TASK 2
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TASK 2 - MANAGING RESOURCES AND MITIGATING RISKS
2.1 - Managing Finances
Cost-estimation strategy
Financial management will be based on cost projections. This strategy could help Hull, the
first smart city in the UK, have a number of advantageous effects. There are basically three
approaches to carry out this action plan. The project manager will concentrate on the project's
scope level during the initial preliminary estimation phase, which also involves acquiring the
essential historical data for the project. The interim estimate will also include the project
estimate and customer response, according to (Paul, 2019). They will calculate the total
amount of hardware and software needed for the project as part of the final, complete project
estimate.
Using project cost estimating methodologies is one way standard to estimate project costs in a
very effective and accurate way (Nikooghadam et al., 2021). Additional needs for project
deliverables or changes in client requirements can be used to estimate project costs. In the
end, it was unsuccessful. This makes it easier for project managers to comprehend how to
develop a draft Smart City Operating System, Hull UK's project review, where the project
identity is completely grasped and a draft estimate is made. Costs for the project are
determined. Cost estimates must be prepared in advance in order for the project manager, as
well as all pertinent departments and stakeholders, to operate efficiently within the budget.
This enables cost estimates to be incorporated into long-term forecasting and gives project
managers and other participants in the project a better understanding of how to deal with cost
inflation and deflation. Project management frequently makes use of parametric, three-point,
bottom-up, and even analog cost estimate techniques. Similar projections were made for the
Hull, UK, Smart City Operating System project (Nieto et al., 2021). Using a similar project as
a benchmark, the project manager is then able to estimate the project's cost.
Justification
By examining historical data to determine the outcomes of previous projects, project
managers can efficiently analyze and estimate the final volume of the present project.
According to Surender et al. (2022) the current project review element, which contains all
kinds of comparable designs and activities proposed for smart city operating systems, is a
story that includes projects of a similar nature to the project that the project manager can
carry out. The researchers have an idea for a project that will use similar infrastructure, but
it's vital to keep in mind that this initiative is so recent and cutting-edge that there probably
won't be much historical data to draw on.
2.2 - Risk Management within the Project
Risk assessment through the creation of a risk register
To accurately analyze any potential dangers that could be present or develop as a result of the
project, risk analysis must be done as early as possible. The forecasting or forecasting
component of the projections should, after all, be similar to the general project difficulties
and how they may affect the project as a whole. Using a chart in which the threat and impact
of similar risks were recognized, a risk register was developed in this instance for the Smart
City Operating System project in Hull, UK (Makiea et al., 2022). Prioritization and
identifying who is accountable for identified hazards are two of the most efficient techniques.
Scale
Risk factors
Probability
Impact
Probability
Impact
(out of 10)
(out of
10)
description
description
High
Security
and
privacy issues
8
8
The possibility
is high.
It will affect how
private
the
project is.
Very
high
Quality issue
9
9
Extremely
unlikely
scenario
It will affect how
well the project
turns out.
Very
high
Political issue
8
8
Chances
are
very high.
The project will
also be delayed
as a result.
Low
Climate issue
6
6
There
are
fewer chances.
The quality of the
project
will
suffer, and there
will be a delay.
Medium
Knowledge issue
9
9
It might be
possible.
It will affect how
the project is
carried out.
High
Financial issue
7
7
The possibility
is high.
It will result in a
delay in the
project.
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Low
Communication
issue
6
6
There
are
limited
opportunities.
It might affect
how well the
project turns out.
Low
Poor delivery
4
4
Fewer chances
It will impact
project delivery
Medium
Sustainability
7
7
Probability is
high
Performance
monitoring
Low
Legal issue
4
4
Low chances
It will have an
impact on how
the project is
executed.
Table 2:
Risk register
Source:
(By author)
2.3 Change Management
Any project must incorporate change management, especially one as revolutionary as the
Hull Smart City OS effort. Effective change management makes sure that the new system is
implemented smoothly, reduces opposition, and maximizes its advantages. Change
management in the Hull Smart City OS project entails switching from conventional service
delivery techniques to a centralized, data-driven, and networked system (Alasbali
et al
.,
2022).
Importance of Managing Change in the Hull Smart City OS Project
1. Reduce opposition:
People acquainted with the present system, who are affected by
change, frequently express opposition. When it comes to a project this size, resistance may
come from employees, local officials, residents, and more. By including stakeholders in the
process, responding to concerns, and highlighting the advantages of the new system, effective
change management tactics may reduce this resistance (Brunetti
et al
., 2020).
2. Ensuring user adoption:
A key component of the Hull Smart municipal Operating System
project's success is ensuring that both municipal employees and people utilize it on a regular
basis. To ensure that end users are aware of the features and advantages of the system, change
management strategies include training programs, workshops, and awareness campaigns.
Adoption by users is significantly influenced by user-friendly interfaces and transparent
communication (Lin, 2022).
3. Resource Deployment Optimisation:
Change management aids in the efficient
deployment of both human and financial resources. Knowing the requirements and problems
of migrating to a new system throughout the implementation stage will allow the project team
to allocate resources efficiently and ensure there is sufficient staff for training,
troubleshooting, and support (Antony and Gupta, 2019).
4. Alignment with organizational goals:
Change management makes that the project is in
line with the larger goals and objectives of Hull City Council. By handling change well, the
project team can show how the Smart City operating system fits with the city's future goal,
which makes it simpler to get support and funding from other departments (Komninos
et al
.,
2019).
Control and Management of Change in an Organization
1. Change Control Boards (CCBs):
CCBs are crucial project management tools. They
assess modifications to the project and either accept or reject them (Baysinger and Butler,
2019). A CCB might evaluate suggested adjustments to technology, data sources, or project
scope in the context of Hull Smart City OS. This guarantees that modifications are carefully
assessed before being put into practice.
2. Communication Strategies:
Open communication is essential while managing change.
Stakeholders can be kept up to speed on the project's development via frequent updates,
newsletters, workshops, and town hall meetings. Additionally, it offers a forum for addressing
worries and inquiries, encouraging an open mind to change.
3. Risk management:
New hazards are frequently brought about by change. It is crucial to
identify any hazards that may arise from the Smart City OS's adoption and to have mitigation
plans in place (Ahad
et al
., 2020). By being proactive, the project is kept on schedule and
interruptions are minimized.
4. Training and Development:
By funding training initiatives, employers may provide their
staff with the knowledge and abilities required to operate the new system. Continuous
training should cover the hard talents and soft abilities needed to adapt to the shifting
workplace.
References to Similar Real Projects
Insights may be gained by looking at instances of smart city deployment that have been
successful in other cities. The value of efficient change management has been shown by
initiatives in places like Barcelona, Singapore, and Amsterdam (Noori
et al
., 2020). These
communities put an emphasis on integrating locals and companies, establishing clear
communication, and giving training opportunities. Theoretical frameworks and useful tactics
for managing change in smart city efforts may be found in research articles and case studies
on these projects. A mindset is required for effective change management, not just a
technique (Jayatilleke and Lai, 2018). Recognizing change as a continuous and crucial
component of the transformation process is essential for the Hull Smart City OS project to
succeed. Hull City Council can guarantee that the Smart City OS is not just technologically
cutting edge but also broadly accepted and helpful to the community it serves by adopting
change management practices.
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