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MG4205: Individual Report Individual Academic Report

Subject: Management

Keywords : MG4205: Individual Report Individual Academic Report


Question:

MG4205: Individual Report

Assessment Details:

Assessment Type

Individual Academic Report

Word count:

2,000 words

Learning Outcomes Assessed

 

1.  Critically analyse the key theories and principles associated with effective project management.

2.  Apply the principles to develop a critical analysis of a project management situation.

Submission Details:

Friday 1 December 2022, by 5pm
via Turnitin

 Write an academic report in the required format, conducting a comparative analysis between two case studies.  First, the London based “Garden Bridge Project” which was never built, therefore is understandably regarded as a failed project.  It is predicted this cost the UK taxpayer an estimated £50 million.  Additionally, the “Lusail Stadium” which was built for the 2022 FIFA World Cup in Qatar is widely regarded as a success.  For instance, for the iconic leading global venue it arguably is, it possesses significant potential such as ability to help repair Qatar’s damaged brand and reputation in relation to its international human and labour rights standing.

Useful Resources

London’s “Garden Bridge Project”
(Widely regarded as a Failed Project)
https://tinyurl.com/bad-mg4205

Qatar’s 2022 FIFA World Cup “Lusail Stadium”
(Widely regarded as a Successful Project)
https://tinyurl.com/good-mg4205

Your Tasks

  1. Begin with an introduction (10% of grades, 200 Words).
  2. Then, create a Stakeholder Analysis chart for both projects (20% of grades). Ensure you have at least 10 of the main parties who have an interest in each project. Examples may be individuals, organisations, groups, etc.
    1. Ensure you produce a Stakeholder Map to compliment your Stakeholder Analysis chart.
      1. Section 2 is equal to 300 words of your 2,000content, to match your overall coursework requirements.

    2. Next, complete a risk analysis for one of the two projects (10% of grades). Afterwards, create a risk register with at least 10 risk events.
      1. Ensure you include your estimated likelihood and impact scores for each individually identified risk for both before and after the suggested risk reducing actions and strategies that you should be recommending.
      2. Section 3 tentatively satisfies 100 words, to match your overall coursework requirements.

    3. Critically evaluate how a Project Manager might utilise these two techniques on projects in general to manage projects more efficiently and effectively so they are more likely to be delivered within their cost, time, and quality objectives.
      (50% of grades, 1,200 Words).
    4. Finally, complete with a conclusion (10% of grades, 200 Words).

Assessment Criteria

  1. Ability to utilise key theoretical principles associated with stakeholder analysis and project risk evaluation (30%)
  2. Application of theory to practice by utilising key theories in a specific scenario (30%)
  3. Critical evaluation of the use of the theories in order to improve efficiency in project management (40%)

Threshold criteria:  All arguments must be presented and articulated clearly and concisely within the word count.  They must also be fully supported using normal standards in accordance with Harvard referencing.

Solution:

INDIVIDUAL ACADEMIC REPORT

Executive summary

 Project risk management is very important for delivering a project within the allocated time frame even if there arise any challenges during the lifecycle of a project. Project managers depend on project management methods to maintain a smooth flow of the project and identify risk factors that may arise throughout the project timeline. They also rely on this method to develop ways to overcome any potential risk factors immediately. The study highlights the importance of stakeholder analysis and risk analysis of how the two projects were successfully completed the project within time. The management is responsible for providing proper training to the team members so that they can follow the guidance of the project to successfully complete the project. The study also sheds light on the importance of internal and external stakeholders for project success. 

1. Introduction

In this assignment, a comparative analysis of the case of the Garden Bridge Project has been presented in the context of the failure of project risk management. The introductory portion is followed by two charts analyzing the Stakeholder and Risk factors of the projects. A critical evaluation of the project management techniques is also provided at the end of this assignment before the conclusion portion.

Project risk management is the process of recognizing and analyzing any potential risk factors that may arise during the project life cycle. This helps in keeping the project on the predetermined track and meets the project's desired goal. The assignment begins with an introduction giving an insight into what project risk management is. This assignment stresses the fact that risk management is not only a reactive management process but rather should be a part and parcel of the project management procedure. This management method of project is very useful for reducing the chances of accidental errors and maintaining a smooth efficient flow of project operation. As this not only helps in the mitigation of the potential risk factors that may arise but also to figure out and being equipped with ways to solve and control them immediately, without any delay.

2.  Stakeholder Analysis chart

Stakeholder analysis is important for both of the projects Such as London's “Garden Bridge Project '' and “Qatar’s 2022 FIFA World Cup “Lusail Stadium '' to execute the project more effectively. In this project, the management of both of the projects is responsible for maintaining effective relations with the internal stakeholders and external stakeholders to finish the project within the deadline (Buganová et al. 2021). Stakeholder’s analysis is important for increasing the project visibility which helps to increase project accountability.

Stakeholder name

Contact person

Impact

Influence

Relevance

Contribution

Strategy to engage

Project manager

Staffs

 High

  Moderate

Depending on the success of factors

The project manager responsible for

Effective collaborations among the management and the staff

Team members

Management team

Medium

  High

Unity among the team members

They are responsible for working as a single unit to successfully finish the project (KHURRAM and GANIEV2021).

 The management must provide proper training to the team members.

Operations Manager

Accountant

Medium

Low

Maintaining project budget

The operational manager should address the required areas of investment.

Implement resources in required areas which may help to reduce the higher cost of the project.

Resource manager

Operational manager

Low

High

An inadequate resource is the cause of burger constraints 

Resource managers should monitor the areas where resources are misused (Willumsen et al. 2021).

 Collecting finding support from the community and the government to efficiently manage the project.

Project Executive

Team

low

High

Follow proper guidelines for the tea members

Emphasize members.

The management is responsible for enhancing project management software to properly execute the plan.

Senior manager

Directors

High

Medium

Manage effective communications.

Identify the potential risk of the project.

Emphasizing  project management software  addresses types of risks in this project

Investors

Management team

High

Low

 Management should maintain good relations with the investors.

Investors are playing with adequate financial support for compiling the project (George,  2020).

The management should maintain effective relations with the sponsor investors for the project's success.

Suppliers

Project manager

High

Medium

Maintain  effective relations

The project manager is responsible for managing effective supply chain activity to enhance raw materials for project success (Xia et al. 2018).

The  project manager tries to reduce the higher cost of the project

Trade union

management 

High

Low

Maintain collaborations with the trade unions.

Enhancing proper funding support from the community

 Increase accountability in the project

 

Table 1: Risk management metrics

(Source: Self-created)

3.  Risk analysis for two projects

The risk analysis framework shows the importance of how London's “Garden Bridge Project ''   identifies the risk and implements a crucial strategy to mitigate the risk to successfully complete the project on time (Masár et al. 2021). The risk analysis chart shows the different types of risk faced by the concerted project management team which is the major reason for project failure

 

Risk Description

Likelihood of the risk

Impact of the risk

Severity

Mitigation strategy

Concerned personnel

Lack of vision

 1

 The lack of vision among the team members is one of the major issues for the management to efficiently manage the workflow in the project. A strong vision is a crucial component of this project (Sabbagh, 2020). Staff should follow the guidance of the manager to finish the project on time. Moreover, lack of confidence among the staff gives an impact on project quality which is the major reason for the London garden bridge project's failure.

High

 The management should provide proper training and guidance to all members that they must involve in the project plan to finish the project within time.

Project manager

 

Financial risk

2

 Inadequate financial support is one of the major causes of the failure of this project. The management had faced issues due to the high wastage of investment in the project plan.  Financial risk and create budget issues to complete the project on time.

High

 The project manager is responsible for investing resources in the required place to reduce the higher cost of the project to successfully complete it on time (Rahman and Adnan 2020).

The Project manager and the accountant

Strategic Risk

2

Inappropriate execution of the project plan is one of the major causes of the failure of this project. Lack of collaboration between the management and staff is the major issue of this project. Hence management is unable to take appropriate decisions based on the issues faced by the staff.

 

The management is responsible for maintaining effective collaborations with the staff. It is benficer for this project to generate several perspectives based on the potential risk of the project.

The  management team

Performance Risk

1

In this project, most of the staff are unable to tackle the technological mechanism which is the major constraint for the management to efficiently manage the workflow. The lower performance of the staff is one of the major issues of the management to complete the project on time.

High

 The project manager is responsible for monitoring the progress of the serfs to increase accountability in this project's successful compliance.

Project  manager

Legal risk

2

Legal risk crate issues for the management to amplify the project plan in the real field.

High

The management of the London Garden Bridge project must be taken all the  legal permission to complete the project within the time

The management  team

Risk of the procurement  process

1

In the appropriate procuring process one of the major causes of the lack of infrastructural issues is completing the project within the time schedule. 

Low

The project manager is responsible for updating the procurement process to monitor each of the levels in this project for successful compliance.

 The project manager

Delay in project delivery

2

The lack of expert skills and the inability to adopt the complex mechanism of the project tools are the cause of the delay in the delivery of the project (Varajão and Amaral, 2021).

High

The management is responsible for enhancing the proper project timeline so that all the team members should follow the guidance of this project and that they complete the project on time.

Team members

Short-term relations with the stakeholders

2

 The management has faced conflict issues with its stakeholders due to contractual agreements which gives impact project policy to finish the project within time schedules.

 

The project manager  should be followed the framework of project governance that they must follow the authorizations of eh  agreement to  avoid legal constraints of this project

 

Inappropriate framework

1

Inadequate resources and inadequate skills  create issues in this project

 

The project manager is responsible for providing adequate resources in the right plan and enhancing project management software to track the performance of the staff for completing the project on time (Hugo et al.2018).

 

 

Table 2: Risk management metrics

(Source: Self-created)

4. Critical evaluation of project techniques

Project management methodologies or theories can be useful mechanisms to eliminate the chances of project failure. Project management methodology refers to the collection of fundamentals, techniques and tools that are used to design, manage and execute project activities till a project reaches the finishing line successfully. Among the various project management methodologies, a few are provided below to mitigate potential risk factors that may arise throughout the lifecycle of a project (Crispim, 2018). The below-noted methodologies' advantages and benefits may vary depending on the type of industry and projects.

Waterfall Methodology - In the variety of different project management methodologies this particular method is the traditional approach. it is also the most direct and linear among all project management methods (Demertzis, 2021). The name of this methodology appropriately defines the procedure the method is going to follow for managing a project. The sequence of the project stages follows a downward sequence and this method uses Gantt charts for structuring and scheduling a project. This type of project management method is best applied for highly structured projects where any kind of alteration in the project5 can be expensive. These kinds of projects may include construction and manufacturing projects.

PMBOK ( Project Management Body of Knowledge) -  This specific method can be perceived as the father of all methodologies under the project management methods. The Project Management Body of Knowledge is a book published by the project management institute that defines and provides guidelines for administering, structuring, scheduling and executing a project (Armenia, 2019). This guideline or this method can be used by almost any project no matter what the size of the project is.

Scrum Methodology - the expression scrum was first pioneered in an article by “Hirotaka Takeuchi and Ikujiro Nonaka" in "Harvard business review". This method is a short "sprint" approach when it comes to project management. This method can be best applied to the "agile project management framework” with teams having approximately 10 people (Benaben, 2020). The project life cycle is most active for two weeks that involves short daily meetings. These meetings are also referred to as daily scrum meetings led by a "scrum master".this method is mainly used by software development companies but it can be applied to trades and industries across the software development industry that needs a bit of flexibility. Event organisation and real logistics are examples of such industries.

Image

The "Principality Stadium Cardiff Castle" includes the UK's foremost and most extensive completely-retractable ceiling and a special "palletised pitch system" which changes the sports platform into a "multievent arena". All destruction stands segregated for reclaiming into dehydrated composite recycling, compostable meals destruction and angel trash. Gained a "98.4% recycling speed for 2012". Boosting the heating, coldness or ventilation process and using it in a better efficient way by lowering rates, operational hours and temperature control donated to power conserving. The format of desktop-controlled lighting designs changes on lamps in distinctive working spaces, instead of an absolute bottom, to keep power (Cooper, 2018). 

Image

 Lighting includes stands presented to lower electricity consumed and warmth emissions or therefore enhanced atmosphere activity stations throughout hospitality bistros. The full seating capability of the coliseum stands at "74,500", with the placement split into "three tiers with seven levels". The upper level could adjust to "33,000" viewers, and the centre "18,000" or "pitch-side tier can fit 23,500". The stadium customers' capacity is split into "six levels", which contain meals and beverages, a marks gallery, childcare aptitudes, and toilets shops. There stand "124 hospitality suites", seven hospitality cabarets, 27 bars and 15 cafes, allover over which include disabled permit. The stadium stands provided all the proper security steps to dive into trouble. The stadium consumers' capacity is split into "six levels". The stadium is required to execute a suitable approach to establish the proper environmental procedures and make for a more optimistic lot (Rhodes, 2019).  An enhanced contractor and quote strategy have stood placed on site to take into understanding the "future-proofing" of any possible structure and an estimate for its "energy consumption"

Image

Image

The technique must stand founded upon the most understanding and stand creative in choosing the optimum ways of improving the area, for now, providing that it stands maintained into the fate. This must have the "technicalities of repairs", sound protection, sufficiently-managed guest pass, and the right understanding and control that counteracts the well-standing of the place with proper industry economics. The control system must stand prepared to fulfil the overhead standards. These controls suggested the result of a comprehensive-ranging procedure that affects a mixed group of works.  Like most "Victorian structures at Cardiff Castle", it stands produced in "The Forest of Dean sandstone", and the borders are extremely thin. This suggests that provides an extremely inadequate thermal cushion between exterior and interior environments. The interior remodelling of the home contained everything that stood out needed to identify it as useful interior restoration, modifications to provide contemporary security measures were completed as nicely as supplying refreshed and renovated buildings (Cooper, 2021). It also contained refurbishment of a few extremely critical locations but banned protection of the "Burges interiors", which it observed as the last stage of creation. Numerous cases hold to stand regarded in choosing the right path and scope for strategy in such significant "historic environments". Showing the group that launched this implied an awareness of innovation principles in a "historic building environment", counterbalanced with retail facts and the visitor's development that stands to exist produced.

5. Conclusion

On a concluding note, the study shows the importance of risk analysis and a stakeholder analysis that helps how the management overcomes the challenges to successfully completing the project. The London Gardens bridge project has faced issues due to a lack of supervision and the lack of executions of the planet which is the major cause of the project's failure. After analyzing all the factors, it can be concluded that the proper infrastructure and the funding support are the cause of the success “Of Qatar’s 2022 FIFA World Cup “Lusail Stadium ''. In this study, it can be seen that the lack of financial support and budget issues is one of the major causes of the failure of the Garden bridge project. The management had identified that a lack of risk management is the major cause of the project's failure. In this aspect, the project managers are responsible for emphasizing to the project management system that they must identify the type of risk to take an initial plan for mitigations. The project manager also tries to maintain effective relations with the stakeholders so that they can enhance competitive advantage from the external business environment. The project manager is responsible for investing money in required places that help to reduce the cost of the project for successful compliance.

Reference list

Armenia, S., Dangelico, R.M., Nonino, F. and Pompei, A., 2019. Sustainable project management: A conceptualization-oriented review and a framework proposal for future studies. Sustainability, 11(9), p.2664.

Baryannis, G., Validi, S., Dani, S. and Antoniou, G., 2019. Supply chain risk management and artificial intelligence: state of the art and future research directions. International Journal of Production Research, 57(7), pp.2179-2202.

Benaben, F., Montreuil, B., Gou, J., Lauras, M., Faugère, L. and Mu, W., 2020, January. A physics-based theory to navigate across risks and opportunities in the performance space: Application to crisis management. In HICSS 2020-53rd Hawaii International Conference on System Sciences (pp. p-2187).

Buganová, K. and Šimíčková, J., 2019. Risk management in traditional and agile project management. Transportation Research Procedia, 40, pp.986-993.

Cooper, C.H., Harvey, I., Orford, S. and Chiaradia, A.J., 2018. Testing the ability of Multivariate Hybrid Spatial Network Analysis to predict the effect of a major urban redevelopment on pedestrian flows. arXiv preprint arXiv:1803.10500. https://arxiv.org/abs/1803.10500

 Cooper, C.H., Harvey, I., Orford, S. and Chiaradia, A.J., 2021. Using multiple hybrid spatial design network analysis to predict longitudinal effect of a major city centre redevelopment on pedestrian flows. Transportation48(2), pp.643-672. https://link.springer.com/article/10.1007/s11116-019-10072-0

Crispim, J., Silva, L.H. and Rego, N., 2018. Project risk management practices: the organisational maturity influence. International journal of managing projects in business, 12(1), pp.187-210.

Demertzis, G. and Vatalis, K.I., 2021, November. Project risk management adaptation of infrastructures in the Greek context. In IOP Conference Series: Earth and Environmental Science (Vol. 899, No. 1, p. 012055). IOP Publishing.

George, C., 2020. The Essence of Risk Identification in Project Risk Management: An Overview. International Journal of Science and Research (IJSR), 9(2), pp.1553-1557.

Hugo, F.D., Pretorius, L. and Benade, S.J., 2018. Some aspects of the use and usefulness of quantitative risk analysis tools in project management. South African Journal of Industrial Engineering, 29(4), pp.116-128.

KHURRAMOV, A. and GANIEV, I.M., 2021. The Economic Effectiveness of Using Effective Risk Management Techniques in Project Management. DEVELOPMENT ISSUES OF INNOVATIVE ECONOMY IN THE AGRICULTURAL SECTOR, pp.13-18.

Masár, M., Hudáková, M., Šimák, L. and Brezina, D., 2019. The current state of project risk management in the transport sector. Transportation Research Procedia, 40, pp.1119-1126.

Rahman, M. and Adnan, T., 2020. Risk management and risk management performance measurement in the construction projects of Finland. Journal of Project Management, 5(3), pp.167-178.

Rhodes, M.A., 2019. The memory work of Welsh heritage: Multidimensional landscapes of a multinational Wales (Doctoral dissertation, Kent State University). https://arxiv.org/abs/1803.10500

Sabbaghi, M.M., 2020. A supplier selection model emphasizing project risk management in drug production in the pharmaceutical industry. Tehnički glasnik, 14(2), pp.111-120.

Varajão, J. and Amaral, A., 2021. Risk Management in Information Systems Projects: It Can Be Risky Not To Do It. International Journal of Project Management and Productivity Assessment (IJPMPA), 9(1), pp.58-67.

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.

Xia, N., Zou, P.X., Griffin, M.A., Wang, X. and Zhong, R., 2018. Towards integrating construction risk management and stakeholder management: A systematic literature review and future research agendas. International Journal of Project Management, 36(5), pp.701-715.