Objectives of the risk management II. An assessment of the high level risk that are connected with different areas of the project III. Process of managing the risk IV. Decision making in the risk management process The creation of the strategies associated with risk management in the very start of the project pave ways of ensuring the effective management of the risks and efficiently completion of the life cycle of the project and also it increases the chances of the producing a standardised product that meets the requirements of the companies objectives for a project (Munier, 2014). Risk Management Process The following steps are very commonly found in the risk management procedures that are followed: 1) Identifying the risks 2) Evaluate the
The Cost Change Control System in a project is a part of the Integrated Change Control System and documents the procedures to demand, approve, and incorporate changes to project cost performance (Figure 1). Figure 1. Good progress cost change When a cost changes enters the system, then there is a need of appropriate paperwork, a tracking system, and procedures to the project manager must follow to obtain an approval on the proposed change. If any changes gets approved for the project, then the cost baseline is updated to reflect the approved changes. For the future potential reference if a request gets denied, the denial must be documented to get clear ideas.
The first and foremost thing that has to be identified is the roles and the responsibilities of the Project and according to that the necessary management plan could be designed. Communication Management Communication is the way in which the opinions and the ideas of each of the individuals are expressed in one way. Communicating with each of the others mainly help in collecting ideas based on each of the factors that are being considered in the development of the project. For an instance, there are constant changes that take place based on each of the areas when a particular project is being developed. So in order to inform these changes, it is necessary to keep the stakeholders informed or the particular individual concerned based on the changes that are
Flow charts of all the critical sequences of the various activities of the project. Any quality activity which lies on the critical path or critical chain of the project and which will require special priority or resources. 8.3 Quality Control In essence this is all about the hands-on establishment and control that the deliverables and all their requirements have been met. Quality control involves the necessary activities that are needed to identify, monitor and asses that the project outcomes comply with the relevant specications and standards. In order to do proper control, the following input is needed: The quality management manual so to understand management's intent and commit- ment to quality.
There are some factors to be concerned during delivery of fast-track construction project effectively: (i) Selecting of project delivery way to achieve the required result is important to project. Selected delivery method determines the contracts between the different parties, and the practices necessary to form and administer the contracts as well as risks are assigned. Selection needs to be carefully made on each project which based on specific situations, and primary constraints of the project. (ii) Fast-tracking not only refers to overlapping activities among design and construction work. The extent of fast-track can be extended to the early stage of project.
What is project management? Project management is the “application of knowledge, skills tools and techniques to project activities in order to meet project requirement.” That is, project management is an interrelated group of processes that enables the project team to achieve a successful project. However, Stewart, 2008 defines the project
To do that efficient project risk management must be integrated within the organisational risk culture. However, before the integration can begin one must first understand the existing risk culture. As well as the targeted culture and the steps that must be taken to make the transition. IRM (2012: 13) suggest that an organisation should treat the integration of improved project risk management as a project. Like any project it will have a set of objectives it must meet and procedures for intervention.
Planning and scheduling are the most important aspects contributing to the success of a project. How these factors affect the construction productivity is studied and discussed in this project. With proper planning and scheduling, there is a great chance that the work would be completed within the targeted cost and time. It is important that proper work would be completed within the optimum usage of materials, manpower and machinery be adopted. The techniques normally been used for project scheduling, are namely the Gantt chart and critical path method.
They need to generate the definite strategy to overcome the problems faced. They need to set up company goals and missions to fulfill customer’s requirements. 220.127.116.11 M-MEASURE Measurement is next step that comes on the ladder board of DMAIC. Here the project team members have key role to measure every aspect of the product they are going to produce. They are required to search the root cause for the problems that are defined.
Thus, it is very important to apply the project management principles. As per PMI (2013), project management is the application of know-how, skills, tools and techniques to project activities to meet project requirements. Project management is about directing and coordinating human and material resources throughout the life of a project to achieve project objectives within specified constraints. Alike, Kerzner (2003) defines project management as the planning, organizing, directing, and controlling of organisation resources for short term objective that has been established to complete specific goals and objectives. Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements.