Risk management concepts and guidance
ITC505 | Development of Online Management System for Stud Farm
Task
You are required to develop a charter for the Project including:
Include the Project description and overview you developed as part of Assessment 2.
- Identify the desired area of impact - Rank the following areas in terms of importance: Strategy / Customer / Financial / Operational / Social
- With reference to your project, identify one or two of the following
types of value:
- Better - is improving quality important to your client?
- Faster - does your client want to increase efficiency?
- Cheaper - is cutting costs important?
- Do more - does your client want to continue its growth?
- Develop an appropriate metric - this sets the target and expectation of all the stakeholders. It is important to determine a quantitative target that needs to be expressed as a metric in terms of an increase or decrease of money.
- Determine the timeframe for achieving the MOV - ask yourselves, when do we want to achieve this target metric?
Define Scope and produce a Scope Management Plan
Define the scope of the project and detail how the scope will be
managed.
Provide a list of Resources
Identify and detail the resources for the project using MS Project where
appropriate, including:
- People (and their roles), plus any extra personnel that is required for the project.
- Technology - any hardware, network and software needs to support the team and your client.
- Facilities - where will most of the teamwork be situated?
- Other - for example, travel, training etc.
Part Three
- This will tell everyone associated with the project that the phase or deliverable was completed satisfactorily.
- Define a set of activities / tasks that must be completed to produce each deliverable.
- Assign people and resources to each individual activity.
Estimates for Each Activity / Task
- Develop a time estimate for each task or activity to be completed.
Budget
- Create a time-phased budget using bottom-up estimating. Be sure to include direct costs listed in Part two and add 20% for fringe. State all assumptions and constraints you have used when creating your budget. State how confident you are in your estimates and what would make you more confident.
- Document any assumptions you have made about the project
- Using the Risk Identification Framework as a basis, identify five risks to the project – one for each of the five phases of the methodology.
- Analyse these risks, assign a risk to an appropriate member, and describe a strategy for the management of each specific risk.
Quality Management Plan. It should include:
Part Six
Answer:
1.1 MOV - Measurable Organisational Value
| Area of Impact | Rank (1 to 5) |
| Operational | 1st |
| Customer | 2nd |
| Financial | 3rd |
| Social | 4th |
| Strategy | 5th |
1.2 Value of the project plan
Faster: It is found that the management system within the organization is quite easy to reach to the customers and the clients of
the organization are benefitted due to reduction in the response time.
Part Two:
2.1 Scope
- Interface design
- Database development
- Breed registry development
- Easy recording of services
- Reviewing breeding services
- Personalized communication facility
- Developing database for marketing
- Facility of contract management
- Development of location facility
- Facility of cost tracking
2.2 Out of Scope
- Facility of training is excluded from the project
- Information about the project suppliers are excluded
2.3 Assumptions
- All the project stakeholders will be present within the project meetings
- The resources that are needed will quite easily available
- The development of the entire project will get finished within the expected time.
2.4 Constraints
The constraints that are developed within this project are listed below:
- Necessary resources will be present otherwise time of the project will exceed.
- Proper quality required to be maintained otherwise both cost and time of the project will increase
- Project scope creep must be avoided.
2.5
Scope Management Plan
The project scope can be successfully managed including steps:
- It is quite essential to determine the items that are associated with the project scope
- The factors that generally helps in creating negative impact on the scope must be effectively determined
- It is quite essential to develop scope incorporation plan for retentive project quality.
- Proper deployment of project scope in order to improve the organizational operation.
2.6 Resource Plan
- People
- Technology
| Hardware | RAM, hard drive, laptop |
| Software | Tools of designing, tools of development |
| Network | Server |
- Facilities
Facility of internet and extranet related infrastructure needs to be developed for providing proper opportunity of system implementation to the employees of the organization.
- Other
Part three:
3.1 Project Milestones
| Milestone | Completion date |
| Milestone 1: Completion of project starting phase | Mon 28-05-18 |
| Milestone 2: Completion of planning phase | Thu 07-06-18 |
| Milestone 3: Completion of designing phase | Thu 21-06-18 |
| Milestone 4: Completion of development phase | Thu 30-08-18 |
| Milestone 5: Completion of testing phase | Fri 14-09-18 |
| Milestone 6: Completion of monitoring and control phase | Wed 26-09-18 |
| Milestone 7: Completion of closure phase | Mon 01-10-18 |
3.2 Project activities
3.3 Project resources
3.4 Time estimation
Figure 3: Time estimation
(Source: Created by Author)
3.5 Project budget
3.6 Time phase budget
Part four:
4.1 Assumptions
The assumptions are:
- All project stakeholders will be present within the project meetings
- The resources that are needed will quite easily available
- The development of project will get over in the expected time.
4.2 Project risks and management strategy
Part Five:
Statement on project quality
The quality of the project “development of stud farm management system” is managed successfully by undertaking number of steps that are listed below:
A set of verification activities
| Verification Activity | When? |
| External audits | The External audits are accomplished on the suppliers after the delivery of the resources. |
| End product testing | Product testing is performed in the last phase of the project. |
| Testing on software and software | Testing is done on resources before utilizing them in the project development. |
A set of validation activities
Part Six:
- Annotated bibliography
- Develop a closure checklist
| Closure checklist | Checklist options |
| Is testing finished? | Yes |
| Approval and review of documents finished ? | Yes |
| Requirements Traceability Matrix been checked? | No |
| Closure of the risks are done? | Yes |
| Is project handover completed ? | Yes |
| Training completed? | No |
Bibliography
Coronel, C., & Morris, S. (2016). Database systems: design, implementation, & management. Cengage Learning.
Galliers, R. D., &Leidner, D. E. (2014). Strategic information management: challenges and strategies in managing information systems. Routledge.
Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure-proofing your project. AMACOM Div American Mgmt Assn.
Nanda, V. (2016). Quality management system handbook for product development companies.CRC Press.
Verburg, R. M., Bosch-Sijtsema, P., &Vartiainen, M. (2013).Getting it done: Critical success factors for project managers in virtual work settings.International Journal of Project Management, 31(1), 68-79


