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Project Management
The 'lesson learnt' section is highly informative and exceptionally convenient in improving the skills of an experienced project manager. In this section, one becomes aware that although proper planning is paramount for any project, it should not be assumed that the implementation phase would take place in accordance with the plan. Depending on the level of planning, scope of the project coupled with other factors, every project is prone to risks that could jeopardize the successful and timely completion of the project when inadequately addressed. The section emphasizes on the importance of performing an adequate project risk audit for any projects and the various mitigation measures against the identified risks. Therefore, it is imperative to perform a project risk audit following selected projects (Barkley, 2006).
The section is also exceptionally handy to HMO's, the audit staff, project and functional managers. For the audit staff, a risk audit enables them to account and allocate sufficient funds effectively for the completion of a given project. In adverse cases, failing to undertake such an allocation will stall the project due to lack of funds in the event of the occurrence of a given risk. The project management office must always allocate the necessary resources...
This ensures that it is prepared adequately for any eventuality. To the functional managers, the risk audit enables them to execute the relevant risk mitigation measures effectively during the project implementation phase. In addition, each of the above departments can implement the relevant reactive measures effectively and timely when a certain risk occurs. This will guarantee timely completion of the project. The sustainability of the project will also be crucial when all the relate stakeholders work hand in hand. This will be crucial in identifying the possible setbacks and formulating the necessary mitigation measures at an early stage (Barkley, 2006).
Question 2
A contingency plan is prepared as a backup plan or an alternative course of action in the event a given risk occurs. Using this definition, it is evident the critical role that risk identification in project contingency planning. It is only possible to prepare a given contingency plan or alternative course of action after the identification of a given risk. With the identification of the various risks, their impacts and likelihood of occurrence, the PMO can look into the affected areas, identify the required resources, calculate the time required and later prepare an effective contingency…
References
Barkley, B. (2006). Integrated project management. New York: McGraw-Hill.
Lock, D. (2007). Project management. Aldershot, England: Gower.
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