RAMABOKA MARIPE INNOCENT 108952 IT PROJECT MANAGEMENT

TABLE OF CONTENTS
QUESTION ONE ....................................................................................................................................... 2
1.1 With the aid of theory and practical examples, Identify five common project risk strategies
employed to address threats that your project may face. ................................................................. 2
QUESTION TWO ...................................................................................................................................... 3
2.1 Projects are often completed late. Describe the techniques you would use as a project manager
to improve the accuracy and reliability of your project schedule. In responding to the question be
sure to: critique project theory based on your experience and understanding. This is important –
don’t just “regurgitate” the theory. Provide examples, data or other relevant information to
support your discussion. Examples can be from work experience, research, and study group
experiences ......................................................................................................................................... 3
REFERENCES ............................................................................................................................................ 5

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RAMABOKA MARIPE INNOCENT 108952 IT PROJECT MANAGEMENT

QUESTION ONE

1.1 With the aid of theory and practical examples, Identify five common project risk
strategies employed to address threats that your project may face.
1. Risk management strategy includes identification, assessment and controlling risks that
may arise during the implementation and execution of a given project. In this context, the five
common project risk strategies employed to address threats that a project may face can be
described as follows:
Financial risk management strategy: - Financial risk management strategy includes the plans
and actions that are taken to address the financial risk associated with a project. For example,
the uncertainty of funds generated from the execution of a project, availability of funds for
completing the project etc (Meredith & Mantel, 2011). Financial risk management strategy
includes reviewing the similar project available for evaluating the financial risk during the
execution of a project and the steps taken to address them. It also includes carrying out a
sensitivity analysis to evaluate the cost and benefits associated with a project before its
execution. Thus, financial risk management strategy helps to control and monitor the financial
risk of a project.
Strategic risk management strategy: - Strategic risk management strategy includes the steps
that are taken iln order to mitigate the failure of any strategies that are developed for
executing a project. For example, inappropriate use of funds, improper direction for achieving
the goals of an organization etc. Poor management of project can result in complete failure
of the project. The aims and objectives of the project cannot be achieved due to improper
management of project by project manager. Hence the project manager should evaluate the
present status of the project at regular intervals of time to ensure its successful
implementation. The steps that are taken for overcoming the strategic risks associated with
a project are demonstrating the linking of projects to existing policies and strategies and
following an appropriate direction for executing any process of the project.
Operational-technical risk management strategy: - This includes the possibility of occurrence
of technical failure that may lead to stoppage of project in between or may take longer time
for completion of a project. For example, loss of equipment, failure of technological devices
needed to complete a project etc. Technical risk associated with a project can be minimized
by taking advice from the experts and specialists in advance for identifying the potential
technical risk of a project and the measures to be taken in advance for overcoming the risk.
Operational-safety risk management strategy: - There are many safety risks associated with
a project for example, health risk, improper working conditions, hygiene issues etc. Safety risk
includes all the measures that are taken in order to ensure complete safety employees during
the work. Organization can establish a safety risk assessment protocol for controlling all types
of safety risks associated with a project.
Data safety: - The loss of data at any stage of project execution is one of the most prominent
project risk faced during its implementation. The project may face a temporary stoppage due
to loss of data at any stage of the project. The project manager will not be able to plan future
strategies for the project growth due to lack of past data on which further planning can be
done.

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RAMABOKA MARIPE INNOCENT 108952 IT PROJECT MANAGEMENT

QUESTION TWO
2.1 Projects are often completed late. Describe the techniques you would use as a
project manager to improve the accuracy and reliability of your project schedule. In
responding to the question be sure to: critique project theory based on your experience
and understanding. This is important – don’t just “regurgitate” the theory. Provide
examples, data or other relevant information to support your discussion. Examples can
be from work experience, research, and study group experiences

2. Techniques to use as a project manager to improve the accuracy and reliability of project
schedule can be described as follows:
Sensitivity analysis: - Sensitivity analysis can be carried out by a project manager to
determine the risk that has the most significant impact on the successful completion of a
project. Sensitivity analysis examines and evaluates the uncertainly of each project element
for evaluating all the risk that needs to be addressed properly for ensuring the timely and
safely completion of a project (Andler, 2008). Expected monetary value analysis: Expected
Monetary value (EMV) Analysis is used for calculating the average outcome of a project and
is evaluated by multiplying the value of each possible outcome by its probability of occurrence
(Andler, 2008).
Decision tree analysis: - Decision tree analysis is carried out by constricting a decision tree
diagram that is used for evaluating the risks of a particular project and the implications of
each of the possible choices for monitoring the risk associated with a project. It is usually done
by estimating the cost of each available choice and the probabilities of occurrence of each
possible scenario (Andler, 2008).
Modelling and simulation technique: Modelling and simulation technique is used for
translating the uncertainties associated with a given project and their potential impact on
project objectives (Andler, 2008).
Calculating realistic project timelines: - Evaluating the realistic time for completing project is
essential for the timely completion of a project. The steps that are involved in estimating the
time needed for completing a project includes understanding the project outcome, estimating
time and monitoring the project at different intervals to ensure the completion of its different
phases on time. Time estimates are essential for planning the deadlines for delivery and
planning of projects and thus ensuring the reliability of project. In addition to this, time
estimates are also essential for determining the pricing and profitability of projects (Meredith
& Mantel, 2011). Thus, in the context of this, project management theory states that project
management involves all the procedures and processes that are involved for achieving the
specific goals and monitor a given project. The main constraints for the successful completion
of a project are time, quality and budget.
Project management techniques emphasis on overcoming all these constraints associated for
completing project (Andler, 2008). Software project usually consist of two main activities i.e.
engineering activity and project management. Engineering activity is usually concerned with
building the system i.e. designing of software, coding and testing. On the other hand, project
management activities emphasis on controlling the risk, cost and quality of a project for

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RAMABOKA MARIPE INNOCENT 108952 IT PROJECT MANAGEMENT

ensuring its successful completion. Project management techniques helps in controlling the
technical risks associated with a project by applying the right people and methodologies for
successful completion of a project. Thus, as a project manager a project management
framework is developed to assist the successful completion of project by taking proper steps
(Andler, 2008). In this context, a project management framework developed for mitigating
the risk associated with the software project implementation on the basis of the past research
can be illustrated as follows:

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RAMABOKA MARIPE INNOCENT 108952 IT PROJECT MANAGEMENT

REFERENCES
Meredith, J. R. & Mantel, S. J. (2011). Project Management: A Managerial Approach. John
Wiley & Sons.
Andler, N. (2008). Tools for Project Management, Workshops and Consulting. John Wiley &
Sons.
Schwalbe, K. (2006). Introduction to Project Management. Cengage Learning.

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