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BSBPMG517 Manage Project Risk

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Course Code: BSBPMG517
University: Danford College

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Question:
Manage project risk it is a pdf file and the main topic where you could find all the information related to this assignment like subject knowledge, information of project risk and more.What to do?There is a case study in the PDF file in page numbers 112 to 119, the case study is all about a website related to government of Australia agency known as National Archives of Australia where assume you are a private company who took over this government project and assume that now your team should discuss about project risk management.And then need to answer questions from page number 119 to 125 in a report format, like the one you use doing a master’s degree assignment.Please remember we are not discussing about project risk management here, we should use the NAA (National Archives Australia) project (Case study) to discuss about the project risk management for your assumed company.
Answer:

Introduction
The paper reflects on the technical upgradation of the National Archives Website in Australia. It is found that the organization “National archives” mainly engages in storing as well as preserving the various Commonwealth records including different types of archival resources. The organization wants to upgrade the website technically in order to ensure appropriate value for money and for achieving proper website functionality. The upgradation of National archives project is a government project that is mainly undertaken for providing up to date functionality to the users. While undertaking the project, numbers of risks as well as challenges that can obstruct the progress of the project are identified. The risks that are creating issues during the upgradation are associated with legislation, project control, organizational policies, project environment as well as expectations of the stakeholders. It is found that both the risk tolerances as well as risk appetite of the risks are high.
This report identifies, analyzes as well as evaluates the risks that are mainly associated with the project. The report also illustrates the risk management and mitigation steps. Moreover, the paper reflects on the budget that is generally required in order to resolve the risks and challenges that are associated with the project. In addition to this, lessons that are learnt through this report are explained.
Risk identification
The risk that generally occurs during the upgradation of the Archives website are elaborated with the help of the Work breakdown structure that is provided below:

WBS

Task Name

0

Risk management plan for National archives website upgradation

1

   Initiation phase

1.1

      Business case development

1.2

      Undertaking feasibility study

1.3

       Appointing team members

2

   Planning phase

2.1

       Creating steps for identifying risk

2.2

      Developing steps for analyzing risks

2.3

       Steps for evaluating risks

2.4

      Developing steps for treating the identified risks

2.5

      Development of risk monitoring phase

3

   Execution phase

3.1

      Risks related with IT team

3.1.1

         Inexperienced IT team members

3.1.2

          Inappropriate wireframe design

3.1.3

         Improper CMS implementation

3.2

       Risks related with Finance team

3.2.1

         Budget shortfall

3.2.2

         Rising cost of the resources

3.2.3

          Improper resource management

3.3

       Risks related with Testing team

3.3.1

         Inappropriate testing

3.3.2

         Inexperienced tester

3.4

       Risks related with Hr. Department

3.4.1

         Improper recruitment

3.4.2

         Improper resource assignment

4

   Closure phase

4.1

      Post project review

4.2

      Stakeholder sign off

4.3

      Documentation

Approach to identify the risks on the project
The different approaches that are mainly utilized to identify the risks on the project are elaborated below:
Top down approach: It is found that this decision making procedure is one of the centralized at governance level. This approach is mainly used for reflecting two modes which are full top down mode as well as prevailing top down mode.
Bottom up approach: The decision making procedure is mainly done at the various management levels. It is found that operational risks are generally identified by any of the staff member while performing their daily work.
Mixed approach: It is the criteria by which the head of the unit identifies as well as manages the various risks of the project. It is found that risks can be viewed or identified throughout the organization at any level.
Risk analysis
 The risks that are associated with the upgradation of the National Archives Australia are elaborated below:
 Inexperienced staffs: Due to improper experience, the staffs who are associated with the project faces lot of challenges in executing the project.
Inappropriate design: Due to improper design of the prototype, it will be quite difficult to upgrade the national archives website.
Improper CMS implementation: Inappropriate CMS implementation can cause lot of issues and challenges for the upgradation of the website.
Budget shortfall: Due to shortfall of budget it will be quite difficult to finish the project within the time that is estimated.
Rising cost of resources: Rising cost of resources can create lot of financial challenges for the project manager.
Improper management: Due to improper management, it will be quite difficult to finish the project within the expected time and budget.
Inappropriate testing: Inappropriate testing can cause lot of challenges in upgrading the website of the National archives successfully.
Risk evaluation

Risk No

Category

Description

Likelihood

Impact

Rating

Mitigation

Likelihood

Impact

Rating

1

Project risk

Inexperienced staffs

Medium

High

7

 Hiring experienced staffs

High

High

10

2

Project risk

Inappropriate design

Medium

High

9

Designing prototype properly

Medium

High

9

3

Project risk

Improper CMS implementation

Medium

High

8

Proper CMS implementation

Medium

Medium

8

4

Financial risk

Budget shortfall

High

High

9

Managing project budget

Medium

High

8

5

Financial risk

Rising cost of resources

Medium

Medium

7

Managing budget properly.

Medium

High

8

6

Operation risk

Improper management

Medium

Medium

6

Proper management of project.

High

Medium

7

7

Project risk

Inappropriate testing

High

High

8

Proper testing of website.

High

High

8

The risk action plan for the top two risks are elaborated below:

Risk action plan:1

Item No: 2

Risk description: Inappropriate design of wireframe can cause lot of challenges for the developer while upgradation of the website.

Risk rating:

Category: Project risk

Risk treatment: It is very much important to review the design of the wireframe in order to confirm that it meets the expectations of the users.

Action plan: Design of the wireframe needs to be reviewed after the design gets completed.

Proposed actions: The design of the wireframe got analyzed for ensuring that it meets the user’s requirements.

Resource requirements: Recruitment of design review team

Responsibilities: It is the responsibilities of the designer t make sure that the design of the website is approved by the reviewer

Scope Impact: Yes, it creates impact on the scope.

Time impact: It helps in enhancing the project time.

Cost impact: The cost of the project also enhances

Reporting and monitoring needed: After reviewing they provide approval documents.

Prepared by: Project manager

Date:01-08-18

Reviewed:

Date:

Risk action plan:2

Item No:4

Risk description: Due to improper budget estimation the budget of the project increases and as a result the project manager faces lot of issues and challenges.

Risk rating:

Category: Financial risk

Risk treatment: The risk can be treated by managing the budget of the project properly.

Action plan: The action plan for managing the budget is undertaken.

Proposed actions: Proper management of project budget.

Resource requirements: Financial manager must be hired.

Responsibilities: The financial manager is responsible of making documentation of the budget that is used.

Scope Impact: Creates huge impact on the project.

Time impact: Reduces time of the project.

Cost impact: Creates huge impact on the project.

Reporting and monitoring needed: Yes proper reporting and monitoring is needed

Prepared by: Project manager

Date:01-08-18

Reviewed:

Date:

Risk management and Control
 The significance of the mitigation steps that are mainly undertaken for the project risks are elaborated below:
 Completion of website upgradation on time: Due to proper monitoring and evaluation of project risks, the upgradation of the website will be completed within the expected deadline.
Completion of project within the approved budget: Due to proper management and control of project risks the website of National archives will get expected within the budget that is approved.
Successful upgradation of the website: It is found that due to completion of the project within the expected time and budget and thus the website will be upgraded successfully which will be quite advantageous for the organization.
Achieving objectives of the project: Achieving the objectives of the project not only helps in website upgradation but also helps in providing recent functionalities to the users.
Mitigation Strategies
 The mitigation strategies for the risks are elaborated in the table below:

Risks

Mitigation

Inexperienced staffs

 In order to resolve the risks, it is very much necessary to recruit experienced staffs for the project.

Inappropriate design

 It is quite necessary to review the design of the project for making sure that it meets the needs of the users.

Improper CMS implementation

Proper CMS implementation in order to resolve the challenges and risks that are related with the project.

Budget shortfall

It is very necessary to manage the budget of the project properly for avoiding financial issues.

Rising cost of resources

Cutting the extra costs of project activities for managing the budget.

Improper management

Proper experienced managers and staffs are necessary for managing the project successfully.

Inappropriate testing

Proper testing should be undertaken for ensuring that the website is upgraded properly.

Estimation budget
The rough budget that is estimated for resolving the risks and challenges which are mainly associated with the upgradation of the National archives website is provided in the table below:

WBS

Task Name

Duration

Resource Names

Cost

0

Risk management plan for National archives website upgradation

27 days

 

$ 9,400.00

1

   Initiation phase

3 days

 

$ 840.00

1.1

      Business case development

1 day

Project manager

$ 360.00

1.2

      Undertaking feasibility study

1 day

Financial manger

$ 240.00

1.3

       Appointing team members

1 day

Hr. manager

$ 240.00

2

   Planning phase

7 days

 

$ 1,960.00

2.1

       Creating steps for identifying risk

2 days

Risk assessment team

$ 560.00

2.2

      Developing steps for analyzing risks

1 day

Risk assessment team

$ 280.00

2.3

       Steps for evaluating risks

1 day

Risk analyst

$ 280.00

2.4

      Developing steps for treating the identified risks

1 day

Risk monitoring team

$ 280.00

2.5

      Development of risk monitoring phase

2 days

Risk monitoring team

$ 560.00

3

   Execution phase

13 days

 

$ 5,400.00

3.1

      Risks related with IT team

5 days

 

$ 1,880.00

3.1.1

         Inexperienced IT team members

2 days

Hr. manager, Risk analyst

$ 1,040.00

3.1.2

          Inappropriate wireframe design

1 day

Risk analyst

$ 280.00

3.1.3

         Improper CMS implementation

2 days

Risk monitoring team

$ 560.00

3.2

       Risks related with Finance team

4 days

 

$ 1,320.00

3.2.1

         Budget shortfall

1 day

Financial manger

$ 240.00

3.2.2

         Rising cost of the resources

2 days

Risk analyst

$ 560.00

3.2.3

          Improper resource management

1 day

Hr. manager, Risk assessment team

$ 520.00

3.3

       Risks related with Testing team

2 days

 

$ 800.00

3.3.1

         Inappropriate testing

1 day

Risk analyst

$ 280.00

3.3.2

         Inexperienced tester

1 day

Hr. manager, Risk analyst

$ 520.00

3.4

       Risks related with Hr Department

2 days

 

$ 1,400.00

3.4.1

         Improper recruitment

1 day

Hr. manager, Risk assessment team

$ 520.00

3.4.2

         Improper resource assignment

1 day

Hr. manager, Project manager, Risk monitoring team

$ 880.00

4

   Closure phase

4 days

 

$ 1,200.00

4.1

      Post project review

2 days

Risk monitoring team

$ 560.00

4.2

      Stakeholder sign off

1 day

Project planner

$ 280.00

4.3

      Documentation

1 day

Project manager

$ 360.00

Lessons learnt
The risk environment monitoring would be done successively for supporting the alignment of the factors defining the improvement of the risk management. The monitoring of the risk environment would be implied for easing the operations forming the implication of the utilization. The environment development would be deployed for easing the implication of the faster development process. The monitoring of the risk development would be implied for supporting the formation of the operations for website development and the implication of the improved operations.
The impact of the risk factors on the project can be minimized with the help of improved tools and factors like alignment process. The utilization of the operations can be supported by the use of the successive formation management. The innovation technology would be eased for using the improvement of the activities. The risk factors would be monitored along with the utilization of the processing and development.
The review of the risk responses would be developed for easing the utilization of the processes. The risk responses would be effectively modified aligning the review of the successive development process. The risk responses would be modified for improving the utilization of the factors. The risk responses would be eased with the formation of easing the management of the processes.
The responses would be supportive for aligning the actions and processes aligning the modification of the operations. The action plan would be utilized for easing the development processes. The utilization would be developed for forming the website development for aligning the development functions. The environment development would be deployed for easing the implication of the faster development process. The review of the project would be aligned for easing the support and development using the implication management.
The risk management process is dependent based on the use of the effective and smart processing of the operations. The project performance would be implied for developing the smart implication and support. The review of the project performance would be based on the alignment of the improved functional development. The review of the project would be aligned for easing the support and development using the implication management. The risk management would be implied for easing the support formation of the features. The deployment of the risk processing would be effectively deployed for the utilization of the functions.
The project performance development would be effectively utilization of the risk management processes. The deployment of the factors would be effectively deployed for supporting the implication of the risk mitigation for implying the easing of considered factors. The utilization of the effective formation management would be deployed for easing the successful support for the website development project.
Risk Management Issues
The risk management is the most effective method of analysing the existing facilities for developing the successful management of operations. The management of the risk factors would be developed cohesively for aligning the functional development. The identification of the risk factors would be effectively done for easing the formation of the implication model. The following table would show the identified risk factors for the project,

Date

Description of problem

Recommended Action

Lesson Learnt Raised by

15/08/2018

Delay in Completion of the activities is a major factor that would cause the impact on the operations.

Surrogacy Planning for implementing the alignment of the functions

Planning Development

20/08/2018

Over budget of the project would be deployed for causing issues the alignment of the functions

Provisional Budget would be successfully implied for easing the progress

Cost Estimation and Budgeting

24/08/2018

Website Deployment would face the issues of the system alignment  

External Developer for the website development would be required for dealing with the issue of website

Procurement Agreement

26/08/2018

Data Loss and misuse probability would act as a major factor for aligning the major support for the website project

Backup and recovery for the data would be implied for developing the data misuse

Disaster recovery plan would be developed

Bibliography
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Cagliano, A.C., Grimaldi, S. and Rafele, C., 2015. Choosing project risk management techniques. A theoretical framework. Journal of Risk Research, 18(2), pp.232-248.
Cha, J., Newman, M. and Winch, G., 2018. Revisiting the project management knowledge framework: Rebalancing the framework to include transformation projects. International Journal of Managing Projects in Business.
Conforto, E.C., Amaral, D.C., da Silva, S.L., Di Felippo, A. and Kamikawachi, D.S.L., 2016. The agility construct on project management theory. International Journal of Project Management, 34(4), pp.660-674.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. and Villanueva, P., 2014. Project risk management methodology for small firms. International journal of project management, 32(2), pp.327-340.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. and Villanueva, P., 2014. Project risk management methodology for small firms. International journal of project management, 32(2), pp.327-340.
Martens, M.L. and Carvalho, M.M., 2017. Key factors of sustainability in project management context: A survey exploring the project managers’ perspective. International Journal of Project Management, 35(6), pp.1084-1102.
Mousaei, M. and Gandomani, T.J., 2018. A New Project Risk Management Model based on Scrum Framework and Prince2 Methodology. development, 9(4).
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Papadaki, M., Gale, A.W., Rimmer, J.R., Kirkham, R.J., Taylor, A. and Brown, M., 2014. Essential factors that increase the effectiveness of project/programme risk management. Procedia-Social and Behavioral Sciences, 119, pp.921-930.
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Sanchez, M.A., 2015. Integrating sustainability issues into project management. Journal of Cleaner Production, 96, pp.319-330.
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