|Type of paper:||Case study|
|Categories:||Project management Risk management|
1. Before commencing the review of the project, I will seek to be given the work breakdown structure to identify the deliverables of the project. I will also attempt to investigate the cost estimation tools and techniques. Since during budget, direct and indirect cost are usually traced using mathematical calculations (McNeil et al., 2015). Therefore, I will employ all measurable tools to determine the efficacy of the devices used to calculate the cost to come up with a report about the success of the project.
2. I would structure my report by how successful the project will be done. Project management requires a list of deliverables to enable it to be successful. My report will be made to point out the weaknesses and possible solutions to the gaps. Since there were various weaknesses, I will seek to make my statement to feature all possible solutions for instance monetary problems which were connected to the $10 million of the program that was spent without proper directions (McNeil et al., 2015). I will also point out timeline problems that the organization faces.
3. Risk management issue is a condition that leads to failure of projects. A comprehensive risk management plan is a risk control that is based on an institution's financial strength, i.e., capital and all possible risks faced by the organization (Klakegg & Lichtenberg, 2016). The risk management involves an analysis of the risks that are not counted in the calculation of the facility's capital adequacy ratios. A comprehensive risk management tool requires category by category basis and explicit integrated risk management which is based on a comparison of financial institutions and strength of the capital.
The organization needs to view the soundness and appropriateness of the possible voluntary efforts to develop comprehensive risk management which is based on self-recognition of the needs that the facility requires to carry out proper risk management. It also involves strategic objectives and scales and nature of the risk profile. I would incorporate all observations of the senior management regarding the problems and gaps that were identified in the project implementation (Klakegg & Lichtenberg, 2016). For instance, time management plan will be reshaped since it was identified that one-third of the project timeline had already been expanded. A new time-bound will be required to enable the facility to achieve its planned goals.
4. The Assignments of CHEMICS project manager could not have made progress since the management was not mindful of staff that was to carry out the project. It is clear that there was no proper planning of the project by CHEMICS manager (Klakegg & Lichtenberg, 2016). Also, the management by CHEMICS outlined that there were no new systems components that were being tested nor built thus showing that CHEMICS management was too way low towards the achievements of the project.
5. Since the Assignment by CHEMICS would not have made a difference, a proper risk management plan need to be adapted to enable the project to be completed. The budget was not well broken down amid identification of the required personnel to carry out the processes of the firm.
6. The lesson learned from this project is concerned with the identification of a workable plan and adoption of a correct work breakdown structure. Another issue identified is lack of experts to determine the time bound of the project. Additionally, there was the late identification of failures thus showing that the success of a project depends on quick identification of possible failures. There was no control of business costs thus resulted in a loss of funds in different processes. For that matter, project management requires sufficient financial control systems to avoid any loss of cash on irrelevant practices.
Klakegg, O. J., & Lichtenberg, S. (2016). Successive cost estimation-successful budgeting of major projects. Procedia-Social and Behavioral Sciences, 226, 176-183.
McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press.
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