ipl-logo

Mgt 311 Week 3 Project Risk Essay

1244 Words5 Pages

WEEK 3 COMPLETE: RISKS

Jequilla Jones
Bethel University Organizational Theory II
Dr. Willis
January 15, 2023

WEEK 3 COMPLETE: RISKS
This essay will explain the importance of a baseline budget, management of project risks, closing project activities, and the importance of feedback. Businesses depend on contractors and project team members to estimate, perform activities, and complete tasks involved in the specific project. Project team members and contractors aim to perform the agreed-upon tasks and activities to complete the project for the customer. Certainly, satisfying the customer is the main goal, and learning while performing tasks is knowledge gained for future projects.
BASELINE BUDGET It is important to develop a …show more content…

The project manager decides the work scope, schedule, and budget to agree with the customer. The project manager controls the project and ensures the budget and schedule with the customer. A risk assessment may assist with project organizational structures. These systems are designed for the individual’s needs. The matrix system aids in delegating responsibility and tasks to complete each project successfully. Project managers have the responsibilities of monitoring and testing systems along with other tasks to ensure the project runs smoothly. The matrix system allow managers to have time to assist with expertise, assign help, and perform other tasks related to organizing the project. Therefore, delegating tasks is crucial to ensure project management responsibilities are performed. Surely, the matrix system is beneficial and ensures increased knowledge transfer, improved communication, functional expertise, customer focus, and efficient use of resources (Gido et al., …show more content…

Ensuring all activities for the completion of the project are included, agreed upon, and written ensures customer satisfaction. Establishing a baseline budget allows the project to stay on track and budget as planned. At the completion of the project, the customer makes any final payments and feedback may be obtained. Feedback is an essential element for gaining and retaining customer satisfaction. Feedback is necessary to correct mistakes and make better future decisions for both the customer and project team members. Feedback allows businesses to make task changes, evaluate work performed, and reward employees for their services. Observing feedback is an important part of planning and aids in employee relations. Without customers, there is no business! Therefore, businesses should appreciate both customers and employees to guarantee longevity and

Show More
Related

  • Proj 586 Week 5 Risk Management Plan

    1008 Words  | 5 Pages

    The project is about developing a civil engineering software. The main risk this project would have to be scheduling. Since the project has exactly the required resources it would be important to make sure that before completing the planning process the project team must make sure that their schedule are planned in order to complete the project in time. Since, even a small scheduling mistake would cause the project to be delayed which could increase the project’s budget.

    Read More

  • Mission Statement For Smith's Wings Shop

    421 Words  | 2 Pages

    There are three mission statements for a company. One of the mission statements is about the customers. Comparing and contrasting with an analysis on mission statement for mission statement one is that: The strong point about this mission statement is that : The company valued their customers in contributing positively to the company and develop a balance interest in other lives and professional skills of other employees. The weak point is that this company develops their own selection or list of skills, and this company only valued customers while the customers contributing positively to their company this is weak and ineffective. You should valued all customers is they contribute to the business or not and you don’t mix your personal lives with your business.

    Read More

  • Foster Care System Essay

    1441 Words  | 6 Pages

    “Such experiences are critical in the short- and long-term development

    Read More

  • Hrm 531 Week 9 Final Project

    404 Words  | 2 Pages

    Address any variances in budget reporting from previous reporting period. Include: (1) Estimated Total Project Budget, (2) Estimated Construction Budget, and (3) Dollars Expended to Date. If there is a Financing Agreement for this project, provide an update. If none, indicate that. Section 5 – Project Scope and/or Quality Items Indicate any adjustments or considerations that impact or change the project scope or quality (such as pending change orders, standards waivers, etc.)

    Read More

  • Take A Balanced Approach To Risk Assessment Essay

    700 Words  | 3 Pages

    Children and young adults always experiment new ways and new things of doing things. As they are growing in a world of hazards and dangers that it would not be correct to keep them far from some of critical situations where we must support but not smother them as the children could possibly grow up unsociable, nervous and unhappy , if we restrict them from such situations, we may restrict their learning. So, it is very important that teaching the students the skills that will help in managing dangers and risk for themselves. By giving the opportunity to experience a certain level of risky practices will helps the students to develop competences and confidence to make their own balance approach in risk taking, so that the students are not over protected. •

    Read More

  • What Is The Pcnet Project Case Study

    674 Words  | 3 Pages

    Risk responses are guided by our established risk tolerance. In setting these goal one of which was to finish six months eelier than the project actual did we all see the project management description of coming in on time and budget with projects.

    Read More

  • A Rhetorical Analysis On Wendy's

    475 Words  | 2 Pages

    According to Monique Valcour, “An intention to help the employee grow, rather than to show him he was wrong”. When being receiving feedback from its consumers they should be aimed towards growth for the

    Read More

  • The Complexity Theory In Project Management

    911 Words  | 4 Pages

    To organise for project management requires an understanding of the organisation’s architecture which includes the organisational hierarchy - the grouping of internal business units, the authority lines and interaction with one another. Each of these aspects should be designed to support project management within the organisation. Structure should follow strategy or else it may impede communication, coordination and decision making which are all key to success (Brevis, 2014, p. 224). Hence, an important function of upper management is to support project teams by either redesigning the organisation to emphasize projects or integrating projects into the current organisation (Graham & Englund, 2004).

    Read More

  • Project Management Reflection Paper

    1246 Words  | 5 Pages

    The first step is determining the risk factors (such as financial, technical, execution, legal risk) that can significantly affect the project; this could be done through "brainstorming meetings, expert opinion, history, multiple assessments". Once the risk factors have been identified, the project manager has to determine the potential impact and probability of these risk factors. After that, the project manager has to seek strategies for mitigating risks with significant impact on the project execution and outcomes; this could be done via multiple strategies such as accepting the risk, minimizing risk, sharing risk, or transferring risk depending on the situation. The final step is to document the knowledge base for upcoming projects based on lessons learned from the current project to avoid mistakes previously

    Read More

  • London 2012 Risk Assessment Essay

    1571 Words  | 7 Pages

    I decided to analyse the risk assessment for the Olympic Game of London 2012. I choose the Olympic games because, in my opinion, they are one of the major events where everything has to be managed and calculated. In particular London’s Olympic game was an example of a worldwide successful event. I analyse it in relation to the risk assessment of the event “it is time for hour future”. First of all it is important to consider a fundamental difference between these two events: the Olympic games are a mega event that affect whole economies and tend to be global in scope with regard to their governance, participations and tourist arrivals; the event I created is a major event

    Read More

  • Marks And Spencer Market Segmentation Strategies

    1384 Words  | 6 Pages

    Feedback could be non verbal and verbal. This communication process is very important because it organizes how a message can be sent, seen, and delivered. Feedback also is very important because it can alter how businesses, and peoples’ communications with each

    Read More

  • Expert Interview Paper

    741 Words  | 3 Pages

    The risks identified during this meeting were added to the project plan and Risk Register. Historical Review of Similar Projects The project team reviewed the history of similar projects in order to determine the most common risks and the strategies used to mitigate those risks. RISK QUALIFICATION AND PRIORITIZATION In order to determine the severity of the risks identified by the team, a probability and impact factor

    Read More

  • Change Implementation Plan

    1770 Words  | 8 Pages

    Mapping stakeholders and clarifying roles and responsibilities early in a change can help to secure support for a change as well as ensuring that there is agreement around the levels of management required to make decisions. The project management team structure confirms decision making forums and specifies responsibilities, goals, knowledge and skills required for each of the roles in order to ensure that the project has effective and appropriate support and governance. Key roles within this structure are detailed as follows: Project

    Read More

  • Check In System Case Study

    842 Words  | 4 Pages

    • Feedback: Employees should know about their performance. Apart from regular feedback, employees get quarterly reminders to evaluate their expectations. Besides, special sessions on receiving and giving feedback are conducted. • Development and growth : Every employee is responsible for his/her career and personal development.

    Read More

  • Difference Between Internal And External Project Management

    765 Words  | 4 Pages

    With many-sided, tagged teams and/or skill sets, the project manager is the only person who can bring together all the things and take the charge for the success of the

    Read More

More about Mgt 311 Week 3 Project Risk Essay

Open Document