PRM6001 Project Management and Risk Sample

Introduction : PRM6001 Project Management and Risk

The project management refers to as the implementation of the different knowledge and skills required for attainment of the objectives of the current project. For accomplishing any of the projects it is very necessary that effective project management principles and techniques are followed. The reason behind this fact is that when the project management strategies and steps are effectively followed then automatically it improve the working efficiency and the objects are attend well. The current study is based on the project relating to the health care sector. The current studies based on Pharmacy Consulting. The present study will outline the implementation of the new project relating to the use of blockchain based record system. This is the idea which the health care sector is implementing currently. This is particularly because of the reason that there is a lot of patient and it is very necessary to effectively record the data of each and every person. Manually this work is very tough and not possible. Thus, for this the compliance with effective blockchain based record system will be undertaken. The current study will outline the effective use of the life cycle of the project and the methodology which is being used for the implementation of the project. In addition to this the evaluation of the approaches of a planning will be undertaken along with the risk management of the project. In the end the role of stakeholders and the team will be analysed and evaluated within the success of the project.

TASK 1

Considering the lifecycle of the project and the methodology adopted 

For the effective completion of the project it is very necessary that project life cycle is used and complied. The project life cycle stages includes the steps or the phases which needs to be followed in order to effectively complete the project and attain the objectives of the project (Willumsen and et.al, 2019). The project life cycle include 5 different stages which are necessary to be followed effectively and efficiently. These steps need to be followed in order so that the objectives of the project can be accomplished affectively.

Project initiation

This is the first stage of the project life cycle where and the idea of the project is derived. This is the initial stage where all the information relating to the project is discussed and planned. The whole blueprint of the project to be implemented is outlined in the initiation phase. This is the stage where in the project manager outlines all the responsibility and defines the level of the project which needs to be accomplished. Along with this it generally starts with outlining the business case and the feasibility analysis (Al Mhdawi, Motawa and Rasheed, 2020). This is the most essential step for the success of the project. This is particularly because of the reason that when the basis of the project will not be defined clearly then these steps will not be accomplished in the similar manner. Thus for the effective accomplishment of the objectives of the project it is necessary that the initiation is undertaken properly. Along with this it is also outlined in the initiation phase that it provides effective research for accomplishing the objectives of the study. Moreover, it also provides a brief overview of the whole project and related decisions and this makes it easier for the effective completion of the project. 

Project planning

A project plan is defined as the steps which are required to fulfil the objectives of the project. For the successful accomplishment of the project and objective it is very necessary that effective planning is conducted. This is particularly necessary because when the planning will be effective than ultimately the outcome of the project will be attained. Within the present case of Pharmacy consulting the project planning includes analysing the current market situation relating to the new concept of using blockchain for recording the data. It is very necessary for the companies that they effectively research within the market that whether the new concept of using blockchain will be helpful in attracting large number of customers or not. In case it is not effective than the accomplishment of the project will not be undertaken in proper manner. Thus, for Pharmacy Consulting it is very necessary that they effectively plan all the strategies and steps which need to be followed in order to attain the objectives. It further includes planning relating to the cost, quality, time scale, resources, risk, communication, milestone and all the other related articles which need to be emphasized while conducting the project. In case there will not be any error within the project plan then it will be resulting in attaining the objective of the whole project (Lu, Kujala and Kuikka, 2022). Thus, for the success of the project for Pharmacy Consulting it is very necessary that effective planning is followed and implemented so that the objectives can be accomplished in proper manner. 

Project executing

Project execution is the next stage which is very necessary for the success of the project. This is particularly because of the reason that when the planned activities will not be executed effectively then it will impact the success of the project. Thus, it is the responsibility of the project manager that they must ensure all the planned activities are executed in the intended manner. The reason behind the fact is that when the intended activity will not be implemented effectively then it will be impacting the overall success of the project (G?adysz and Kuchta, 2022). Hence for the success of Pharmacy Consulting project of implementing blockchain for data recording it is very necessary that the execution is implemented effectively. The reason underlying the fact is that when effective execution will not be implemented then it will result in non accomplishment of the project objectives and it will not be successful.

Project monitoring

Project monitoring is defined as they act of analysing the implemented Strategies and its effect over the project objectives. For success of the project it is very necessary that effective project monitoring is implemented. Just executing the planned strategies is not enough and rather it is necessary to properly monitor the implementation of the project as well. In order to effectively monitor the project of blockchain by Pharmacy Consulting the use of benchmarking will be used. This benchmarking is a tool which is helpful in effective monitoring of the project. It includes comparing the actual project with some standard being set and to analyse the various between the actual performance and the standard.

Project closure 

There after comes the stage of project closure wherein the project is being closed down that is it is being implemented successfully. This is particularly done when, within the monitoring stage the actual performance is better than the standards set. In case the standard set are better than the actual performance then it is implied that the project is not successfully implemented. In the present case of Pharmacy Consulting the project of implementing blockchain for data recording has been successfully implemented. This particularly because of the reason that Pharmacy Consulting is able to record and save the data of the entire consumer and it is helpful for the future sales.

Methodology 

Along with the effective implementation of the project life cycle stages it is also very necessary that appropriate methodology is used and selected. This is particularly because of the reason that the methodology provides a guidance to decide the way through which the objectives will be attained (Wideman, 2022). In the present case of Pharmacy Consulting the implementation of blockchain for recording the data the use of agile technology is implemented. This is particularly being used as the methodology because it helps in dividing the whole problem into small faces which is helpful in attaining the objective easily and fast. Thus, it is very helpful for the company that they can effectively implement the new technology and attain the objectives of the project well. Moreover the use of agile technology is helpful for Pharmacy Consulting as it will assist them in improving and attaining the objectives easily and before time.

TASK 2

Evaluation of the approaches of planning a project and the risk management 

Approaches of planning a project

For the successful accomplishment of the project aim and objective it is very necessary that the effective planning is undertaken. Project planning is referred to as a concept which outlines the steps through which the whole project is planned along with the timeframe, resources, cost and other key elements. For the success of the project, the most essential aspect is to effectively plan the whole course of action so that the objectives and deliverables can be attained well. Thus, effective planning will guide the company in ensuring that they plan the activities in the direction of attaining the objective of the business (Top 10 Project Management Methodologies: An Overview, 2023). For every phase of the project, planning is very important because it lays the foundation of the project and effectively guides the attainment of the project. There are different types of project planning approaches that Pharmacy Consulting can use in order to implement the new technique of blockchain for data record and usage. These different techniques are as follows-

Waterfall 

This is an approach to project planning which is very easy and simple to use. The reason underlying the fact is that it includes dividing the whole project into small phases which flow downwards. This is the reason behind the name being waterfall, as it includes the flow of the work downwards like a waterfall is going on. This planning technique states that one project activity needs to be accomplished before starting the new activity. 

Agile 

This is another project planning method or approach which is used for the effective management and accomplishment of the project objectives. This technique provides a dynamic way to work and collaborate with others and project objectives. It is an iterative approach which helps in effectively planning the project steps (Guan, Abbasi and Ryan, 2020). Within this method, the whole work is broken down into smaller parts so that the work can be managed in a proper and effective manner. 

Scrum

It is another project management planning approach which can be used effectively for improving the working and attainment of the project. Within this, methodology, the whole work is divided into short cycles known as sprints. The work is divided into smaller parts because it is easier to manage the small work easily and effectively. Along with this, the small activities can be reviewed easily and this helps in effective monitoring as well. Here, daily scrum meetings are organised so that the everyday review of the work can be done. In addition to this, timely meetings help in effective analysis of the work and accordingly, decisions can be taken. 

Kanban 

This is another technique of planning approach within this, the visuals are used in order to display the project. Here all the activities of the project are visually linked to one another and the whole process is displayed in a visual manner. These activities are placed over the billboard so that the whole process can be graphically displayed. This visual assists in effectively managing the project and as a result of this, the working efficiency is improved and will be helping the company in managing the whole project effectively. 

Lean methodology 

This is another project planning approach which can be used by the company in order to effectively plan the activities of the successful implementation of a new project. This is another project management approach which assists in planning effectively with a major focus on minimisation of waste. This is pertaining to the fact that during the project there are many different types of waste which occur. Thus, the lean planning approach focuses on taking steps to reduce the physical waste which might take place during the project accomplishment. 

PRINCE 2

This is another approach which is helpful for the company to implement. PRINCE 2 or Project in Controlled Environment, is a technique which majorly focuses on the management of the different resources and risks which the business might face (Guo and Zhang, 2022). This includes dividing the project into smaller phases and then trying to improve the working efficiency. This approach states that dividing the project into smaller stages so that work can be divided easily and is manageable. 

With the above evaluation, it is clear that using the appropriate approach is very necessary for the success of the project and the accomplishment of the objectives of the project. This is very necessary for the reason that when an effective approach to planning and project management is used then it provides a better base to work efficiently (Sanchez and et. al, 2020). Thus, with the above all, it is highly recommended to the Pharmacy Consulting that they undertake the use of agile technology. This pertains to the fact that agile is the one which focuses on breaking down the whole process into smaller phases which improves the working of the company and attainment of the objectives in a better and effective manner. Thus, for this, the implementation of the agile methodology will be beneficial. This is because of the reason that it improves the working efficiency as the tasks are divided into smaller parts and will easily help in monitoring the project as well. 

Risk assessment and management 

While working in the external environment, there are many different types of risk as well which the business faces. The risk is defined as the uncertainty which the business might face while operating within the external environment. The business operates in an external environment and any change in the external environment results in impacting the project and its working as well. Thus, for the effective management and monitoring of the project, it is very necessary that all the risks are monitored effectively. The reason underlying the fact is that these risks impact the working of the company and project in a negative manner. In case these risks are managed properly then it will result in the effective accomplishment of the objectives easily and effectively. Thus, for this appropriate risk management needs to be implemented. This risk management will help Pharmacy Consulting they must evaluate each and every risk effectively and try to mitigate the risk so that effective management of the project can be undertaken (Rodríguez-Rivero and et. al., 2020). Thus, the risk management for the company is as follows-

TASK 3

Team and role of stakeholders

Team work

For the success of the project and its implementation it is very necessary that all the work is being accomplished in a team. This is particularly necessary because when the work is conducted in team then it effectively results in attainment of the objectives well (Damnjanovic and Reinschmidt, 2020). The reason underlying the fact is that when the particular work is undertaken in a team then it provides better ways of working and the help in attaining the objectives effectively and efficiently. In the present case of Pharmacy Consulting the teamwork was emphasized so that the project of implementing blockchain can be successfully undertaken. The major emphasis was led over the team so that team working can be improved and ultimately objective of the project is attained. Here the major focus of the project manager was over the team. This is particularly because of the reason that when more and more people will be working on a particular common topic then it will be solved easily and effectively. 

Along with the effective teamwork, it is also very necessary for Pharmacy Consulting that they effectively maintain a good team. This is particularly because of the reason that when the team working will not be effective then the objectives of the project will not be attained well. Thus, for this it is very necessary for Pharmacy Consulting that they effectively maintain a good team and formulate it effectively (Zuccaro, Leone and Martucci, 2020). Thus, for this Pharmacy Consulting undertakes the use of Tuckman team development theory for framing the team. This is a model which helps in effective formulation of a good team which helps in attainment of the objectives of the business and project effectively. The elements of the tuckman team development theory which Pharmacy Consulting comply are as follows-

Stakeholder matrix

For this successful completion of the project it is very necessary that the stakeholders are kept happy and satisfied. These stakeholders are the people who are interested within the success of the project. This is particularly necessary because when the project will be successful than it will be beneficial for all the stakeholders of the project (Hefley and Bottion, 2021). Thus, for the effective accomplishment of the project it is very necessary for Pharmacy Consulting that they must effectively keep the stakeholders satisfied and happy. In addition to this all these stakeholders must be included within the decision making as well. The reason underlying the fact is that when the stakeholders are included in the decision making then it increases the area of taking the decision. Thus it provides a wide range of ideas for taking effective decisions which is beneficial for the accomplishment of the project. There are different stakeholders of the business which includes in managers, employees, suppliers, sponsors and many other different people who are interested within the successful working of the company and the project.

CONCLUSION

In the end it is concluded that project management is very important in order to effectively accomplish the objectives of the project. This is particularly because of the reason that the project management guides the person in accomplishing the objectives effectively and efficiently. The above study concluded that complying with the project life cycle is very necessary in order to effectively attain the objectives. Moreover the study also highlighted that the use of proper methodology is necessary for the accomplishment of the aim and objective of the project. Further, the different approaches of planning the project were outlined like waterfall, scrum, agile and other methodology. Out of all, agile methodology was recommended for the successful accomplishment of the objectives of the project. Furthermore different risk was highlighted which included financial risk, legal risk, operational risk and many other different kind of risk. In addition to this the role of stakeholders and the whole team within the successful accomplishment of the project was analysed and evaluated effectively with help of stakeholder matrix.

REFERENCES

Books and Journals 

• Al Mhdawi, M.K., Motawa, I. and Rasheed, H.A., 2020. Assessment of risk management practices in construction industry. In The 10th International Conference on Engineering, Project, and Production Management (pp. 421-433). Springer Singapore.
• Damnjanovic, I. and Reinschmidt, K., 2020. Data analytics for engineering and construction project risk management (No. 172534). Cham, Switzerland: Springer.
• Eshun, B.T.B. and Chan, A.P., 2021. An evaluation of project risk dynamics in sino-africa public infrastructure delivery; A causal loop and interpretive structural modelling approach (ISM-CLD). Sustainability, 13(19), p.10822.
• G?adysz, B. and Kuchta, D., 2022. Sustainable metrics in project financial risk management. Sustainability, 14(21), p.14247.
• Guan, L., Abbasi, A. and Ryan, M.J., 2020. Analyzing green building project risk interdependencies using Interpretive Structural Modeling. Journal of cleaner production, 256, p.120372.
• Guo, K. and Zhang, L., 2022. Multi-objective optimization for improved project management: Current status and future directions. Automation in Construction, 139, p.104256.
• Hefley, W.E. and Bottion, M., 2021. Skills of junior project management professionals and project success achieved by them. International Journal of Information Systems and Project Management, 9(1), pp.56-75.
• Lu, L., Kujala, P. and Kuikka, S., 2022. On risk management of shipping system in ice-covered waters: Review, analysis and toolbox based on an eight-year polar project. Ocean Engineering, 266, p.113078.
• Prifti, V., 2022. Optimizing Project Management using Artificial Intelligence. European Journal of Formal Sciences and Engineering, 5(1), pp.30-38.
• Rodríguez-Rivero, R., Ortiz-Marcos, I., Ballesteros-Sánchez, L. and Martínez-Beneitez, X., 2020. Identifying risks for better project management between two different cultures: The Chinese and the Spanish. Sustainability, 12(18), p.7588.
• Sanchez, F., Bonjour, E., Micaelli, J.P. and Monticolo, D., 2020. An approach based on bayesian network for improving project management maturity: An application to reduce cost overrun risks in engineering projects. Computers in Industry, 119, p.103227.
• Tsopa, N.V., Malakhova, V.V. and Fedorkina, M.S., 2021, May. Construction project management technology based on the theory of system stability. In Journal of Physics: Conference Series (Vol. 1926, No. 1, p. 012063). IOP Publishing.
• Wideman, R.M., 2022. Project and program risk management a guide to managing project risks and opportunities. Project Management Institute, Inc..
• Willumsen, P., Oehmen, J., Stingl, V. and Geraldi, J., 2019. Value creation through project risk management. International Journal of Project Management, 37(5), pp.731-749.
• Zuccaro, G., Leone, M.F. and Martucci, C., 2020. Future research and innovation priorities in the field of natural hazards, disaster risk reduction, disaster risk management and climate change adaptation: A shared vision from the ESPREssO project. International Journal of Disaster Risk Reduction, 51, p.101783.

Online

• Top 10 Project Management Methodologies: An Overview. 2023. Online. Available through: < https://www.projectmanager.com/blog/project-management-methodology>