Write in here any points you can think of that help explain why risk management should be taken seriously and what might happen if it isn’t. Include any references and examples you might have.
Report to project sponsor
The risk management is essential for every organisation. The Business School at Roehampton University is no exception. The Business School following certain project methodology can mitigate the risks associated with the project. There are several project methodologies by which the refurbishment methodologies can be managed. The Business School must assess the risks involved with the refurbishment project. There are several risks. The Director may ask to submit the project (Heizer 2016). If the project is delivered before the mentioned deadline, the quality of the project may suffer. The project management will help to schedule a fixed deadline for the entire project. The Director, the project manager and the stakeholders, can know the start date and the finish date of the project. There are risks related to the refurbishing activities. The current classroom infrastructure must be reviewed. The hardware infrastructure must be reviewed well. The software resources must be analysed well. In this way, the project manager, as well as the Director, can know the areas where improvement is required. The project management helps them in conducting the feasibility study.
The Director can find out the loopholes that can prove to be a threat to the Business School (Ramazani and Jergeas 2015). Thus the project management is helpful in analysing the loopholes in the project. Several aspects need to be considered for successful implementation of the project. The roof fittings, the floor tiling, classroom wall plastering must be conducted sequentially one after another. The roof fitting will require a subtle amount of time. The project plan will help to know the start time and finish time of the project activities in details. The plastering can only be done after completion of roof fitting and floor tiling, and they should follow the sequential order. The Business School must follow the project management while implementing the IT infrastructure in Birmingham Campus. There are several aspects of IT which the Business School can achieve following the project methodology. The teachers can explain complicated concepts with the help of appropriate project methodology (Pollack and Adler 2015). The teachers can conduct online training, and the students can learn subjects sitting at home. However, there are several risks associated with the IT services. Both the teachers and the students must be used to the latest technology. The hackers often attack the system and database to steal sensitive information from the database and system. They must share the online study materials safely and securely and must notice that those data should not get breached. The project methodology can be helpful to know imply IT Governance within the Business School Campus. The Business School following the project methodology appropriately can mitigate the risks associated with the project.
Risk management approach
The PRINCE2 methodology is one of the project methodology adopting which they can attain maximum benefits. The PRINCE2 is capable of analysing the risks early. The PRINCE2 methodology develops a Project Charter. The Director of the Business School can get a glimpse of all the project activities. The project Charter also states that the stakeholders who are associated with the project activities. The project manager and the stakeholders can be able to assess the risks associated with the project. The Project Charter helps to know the risks and the threats associated with the project activities. There are several risks associated with the refurbishment project. The Director may ask to submit the project as fast as possible. Since PRINCE2 prepares a Project Charter, the Project Charter will show the start date and finish date of each project activities (Heizer 2016). Thus the Director can calculate the exact time to complete the entire project. The Project Charter also prepares the budget. Thus the Director and the project manager will be able to acknowledge the minimal budget that is required to carry out the project activities. Thus the Director and all the stakeholders associated with the project can know the minimal budget and the minimum time required to perform the project beforehand. The Director being the sponsor of the project needs to approve the Project Charter and the project plan. Thus the project manager and the stakeholders can avoid the risk regarding timeline and budget with the help of PRINCE2. During the project execution, PRINCE2 plays an important role. During the project execution, the project activities like the roof fittings, the floor tiling must be carried out efficiently. Good quality materials must be used during plastering. The electric wiring must be set up in within the Business School campus. The project management team following the PRINCE2 methodology can carry out the refurbishment activities.
The PRINCE2 can play an important role in setting up the IT infrastructure within the campus (Shelley 2015). The PRINCE2 can be helpful in applying the IT Governance policies within the campus. The IT Governance policies are capable of mitigating the project related risks. The management team of the Business School can secure their system and database from cyber attacks applying the IT Governance policies effectively. The University of Western Australia struggled throughout due to bad project management. The projects were badly scoped, there was lack of direction. The managers did not have a clear idea about all the project activities, the deadline and the project budget. They followed the PRINCE2 project methodology and eventually become successful. Newcastle-Under-Lyme College decides to work with the ILX Group and want to extend the range of professional course they impart. The NULC collaborating with ILX find out a training solution by which they can enhance their educational environment. The two case studies have been demonstrated in the paper (Calderon and Ruiz 2015). Both of them illustrate how PRINCE2 is enhancing the educational environment of both the University. Similarly, PRINCE2 will change the Business School at Roehampton University. The Birmingham Campus will be able to rejuvenate the classroom and the computer labs and will offer an excellent learning environment to the teachers and the students.
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