Introduction of Advance Project and Risk Management Assignment

Introduction of Advance Project and Risk Management Assignment by New Assignment Help

  • 54000+ Project Delivered
  • 500+ Experts 24x7 Online Help
  • No AI Generated Content
GET 35% OFF + EXTRA 10% OFF
- +
35% Off
£ 6.69
Estimated Cost
£ 4.35
65719 Pages 4833 Words

Introduction of Advance Project and Risk Management Assignment

Introduction of Advance Project and Risk Management Assignment

Get free written samples from subject experts and online assignment writing service in UK.

The following project revolves around the context of Wilmont’s founded in Milton Keynes which is a hypothetical top-ranking U.K. retail pharmacy corporation with more than 1,000 locations nationally and over 4,000 employees in total. After experimenting with various novel business models, the corporation is now covertly contemplating launching an even more radical one: drone-delivered medicines and retail merchandise. When a tiny company called DroneTech launched the strategy in March and is aiming to create a partnership with pharmacies countrywide, it was not a completely novel idea. Based on this prospect a comprehensive project flow is formulated in the following report, contextualising project schedule and critical path along with key budgeting and evaluation metrics for the project prospects.

Section 1: Project Schedule and Critical Path

According to the theoretical prospect of project management, it is the Nodes and the connections between them comprise a network diagram. In social network analysis, a network diagram is a visual representation of the relationships among the nodes and nodes of a system (Jamnuch and Vatanawood, 2019). Considering this in the following the activity nodes and a comprehensive network diagram is formalised.

Activity Workout

Activity

Activity Code

Duration

Predecessor

Initiate Project

A

1

Start Project

Market Research

B

3

A

Competitor Analysis

C

2

B

Hardware Design

D

12

C

Procurement

E

4

D

Prototype Making

F

16

E

Flight Test

G

6

F

Software Design

H

12

A

3D Tracking

I

8

H

Defect Report

J

12

I

Voice Recognition

K

12

J

Heat Sensor Installation

L

4

K

Final Flight Test

M

2

A

Drone Manufacture

N

3

M

Tower Test

O

2

N

Swarm Test

P

3

O

Talent Acquisition

Q

4

P

Employee Training

R

14

Q

Simulation

S

5

R

Project Closure

T

1

G, S, L

Network Diagram

Based on the team chart of PID 1, the team members shall designate the research in different flows. The project will initiate from the aspects of market research regarding the proposition drone delivery system, which will involve extensive competitor analysis that will go forth following the stages of hardware design, procurement of design and resources which will then be used for designing drone prototype, flight testing. Seamlessly, the software division of the team will work on designing the software for the hardware which will include 3D mapping, Live Tracking, Voice Recognition and Heat sensing features and make extensive evaluation on possible defects as well (Grzesch, 2021). After this stage final flight test for the drone will be formalised. This will also involve drone tower designing and manufacture, drone tower test, drone swam capability and lastly defect reporting on these aspects. Apart from these the team will also be working on talent acquisition, employee training, and simulations.

Gantt Chart and Critical Path

The critical path method is a method for identifying activities required to complete a project. In project management, the critical path is the longest series of operations that must be completed on time to complete the project (Kusumadarma et al., 2020). Apart from the above activities, the entire project is formalised in a systematic schedule as per the Gantt chart designed in the following:

Based on this timeline, the first 7 weeks of the project will involve developing scope, plan and resources, within this time stakeholder engagement and project contract development will be take into consideration as well. By the fifth week the project contract will be submitted and project sponsors for the contract will be reviewed, signed and approved. All these activities will come into the context of initiation activities of the project.

Next to this stage, planning phase will be carried out within which the drone system plan will be formalised under the critical path. This will include design planning, information technology planning, cybersecurity planning, schedule development, cost estimation and project plan approvals.

From the 18th week activities of drone engineering will take into place and continue till 24th week. Following from this timeframe, customisation of the drone will continue till week 39 along with installation delivery system, inferencing the flight operations, communication and evaluation of information security developments all of which that will come under the critical path (Holzmann, Weisz and Zitter, 2018).

In the fourth stage, the testing of the developed product will be carried out, in this context, from the week 40 to week 42 drone flight delivery testing, IT and security testing and user testing will be evaluated. After attaining green signal from these tests, the project will go live for its operations.

All of these activities will thoroughly be evaluated through comprehensive monitoring, this will include Bi-weekly project status meetings, quarterly stakeholder meetings will start from the 6th week and continue till week 48. In this context, a small-scale risk management will also be taken into consideration. At the end of the project timeframe, approval and closing of open point listings will also be taken into consideration.

Lastly, the closeout of the project will include auditing the key purchases and procurement for the projects, documentation of key learnings, updating records and filings and lastly archiving files and documents.

Section 2: Project outflow analysis using time-phased budget

Time Faced Budget

Weeks

Activity

Budget

0_1

1_2

2_3

3_4

4_5

5_6

6_7

7_8

8_9

9_10

10_11

A

15000

5000

5000

5000

B

15000

5000

5000

5000

C

0

D

25000

5000

5000

5000

5000

5000

E

0

F

10000

5000

5000

Weekly Total

5000

5000

5000

5000

10000

1000

5000

5000

5000

5000

5000

In-depth analysis of the budget

Within the context of the budget, a total of 15k will be allocated to project initiation processes which will range from week 1 to week 3 of the project. In following, market researching will be carried out by the budget of similar 15k which will be done throughout week 3 to week 6, on each of these weeks 5k will be allocated for operations. Since, competitor analysis will be done through online research, no funding will be required. Yet hardware designing will be required 25k fundings which will also be sub-divided into five weeks allocating 5k for each week activities. Lastly, in between week 9 to 11, prototype making will be instigate with total budget of 10k, hence, allocating 5k between week 10 and 11.

Nevertheless, in aspect of monitoring and control, it will be maintained that no particular activities exceed the given budget. In this regard, week wise subdivision of the funding by means of 5k for each week activity will come into play which will used as a key metric for controlling. Moreover, any instance of remaining budget for one activity will be added for the next week activity which will act as an additional reserve in case of any given budget failures. Thereby, 5k limit of each activity will be defined as the key metric for controlling the project activities.

Section 3: Monitoring and evaluating metrics

Using a theory of change may aid in the construction of a monitoring and evaluation system. Data from the intervention or earlier research and evaluation may be used to map existing data onto the theory of change and indicate priority areas of drone manufacturing for gathering further data (Tengan, Aigbavboa and Thwala, 2018). Considering this a comprehensive monitoring and evaluation is formulated for regulating the project.

Phase

Activities

Monitoring and Evaluation

Activity

MMPs

Responsibility

Frequency

Initiation

Evaluating project scope

Set the stage for future events by creating a tentative schedule.

keeping tabs on the upcoming tasks’ due dates

Only MMPs that are new will be considered.

Monitoring and reporting to the Project Committee is the responsibility of the R&D and Operation Teams, respectively.

Monthly

Needs Assessment

Gather information from stakeholders by conducting a thorough needs assessment or baseline study.

Set goals and a "vision" Measure existing and prospective service levels and collect baseline data to identify available services.

keeping tabs on the timeliness of major projects

MMPs, both new and old

Line Project/Departments should select broad operations and target date of completion, and then update data in the online database system.

Operational team will be responsible for internal monitoring each potential activity.

Monthly

Baseline assessment

New MMPs and existing MMPs within six months of the acceptance of this framework R&D may accept deviations in timeframes under intimation to the Project Committee, provided that the Project Committee is informed.

Baseline evaluation is the responsibility of R&D and OT (Tegeltija, 2018).

A fundamental structure for baseline research will be established by OT, which will also include agencies.

Once in an entire project lifecycle

Design & Development Phase

Set goals and deadlines based on the identified milestones.

Establish metrics and parameters for monitoring

Make a connection between the most significant events in project life.

Monitoring of the DPR and scheme approval deadlines

The MMPs

R&D and OT are in charge of maintaining an internal database for this purpose (YOUSSEF and NARASIMHAN, 2020).

A full-time employee is responsible for gathering, compiling, and maintaining this data in the database.

Monthly

Implementation

Phase

Request for Proposal (RFP) writing and agency selection

SRS preparation.

Organize a specialised team if necessary, Purchasing hardware and software

Validation by a small group of actual users Management of change, capacity development, and public awareness and communication Third-party audits, certifications, and quality control tests

Keeping track of all activities in terms of deadlines, milestones, and monetary goals

All MMPs

The Project Committee keeps an eye on things.

Monthly

R&D and OT are in charge of maintaining an internal database for this purpose (Gallego, Ortiz-Marcos and Ruiz, 2021).

There will be a full-time employee from the specialised team who will be responsible for collecting, collating, and updating this data in the database.

At the state level, the State Project Committees are responsible for overseeing the projects.

A full-time member of the team is assigned the responsibility of gathering, compiling, and keeping current at the state level data on R&D compliance and follow-up actions.

Post implementation phase

Conformance to team charter

All post-implementation tasks will be monitored to ensure they are completed on schedule.

All MMPs

Once 75 percent of the anticipated services are accessible online, R&D and OT may approach DIT about doing impact assessments (YOUSSEF and NARASIMHAN, 2020).

The project team may conduct impact studies for Line Ministries/Departments that ask for them.

Project Committee will examine the Final Report and Its Implications

Within 18 weeks of project initiation.

A decent amount of time after the reference.

Section 4: Project Closure Checklist

#

Items

Results/remarks/References

1

Close the LOP’s remaining loopholes.

LOP closed

2

Claims that have not yet been resolved

Claims settled

3

End-of-the-project presentation

Project results acceptance

4

Accept the project’s final outcomes by following the correct process.

Controlling tools completed and closed

5

Customer and/or user handover of project outcomes

Documentation completed and closed

6

A formal event attended by representatives of all interested parties

Payments received

7

Complete and shut down all project management tools at the end of the project

Final project report handover

8

Complete and submit all paperwork.

Final project report project committee.

9

Final project reports should be generated for the client.

Handbook opened and closed

10

Contract Closed

Risk assessment, problem identification and resolution

11

Once money is received, issue a final invoice and keep track of it.

Evaluate efforts, skills, duration and resource use.

12

Complete project documentation and provide it to all other parties.

Project impact occurrences 

13

Finalise the project with a report.

Handover distributed

14

Management guide for completing and concluding projects

Evaluation assignment

15

Real-world data on all projects and their components

-----

16

Real-world data on all potential risks in one place.

-----

17

The warranty term or subsequent customer support with real data may be handed along to the appropriate team.

-----

18

All team members should be supported in their new job application

Adequate operational support

19

Customer opinions (executive level)

-----

20

Customer opinions (end user level)

-----

21

Control board feedback

-----

22

Comments from the team

------

23

Various stakeholders’ opinions and suggestions

-----

24

All project accounts must be closed.

All project accounts are closed

25

finalise the project’s mathematical calculations

Final project calculation

26

Hold a get-together with project members

-----

27

Resource release

All remaining resources are stockpiled for release

28

Project closure

-----

Conclusion and Summarisation of Key Findings

In conclusion, through extensive learning I can imply that the following project will formulate a comprehensive pathway for executing the project. In this aspect the hardware designing, software designing and prototype implementation will be the key prospects of the project upon which the service delivery will be substantiated and the service will be made operational in the market. In summarisation of the findings, it can be implied that the project takes a consistent path on developing prototype drones, testing it and finalise the product. Upon the completion of this process the product is then instigated for marketing. Nevertheless, considering this there can be some potential risks be associated with the critical path and network diagram of the project has taken, in the following these possible risks are tabulated.

Critical Path Factor

Risks Description

Severity

Controlling measures

Developing Scope, Plan and Team Resources

Aspect of inadequate scope proposition, lack of sufficient team resources

Mediocre

Project scope clarification to stakeholders and sources of additional resource sanctioning.

Drone System Design Plan

Faults in design

Low

Use of contingency blueprints

Cost Estimate

Inadequacy in estimation

High

Saving of remaining funds in reserve and use them.

Project Plan Approval

Not getting approval

Low

Simulate a successful prototype product to justify project potentials.

Procurement/Purchasing of Hardware/Software

Lack of need resources for procurement

High

Getting approval for additional fundings and finding more suppliers.

Install Delivery System

Inadequacy in delivery network

Mediocre

Design a contingency network involving internal stakeholders and work for developing a new network with new suppliers.

Risk Management

Ineffective risk management

Mediocre

Design a comprehensive contingency plan by formulating a crisis management team.

Recommendation

Based on the risks identified above, some potential contingency plans could be implicated in the budget for the critical path factors.

Number

Activity

Risks

Implication of contingency in management team

Uncertainty Level

Budget

A

Faults in design

Aspect of inadequate scope proposition, lack of sufficient team resources

Have additional emergency resources stockpiled and revise project scope and its activities frequently

High

£1500

B

Inadequacy in estimation

Faults in design

Have emergency blueprints ready

Moderate

£1500

C

Not getting approval

Inadequacy in estimation

Have log of all expenses to make revision into

Low

---

D

Lack of need resources for procurement

Not getting approval

Have prototype testing results for evidence

Moderate

£2500

E

Inadequacy in delivery network

Lack of need resources for procurement

Have backup suppliers in contact procure essential materials

Low

---

F

Ineffective risk management

Inadequacy in delivery network

Develop contingency delivery system design in place

High

£1000

References

Gallego, J.S., Ortiz-Marcos, I. and Ruiz, J.R., 2021. Main challenges during project planning when working with virtual teams. Technological Forecasting and Social Change162, p.120353.

Grzesch, S., 2021. A New Method for Improving Decision-Making in the Supply Chain Risk Management Process. Supporting the Learning Project Management Organisation by Applying Advanced Business Modelling Simulation Techniques. University of Northumbria at Newcastle (United Kingdom).

Holzmann, V., Weisz, H. and Zitter, D., 2018, October. Simulating Advanced Project Management Decision Making Processes With PMZONE Board Game. In ECGBL 2018 12th European Conference on Game-Based Learning (p. 240). Academic Conferences and publishing limited.

Jamnuch, R. and Vatanawood, W., 2019, July. Transforming Activity Network Diagram with Timed Petri Nets. In 2019 12th International Conference on Information & Communication Technology and System (ICTS) (pp. 125-129). IEEE.

Kusumadarma, I.A., Pratami, D., Yasa, I.P. and Tripiawan, W., 2020. Developing project schedule in telecommunication projects using critical path method (CPM). International Journal of Integrated Engineering12(3), pp.60-67.

Tegeltija, M., 2018. Assessing the capabilities of advanced risk quantification methods for engineering systems management.

Tengan, C., Aigbavboa, C. and Thwala, D., 2018, July. Conceptual description of the key determinants of effective monitoring and evaluation system. In International Conference on Applied Human Factors and Ergonomics (pp. 117-124). Springer, Cham.

YOUSSEF, A.B.G. and NARASIMHAN, V., 2020. ADVANCED ANALYTICS FOR RISK MANAGEMENT.

Get best price for your work
  • 54000+ Project Delivered
  • 500+ Experts 24*7 Online Help

offer valid for limited time only*

×