Project management is a practice of Initiating, planning, executing, monitoring and closing are various steps which require to be executed by individuals (Schwalbe, 2015). It is a field which includes principles, policies and procedures which are carried out to maintain and regulate project. These concepts require to be taken care from starting to completion of tasks. Each and every project comprises certain goals and objectives which are executed by people which have its responsibility. Present report is based on QAHE (QA higher education) which is an educational institution established in London. Management have added various things in firm such as computer labs in system. This help them to deliver quality services to students. Along with this, they even require to give healthy and friendly environment in institute to make their learning efficient. This assignment specifies benefits which risk management plan and PRINCE 2 methods significance have on system functionality.
1 Project initiation document
Before implementing project it is very important for manager to make proper documentation for completing task in an effective as well as specific time period (Sánchez, 2015). They are make PID (Project initiation document) for managing entire activities in appropriate ways. In this report mention fund requirements, time, labours, machineries, land, process etc. to complete work. Further this, contain several task which are manage and control to run entire work on time. It is as follows:
Estimated budget: This is a document that explain about fund allocation, time allotment of each on task to complete project to achieve redetermine goals and objectives in accurate ways. Management provide sufficient finance to project manger to implemented all task in an effective manner. QAHE need approx 120000 pound to purchases new and latest technology like laptop in order to effective run whole project task in a appropriate manner (Sears and et. al., 2015). Further with this, organisation can be build better infrastructure and professional skilled employees which are able to completing task effectively. All this have support to develop and offer learning environment for all candidates.
Difference of fund
Timescales: This is a important characteristic of project. Management of an organisation allocated time to all activities. Manager are used effective time approaches or method to minimise time as well as cost of work with in an organisation. This project is start form 15th July 2018 to 20thSeptember 2018. In total 65 days are needed to completing task in appropriate manner (Serra and Kunc, 2015).
Objectives: Every work are start with some objectives that provide direction to manager to completing project activities and support allocated finance. One of the main benefits of objectives is to provide all necessary information which are help to implementing task with in time frame. Through this, firm are able to effectively utilise available resources to get better outcomes. The main objectives of QAHE are explain as follows:
To replace old computer which are not working properly with new one.
To arrange more space for better placing of computer with in lab.
To manage all work in a 65 working days.
Approach: Management of the company develop strategies to select effective approaches to completing product work in specific time period. They are choose techniques and method to achieve goals and objectives which helps to provide competitive advantages at market place. Right kind of approaches helps management to better utilisation of resources and fund and improve success rate. PRINCE 2 approach are selected by QAHE management to completing project.
Stakeholder analysis: Stakeholder are very important persons for an organisation which are helps to run whole business activities in an effective manner. They support direct or indirect to firm in order to achieve goals and objectives effectively. Stakeholder are categories into four types, that are explain as follows:
High power, low interest: This kind stakeholder have higher influences power in decision making process of management, because in most of time they invest large amount in firm. But they can not take interest in organisation work process. Large investor and financiers are come under this category (Ramazani and Jergeas, 2015).
Low power, high interest: This kind of stakeholder have take interest in firm management decision but they have not enough power to take participation and influenced these decision according to their own thinking. Mostly suppliers are come nuder this category. They are more interested to increased profits as well as sales of product and services at market place.
High power, high interest: Stakeholder which are high power and interest have take participation in management work decision as well as firm growth or success at market place. Top managers of the company come under this categories. These are participate in development of strategies and plan which are helps to achieve goals and objectives in an accurate manner. Major decision of an organisation are taken by them.
Low power, low interest: This kind of people have not interested in product and they have can not retain power to manage work. Institutes employees are not interested to take participate in management decision in order to run whole business activities in an effective ways (Svejvig and Andersen, 2015).
QAHE provide higher education to their student. They are renovate their computers as well as practical labs in order to provide effective learning environment to support higher learning of student which increase their knowledge and skilled. With support of project initiative document, manager have better understanding about time and cost which are required to completing project task efficaciously. The main objectives of this plan to manage and control whole activities and support better utilisation of resources. Stakeholder are helps to achieve aim and objectives with in an organisation in long period of time. Overall, identification of factors like time, cost, objectives etc. is very essential for QAHE.
2 Gantt chart with all core components
Each kind of enterprise project either small or large include certain type of risk. For making a successful project, it is very important and analysed each kind of risk as it support in managing the same as it raise the chances of meeting better results. In order, a document known as risk register is develop by managing a project which include all risk which is involved in this project. One of major advantages of this document is that it aid managers in analysing proper as well as better techniques for accomplishing of project. Main component of risk is that it need to be understand by QA Higher Education managers for giving and creating a best environment of learning for all students are change in tax rate, owner mitigation, contingency actions and many others. Managers of project need to analysed all these in proper way for meeting set outcomes (Portny, 2017).
Project plan: This is called as written documents that include information about the required time as well as activities for completing a project. Gantt Chart and Critical path are the main techniques are used by managers of project. All this assist in managing a project activities for meeting set objectives along with its goals. Both aid managers in controlling activities of project and save time of organisation.
Critical path: This indicate the order of different functions contain while accomplishing a project. By the assistance of managers find out longest as well as shortest path of accomplishing a project (Kerzner and Kerzner, 2017).
Gantt chart: It is the most famous tool used by organisation for project management. By the aid of QA Higher Education can divide different project operations within small functions. It make a project process very easy as well as help in using all resources properly.
3 Risk register
Project management comprises various kinds of risk which require to be taken care by business person. So, this document defines various risks which are related with QA Higher Education, which are stated beneath:
Pre action score
Post action score
This concept specifies various danger which have connection with tools and techniques that are implemented in system. Management require to frame appropriate strategies and policies to manager business activities and deliver effective services to clients.
Management set benchmarks which require to be followed by subordinates. This help them to anticipate performance level of members on basis of outcomes generated by them. Thus, students of QA Higher Education get quality educational services (Joslin and Müller, 2015).
This risk defines that superiors require to consider government rules and regulations, thereby sign appropriate contract. In QA Higher Education, business person require to acknowledge and evaluate all factors and make system function in according to market conditions.
This concept defines tools and techniques that are implemented in system of institute to deliver adequate educational services to students. Along with this, management require to use modern technologies, so quality services and appropriate learning support is given to students. But, as in technology changes are occurring fastly which have effect on organisation.
In project, various contingencies occur which may have positive or negative effect on company and its performance. Manager require to take care that adverse conditions are taken care by them, so that objectives of project are timely attain (Hornstein, 2015).
Individuals require to acknowledge this risk which consists essential role in firm. It is essential that manager frame appropriate plan, thereby allocate resources efficiently. So, funds, material and manpower are utilised optimum way.
Banks are appropriate tool that help enterprise to take loan from them and manage hazards. This help business person to conduct operations effectively.
Superior require to acknowledge positive dimension of project tasks which are specified under scope.
Regulatory bodies have formulated various legislations in respect to project and its activities which require to be considered by management while framing strategies and policies.
(a) Importance of quality risk management plans
Plan of risk management is an document which is in an written form as it include information of each risk involved in accomplishing a project. Advance support of managers of project which use different tools for risk management for meeting set targets. This assist in keeping all project activities on track as well as support in finding out its influence on enterprise operations (Risk Management: an Important Part of Project Management, 2018). All over plan of managing a risk help in finding out along with that it manage each kind of risk linked with project. Importance of planning a risk management as well as procedure of risk management are discussed below in detail:
Identify the risk contain:Uncertainty and risk are the necessary components of each enterprise project. So before applying any efforts of project activity are accomplished by managers to find out factors of risk as well as evaluate proper strategy for managing the same. This make sure that proper accomplish of project and manager support in effective use of available resources in an effective way. As when managers of project do not evaluate the plan of risk management then it raise unneeded delays as well as cost is increased of entire project. Other advantages of planning a risk management is that it give managers support during uncertainty.
Ensure good quality of work: So various risk include in project which effect quality project activities as it decline the chances of successful projects. In this context, plan of quality management is which concentrate on its quality of different activities include in accomplishing a project. This aid in collecting higher profits. By the help of QA Higher Education can give effective and better environment learning to their students as well as boost the learning process.
Enhance workers performance: Proper as well as effective plan of managing a risk guide and support workers performing their responsibilities and roles in an proper way. As it boost a level of confidence of their workers as they called how to perform contingencies conditions. For meeting its major QA Higher Education will recruit a talent applicants for performing different activities.
In this way quality of planning a risk management support while ignoring mistakes as well as assist in finding out factors which effect project quality. Hence, this organisation support in evaluating a plan of contingency which can use at a time of emergency. Applying as well as formulating of planning a risk management is very important for accomplishing project in a right manner (Boyle, 2017).
(b) Relevance of PRINCE 2 as a methodology for project
PRINCE 2 is concept which is used by QA Higher Education which helps management to conduct project and activities appropriately. This approach specifies objective and goals that are related with project, start and end date and other essential information. Thus, these are various strengths and weaknesses which PRINCE 2 method have on project management are as follows:
Cost and time effective: With help of PRINCE method, manager is able to recognise risk at initial phases of project. Administration frame strategies and policies which help them to make system function effectively. This helps them to save time and utilise funds appropriately; thereby handle risks properly.
Standardisation: This approach helps individuals to deliver quality items and services in marketplace. Superior require to coordinate work of all departments and take care that products are manufactured as according to benchmarks.
It is predictable: Project management method consists various stages which require to be executed by superiors. It is essential that manager timely anticipate results that require to be generated from activities. Along with this, they even require to mange tasks appropriately (de Carvalho, Patah and de Souza Bido, 2015).
Non realistic: This method consists various tasks which includes determine every kinds of risk that are related with project initial stages. As, project have lesser chances of occurrence of problems and difficulties in middle.
Complex: Individual needed to have unique abilities to use PRINCE 2 approach, as it hard method. They require to join training sessions and seminars so that they are able to function appropriately.
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It can suggest through analysing the discussed project that for higher education of QA, PRINCE 2 is most effective approach to use. Through this help, organisation can meet all their major advantages associated with this technique or approach. For building and offering an effective learning environmental in better way to students in regard of boosting up the learning procedure. This assist in evolving the qualified and skilled working environment and avail in achieving effective outcome. Also, this can create more effective infrastructure as well as at the same time is able to build better environmental learning among the students. Further, through the advanced and effective utilisation of PRINCE 2 approach, QA Higher Education can track and control entire their practices as well as can increase up the procedure of learning of their students.
It can affirm from the above mentioned report that project management design and plan render support organisations in administrating undertaken project in best way along with delivering support in regard of achieving their determined objectives and goals. This support in managing the various function quality performed through various organisations.
de Carvalho, M. M., Patah, L. A. and de Souza Bido, D., 2015. Project management and its effects on project success: Cross-country and cross-industry comparisons.International Journal of Project Management. 33(7). pp.1509-1522.
Hornstein, H. A., 2015. The integration of project management and organizational change management is now a necessity.International Journal of Project Management. 33(2). pp.291-298.
Joslin, R. and Müller, R., 2015. Relationships between a project management methodology and project success in different project governance contexts.International Journal of Project Management. 33(6). pp.1377-1392.
Kerzner, H. and Kerzner, H. R., 2017.Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Portny, S. E., 2017.Project management for dummies. John Wiley & Sons.
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