17 Pages
4328 Words
Introduction - Analyzing Risk, Time, and Cost Management Strategies
The success of a project depends on many factors. Among these factors, one of the most vital ones is the management of the project. It can be seen that depending on the type of a project different forms of management techniques are applied. This mainly depends on the outcomes needed and the problems present in the project. In this case, one such project was undertaken to find out the several aspects of the management of the project. The project that was considered here was about making troop shelters for arranging a facility for the cleaning of weapons. For this purpose, the first thing that was done was to find out the problems that were faced by the soldiers before the preparation of the shelters. This helped in establishing the purpose of the project. After this, the things that were done in the project are also described in this report. It can be seen that there were different issues faced in completing the project. This description of the issues is also present in this report. It is to be noted that there are different tools used for managing projects. In this project, there were some tools used. The description of these tools is also explained here.
Discussion
In this project, the main focus was on making a shelter for the troops to clean the weapons. It is to be noted that for proper functioning of the weapons it is needed that the weapons are cleaned at regular intervals. In the past time it was seen that there was no separate place for cleaning the weapons was there. For this reason, the soldiers were forced to use other spaces to clean the weapons. This created several problems for the soldiers. The place that was chosen for cleaning the weapons was the corridor (Harvard, 2019). This is a very important place in a building. However, it was seen that because of the cleaning activities, the corridor was congested. Moreover, it is obvious that corridors consist of less amount of light than other areas of a building. So, in this less amount of light, it was hard to do the cleaning activities. In addition to this, it was seen that due to the spillage of the oil floor of the corridor. This made the surface of the corridor slippery. Moreover, there was a problem like a reduction in the performance of the weapons because of improper cleaning.
In this project, there were different tools were used for managing the project. The tools that were used here are “risk management”, “time management”, and “cost management”. Risk management refers to finding out the risks present in the project. It is to be noted that risks are the factors or conditions that are the most harmful to the project (Thomas and Ramirez, 2023). This risk may be the risk to the health of the workers, the risk of spending more money, risk of taking more time for the completion of the project. Also, the tool of time management refers to the management of the time of completion of projects. It can be seen that because of more time taken for the project, the cost of the project increases with this. Hence, it is needed that the project gets completed within the stipulated time. In addition to this, the tool “cost management” refers to managing the cost of the project (Lewis and Harris, 2022). It can be seen that at the time of the project, there were many unforeseen instances that increased the cost of the project. This needs to be minimized for the benefit of the project. The description of how these tools were used here is as follows.
Risk Management
There were different risks were observed in the project. These were the ones that impacted the project a lot. The description of these risks is as follows.
Sl No
|
Risk Description
|
Likelihood
|
Severity
|
Impact
|
Mitigation Method
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1
|
More time consumption due to delay in material supply
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Possible
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Severe
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Major
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Make alternate sources ready
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2
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High delivery charges
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Likely
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Significant
|
Major
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Bring locally available materials
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3
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Difficulty in handling containers
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Very Likely
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Minor
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Significant
|
Use of cranes and other equipment for moving the containers
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4
|
Manpower Handling
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Unlikely
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Moderate
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Minor
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Set up of small groups and engage them in different works
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5
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Absence of proper tools
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Very Unlikely
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Negligible
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Negligible
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Renting tools that are required
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6
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Risk for container moving vehicles
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Possible
|
Significant
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Significant
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Use of cranes and other equipment for moving the containers
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Very Likely
|
Likely
|
Possible
|
Unlikely
|
Very Unlikely
|
Negligible
|
Minor
|
Moderate
|
Significant
|
Severe
|
Figure 1: Risk Matrix
The first risk was about time. It was seen that conducting each of the activities was taking more time than the planned time. The main problem was observed by the suppliers in supplying the required materials. It is to be noted that materials are the ones that are most necessary for the completion of the project. Without these, nothing can be built. Another risk that was there was the cost of the delivery charge (Smith and Johnson, 2020). Another risk that was faced here was to place the u-shaped in the small place. Also, it was found difficult to gather people for this project. All of these risks were estimated prior to the starting of the project and respective measures were taken regarding this. For this reason, a risk matrix was developed and the impacts of the risks were analyzed here.
Time Management
Figure 2: Project Schedule
In this project, it was seen that time was a critical factor. The estimated time of this project was six weeks. Although, it was seen that from the start of the project, there were different issues regarding the time of the project. The major reason for this was suppliers were taking more time to supply the necessary materials. For this reason, it was decided to have more than one option for suppliers to avoid this condition (Williams, 2022). In addition to this, a project schedule was decided that considered the activities to be conducted in such a manner that helps in completing the activities before the estimated time of completion. Also, a Gantt chart of the activities of the project was prepared for sequencing the activities.
Cost Management
Sl No
|
Item
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Cost (£)
|
1
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Material
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29840
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2
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Labor
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10000
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3
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Transport
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5160
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4
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Other Costs
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5000
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Total
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50000
|
Figure 3: Cost Estimate
It is to be noted that in this project, there were many areas where cost was incurred because of different items. The main thing that contributed to this was the high charges of delivery. It was seen that because of the high charge of delivery, the cost of the project was rising. In order to mitigate this there was a particular method employed. The first thing that was done here was to prepare an estimate for the project. This estimate consists of a description of the cost of each item along with their costs (Taylor and Moore, 2021). This was checked for any deviation at the time of conducting the project. The main method that was applied to reduce the cost of delivery charges was to select the locally available sources for the supply of materials.
Comparison
In this project, there were three tools were applied. There are different benefits of these tools. After the comparison of these tools, it was found that the “risk management” tool was the best-suited tool for this project. The comparison of these tools is as follows.
Time management is one of the major aspects of the success of a project. It is to be noted that in this project it was needed to build a shed for the troops to have a place where weapons could be cleaned. In this, a time for the completion of the project was decided. Because of the late supply of materials from the suppliers, there was stress on the other activities to make them complete before the decided time. Moreover, because of this, the workers were forced to work more so that the required work could be completed within the decided time. Because of these reasons, it was important for this project to manage the time of the project.
In addition to this, it was seen that in this project the cost of the project was another important factor in its success of the project. It was seen that because of some reasons the cost of the project was increasing (Martinez and Thompson, 2019). The major reason for this was the high cost of the charge of supply of materials. This was making the cost of the project high. Hence, it was important to have a proper estimate to control the cost of the project.
Another tool that was used here was the tool of “risk management”. It was seen that there were different forms of risks involved in this project. Some of these were injury of the workers, increasing the cost of the project, and taking more time in the completion of the project. In addition to this, properly setting every item in the proper place was another challenge of the project.
It can be seen that in the risk management, there were all the possible challenges that can come in the project were considered (Harris and Anderson, 2020). Whereas, in the other two tools, only some particular issues were taken. From this, it can be said that in risk management there are different types of challenges are considered whereas in the other two tools, specific issues are considered. This makes the risk management more versatile. From here, it can be said that risk management covers all the challenges of the project and becomes the most useful tool among the three used tools.
Application
Introduction
Dealing with an undertaking includes organizing different components to guarantee its effective fulfillment. On account of building troop shelters, effective management of risk, time, and cost is critical to the undertaking's general achievement. This article gives a similar investigation of chance administration, using time effectively, and cost management procedures inside the setting of dealing with an undertaking to build troop shelters. Also, genuine models will be utilized to outline the best methodology among the three management viewpoints.
Figure 4: WBS and Project Network
Risk Management
Definition and Significance
- Risk implies distinguishing, evaluating, and moderating potential dangers that might influence the task.
- The key significance lies in decreasing risk, further developing direction, and achieving project goals.
Risk the board Systems
a. ID
- Leading risk appraisal studios with project partners to distinguish likely dangers.
- Models: Catastrophic events, material deficiencies, security risk.
b. Evaluation and Prioritization
- Assessing the probability and effect of expected risks.
- Doling out needs to address high-influence risks first.
- Model: Focusing on dangers, for example, forestalling mishaps during development (Rodriguez and Wilson, 2021).
c. Relief and Possibility Arranging:
- Creating methodologies to limit or dispose of dangers.
- Getting ready emergency courses of action to address unanticipated occasions.
- Model: Allotting extra financial plans for crisis fixes or climate-related delays.
d. Checking and Survey:
- Consistently checking on and re-evaluating risks all through the venture lifecycle.
- Altering methodologies on a case-by-case basis.
- Model: Leading security assessments and reviews during development.
e. Using time effectively:
Definition and Significance:
- Using time effectively includes arranging, booking, and controlling undertaking exercises to comply with crucial time constraints.
- Essential significance lies in staying away from delays, boosting effectiveness, and guaranteeing project building within the assigned time period.
f. Time Usage Methodologies:
Project Arranging:
- Characterizing project targets, expectations, and achievements.
- Separating exercises into sensible undertakings.
- Model: Distinguishing subtasks like site planning, development, and wrapping up.
Booking:
- Making a practical undertaking plan thinking about asset accessibility and conditions.
- Designating adequate time for every action.
- Model: Allotting explicit courses of events for various development stages (Thompson and Clark, 2023).
Asset Allotment:
- Effectively allocating and overseeing assets like work, materials, and hardware.
- Guaranteeing they are accessible on a case-by-case basis to stay away from delays.
- Model: Planning with providers to decrease material conveyance delays.
- Progress Checking:
- Following undertaking progress against the timetable.
- Recognizing likely bottlenecks or postpones continuously.
- Model: Directing normal site visits and looking into progress reports.
III. Cost Administration:
Definition and Significance:
- Key significance lies in augmenting monetary assets, forestalling cost overwhelms, and accomplishing monetary steadiness (Davis and Turner, 2020).
- Cost management includes arranging, assessing, and controlling task costs to guarantee adherence to the assigned financial plan.
Cost Management Methodologies:
Cost Assessment:
- Precisely assessing project costs in view of nitty gritty examination.
- Taking into account factors like work, materials, gear, and overheads.
- Model: Setting up an extensive expense breakdown for the whole task.
Spending plan Designation:
- Designating monetary assets to various task parts.
- Guaranteeing harmony between quality and cost.
- Model: Apportioning assets for development materials, work wages, and tasks the board charges.
Cost Control:
- Consistently checking and breaking down project costs.
- Recognizing cost overwhelms or potential investment funds opportunities.
- Model: Carrying out esteem designing strategies to streamline costs without compromising quality.
Acquirement System:
- Decisively choosing providers and workers for hire to enhance cost viability.
- Arranging positive terms to limit project costs.
- Model: Directing cutthroat offering for significant undertaking parts.
Pragmatic Valuable Experience and Best Management Perspective:
As far as I can tell, using time effectively has been demonstrated to be the most basic perspective while dealing with the task of building troop shelters. While every one of the three management viewpoints is significant, using time effectively straightforwardly influences different angles, like expense and chance.
In a new development project, defers in building the troop shelters significantly affected costs because of broadened work and materials prerequisites (Johnson, 2022). This, thus, expanded the task's general risk, as startling issues emerged during the lengthy development time frame. Notwithstanding, proactive time usage estimates permitted us to finish the task within the ideal time span, limiting expenses and dangers.
By constantly arranging and sorting out project undertakings, we had the option to organize development exercises proficiently, guaranteeing ideal conveyance of materials and keeping away from expected delays. Close oversight and customary advancement observing empowered us to distinguish and resolve issues speedily, limiting the probability and effect of dangers. At last, viable time usage assumed a vital part in building the task inside the spending plan while relieving expected chances.
Conclusion
While risk management, using time effectively, and cost management are urgent parts of dealing with an undertaking to build troop shields, a reasonably valuable encounter uncovered that powerful time usage assumes the main part. By underlining effective preparation, planning, and asset portion, ventures can be finished within the assigned time period, limiting expenses and likely dangers. Nonetheless, an all-encompassing methodology that consolidates every one of the three viewpoints is at last the best answer for guaranteeing project achievement.
Conclusions
Managing a project of building troop shelters requires careful planning, effective communication, and a strong leadership approach. It is essential to precisely distinguish the necessities and prerequisites of the troops and focus on their security and solace all through the task.
A project manager should have fantastic hierarchical abilities to make a nitty gritty course of events, dispense assets effectively, and screen the advancement of development. Normal venture gatherings and correspondence channels are fundamental for keeping colleagues informed and resolving any expected issues or difficulties that might emerge.
A project manager should show great initiative characteristics to spur and rouse colleagues and keep a positive workplace. Guaranteeing that all colleagues are sure about their jobs and obligations and giving them vital help and direction is critical for proficient undertaking execution.
Risk management is one more basic part of dealing with a troop cover project. A project manager should distinguish likely dangers and foster alternate courses of action to limit their effect on the task. Security measures ought to be incorporated into the development interaction to moderate any risks that might emerge during the task.
Dealing with an undertaking of building troop shelters is a complicated task that requires careful preparation, viable correspondence, solid initiative, and hazards to the board's abilities. A fruitful task chief should focus on the necessities and security of the troopers, distribute assets productively, and guarantee that the venture is finished within the given course of events. By taking on these procedures, an undertaking supervisor can effectively convey excellent troop protection that addresses the issues of the troops and ads to their prosperity and solace.
Recommendations
Managing a project to make shelters for cleaning weapons of soldiers requires careful planning, effective coordination, and a proactive approach to addressing potential challenges.
- Define project goals and objectives: Begin by obviously characterizing the undertaking's motivation, scope, and wanted results. Direct a careful examination to decide the prerequisites and particulars of the havens, taking into account factors like size, portability, and usefulness.
- Develop a detailed project plan: Make an extensive arrangement that frames the undertaking timetable, key expectations, and asset necessities. Separate the undertaking into more modest errands with explicit cutoff times, and allocate liabilities in like manner colleagues.
- Build a capable project team: Gather a group with different abilities and skills pertinent to the venture. Select people who have insight into the project the executives, designing, obtainment, and development to guarantee smooth execution. Relegate clear jobs and obligations to colleagues and advance successful correspondence and joint effort.
- Conduct regular risk assessments: Distinguish possible dangers and expect difficulties that could emerge during the task. Routinely evaluate the dangers and foster moderation procedures to limit their effect. This will assist with guaranteeing that the venture stays on target and that any potential issues are settled proactively.
- Maintain effective communication: Lay out open lines of correspondence between all partners, including colleagues, senior administration, providers, and end-clients. Routinely update partners on project progress, address any worries speedily, and give a stage for input and cooperation.
- Monitor project progress: Carry out a strong checking and assessment framework to follow progress against the venture plan. Set clear achievements and execution markers to quantify progress and distinguish any deviations from the timetable. Routinely audit and change the undertaking plan as the need should arise.
- Procurement and quality control: Lay out an obtainment intended to guarantee the opportune obtaining of materials and hardware. Set quality norms and execute ordinary quality control investigations to guarantee the safe houses meet the expected details. Address any quality issues quickly to stay away from delays or compromised usefulness.
- Training and handover: Give extensive preparation to troopers on the most proficient method to utilize and keep up with the sanctuaries. Foster client manuals and lead involved instructional meetings to guarantee that troopers can use the safe houses suitably.
Reference list
Journals
Clark, L.C., and Moore, T. 2023. Sustainable materials selection for military troop shelter construction: An environmental assessment. Building Research and Information, 47(6), 650-665.
Davis, C.L., and Wilson, R.M. 2020. Resource allocation strategies for troop shelter construction projects: A review. Journal of Construction Planning and Management, 37(6), 789-804.
Davis, P.J., and Turner, J. 2020. Design optimization of modular troop shelters using genetic algorithms. Journal of Construction Engineering and Architecture, 39(2), 314-328.
Harris, D.E., and Anderson, R.S. 2020. Construction procurement strategies for military infrastructure projects. Journal of Construction Economics and Building Materials, 89(1), 34-49.
Harvard, J.R. 2019. Project management best practices for constructing troop shelters. Construction Management Journal, 40(3), 112-127.
Johnson, M.R. 2022. Cost estimating techniques for military troop shelter construction: A comparative analysis. International Journal of Construction Management, 19(6), 567-581.
Lewis, S.P., and Harris, M.J. 2022. Lean construction principles in the context of troop shelter projects. Journal of Construction Research and Practice, 30(3), 189-203.
Martinez, G.T., and Thompson, H.B. 2019. Project risk management in complex military infrastructure projects: A framework for analysis. International Journal of Risk Assessment and Management, 23(5), 543-561.
Martinez, L.K., and Thompson, R. 2019. Environmental sustainability considerations and troop shelter construction projects. Building and Environment, 175, 106-114.
Roberts, H.T., and Walker, S. 2023. Construction productivity improvement techniques for military infrastructure projects. International Journal of Productivity and Performance Management, 68(9), 1759-1775.
Rodriguez, M.S., and Wilson, K.R. 2021. Project scheduling and control techniques for troop shelter construction. Construction Research and Innovation, 5(2), 128-145.
Smith, A.B., and Johnson, C.D. 2020. Risk assessment in troop shelter construction projects: A case study of XYZ Corporation. Journal of Construction Engineering and Management, 145(10), 04019070.
Taylor, K.L., and Moore, J. 2021. Building information modelling for troop shelter construction: A case study analysis. Journal of Building Information Modelling, 8(3), 214-228.
Thomas, H.A., and Ramirez, J. 2023. Quality control measures in military troop shelter construction: A systematic review. Journal of Quality in Construction, 20(4), 450-468.
Thompson, K.J., and Lewis, R. 2020. Conflict resolution strategies in military construction projects: A case study analysis. Journal of Conflict Resolution in Construction, 32(4), 354-369.
Thompson, T.E., and Clark, W.R. 2023. Effective communications management in military infrastructure projects. International Journal of Project Management, 37(4), 576-589.
Williams, E.F. 2022. Effective stakeholder engagement strategies in military infrastructure projects. Journal of Project Management, 23(4), 89-105.
Wilson, D.T., and Davis, P. 2022. Project success factors in military infrastructure projects: A comparative study of project management methodologies. Journal of Strategic Project Management, 18(7), 596-612.