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Chapter 15 (Project Management and Risk Management) - Coggle Diagram
Chapter 15 (Project Management
and Risk Management)
Project Management
Temporary organizational focused on achieving a specific task
Limited in time - Unique tasks - Clearly defined objectives
Life-Cycle
Initiation
Planning
Completion
Executing
Program Management
Bundle of projects
Projects in a programme are interdependent
Advantages
Ensuring strategic alignment
Reducing Complexity
Life-Cycle
2-Organisation
3-Deployment
4-Appraisal
1-Formulation
5-Dissolution
Project Management Office
Central support to project and program team
Disadvantages
Cost overhead
Advisory with few decision-making powers
Difficult to align across different divisions
Project Management Methodologies
Scrum
Sprints, Daily Stand-ups
CPM
Scheduling, Critical Tasks
Agile
Iterative, Collaboration, Flexibility
PRiSM
Sustainability, Triple Bottom Line, Stakeholder Engagement
Waterfall
Sequential, Linear, Phases
PRINCE2
Structured
Set of guiding principles and processes for managing a project
What makes for successful projects?
Effective governance
Goals and objectives
Commitment to project success
Capable sponsors
Project planning and review
Secure funding
Supportive organisations
Competent project teams
Engaged user organisations and operators
10.Aligned supply chain
11.Proven methods and tools
12.Appropriate standards
Success Factors
Goal commitment of the project and initial clarity of goals
Establishment of smooth communications and supporting infrastructure
Adequate project team capabilities
consideration of context
Establishing a balance between common methodology and flexibility
A supportive project culture
Allowing for time and local contingencies
Differences with international and national project management
More demanding
Weigh on PESTEL and CAGE
Time zone differences
Cultural sensitivity
Unique objectives
Managing cross-cultural teams
HR (Ch 14)
Need to communicate more intensely and manage expectations with greater clarity
Managing international business
Scope
Several locations
Risk Intensity
Bear greater risk
Purposes
Increase market share
Risk Management Process
Identifying Risks
Analyzing and Prioritizing risk
The processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project
Performing risk planning
Risk acceptance
cost of other risk management may outweigh the cost of the risk itself
Risk transfer
passed to another party by insurance, guarantees (outsourcing)
Risk absorption and pooling
Pool the risk by taking part in an SA or joint venture (mitigation)
Risk avoidance
Risk Profiling
External context includes PESTEL/CAGE
Internal contexts: Organizational factors and characteristics such as strategy, structure,
Project content: size, complexity level of technical uncertainty
Project process: Major project failure is most frequently related to an over focus on technical efficiency and outcomes
Monitoring and controlling risks