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DCU151 Project Management

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DCU151 Project Management

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Course Code: DCU151
University: Dublin City University

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Country: Ireland

Question:
Describe the procedure to be used for managing risks in the project. The procedure should specify who is responsible for risk management, when risk situation is regularly considered (e.g. at each project status meeting), and which roles risks are communicated to, etc.
Answer:

Risk Management Plan:
Methodology – Risk management will be achieved with the help of the administration of the understanding of the qualitative methodology. The data collection method that gas been used I the commencing of the in management includes the usage of the primary data set and this is one of the foremost purpose that the prosecution of the administration of the risk management is achieved with the hep if better commencement of the project ad mitigation of risk is performed with the help of the better understanding if the risk that might affect the functioning of the project. In case the project is completed with the help of the data collection that is primary in nature it helps in getting an in depth understanding of the concept as the projection of the management gets achieved with the benefit of improved administration of the mission. This leads to the fact that the origination of the project gets performed with the answer that are gained by asking the set of questions to the employees of the organization who are working in the business organization.  
Roles and Responsibilities – Project planner will be recruited in order to perform the management of the initiation of the development. This is one of the foremost purpose that the prediction of the organization of the Coolmine Recycling Project.
Implementation of the project manager is also required for the better managing of the project. This is unique of the main reason that the manager who will be recruited will be having q vast information concerning the processing of the supervision of the Coolmine Recycling Project t
Recruiting risk managers will be required for better management of the project. This is the main motive that the commencement of the plan will get performed with the assistance of the recovering management of the Coolmine Recycling Project.
Budget –

Small Track

1,200,000

Big Track

 

400,000

Project manager salary

3200

Development salary

3200

Program manager

3200

HR manager

3200

Engineer

 

3100

Administration

2100

Site Manager

2700

Drivers

 

4200

Mechanics

4400

Total Cost

1629300

Timing – the timing that is required for the organization of the development regarding the management of risk includes the circumstance that the origination of the Coolmine Recycling Project as in case of implementing the risk structure that is provided to the business organization gets achieved with the help of the documentation of jeopardies. This is one of the main reason that the management of the risk will be beneficial for the proclamation of the project. In case the risk management plan is performed before starting of the Coolmine Recycling Project the main advantage that will be enjoyed includes the fact that the amount of resource that will be required for planning of the project will be calculated before buying the resources. This will help in preventing the risk that are related to the completion of Coolmine Recycling Project.
Risk Categories
Risk categories that are present are as follows: –

Supplier risk
Project managing risk
Competitors risk

Explanation of the risk
The risk identification can be done in terms of positive risk and negative risk.
In case of the positive risk that is present in the commencement of the project provides betterment and this is the sole cause that the management of the project gets achieved in a better style. The aspect of not fulfilling the project includes the prospect that the management of the project can be performed with probating the fact that the consequences that are present in the course of Coolmine Recycling Project can be acting as an advantage.
In case of negative risk, it is considered to be the most dangerous issue that is present in the course of management the project. these are the sole reason that the commencement of the project faces barriers in the projection if the management of the work that is taken under by Coolmine Recycling Project.the loss that is suffered by Coolmine Recycling Project is due to the negative risks that are contemporary in the course of management of the project that is taken under by Coolmine Recycling Project.
Key benefit: the main risk that provides advantage includes the fact that the project management of the Coolmine Recycling Project might not meet the projection of the budget during the initiation of the Coolmine Recycling Project in that case the process will be considered to be a risk but the risk will be considered as a positive risk and this is the main cause that the project completion will be achieved in a better management.
Risk Register (Raid Log)
List of identified risks – the risks that are present in the commencement of they are as follows: –

The presentation of the project that is achieved with the help of the organization of the commencement of the project will be done with the help of cost that is incurred in the completion of the day to day completion of their tasks. In case the project that is undertaken by Coolmine Recycling fails, the main issue that is present in the commencement of the project will include the fact that there will be much higher emission of the pollutants and this will lead to the fact that the administration of the development will get achieved with the help of improper budget planning.
In case the pollutants that are considered to be one of the most problematic issue the convergence of the cost incurred gets performed with the help of improper management of the project and the proficiency of the project decreases.

Responses that must be provided are as follows: –

Implementation of proper planning must be done and this is one of the main reason that obligation be implemented in order to plan the better understanding of the development.
Recruitment of project manager in the initial stage of the Coolmine Recycling Project can be acting as a mitigation process and this will help in improved conclusion of the project. This is also one of the main reason that must be implemented in instruction to understand the commencement of the project.
Preparing budget in the initial stages of the project is also considered to be one of the most important aspect of the project.

Root causes of risks
The root causes of the risks that are present in the project commencement of the Coolmine Recycling Project are as follows: –

Bringing innovation to the business process

Attempting to change the entire framework of the process
List of potential responses

The employees of the organization
External stakeholders

Risk

Dependency Description

Location

Deliverables

Importance

Status

Innovation

Internal

bringing in innovation

Medium

Open

Budget planning

Internal

Doing budget planning

Medium

Open

Pollution management

Internal

Ding pollution testing of  the effluents

Medium

Open

Assumption

ID

Date Raised

Assumption Description

Reason for Assumption

Action to Validate

Impact if Assumption Incorrect

Status

1

18/10/18

decrease in pollutants emission

It is a new project

testing of the effluents

High

Open

2

19/10/18

improper budget planning

No such budget planner was included

Recruiting budget planner

Medium

Open

Issue

ID

Issue Description

Impact Description

Impact

Priority

Mitigation Plan

Owner

Status

1

Lack of project manager

The presentation of the project that is performed with the help of the management of the commencement of the project will be performed with the help of cost that is incurred in the completion of the day to day completion of their tasks.

Medium

Medium

Recruiting project manager

Project manager

Open

2

Lack of budget planning

Improper budget planning

High

Low

Proper budget planning

Budget manager

Open

3

Pollutant effluents release

Improper implementation of new technology

Medium

Low

testing the effluents

Tester

Open

Dependencies

ID

Date Raised

Dependency Description

Location

Deliverables

Delivery Date

Importance

Status

1

20/10/18

Innovation

Internal

bringing in innovation

23/11/18

Medium

Open

2

21/10/18

Budget planning

Internal

Doing budget planning

23/11/18

Medium

Open

3

22/10/18

Pollution management

Internal

Ding pollution testing of  the effluents

24/11/18

Medium

Open

Conclusion
From the above report it can be concluded that there are several risks in commencing of the project and these risks are one of the major issues that the project might fail. Despite these issues that are present the recommendations that are stated helps in better commencing of the project. despite these problems that are present the main motive of the project has been very good, which will help in providing better performance and with the success of the project trial the main essence that will be enjoyed is that the cost that will be incurred is lesser than the management of the project
References
Bessis, J. (2015). Risk management in banking. John Wiley & Sons.
Choi, T. M., Chan, H. K., and Yue, X. (2017). Recent development in big data analytics for business operations and risk management. IEEE transactions on cybernetics, 47(1), 81-92.
Glendon, A. I. and Clarke, S. (2015). Human safety and risk management: A psychological perspective. Crc Press.
Hillson, D. and Murray-Webster, R. (2017). Understanding and managing risk attitude. Routledge.
Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
Lam, J. (2014). Enterprise risk management: from incentives to controls. John Wiley & Sons.
Sadgrove, K. (2016). The complete guide to business risk management. Routledge.

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