the different process of properly identifying and addressing the risks associated with the project is very essential. I chose to evaluate the issues associated with the risks management in projects as it is one of the important aspects of project management. The lecture of professor Suzanne Rivard has helped me a lot in brushing up the different attributes of risk management. The concepts of risk response have helped me in understanding the cases where those risk response will be appropriate to use. These concepts will help me in understanding the different ways of managing a project. In the current project, I played an active role in identifying and accessing the risks associated with the project (Fan et al. 2015). These insights gained from the theory of risk management and the lecture video has helped in understanding the need and the importance of any project. Since presence of risks is inevitable in a project, I took an active interest in learning about the different risks associated with the project and this knowledge will help me in managing the projects which I shall be handling in future.
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