Itc505 Ict Project Management: Risk Assessment Answers
Task
Include the Project description and overview you developed as part of Assessment .
Part One: MOV - Measurable Organisational Value
•Identify the desired area of impact - Rank the following areas in terms of importance: Strategy / Customer / Financial / Operational / Social
•With reference to your project, identify one or two of the following types of value:
- Better - is improving quality important to your client?
- Faster - does your client want to increase efficiency?
- Cheaper - is cutting costs important?
- Do more - does your client want to continue its growth?
- Develop an appropriate metric - this sets the target and expectation of all the stakeholders. It is important to determine a quantitative target that needs to be expressed as a metric in terms of an increase or decrease of money.
•Determine the timeframe for achieving the MOV - ask yourselves, when do we want to achieve this target metric?
Part Two:
Define Scope and produce a Scope Management Plan
Define the scope of the project and detail how the scope will be managed.
Provide a list of Resources
Identify and detail the resources for the project using MS Project where appropriate, including:
- People (and their roles), plus any extra personnel that is required for the project.
- Technology - any hardware, network and software needs to support the team and your client.
- Facilities - where will most of the teamwork be situated?
- Other - for example, travel, training etc.
Part Three:
Using MS Project, develop a schedule using a high level Work Breakdown Structure (WBS). It should include:
- Milestones for each phase and deliverable
- This will tell everyone associated with the project that the phase or deliverable was completed satisfactorily.
- Activities / Tasks
- Define a set of activities / tasks that must be completed to produce each deliverable.
- Resource Assignments
- Assign people and resources to each individual activities.
- Estimates for Each Activity / Task
- Develop a time estimate for each task or activity to be completed.
- Project Budget
- Develop a budget using the time and resources estimated for each task or activity
Part Four: Project Risk Analysis and Plan
- Document any assumptions you have made about the project
- Using the Risk Identification Framework outlined in your text as a basis, identify five risks to the project – one for each of the five phases of the methodology.
- Analyse these risks, assign a risk to an appropriate member, and describe a strategy for the management of each specific risk.
Part Five: Quality Management Plan. It should include:
- A short statement that reflects your team’s philosophy or objective for ensuring that you deliver a quality system to your client.
- Develop and describe the following that your project team could implement to ensure quality;
- A set of verification activities
- A set of validation activities
Part Six: Closure and Evaluation
Researching for the closure checklist and project evaluation
To prepare for this task, you will be required to provide an annotated bibliography.
Write an Annotated Bibliography for three (3) relevant texts or readings around project evaluation.
Your Client
Your client is Globex Corp. To learn more about Globex and their business and history, please visit the Globex website(globex.uimagine.edu.au). You should ensure you visit the Riverina Agriculture and Lifestyle Show page accessed via the ‘RALS’ link in the main menu. (note: you will be prompted to enter your CSU username and password to access this site).
As a Virtucon staff member and in order to gather information for your assigned project, you have been granted temporary access to the Globex staff intranet. Please access this by navigating to the ‘Staff’ menu option. You will need to enter:
Answer:
Part One - Measurable Organisational Value
Identification of the Area of Impact
|
Factor |
Description |
Ranking |
|
Customer |
The focus of the customer is high on the project as Globex wants the application for its customers only |
1 |
|
Financial |
Economical impact on operations would be effective for the development of the successful execution of the activities. |
2 |
|
Operational |
Operations of the organization is a must as the application is supposed to make it more effective |
3 |
|
Strategy |
Strategies of implementing the development factors would be eased with the consideration of the factors and development. |
4 |
|
Social |
Social influence of operations would be implied with the involvement of the successive development factor. |
5 |
Identification of the Desired Value
|
Value |
Metrics |
Time Frame |
|
Better |
Number of operations |
3 months |
|
Faster |
Delivery time |
2 months |
|
Cheaper |
Cost Incurred |
5 months |
|
Do More |
Effectiveness |
8 months |
Part Two – Project Scope
In Scope
- Development of the Project Plan
- Design of Cash Application
- Development of Cash Application
- Testing of Cash Application
- Final Documentation
Out of Scope
- Training of the users
- Change Management
- Scope Creep Analysis
People and their Roles
|
Resource Name |
Roles |
|
Financial manager |
Management of the Cash Application |
|
Project manager |
Management of the project activities |
|
Project planner |
Project Scheduling |
|
Developer |
Development of Application |
|
System engineer |
Integration of system functions |
|
Designer |
Design development |
|
Tester |
Testing the system for functions |
|
System analyst |
Analyzing the system requirements |
|
Database administrator |
Management of the database |
|
Human resource manager |
Management of the human resources |
|
Risk analyst |
Analyzing the project risks |
|
Programmer |
Programming the application |
|
System administrator |
Managing system functions |
|
Software engineer |
Integration of system functions |
Technology (Hardware, Software and Network)
Hardware and Network Requirements
Computer System, Router, Switch, and NIC card
Software Requirements
Application UI, Programming, Designing, and Testing Software
FacilitiesPart Three – Work Breakdown Structure
High Level Work Break Down Structure
Gantt Chart and Project Schedule
The Gantt chart for the project is shown below,
Milestones
|
WBS |
Task Name |
Duration |
Start |
Finish |
|
M1 |
Kick off |
0 days |
Mon 8/6/18 |
Mon 8/6/18 |
|
M2 |
Plan Approval |
0 days |
Mon 8/20/18 |
Mon 8/20/18 |
|
M3 |
Design Approval |
0 days |
Tue 8/28/18 |
Tue 8/28/18 |
|
M4 |
System Developed |
0 days |
Thu 9/27/18 |
Thu 9/27/18 |
|
M5 |
Test Documentation |
0 days |
Thu 10/11/18 |
Thu 10/11/18 |
|
M6 |
System Live |
0 days |
Thu 10/18/18 |
Thu 10/18/18 |
|
M7 |
Project Closed |
0 days |
Mon 10/22/18 |
Mon 10/22/18 |
Resource Usage
Project Budget
|
Resource Name |
Work |
Standard Rate |
Cost |
|
Financial manager |
80 hrs |
$ 70.00/hr |
$ 5,600.00 |
|
Project manager |
80 hrs |
$ 80.00/hr |
$ 6,400.00 |
|
Project planner |
56 hrs |
$ 40.00/hr |
$ 2,240.00 |
|
Developer |
64 hrs |
$ 60.00/hr |
$ 3,840.00 |
|
System engineer |
96 hrs |
$ 75.00/hr |
$ 7,200.00 |
|
Designer |
32 hrs |
$ 50.00/hr |
$ 1,600.00 |
|
Tester |
104 hrs |
$ 50.00/hr |
$ 5,200.00 |
|
System analyst |
32 hrs |
$ 55.00/hr |
$ 1,760.00 |
|
Database administrator |
64 hrs |
$ 60.00/hr |
$ 3,840.00 |
|
Human resource manager |
88 hrs |
$ 70.00/hr |
$ 6,160.00 |
|
Risk analyst |
80 hrs |
$ 40.00/hr |
$ 3,200.00 |
|
Programmer |
48 hrs |
$ 65.00/hr |
$ 3,120.00 |
|
System administrator |
128 hrs |
$ 70.00/hr |
$ 8,960.00 |
|
Software engineer |
104 hrs |
$ 75.00/hr |
$ 7,800.00 |
|
Hardware and software requirements |
1 |
$ 5,000.00 |
$ 5,000.00 |
|
Additional cost |
1 |
$ 3,000.00 |
$ 3,000.00 |
|
Total Budget |
$74,920.00 | ||
Part Four – Assumptions and Risks
Assumptions
- Important Documentation would be done by the users
- All bugs and errors would be fixed in the estimated time
- Cash Application would be compatible with the user’s requirements
Risks
|
Risk |
Probability (1-5) |
Impact (1-5) |
Rating P*I |
|
Over budget |
4 |
3 |
8 |
|
Delay of Schedule |
5 |
2 |
10 |
|
Performance Issues |
3 |
5 |
15 |
|
Programming Errors |
2 |
4 |
8 |
|
Missing Function |
4 |
5 |
20 |
Part Five – Quality
Quality Statements
The new cash application for Globex would ensure that the requirements of the client for easing their customer’s operations would be done by following the engineering activities.
Verification Activities
Testing methods of White Box, Black Box, User Interface. Prototyping, and Simulation would be used as verification activities.
Validation Activities
Quality Control, Evaluation Checklist, and Feasible Project Plan analysis would be used as the validation activities.
Part Six – Project Evaluation
Annotated Bibliography
Article: A computerized method for delay risk assessment based on fuzzy set theory using MS Project™
Journal: KSCE Journal of Civil Engineering
Authors: Budayan, C., Dikmen, I., Birgonul, M. T., and Ghaziani, A.
Year of Publication: 2018
Synopsis: According to Budayan, Dikmen, Birgonul and Ghaziani (2018), the Ms-Project software can be helpful for defining the influence of the risk management. The analysis of the fuzzy set theory would align with the development of the successive management of the activities and implying the innovative and improved functional management using successful development of project schedule using Ms-Project. The risk assessment is helpful for enduring the analysis of the factors for developing the successful integration and alignment of the cohesive project integration. The analysis would also be helpful for taking care of the risk assessment and development of the factors for the integration management. The integration would be aligned for the management of the successful formation and introducing the utilization and formation.
Article: How does risk management influence production decisions? Evidence from a field experiment
Journal: The Review of Financial Studies (Vol. 30; Issue no. 6)
Authors: Cole, S., Giné, X., and Vickery, J.
Year of Publication: 2017
Synopsis: According to Cole, Gine and Vickery (2017), risk management holds an integral role in defining the management of the successful management and integration of the factors. The production decisions for the project can be effectively dealt with the innovative and improved analysis model. The risk management operations would be helpful for taking care of the factors for the implementation and utilization factors. The innovation would be more effective for the formation of the impressive management and development. The analysis of the factors for the development and alignment of the factors has been largely helpful for integrating the listing of the factors taking care of the improved analysis and development. The easing of the management model would be implied with the consideration and utilization of the successive development model.
Article: Between cost and benefit: investigating effects of cost management control systems on cost efficiency and organisational performance
Journal: Journal of Management Control (Vol. 29; Issue no. 1)
Authors: Diefenbach, U., Wald, A., and Gleich, R.
Year of Publication: 2018
Synopsis: According to Diefenbach, Wald and Gleich (2018), the consideration of the factorial representation of the development model would align with the consideration to the formation and listing the innovative management of the factors. The successful management of the factors would help the organization in taking care of the innovation and development. The cost analysis and the management of the resources act as a major factor for integrating the utilization and development. The completion of the successful project completion would be aligned with the management of the successful cost factors. The consideration for the efficiency analysis of the costing factor for the project is aligned with the utilization of the improved functional development.
Closure Checklist
|
Is required information and resources for the project comprehensive? |
þ |
|
Is the project plan feasible? |
þ |
|
Has the design being approved by the client? |
þ |
|
Are all the factors for the risk assessment being considered? |
þ |
|
Is it possible for the actualization of the project? |
þ |
|
Has the project be approved by the client? |
þ |
Bibliography
Almeida, H., Hankins, K. W., & Williams, R. (2017). Risk management with supply contracts. The Review of Financial Studies, 30(12), 4179-4215.
Andersen, K., Thorsteinsson, S. E., Thorbergsson, H., & Gudmundsson, K. S. (2017, July). Developing the academic-industrial partnership through student research and projects: Case studies from Iceland. In Professional Communication Conference (ProComm), 2017 IEEE International (pp. 1-5). IEEE.
Budayan, C., Dikmen, I., Birgonul, M. T., & Ghaziani, A. (2018). A computerized method for delay risk assessment based on fuzzy set theory using MS Project™. KSCE Journal of Civil Engineering, 1-12.
Burtonshaw-Gunn, S. A. (2017). Risk and financial management in construction. Routledge.
Christian, D. (2018). Building Cost Management: Case Study Using Costing Methods. IJAME.
Cole, S., Giné, X., & Vickery, J. (2017). How does risk management influence production decisions? Evidence from a field experiment. The Review of Financial Studies, 30(6), 1935-1970.
Cooper, R. (2017). Supply chain development for the lean enterprise: interorganizational cost management. Routledge.
da Silva, R. F., Filgueira, R., Pietri, I., Jiang, M., Sakellariou, R., & Deelman, E. (2017). A characterization of workflow management systems for extreme-scale applications. Future Generation Computer Systems, 75, 228-238.
Diefenbach, U., Wald, A., & Gleich, R. (2018). Between cost and benefit: investigating effects of cost management control systems on cost efficiency and organisational performance. Journal of Management Control, 29(1), 63-89.
Fuller, M. A., Valacich, J. S., George, J. F., & Schneider, C. (2017). Information Systems Project Management: A Process and Team Approach, Edition 1.1. Prospect Press.
Harris, E. (2017). Strategic project risk appraisal and management. Routledge.
Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach. Routledge.
Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley & Sons.
Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
Husin, S., & Malahayati, N. (2018, May). Identifying inaccuracy of MS Project using system analysis. In IOP Conference Series: Materials Science and Engineering (Vol. 352, No. 1, p. 012036). IOP Publishing.
Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.
Kerzner, H. (2018). Project management best practices: Achieving global excellence. John Wiley & Sons.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Markou, C., Koulinas, G. K., & Vavatsikos, A. P. (2017). Project resources scheduling and leveling using Multi-Attribute Decision Models: Models implementation and case study. Expert Systems with Applications, 77, 160-169.
Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and technology. Routledge.
Papke-Shields, K. E., & Boyer-Wright, K. M. (2017). Strategic planning characteristics applied to project management. International Journal of Project Management, 35(2), 169-179.
Shakeri, M., Shayestegan, M., Abunima, H., Reza, S. S., Akhtaruzzaman, M., Alamoud, A. R. M., ... & Amin, N. (2017). An intelligent system architecture in home energy management systems (HEMS) for efficient demand response in smart grid. Energy and Buildings, 138, 154-164.
Stair, R., & Reynolds, G. (2017). Fundamentals of information systems. Cengage Learning.
Wager, K. A., Lee, F. W., & Glaser, J. P. (2017). Health care information systems: a practical approach for health care management. John Wiley & Sons.
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