Advance Project & Risk Management Assignment Sample

Advance Project & Risk Management

Introduction - Advance Project & Risk Management

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The intervention of several digital technology and innovation approaches helps different businesses to become more competitive within the present business situation. A proper application of advanced project and risk management is, therefore, an essential step in analyzing a project before the adoption of any technology in a business process. The present study considers the scenario of Wilmont’s company which want to adopt flying drone technology within their business operation for the delivery of drugstore items and prescriptions. The researcher of the concerned study is, therefore, describes various aspects of this new concept by providing information on project schedule, budget, various theories of project management and their application, and other aspects. Each discussion is essential for such a project that requires a strong project managing plan for reducing risks and managing a project at an advanced level. Recommendations are also provided by the researcher in order to provide sufficient guidance.

Project Schedule

Critical path plays a major role in understating various processes from the starting of the project to the finish point of that particular project. Mentioned processes also have significance for producing an effective project schedule by taking sufficient time for each work (Armenia et al. 2019). A project schedule for the concerned project by using a proper time frame or Gantt chart is developed as follows:

Activities	Time (day)
Project plan	7 days
Estimation of budget	5 days
Review of plan	2 days
Identify suppliers and associate partner	6 days
Execution	60 days
Monitor each work	60 days
Completion of project and delivery	1 day

Table 1: Project Schedule

(Source: Created by the Author)

Project scheduling or timeframe can improve overall outcomes and productivity of the concerned project for Wilmont’s company and help them to maintain a strict deadline and target. Listing down all essential parts within the respective project also helps management to develop its milestones in order to achieve success (Stanitsas et al., 2021). Applications of a drone within business operations need a good plan and appropriate estimation of budget along with a strong contingency plan. Executing the entire project takes sufficient time to maintain all stressful and vital business operations.

WBS of the project

Time Phased Budget

Budgeting and estimation are also another essential part of the concerned project that help Wilmont’s to estimate their necessary cost regarding the new plan and procedure. Budgeting is not an easy approach that needs to consider all aspects regarding project cost and the contingency cost of a project. With the help of a proper budget, the manager and estimator of the concerned project can determine the amount of money they need to spend. The Authority and manager of the concerned project can determine the importance of different parts within the project with the estimation and proper budgeting (Müller et al., 2019). From planning to development and also within the process of execution, the use of drones in business operation can take sufficient budget for maintenance and continuation of the business process. Labour cost and cost of machine needs to consider with appropriate priority; moreover, the maintenance cost of drone also other essential aspects within the respective pharmaceutical business operation. Estimation of individual costs needs to consider several aspects of business by following an appropriate evaluation of budgeting. From labor cost, equipment cost, training cost, and also cost of the supplier to disruption or contingency cost, everything plays s major role in the budget calculation of the project.

Monitoring and Evaluation Metrics

Monitoring and evaluation metrics of a project play a major role in the success of a project. By using different parameters of the concern project management metrics project manager can track the performance of the project by evaluating various operations. For tracking cots, time, teamwork engagement, evaluation, and monitoring metrics act as the effective guiding light (Chen et al. 2019). For measuring the performance, monitoring it, and also for evaluating various activities a, project management metrics are developed as follows:

Objectives	Activity	Target group	Priority
To measure the productivity of the business.	· Analyzing profit · Understating time management · Monitoring progress of workers	Company and working departments	High
To analyze the return on investment (ROI) of the project.	· Measuring the value of ROI with calculation by using a formula like benefit/cost) x 100	CEO of organization	High
To understand the level of customer satisfaction.	· Collecting feedback from customers · Creating communication to get the opinions of customers	Customers	Medium
To analyze the satisfaction of employee	· Surveying within employee · Asking questions to employees · Provides an opportunity for an employee to make several decisions in business.	Employees of different departments	Medium
To ensure employees' performances	· Keeping track of employee performance regularly.	Project manager	Low

Table 2: Monitoring and Evaluation Metrics

(Source: Created by the Author)

Matrix of project management related to the cost or budget can show the value to the team. For example, the process of on-time delivery by using a drone can enhance project success in order to achieve the goal of the concerned project. Every mentioned objective within the above metrics plays an important role in measuring the overall performance and evaluating them in order to analyze business success.

Closure Checklist

Project closure techniques are a vital part of the managing of a project developed by the manager for evaluating the outcome of business at the time of closing a project. It also helps the manager to assess various activities within the project, including the actual performance of the project versus baseline objectives, lessons learned, and addressed issues within the life cycle of the project. Project closure can signify the last part of finalizing different activities within the project management process (Afzal and Sadim, 2018). The major benefit of using a project closure checklist is that a project maintains its plans and executes a plan based on several requirements. Within the process of closing a project, the project manager plays a significant role in checking different project works to meet the project's objectives. An appropriate project close thus ensures that the project meets all essential objectives by conducting several operations (Buganová and Šimí?ková, 2019). It also has the capacity for capturing the knowledge of several business activities and work as experience for different employees.

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Project Management Theory and Application

Classical Theories of Project Management

Within the classical project management theory, two management theories can explain the Scientific theory of management and the Administrative theory of management. According to the scientific management theory, the scientific method can also enhance performance and efficiency within a project (Schipper and Silvius, 2018). On the other hand, administrative management theory focuses on management, organizational structure, and the aspects of control to create performance and efficiency.

In the scientific theory, Taylor argued that the workplace manager has the job of creating a proper production system for achieving economic success (Daniel and Daniel, 2018). As per the theory of administrative management, different functions of a manager can vary on the manager type and also the nature of responsibilities of a manager (Piraveenan, 2019). According to the respective theory, within a project, the manager has different working approaches like planning, commanding, organizing, coordinating, and controlling various business operations.

Modern Project Management Theory

According to modern management theory, workers work for various reasons within an organization to achieve satisfaction and the desired lifestyle. Modern management theory allows a manager to develop great insight into project work. Concern theory also cans examine the motivation factor of an employee, so a manager who uses the respective theory can implement several processes by considering several needs. Modern management theory contains three major approaches quantitative approach, contingency approach, and systems approach. Within the quantitative process, concern theory developed various mathematical and statistical approaches for solving several complex issues (Apaolaza et al., 2020). The contingency management approach describes that any one approach of management cannot fits most organizations, and as per the concern theory, an appropriate management style varies on the situation. Applying and using diverse management styles within the contingency management approach can make a manager more adaptable and flexible within the workplace. As per the system approach, various parts within an organization work together to achieve the goal of a business project. Some of these approaches are the transformational process, inputs, feedback, and output.

Application of Theories on Concern Project

Within the application process, if mentioned theory on concern project needs to understand the scenario of the project first. Wilmont’s wants to develop its new business plan by using a drone delivery process, and therefore, the manager of the concerned project needs to analyze the entire project approach by using a proper production system to ensure project success. Rather than allowing individual employees, the manager can use a team for the successful completion of a task. Despite randomly allocating several tasks, the manager can assess different workers based on their capabilities and the importance of their jobs. Monitoring the performance of work is also essential, and the manager also can provide several additional instructions if necessary (Kaldyoraz, 2020).

The administrative business theory also plays a great role in managing a project like the project of Wilmont’s company. Concern theory supports work efficiency in order to achieve great managerial efficiency (Jaka Raharja et al., 2021). As per the respective theory categorizing various business operations of a pharmaceutical organization like Wilmont’s company helps the manager to understand their responsibilities. Within the business planning, the manager of the concerned organization can forecast the future impact of using a drone in prescription delivery and other processes and develop an appropriate plan that can fulfill the objectives of the respective project. As per the modern theory of project management, analysis of quantitative data regarding bushiness progress and employee performance can help the manager develop the project's success (Hussain et al. 2018). The application of a proper contingency plan also plays a crucial role within the entire management process of the concerned project. The organization manager can examine different subsystems and how they can interact with each other to achieve successful project delivery.

Conclusion and Recommendation

The report's author looked at a variety of factors in order to work on more complex projects and minimize risk. The project's schedule has a significant impact on the deadlines of various activities. Project budget and assessment, as well as a monitoring matrix, are also taken into account by the project researcher. Managing a project is a huge job, and the project manager must take into account a variety of factors, including the project's strategy, its failures, and its hazards. When a project's risks are being quantified, we say it is on the "critical risk path." Additionally, it may be described as a visible and clear method for monitoring and recognizing many activities linked with risks throughout the project life. Concern initiatives confront a variety of risks, including bad performance, high costs, and the possibility of missing a deadline. Every company risk must be identified, and a response strategy devised by the organization's management.

Furthermore, Wilmont's operational procedures might be affected by unanticipated changes in work, shifts in team members' roles, and other concerns. A crucial modification is needed in the process to deal with all of the issues listed above. Miscommunication with stakeholders, a lack of clarity in project objectives or timelines, and other factors might jeopardize the success of a project. With a proper risk management procedure, an organization's manager may mitigate all of the above risks. In order to implement an effective risk management strategy, a number of steps must be taken, including the identification of potential threats, assessing the probability and impact of those threats, identifying solutions to those threats, and conducting frequent reviews of the risk assessment.

A well-executed project contingency plan may have a significant impact in any uncertain environment. Identifying and comprehending the project's requirements is critical to the creation of an effective backup plan. Project execution requires clear communication and reporting rules (Willumsen et al., 2019). A manager who uses an effective monitoring method is better able to identify areas in which a backup plan is required. As an example, if a project manager observes that the project would take longer than expected to complete, they may establish a contingency plan by persuading the authorities and suppliers as well. Analyzing all stakeholders and the various demands of the company may greatly contribute to the creation of an effective business contingency plan.

References

Afzal, N. and Sadim, M. (2018) Analysis of advance software tools and techniques for software risk management and classification. Global Sci-Tech, 10(4), pp.187-192.

Apaolaza, U., Lizarralde, A. and Oyarbide-Zubillaga, A. (2020) Modern project management approaches in uncertainty environments: A comparative study based on action research. Sustainability, 12(24), p.10542.

Armenia, S., Dangelico, R.M., Nonino, F. and Pompei, A. (2019) Sustainable project management: A conceptualization-oriented review and a framework proposal for future studies. Sustainability, 11(9), p.2664.

Buganová, K. and Šimí?ková, J. (2019) Risk management in traditional and agile project management. Transportation Research Procedia, 40, pp.986-993.

Chen, T., Fu, M., Liu, R., Xu, X., Zhou, S. and Liu, B. (2019) How do project management competencies change within the project management career model in large Chinese construction companies?. International Journal of Project Management, 37(3), pp.485-500.

Daniel, P.A. and Daniel, C. (2018) Complexity, uncertainty and mental models: From a paradigm of regulation to a paradigm of emergence in project management. International journal of project management, 36(1), pp.184-197.

Hussain, S., Fangwei, Z., Siddiqi, A.F., Ali, Z. and Shabbir, M.S. (2018) Structural equation model for evaluating factors affecting quality of social infrastructure projects. Sustainability, 10(5), p.1415.

Jaka Raharja, A., Budiman, A., Herdyana, H. and Hardi Purba, H. (2021) Risk Management of Projects Investment Analysis: A Literature Review. Advance Researches in Civil Engineering, 3(2), pp.38-54.

Kaldyoraz, A.A. (2020) On the theory and modern practice of project quality management. ??????? ???????????? «?????», (2), pp.189-193.

Müller, R., Drouin, N. and Sankaran, S. (2019) Modeling organizational project management. Project Management Journal, 50(4), pp.499-513.

Piraveenan, M. (2019) Applications of game theory in project management: a structured review and analysis. Mathematics, 7(9), p.858.

Schipper, R.P.J. and Silvius, A.J. (2018) Characteristics of smart sustainable city development: Implications for project management. Smart Cities, 1(1), pp.75-97.

Stanitsas, M., Kirytopoulos, K. and Leopoulos, V. (2021) Integrating sustainability indicators into project management: The case of construction industry. Journal of Cleaner Production, 279, p.123774.

Willumsen, P., Oehmen, J., Stingl, V. and Geraldi, J. (2019) Value creation through project risk management. International Journal of Project Management, 37(5), pp.731-749.