Consider the professional projects you have worked on in the past or ones you ar

Question

Consider the professional projects you have worked on in the past or ones you are familiar with. In any of those projects, were there problems that could have been avoided or perhaps an opportunity that was missed? Either way, the end results of the project were affected in a negative manner. Had there been more effective risk management, the impact of the negative issue could have been minimised, while the opportunity’s benefit maximised.

Unfortunately, failure to adequately implement risk management into a project is not uncommon. This is not always for a lack of trying, as there are several risk management mistakes that are commonly made on projects. For example, sometimes the risk management process is carried out too late; not alowing sufficient time to resolve or circumvent risks. Should risk management be effectively implemented, however, the end results of the project will be improved.

With these thoughts in mind, reflect on any current, or past, project teams with which you have worked. Did your team attempt to implement risk management?

Points to Help Answer.

- Summarise a current or past project with which you have worked.

- Explain whether your team attempted to implement risk management:

- If yes, explain whether the team was successful in implementing risk management and why. Analyse how the project was affected by this successful risk management implementation.

- If your team was not successful in risk management implementation (or did not implement it at all), explain why and analyse how the consequences impacted your project.

Explanation / Answer

Me and my one of the school friends stated our own business in field of Information Security Services and Products in one of the Indian states before two years ago. We had the experience of approx. 5+ years in the same field. This experience is the more technical then managerial. While establishing the startup we utilized 65% of capital of which we kept for starting a business. Initially we hired 5 members for the information security service product development. Before starting a startup, we plan each of the requirements such as how to implement the idea, target market for focus, number of human resources required, vision, mission, goal, capital requirement, risk management, geographical area we serve, fixed and variable cost, budget etc. As we have more technical knowledge so we were biased towards the product development. In the planning step, we did all the analysis and feasibility of the business operations. Designing and coding of the product was also done in a great way as we were expert in this field. We receive the project from one of our clients. The clients need the Quality work within the given time period. As it was our first project we have the enthusiasm to complete the project within time boundaries with the higher degree of quality which was required by the client. We started working on it. We had a team of 5 members and each task is divided among us. Among Externally hired 5 members, 2 members are the best candidate have the high degree of knowledge of various fields of information security. They worked for the good companies in past. 2 members have experience only in testing and implementation of the product.

As we were having technical knowledge, so we recruited them on the basis of their past experience.

For the risk management during the project we planned that the we both work on that project as we have the technical knowledge.

When project has been started the two highly qualified members had the conflict in their way of approaching the coding segment. The work which was allocated to them would not able to complete within the time frame. We were unable to find out the right or appropriate candidate for the project. The risk associated with the project is that we have the one-month time to complete the project.

Yes, the team was successful in implementing risk management. My remaining team members suggested the alteration in the team. They have identified that the problem is the individual conflict. Hence, we removed one of the members from the team and I itself work on behalf of the removed member.

This effected the project as the time needed to complete the project was lapsed. We cannot able to finish the three-month project assigned by the client. The result of it was that they had paid lesser payment than the negotiated payment. This results in the business loss and decline in the trust of company among other customers.

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