BSBPMG430Task 1-2
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School
Melbourne Business School *
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Course
000
Subject
Information Systems
Date
Jun 18, 2024
Type
docx
Pages
4
Uploaded by maymay40500
Questions
1.
List five project management tools and explain their use in project management.
Project management tools includes:
-
GANTT chart: a project management tool that illustrates work completed over a period of time
in relation to the time planned for the work. -
PERT chart: a project management
tool that allows users to map out a project's timeline and itemize individual tasks. This means that the PERT chart allows users to communicate project
instructions and set schedules and timelines for projects among other things.
-
Spreadsheets: a computer application
for computation
, organization, analysis and storage
of data
in tabular
form.
Spreadsheets were developed as computerized analogs of paper accounting worksheets
.
The program operates on data entered in cells of a table. Each cell may contain either numeric or text data, or the results of formulas
that automatically calculate and display a value based on the contents of other cells. The term spreadsheet
may also refer to one such electronic document.
-
Project scheduling software: range from a simple checklist app or calendar to organize small projects to robust tools that provide an overview of the entire project lifecycle and offer advanced features such as automation and resource scheduling.
-
Fishbone diagram: used to provide a pictorial display of a list in which you identify and organise possible causes of problems, or factors needed to ensure success of some effort. It is an effective tool that allows people to easily see the relationship between factors to study, processes, situations, and for planning.
2.
Outline three types of documents and sources of information that are used to define the parameters of a project.
Three types of documents and sources of information that are used to define the parameters of a
project includes : -
Project plan: an essential document for keeping your project on track. It states the purpose of your project and identifies the scope, structure, resources, goals, deliverables, and timelines.
-
Project budget: a plan that details how much you’ll spend, for what, and by when. When you create a budget plan in advance and use it to monitor spend throughout your project, you can reduce the likelihood that you’ll run out of resources or go over budget—a common occurrence in many workplaces.
-
Risk management report: a summary of the final results of the risk management process. Evidence of the implementation of the risk management plan needs to be included in the report. This may include references to the risk analysis documents.
3.
Explain the importance of planning for risks in a project and list three processes that can be used
to identify risks as part of a risk assessment process for a project.
A risk management plan ensures that risks are managed properly. The goal is to reduce the impact of negative risks and to increase the impact of opportunities. The risk management plan provides a tool for reporting risk to senior management as well as the project sponsor and team. 3 processes that can be used to identify risks as part of a risk assessment process for a project includes: :
-
Brainstorming: a creativity technique in which a group of people interact to suggest ideas spontaneously in response to a prompt.
-
Checklists of processes: a tool used to ensure that all necessary steps are completed in a particular process or task.
-
Fishbone diagrams: used to provide a pictorial display of a list in which you identify and organise possible causes of problems, or factors needed to ensure success of some effort.
4.
Explain the importance of a risk management plan in identifying and managing risks for a project.
Effective risk management strategies allow you to identify your project’s strengths, weaknesses, opportunities and threats. By planning for unexpected events, you can be ready to respond if they arise. To ensure your project’s success, define how you will handle potential risks so you can identify, mitigate or avoid problems when you need to. Successful project managers recognize that risk management is important, because achieving a project’s goals depends on planning, preparation, results and evaluation that contribute to achieving strategic goals.
5.
Explain the process of risk avoidance in project management.
Risk avoidance is a strategy that businesses can adopt to reduce their level of risk by avoiding certain high-risk activities altogether. Avoidance typically involves running your organization in a way that eliminates certain hazards and exposures that might result in a lawsuit or some other financial loss. A comprehensive risk avoidance strategy is one designed to deflect as many threats as possible, to avoid the costly and disruptive consequences of an unexpected event such as a security breach. Risk avoidance seeks to eliminate a potential risk and the potential for
damages and financial consequences of a disruptive event. 6.
Explain the use of risk mitigation strategies in project management.
Risk mitigation describes a process by which a project reduces its exposure to risk and works towards minimizing the likelihood of any issues arising during the project. It involves a process that we’ll explore in a moment but essentially addresses the top risks to fully protect the project. Risk mitigation strategies that have been developed include:
-
Risk Avoidance : This strategy avoids any activity that could be risky. This isn’t always possible, of course, and is best when the potential impact of the risk is high and the cost of mitigating it significant.
-
Risk Control : Also called risk reduction, this mitigates potential bad outcomes by enhancing safety and security. It also identifies and addresses risks before they become significant.
-
Risk Transference : Here the risk is transferred to another party, such as insurance to cover the cost. This is used when the risk can have a big impact, but it can also add significant cost to the project.
-
Risk Acceptance : As the name suggests, this is when one accepts the risk and its possible consequences without taking action. This is the best course of action when the risk is love and the cost of addressing it does not work with the benefits of mitigating the risk.
7.
Explain the concept of risk acceptance in project management.
Risk acceptance
is when the project team decides not to change the project management plan to
deal with the risk or is unable to identify any other risk response strategies for a risk event. This strategy can be passive where the project team decides to just deal with the risk if it occurs. Or it can be active where the project team has a contingency reserve allocated and plan in place in case the risk occurs.
8.
Explain the importance of quality assurance processes and procedures to guide effective and efficient project management. Quality assurance (QA) processes ensure that their products, services, or processes consistently
meet and/or exceed established standards and requirements. QA enhanced customer satisfaction and loyalty, minimizing expenses linked to substandard products or services and redoing work, and boosting employee morale, retention, productivity, and safety. By adopting QA
measures, you can ensure that employees work in a secure environment, where their hard work will be recognized with top-notch results, thoroughly tested for defects before being launched into
production.
9.
Explain the importance of human resources processes and procedures to guide effective and efficient project management. HR processes serve as an organization’s arteries, carrying the lifeblood to every department and nurturing company-wide health. Systemic approaches can help HR leaders promote efficient processes, thereby boosting productivity, retention, and engagement in the workplace
.
10.
Explain the importance of budgetary/financial processes and procedures to guide effective and efficient project management. Financial budgeting is the process of planning, estimating, and allocating financial resources for a specific period to achieve an organization’s goals while ensuring effective control over expenses and revenue.
The financial budgeting process essentially helps you understand the company’s financial health by evaluating the money at hand. After allocating financial resources, you can plan your business’s next move, tap into opportunities to scale further, or prepare for unforeseen circumstances.
11.
Explain the importance of record keeping processes and procedures to guide effective and efficient project management. Effective documentation plays a pivotal role in ensuring that the projects run smoothly and meet their objectives. Well-documented project plans and status updates make it easier to communicate with stakeholders, team members, and clients. It ensures everyone is on the same page and reduces the likelihood of surprises.Comprehensive project documentation can provide
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legal protection for both the project manager and the organization. In case of disputes, having well-documented records can be invaluable in proving compliance, decision-making processes, and meeting contractual obligations.
12.
Explain the importance of reporting in project management. Project management reporting enables you to stay on top of your projects and manage others' expectations, including your stakeholders
and team members. Reports allow you to consistently monitor and communicate your project scope, time, budget, and progress at any time to anyone who needs to know.
Using standardized reports, you can help align everyone with a common view of projects to identify problems, communicate status, and drill down into details. Stakeholders can become familiar with and quickly interpret the reports they’re given, no matter which project they’re looking at or who prepared the report.