Project Risk and Quality Management Strategy
Order Instructions:
Project Risk and Quality Management Strategy, Managing Rick and Quality in the face of change.
Review the St. Dismas Assisted Living Facility Casa study on pages 111 and 112 of the Mental text.
Develop a risk strategy for your project. In addition to listing your, describe your process for identifying, analyzing, and managing your risks. Than prepare a quality management strategy. Your project risk management strategy must be at least one page, double spaced and include:
- A brief statement on how you plan to manage quality for your project,
- A brief statement on how you plan to manage project change,
- A brief description of at least two tools and /or techniques you plan to use to manage quality and why you chose those tools.
- Reference: A Guide to project management body of knowledge (PMBOK GUIDE) 4th edition.
APA Styles.
SAMPLE ANSWER
Project Risk and Quality Management Strategy
Projects are vulnerable to certain risks and therefore it become important to ensure that an appropriate strategy is in place to mitigate such risks to ensure that the project comes to its completion within the expected period and meets the objectives set. The author develops a risk strategy for St. Dismas Assisted Living Facility Casa study. The author as well describes the process of identifying, analyzing and managing the risks, and provides a quality Management strategy
St. Dismas Assisted Living Facility Casa study is experiencing a slowly decline of patient admission. This problem puts at risk the capability of the organization to accrue profits. The solution is to expand the facility by including an assisted living facility to ensure delivery of cost effective inpatient care. To ensure that this project is success, it is vital to carry out a risk assessment. The strategies adapted should ensure that the project risks are mitigated.
Risk management is a systematic process where manager identify, analyze and respond to project risks. This process includes maximization of the probability and consequences of positive events and at the same time minimizes any probability of negative or adverse events or consequences. In this project, the risk strategy that will ensure that problem is mitigated will entail the following:
The first thing is to come up with a good plan on overcoming the risks in undertaking the project. In this planning, it will require various inputs such as reviewing the project charter, organization risk management policies (Thamhain, 2013). Roles, responsibilities, and authority for decision-making are going to be defined to ensure that every party understands their roles (Project Management Institute, 2000). It is also important to come up with a template from the organization risk management plan, identify any stakeholders’ risks tolerance and work breakdown structures. At this stage, it will require a meeting to be held to come up with a risk management plan. People that will be in attendant will include, project team, leaders, project manager and any person in the entity with the responsibility to manage the risk planning and execution activities and the stakeholders (Project Management Institute, 2000). Furthermore, at the planning stage, issues pertaining to budgets estimates, time frames and tracking are highlighted and discussed to ensure that once the proves commences it can move son smoothly.
After risk management planning, the second step required is risk identification. This will allow me to determine the specific risks likely to affect the project. The risks will be identified and its characteristics documented. To identify risk, it requires the person in charge to be aware of the mission, scope and objectives of the owners and stakeholders as well as of the project. It is also important to review the output of other processes to identify any risks across the entire project (Liu, Zou & Gong, 2013). Therefore, this will require review of some of the documents such as product description resource planning, WBS, schedules and costs estimates among many others. Categories of risks that are likely to be identified include, technological based risks, project management risks such as poor time and resources allocation and inequality of project plan. Other categories are organizational risks and external risks such as labor issues, legal or regulatory environment issues among many others. Review of historical information such as project files and published information will also help to understand the project and identify any risk that the project may be facing.
Various techniques can be used to gather information about the project including, brainstorming, using Delphi technique, use of SWOT analysis and through interviews.
What follows is the analysis of the project risk. One of the ways to analyze these risks is to carry out a qualitative risks analysis to assess the likelihood and impact of identified risk. Risks are prioritized in accordance to their potentials effects on the objectives of the project (Project Management Institute, 2000). It as well helps to understand importance of addressing specific risks and guides in risk responses. In analysis of these risks, the criteria used is the risk probability and impact in qualitative terms such as high, moderates and low or very low. In case the probability of risks occurring is high, then this provides a warning that triggers adherence to an alternative strategy to mitigate the same. Another way to analyze the risk is quantitative risk analysis that aims to analyze the risks numerically to find out probability of each risk and its consequences occurring on the project objectives (Benţa, Podean & Mircean, 2011). This analysis helps to determine or enhances achievement of a specific project objective. Identification and measurement of risks is done in relation to the relative contribution they have on the project risk.
The next step is risk response planning whereby options are developed to help determine actions that enhance opportunities and reduce threats to the project objectives or aims (Project Management Institute, 2000). This process includes identification as well as assignment of responsibilities to parties or individuals, to take charge of particular agreed risk responses. This process is very critical as it ensures that identifies risks are well addressed. If this process is effective, the chances of decreasing these risks for the projects are high and vice versa. The process should consider the severity of the risk, the time required costs to meet the challenge, be realistic within the context of the project and the parties involved.
Risk management is very important in project risk management strategy. This includes monitoring and control of the risk the project faces. This process keeps track of the identified risks, monitors schedule risks and as well helps in identification of new risks (Project Management Institute, 2000). It as well ensures execution of risk plans and evaluation of effectiveness of these plans to reduce the risk inherent. The project managers will be able to implement a contingency plan to mitigate these risks to allow successful project implementation. Risk monitoring and control is therefore a continuous process from the start to the end of the project. These risks continue to change as projects proceeds while anticipated risk may as well disappear. Through risk monitoring and control, information is provided that allow making of effective decisions before the risk happens. During this process, it is important to ensure free flow of communication (Didraga, Bibu & Brandas, 2012). All stakeholders should assess the risks periodically and assess their magnitude as they come up with amicable decisions or solution to mitigate the risks. Monitoring and control serves many purpose. It ensures that risks responses follows planned plans in implementation, ensure validity of project assumptions, ensure that proper policies and procedures are followed and ensure that appropriate strategy is adhered to implement mitigation plan to counter the risks among many others.
Project quality management
Project quality management is a vital process and entails all processes that aims at ensuring that project satisfies the needs for what it was undertaken. This process entails all activities of the management function that helps in determining the quality policy, responsibilities, objectives that are implemented through quality planning, assurance and control, and improvement within quality system (Project Management Institute, 2000).
In implementing this project, quality management is important and it will involve three major phases. These will include quality planning, quality assurance and quality control. In quality planning, quality standards relevant to the project are going to be identified and a process determined on satisfying them. Quality assurance will entail evaluation of the overall project performance on regular basis to ensure that it satisfies them and meets relevant quality standard set. Quality control entails project monitoring to find out if it indeed compile with the appropriate quality standards as well identifies amicable ways to eliminate cause of unexpected performance. Therefore, this project will be managed by ensuring that it is reviewed on daily basis to comply with the expected threshold. Any deviations will be taken into consideration and corrected to ensure that the expected level of quality is upheld.
Management of project change is also important to ensure that the project succeeds. In this case, project change will be managed through scrutiny of the project to determine any changes. Information on changes will be accessed through interviews, brainstorming and sharing with the project managers and the stakeholders. Communication is also very critical to ensure that in case of changes, they are communicated to the relevant stakeholders to enhance decision-making and to ensure the project moves on smoothly.
Various tools are used in management of quality. In this case, the two tools to use will include, benchmarking and benefits /cost analysis. Benching is appropriate because it provide a standard to measure performance of the project by comparing actual project practices with other projects to provide an overview on the areas requiring improvement. Benefit/cost analysis is selected because it ensures that appropriate strategies are adopted to increase productivity at reduced costs and to increase stakeholder satisfaction. It as well provides an assessment of benefits and cost of project hence appropriate in enhancing decision making.
References
Benţa, D., Podean, I., & Mircean, C. (2011). On Best Practices for Risk Management in Complex Projects. Informatica Economica, 15(2): 142-152.
Didraga, O., Bibu, N., & Brandas, C. (2012). Risk management approaches and practices in it projects. Annals of the University of Oradea, Economic Science Series, 21(1): 1014- 1020.
Liu, J., Zou, P., & Gong, W. (2013). Managing Project Risk at the Enterprise Level: Exploratory Case Studies in China. Journal of Construction Engineering & Management, 139(9): 1268-1274.
Project Management Institute. (2000). A Guide to project management body of knowledge (PMBOK , GUIDE) 4th edition. USA; Fur Camus Bolevard, newtown Square, PA. Retrieved from: http://www.cs.bilkent.edu.tr/~cagatay/cs413/PMBOK.pdf
Thamhain, H. (2013). Managing Risks in Complex Projects. Project Management Journal, 44(2): 20-35.
We can write this or a similar paper for you! Simply fill the order form!
