Assignment 1.3 Operational Technical Risk Management Strategy

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1.2 Strategic risk management strategy:- it includes the steps taken in order to reduce the failure of any strategies that are put in place to carry out a project. For example, irregular expenditure, not clear direction for attaining the goals of an organization etc. if the project does not have good management, this can result to the project complete failure .In order to achieve the aims and objectives of the project, the organisation must have proper management of project by project manager. Therefore the project manager should evaluate the present status of the project from time to time to ensure its smooth implementation.
1.3 Operational-technical risk management strategy:- operational technical risk strategy includes
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New schedules for the project will be created automatically if any changes are made to task lists. The software smoothen resource planning which should enable the effective use of the different resources, ensuring that during project execution there are the equipment, material at the right time and staff levels.
During the project control phase, control and budget features of project software will help in monitoring and control. For example, budget cost can be quickly compared with actual costs, at both for a project as a whole and level of individual activity. This will motivate constant tracking of progress, then comparisons made against planned progress enabling project managers to carry out a systematic discovery of any problem areas without any waste of time. The software allows both the standard and actual progress reports to be produced. Documentation will be of high quality, and reports can be drawn and distributed to the project team, and other interested stakeholders.
During the completion stage of the project life cycle, the software may be used to assemble
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CPM and PERT are effective tools for forecasting and can anticipate future components of a project or process. They allow managers to investigate and analyse all probabilities, ambiguities, uncertainties and pitfalls. CPM and PERT are used to determine and avoid thunderbolt and reduce wastage. Project managers precisely analyse all the factors that affect a project and its beforehand successful completion , and plotting the data clearly in a diagram format. PERT considers optimistic, likely and pessimistic time, therefore adding an element of probability to the final figure one obtains. While CPM takes only one time for and task. This time typically would be the ‘likely’ time for the task. PERT predictions may prove to be better for projects with long due dates to its ability to absorb a certain level of flux.

2(i) (ii) Durations of the critical task is 75 days. Therefore the project’s planned duration is 15 weeks. (iii) Task E is non-critical with 10 days (2 weeks) float and Task D is non-critical with 5 days

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