Aspects of the Project Management - Essay Example

Risk Management al Affiliation) Project risk management and project quality management are two of the most important part of the project success. (Murray, L. T. J., 2012) These two concepts are closely related. Project risk management focuses on the methodology that is used to identify, monitor and then mitigating the risks associated with the projects. It acts as the regulating process that works perfectly in ensuring that the magnitude of positive occurrence are realized while the negative events are reduced as much as possible. The focus point of the risk management usually revolves around managing risks that are anticipated in a project. (Jordão, B., 2010) This is the point of divergent compared to the role of quality management. Quality management lays emphasis on the standards involved in the process, the process itself as well as the techniques that are involved in to ensure that quality is achieved in the whole process. This brings to clarity the understanding that risk management would portray a more direct focus on potential risk associated with the execution of the project while the quality management is principally concerned with the broader management efforts. This makes quality management to be more of overall determination of the project quality as a whole. This study will try to explore the aspects of the projects management that are relevant and would be important for adoption in the project at hand. To this end, the study will attempt to identify fundamental aspects of risk management and project quality management. This aspect will form the ground for evaluation of Ohio Department of Human Services (ODHS) The basic components of a quality management are quality assurance, quality control as well as quality planning. Quality planning acts as the main way of assisting in identification of quality standards that would be relevant for the project in place. This is the most relevant stage to any organization that intends to implement a project. The case of ODHS would be well managed at this stage. First of all, the project has been able to identify that the project lacks two network engineers and a business analyst who would be responsible for project documentation. They have further identified that the existing budget plan is not able to cover the anticipated 20% increase in licensing for one of the key candidate products under consideration. This is one step that the company would be able to exploit in order to get to the desired goal of delivering it’s services to its clients. First and foremost, lack of business analyst poises threat to the organization. (Jordão, B., 2010) The concept of business analyst would enable change in the ODHS context, by helping the organization define needs and subsequently help with providing recommendation that would present solutions that would deliver value to the stakeholders. Business analyst would not just refer to business analyst particularly when dealing with highly sophisticated organizations like ODHS. Such title may also refer to business system analyst, requirement engineers, system analyst, and process analyst as well as product manager. Sometimes the title may also mean product owner, business architect, and enterprise analyst as well as management consultant. Companies that want to prosper in what they do must always attempt to involve the services of the business analyst more so if such businesses operate advance systems that deal with software. Lack of business analyst in the system poises a severe risk to the company. The company cannot be sure if it would be able to deal with the customers demand and also ensure quality of the services that they would provide to their clients. The second risk that evidently the company is facing is the poor budget plan that would be able to cover for licensing. Usually, when a company is in operation, it is important that the company plan and appropriately manage it’s the financial performance. The most effective way of keeping once business is through creating a budgeting process. This will help a business keep its finances on truck. Poor budget planning may lead to debt spiral. This is a situation that is experienced when a business is forced to take out credit so that they can afford to clear their capital. What would happen to the ODHS is that their debt would mount and while they would be trying to service the interest that would come with such class, then their income would certainly fall. Sometimes such circumstances may render companies bankrupt When the relevant standards have been developed, it follows that these standards are implemented. The implementation of such standards is referred to as quality assurance. Quality control in its case may be referred to as the process of continuous monitoring and adjusting the processes as the determination of the activities is concerned. There are varieties of quality techniques that may be employed by a project. Such kind of techniques may include propriety methods like those that have been developed by Deming and Crosby, or the project may chose to adopt no propriety models which may include total quality management (TQM) and six sigma. One common thing with the quality management and project management is the emphasis that is always laid on the significance of the management responsibility, continues improvement of the process as well as prevention over inspection. Prevention over inspection usually relies on the idea that it would be much better to prevent mistakes rather than trying to correct those mistakes. Another key philosophy of the two concepts is the management responsibility. The planning phase can always ensure the quality tools and techniques work well by attempting to use benchmarking, experiments as well as cost-benefit analysis. By benchmarking, the company would ensure that the efforts being made in terms of the practices are up to standards as compared to those of other organization. Cost benefit analysis on the other hand would ensure that determination of the apt level of benefit that is grounded on the desired expenditure. Such determination will ensure that amorphous projects that are not worth the cost are eliminated before the implementation. The final aspect is the adoption of the statistics in the experiment that would ensure that all factors that relate to quality are assessed. To manage risk, a good company needs to understand all the factors that pertain to the project risk management. Risk management in a project would include planning, identification, response planning as well as quantitative and qualitative analysis. Like it has been identified earlier, planning forms the foundation of a company that would manage to deal with it financial problem. It also enables the company move away from unnecessary debts that could be avoided. The case of ODHS is not unique. The company should attempt to reorganize their budget and seek to allocate enough finance to critical and basic aspect of business such as licensing. There should be calculated reduction of finances from other less important matters that demand for the use of the money. Some other aspects of these would include monitoring and control. Risk management usually relies on the methodology to be used to ensure that the risk is managed appropriately. This methodology is what the team would adopt throughout in the process of the project. In the case of ODHS, there is a need for the company to incorporate business analyst who would act as an agent of change that would use disciplined approach to manage the organization. Risk Management software’s Managing risk in business has been made easier, especially with the use of risk management software. Risk management software has been associated with several other software such as; compliant management software. It is usually designed to lower the risks and security britches that are faced by companies. Many companies that have adopted the use of management software have been able to increase their profits and improved the service they offer to the people. This has ensured that they remain in the business that they occupied. They have also managed to improve their relationship with the customers. Many companies especially the financial management firms have been advised to use risk management plan in their establishments. Usually, the risk management software works by trying to identify the risks that may exist, especially those that involve assets. They then try to communicate the findings to the business. This may happen through screen dashboards. The software usually collects and collates data in the entire enterprise before identifying where the problem lies. ODHS needs to identify workable software that would ensure that the problems they face are addressed. Some of this software would be sound risk management. This is a very important element for success and proactive operation of business. The software is outstanding in early identification of the problem that would ensure success of a business. References A guide to the Business Analysis Body of Knowledge (BABOK guide), version 2.0 (Version 2.0. ed.). (2009). Toronto, Ont.: International Institute of Business Analysis. Jordão, B. (2010). Risk management. New York: Nova Science Publishers. Software asset management. (2003). London: TSO. Using a projectized structure to administer your project - for dummies. (n.d.). Retrieved from http://www.dummies.com/how-to/content/using-a-projectized-structure-to-administer-your-p.html Murray, L. T. J. (n.d.). The advantages of functional project organizational structure. Retrieved from http://smallbusiness.chron.com/advantages-functional-project-organizational-structure-2739.html Read More