Introduction of Advance Project and Risk Management

Table of Contents

Introduction of Advance Project and Risk Management Assignment
Introduction of Advance Project and Risk Management Assignment
Section 1: Project Schedule and Critical Path
Network Diagram
Gantt Chart and Critical Path
Section 2: Project outflow analysis using time-phased budget
In-depth analysis of the budget
Section 3: Monitoring and evaluating metrics
Section 4: Project Closure Checklist
Conclusion and Summarisation of Key Findings

19 Pages 4833 Words

Introduction of Advance Project and Risk Management Assignment

Get free written samples from subject experts and online assignment writing service in UK.

The following project revolves around the context of Wilmont’s founded in Milton Keynes which is a hypothetical top-ranking U.K. retail pharmacy corporation with more than 1,000 locations nationally and over 4,000 employees in total. After experimenting with various novel business models, the corporation is now covertly contemplating launching an even more radical one: drone-delivered medicines and retail merchandise. When a tiny company called DroneTech launched the strategy in March and is aiming to create a partnership with pharmacies countrywide, it was not a completely novel idea. Based on this prospect a comprehensive project flow is formulated in the following report, contextualising project schedule and critical path along with key budgeting and evaluation metrics for the project prospects.

Section 1: Project Schedule and Critical Path

According to the theoretical prospect of project management, it is the Nodes and the connections between them comprise a network diagram. In social network analysis, a network diagram is a visual representation of the relationships among the nodes and nodes of a system (Jamnuch and Vatanawood, 2019). Considering this in the following the activity nodes and a comprehensive network diagram is formalised.

Activity Workout

Activity	Activity Code	Duration	Predecessor
Initiate Project	A	1	Start Project
Market Research	B	3	A
Competitor Analysis	C	2	B
Hardware Design	D	12	C
Procurement	E	4	D
Prototype Making	F	16	E
Flight Test	G	6	F
Software Design	H	12	A
3D Tracking	I	8	H
Defect Report	J	12	I
Voice Recognition	K	12	J
Heat Sensor Installation	L	4	K
Final Flight Test	M	2	A
Drone Manufacture	N	3	M
Tower Test	O	2	N
Swarm Test	P	3	O
Talent Acquisition	Q	4	P
Employee Training	R	14	Q
Simulation	S	5	R
Project Closure	T	1	G, S, L

Network Diagram

Based on the team chart of PID 1, the team members shall designate the research in different flows. The project will initiate from the aspects of market research regarding the proposition drone delivery system, which will involve extensive competitor analysis that will go forth following the stages of hardware design, procurement of design and resources which will then be used for designing drone prototype, flight testing. Seamlessly, the software division of the team will work on designing the software for the hardware which will include 3D mapping, Live Tracking, Voice Recognition and Heat sensing features and make extensive evaluation on possible defects as well (Grzesch, 2021). After this stage final flight test for the drone will be formalised. This will also involve drone tower designing and manufacture, drone tower test, drone swam capability and lastly defect reporting on these aspects. Apart from these the team will also be working on talent acquisition, employee training, and simulations.

Gantt Chart and Critical Path

The critical path method is a method for identifying activities required to complete a project. In project management, the critical path is the longest series of operations that must be completed on time to complete the project (Kusumadarma et al., 2020). Apart from the above activities, the entire project is formalised in a systematic schedule as per the Gantt chart designed in the following:

Based on this timeline, the first 7 weeks of the project will involve developing scope, plan and resources, within this time stakeholder engagement and project contract development will be take into consideration as well. By the fifth week the project contract will be submitted and project sponsors for the contract will be reviewed, signed and approved. All these activities will come into the context of initiation activities of the project.

Next to this stage, planning phase will be carried out within which the drone system plan will be formalised under the critical path. This will include design planning, information technology planning, cybersecurity planning, schedule development, cost estimation and project plan approvals.

From the 18^th week activities of drone engineering will take into place and continue till 24^th week. Following from this timeframe, customisation of the drone will continue till week 39 along with installation delivery system, inferencing the flight operations, communication and evaluation of information security developments all of which that will come under the critical path (Holzmann, Weisz and Zitter, 2018).

In the fourth stage, the testing of the developed product will be carried out, in this context, from the week 40 to week 42 drone flight delivery testing, IT and security testing and user testing will be evaluated. After attaining green signal from these tests, the project will go live for its operations.

All of these activities will thoroughly be evaluated through comprehensive monitoring, this will include Bi-weekly project status meetings, quarterly stakeholder meetings will start from the 6^th week and continue till week 48. In this context, a small-scale risk management will also be taken into consideration. At the end of the project timeframe, approval and closing of open point listings will also be taken into consideration.

Lastly, the closeout of the project will include auditing the key purchases and procurement for the projects, documentation of key learnings, updating records and filings and lastly archiving files and documents.

Section 2: Project outflow analysis using time-phased budget

Time Faced Budget
Weeks
Activity	Budget	0_1	1_2	2_3	3_4	4_5	5_6	6_7	7_8	8_9	9_10	10_11
A	15000	5000	5000	5000
B	15000	5000	5000	5000
C	0
D	25000	5000	5000	5000	5000	5000
E	0
F	10000	5000	5000
Weekly Total	5000	5000	5000	5000	10000	1000	5000	5000	5000	5000	5000

In-depth analysis of the budget

Within the context of the budget, a total of 15k will be allocated to project initiation processes which will range from week 1 to week 3 of the project. In following, market researching will be carried out by the budget of similar 15k which will be done throughout week 3 to week 6, on each of these weeks 5k will be allocated for operations. Since, competitor analysis will be done through online research, no funding will be required. Yet hardware designing will be required 25k fundings which will also be sub-divided into five weeks allocating 5k for each week activities. Lastly, in between week 9 to 11, prototype making will be instigate with total budget of 10k, hence, allocating 5k between week 10 and 11.

Nevertheless, in aspect of monitoring and control, it will be maintained that no particular activities exceed the given budget. In this regard, week wise subdivision of the funding by means of 5k for each week activity will come into play which will used as a key metric for controlling. Moreover, any instance of remaining budget for one activity will be added for the next week activity which will act as an additional reserve in case of any given budget failures. Thereby, 5k limit of each activity will be defined as the key metric for controlling the project activities.

Section 3: Monitoring and evaluating metrics

Using a theory of change may aid in the construction of a monitoring and evaluation system. Data from the intervention or earlier research and evaluation may be used to map existing data onto the theory of change and indicate priority areas of drone manufacturing for gathering further data (Tengan, Aigbavboa and Thwala, 2018). Considering this a comprehensive monitoring and evaluation is formulated for regulating the project.

Phase	Activities	Monitoring and Evaluation
Phase	Activities	Activity	MMPs	Responsibility	Frequency
Initiation	Evaluating project scope Set the stage for future events by creating a tentative schedule.	keeping tabs on the upcoming tasks’ due dates	Only MMPs that are new will be considered.	Monitoring and reporting to the Project Committee is the responsibility of the R&D and Operation Teams, respectively.	Monthly
Needs Assessment	Gather information from stakeholders by conducting a thorough needs assessment or baseline study. Set goals and a "vision" Measure existing and prospective service levels and collect baseline data to identify available services.	keeping tabs on the timeliness of major projects	MMPs, both new and old	Line Project/Departments should select broad operations and target date of completion, and then update data in the online database system. Operational team will be responsible for internal monitoring each potential activity.	Monthly
Needs Assessment		Baseline assessment	New MMPs and existing MMPs within six months of the acceptance of this framework R&D may accept deviations in timeframes under intimation to the Project Committee, provided that the Project Committee is informed.	Baseline evaluation is the responsibility of R&D and OT (Tegeltija, 2018). A fundamental structure for baseline research will be established by OT, which will also include agencies.	Once in an entire project lifecycle
Design & Development Phase	Set goals and deadlines based on the identified milestones. Establish metrics and parameters for monitoring Make a connection between the most significant events in project life.	Monitoring of the DPR and scheme approval deadlines	The MMPs	R&D and OT are in charge of maintaining an internal database for this purpose (YOUSSEF and NARASIMHAN, 2020). A full-time employee is responsible for gathering, compiling, and maintaining this data in the database.	Monthly
Implementation Phase	Request for Proposal (RFP) writing and agency selection SRS preparation. Organize a specialised team if necessary, Purchasing hardware and software Validation by a small group of actual users Management of change, capacity development, and public awareness and communication Third-party audits, certifications, and quality control tests	Keeping track of all activities in terms of deadlines, milestones, and monetary goals	All MMPs	The Project Committee keeps an eye on things.	Monthly
				R&D and OT are in charge of maintaining an internal database for this purpose (Gallego, Ortiz-Marcos and Ruiz, 2021). There will be a full-time employee from the specialised team who will be responsible for collecting, collating, and updating this data in the database.
				At the state level, the State Project Committees are responsible for overseeing the projects. A full-time member of the team is assigned the responsibility of gathering, compiling, and keeping current at the state level data on R&D compliance and follow-up actions.
				Post implementation phase		Conformance to team charter	All post-implementation tasks will be monitored to ensure they are completed on schedule.	All MMPs	Once 75 percent of the anticipated services are accessible online, R&D and OT may approach DIT about doing impact assessments (YOUSSEF and NARASIMHAN, 2020). The project team may conduct impact studies for Line Ministries/Departments that ask for them. Project Committee will examine the Final Report and Its Implications	Within 18 weeks of project initiation. A decent amount of time after the reference.

Section 4: Project Closure Checklist

#	Items	Results/remarks/References
1	Close the LOP’s remaining loopholes.	LOP closed
2	Claims that have not yet been resolved	Claims settled
3	End-of-the-project presentation	Project results acceptance
4	Accept the project’s final outcomes by following the correct process.	Controlling tools completed and closed
5	Customer and/or user handover of project outcomes	Documentation completed and closed
6	A formal event attended by representatives of all interested parties	Payments received
7	Complete and shut down all project management tools at the end of the project	Final project report handover
8	Complete and submit all paperwork.	Final project report project committee.
9	Final project reports should be generated for the client.	Handbook opened and closed
10	Contract Closed	Risk assessment, problem identification and resolution
11	Once money is received, issue a final invoice and keep track of it.	Evaluate efforts, skills, duration and resource use.
12	Complete project documentation and provide it to all other parties.	Project impact occurrences
13	Finalise the project with a report.	Handover distributed
14	Management guide for completing and concluding projects	Evaluation assignment
15	Real-world data on all projects and their components	-----
16	Real-world data on all potential risks in one place.	-----
17	The warranty term or subsequent customer support with real data may be handed along to the appropriate team.	-----
18	All team members should be supported in their new job application	Adequate operational support
19	Customer opinions (executive level)	-----
20	Customer opinions (end user level)	-----
21	Control board feedback	-----
22	Comments from the team	------
23	Various stakeholders’ opinions and suggestions	-----
24	All project accounts must be closed.	All project accounts are closed
25	finalise the project’s mathematical calculations	Final project calculation
26	Hold a get-together with project members	-----
27	Resource release	All remaining resources are stockpiled for release
28	Project closure	-----

Conclusion and Summarisation of Key Findings

In conclusion, through extensive learning I can imply that the following project will formulate a comprehensive pathway for executing the project. In this aspect the hardware designing, software designing and prototype implementation will be the key prospects of the project upon which the service delivery will be substantiated and the service will be made operational in the market. In summarisation of the findings, it can be implied that the project takes a consistent path on developing prototype drones, testing it and finalise the product. Upon the completion of this process the product is then instigated for marketing. Nevertheless, considering this there can be some potential risks be associated with the critical path and network diagram of the project has taken, in the following these possible risks are tabulated.

Critical Path Factor	Risks Description	Severity	Controlling measures
Developing Scope, Plan and Team Resources	Aspect of inadequate scope proposition, lack of sufficient team resources	Mediocre	Project scope clarification to stakeholders and sources of additional resource sanctioning.
Drone System Design Plan	Faults in design	Low	Use of contingency blueprints
Cost Estimate	Inadequacy in estimation	High	Saving of remaining funds in reserve and use them.
Project Plan Approval	Not getting approval	Low	Simulate a successful prototype product to justify project potentials.
Procurement/Purchasing of Hardware/Software	Lack of need resources for procurement	High	Getting approval for additional fundings and finding more suppliers.
Install Delivery System	Inadequacy in delivery network	Mediocre	Design a contingency network involving internal stakeholders and work for developing a new network with new suppliers.
Risk Management	Ineffective risk management	Mediocre	Design a comprehensive contingency plan by formulating a crisis management team.

Recommendation

Based on the risks identified above, some potential contingency plans could be implicated in the budget for the critical path factors.

Number	Activity	Risks	Implication of contingency in management team	Uncertainty Level	Budget
A	Faults in design	Aspect of inadequate scope proposition, lack of sufficient team resources	Have additional emergency resources stockpiled and revise project scope and its activities frequently	High	£1500
B	Inadequacy in estimation	Faults in design	Have emergency blueprints ready	Moderate	£1500
C	Not getting approval	Inadequacy in estimation	Have log of all expenses to make revision into	Low	---
D	Lack of need resources for procurement	Not getting approval	Have prototype testing results for evidence	Moderate	£2500
E	Inadequacy in delivery network	Lack of need resources for procurement	Have backup suppliers in contact procure essential materials	Low	---
F	Ineffective risk management	Inadequacy in delivery network	Develop contingency delivery system design in place	High	£1000

References

Gallego, J.S., Ortiz-Marcos, I. and Ruiz, J.R., 2021. Main challenges during project planning when working with virtual teams. Technological Forecasting and Social Change, 162, p.120353.

Grzesch, S., 2021. A New Method for Improving Decision-Making in the Supply Chain Risk Management Process. Supporting the Learning Project Management Organisation by Applying Advanced Business Modelling Simulation Techniques. University of Northumbria at Newcastle (United Kingdom).

Holzmann, V., Weisz, H. and Zitter, D., 2018, October. Simulating Advanced Project Management Decision Making Processes With PMZONE Board Game. In ECGBL 2018 12th European Conference on Game-Based Learning (p. 240). Academic Conferences and publishing limited.

Jamnuch, R. and Vatanawood, W., 2019, July. Transforming Activity Network Diagram with Timed Petri Nets. In 2019 12th International Conference on Information & Communication Technology and System (ICTS) (pp. 125-129). IEEE.

Kusumadarma, I.A., Pratami, D., Yasa, I.P. and Tripiawan, W., 2020. Developing project schedule in telecommunication projects using critical path method (CPM). International Journal of Integrated Engineering, 12(3), pp.60-67.

Tegeltija, M., 2018. Assessing the capabilities of advanced risk quantification methods for engineering systems management.

Tengan, C., Aigbavboa, C. and Thwala, D., 2018, July. Conceptual description of the key determinants of effective monitoring and evaluation system. In International Conference on Applied Human Factors and Ergonomics (pp. 117-124). Springer, Cham.

YOUSSEF, A.B.G. and NARASIMHAN, V., 2020. ADVANCED ANALYTICS FOR RISK MANAGEMENT.