How to make project management work in your organization, chapter 16. Throughout

Question

How to make project management work in your organization, chapter 16. Throughout most of the course, "project standards" have been discussed. Imagine that you have just been hired as a project manager for a small company. On your first day, you discover that they have never had an "official" project manager. As you have learned, attempting to implement every standard you have been taught would be impossible. Chose two "suggestions" offered in chapter 16 as your "starting point." Explain why the these two specific standards would be important to the company to make project management a professional standard.

Explanation / Answer

Two of the most important project standards would be risk management and quality assurance, as the most important aspect of any project is to ensure it is completed on time, as per client specifications and within the specified budget. With quality assurance, which is easily the most important, in place, risk management procedures when implemented effectively, can ensure the project runs smoothly and successfully achieves all goals. Time and budgetary targets are closely monitored within risk management plans and strategies.

Any project however well planned, can always encounter unexpected problems. However well prepared we may be for unexpected events it is essential that a process be clearly laid out for tackling such events to minimise subsequent losses, tangible or intangible. Any unexpected event or condition that effects the outcome of a project can be termed as a risk. Risks maybe negative, or positive, which can be termed as an opportunity, however both need to be handled with utmost care, through identification, monitoring and immediate action to control resultant damage. When a project is in the planning stage known risky elements can be handled by avoiding the risk mitigating the risk comma transferring the risk or accepting the risk. It is essential to plan ahead for a risk. As a risk is an uncertain and unforeseen incident which greatly impacts the outcome of the activity undertaken, it is essential that plan be in place on the strategy to be implemented for handling such risk, as the incident maybe sudden and have large impact leaving little scope for immediate reaction or planning.

Risk mitigation plan is meant to minimise the negative impact of the risk or completely eliminate it. The first step in any plan for management of risk is the identification of the risk event. Brainstorming through involvement of every person involved in the project is the best possible way of creating a comprehensive list of various risk that could be encountered during the project. The list should be comprehensive and well segregated on the basis of categories such as, cost, schedule, client, weather, financial, technical contractual, political environment and consumer. Preparing a risk breakdown structure with each table starting with the heading and proceeding with increasing level of detail can provide a comprehensive referencepoint for risk management.

Once service has been identified every risk needs to be evaluated impact it could have on the outcome of the project through analysing the probability of occurrence and the potential for loss associated with the event. On this basis risk can be subdivided into impact risk and low impact risk, with maximum focus on critical risks which can derail the entire project. Risk within a project is directly proportional to the complexity of the project point for example a project which is largely dependent upon emerging Technology will exceptionally high risk especially under the technology heading the risk grading would be as critical, signifying that this is to be the central focal point during the entire length of the project with constant monitoring.

Once the evaluation plan has been completed the next step in the plan is to identify procedures which will need to be implemented for mitigation of the risk encounter to ensure minimal impact. As mentioned earlier, mitigation of risk can be accomplished through avoidance, sharing, reduction and transfer of risk. Strategic management of risk mitigation approach can so excellent results for elimination as well as reduction of risk. Alternative strategy for transfer of the risk through subsequent transfer of a part of the project to another vendor, sharing of risk by partnering with another window who would bring excellent value addition to the project, reducing risk by introducing sufficient funds into the project and avoiding risk by selecting a more reliable vendor instead of a cheaper option.

Contingency plans consists of an alternate project plan for achievement of the goal of the project when a critical risk has defied all control measures. In a similar way contingency funds are one side to side by the project management team in case of occurrence of financial risk related to substantial increase in cost of the project.

Therefore, comprehensive risk management plan goes a long way in ensuring the success of a project by management of any emerging risk, swiftly and efficiently Before any major impact upon the project quality and completion.

Considering that every project is aimed at achieving maximization of profits and satisfaction of customer playing a key role in thesuccess and profitability of the project, ensuring that the product meets every user requirement to ensure satisfaction is essential. Unless the user requirements not researched, analysed and implemented within a project it will not ensure success of the project as in result does not lead to user satisfaction. Involvement of the user within the project through an efficient system of feedback analysis and implementation of changes wherever required to ensure user satisfaction is essential, as it is a major project goal. Therefore, quality control becomes essential and utilisation of quality function deployment ensures successful monitoring of quality with assurance of output matching required quality. The QFD matrices are segregated on the basis of the various processes involved in production of a product right from initiation to final stage. Every Matrix however has as its basis the central and core value of the quality function deployment, that is to identify critical customer requirements and match the product to these by creating a link between the two. The central matrix of the house of quality, which provides a methodological approach to the planning for the requirement, and is a tool for graphic and integrated thinking, which necessarily correlates the design engineering process. It also achieves communication of the customer requirement alongwith implementation of customer needs within the product, and a communication system which ensures feedback of any deviation to management, along with associated risk and needs of the customer in that area. The needs of the customer can be segregated by prioritising the critical areas and associating with provision of relevant value to various aspects of the product which makes it competitive, through development of a relationship Matrix between needs of the customer and value of the product. It ensures flow of communication received from the customers feedback to the design and Technical Engineers so that end product matches customer needs. The needs of the customer are awarded a rating which helps to eliminate features which do not add value. Another feature requiring focus also is technical difficulty, which is considered to eliminate or modify certain features.

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