Risk management is one of the most important aspects that any project developer requires to understand fully

Strategic Project and Risk Management in Dynamic Environments 1

Unit 1 – Individual Project 2
Strategic Project and Risk Management in Dynamic Environments

Name

University

February , 2018

Project Risk Management

Introduction

Risk management is one of the most important aspects that any project developer requires to understand fully. Development of projects without the establishment of effective risk management programs is a possible means to the failure of that project. In order to avoid such outcomes, project developers make the effort of establishing a solid and highly effective risk management program to help in making sure that the project does not in any instance fail to succeed. Risk management programs are mainly established with reference to the project and its nature. In order to ensure that most of the risks the project face are mitigated, project developers evaluate the stages of project development and then assess possible risks that may present in those situations. In this paper, a project will be explained, which will be used to create a risk management plan (Gregory, 2007).

Project Description

Software development is currently one of the most significant activity that many companies are considering venturing into, mostly because people have attained a significant interest in having most of their activities and daily operations automated. Software products help people manage to carry out a wide variety of tasks and activities in an effectively appropriate way. Intridea is one of the largest software development companies, which venture in providing people and other clients with software products that they feel they need. The organization has a large network of develop engineers, who provide the service of developing the software products that clients of the organization order. The process of developing any software is considered a project by the organization, since it requires following all the strict policy stages that the organization has established in order to complete. The organization aims to complete every software development process successfully and thus the need to ensure that all important steps to address risks is essential.

Intridea develops a large number of software products for many clients. One of the most recent projects that the organization is currently involving in is the development of a trading software to implement a trading strategy from a client. The trading strategy that the client requires implemented is the use of three indicators to determine trend, and then using hedging to avoid loss in any trade that might be against the traded trend. Such a project is considered to be significantly important, since the client has a high stake to loose in case it is developed with flaws. Trading software products are developed in a similar manner to all other software products. A major difference is the fact that these software products are directly used to trade real money in a trading platforms and thus the need to ensure that they are developed to operate in a flawless manner is extremely important. A large number of risks can also occur at any stage of development and thus there is a need to ensure that a risk mitigation program is implemented (Young, 2006).

Project Objectives

The main objective of this project is to ensure that the trading software is developed completely and that it meets all the expectations of the client who ordered it. Ensuring that the process of development is successful and that all the intended operations and capabilities of the software are implemented in its development would help in ensuring that the product is developed successfully. The other major development objective for this project is ensuring that the process of development does not exceed the intended budget. The budget constraint is a significantly important aspect for any project. In the case of this project, for example, there is the agreed upon amount that the client was charged for the software product. From this amount, the project development process should be covered and the profit that the organization gains from this project. Since the agreed upon amount between the organization and the client is fixed, when the budget exceeds the earlier intended upon amount, the profits that the organization gains from the project decrease. To avoid this decrease, therefore, it is a major objective for the project to complete within the initially intended budget constraint (Lewis, 2007).

Another important objective of the project is to ensure that it is developed within the provided time limit, by the client. A trading software is a money managing and developing tool. With this regard, the client that spends a large amount of money for its development is likely to be eager to have the fully completed product within the shortest time period possible. Exceeding the provided and agreed upon time deadline could thus be the reason for such a customer to consider the services of another organization next time. In order to guarantee customer satisfaction, therefore, it is essentially important to ensure that this objective is met.

External Dependencies

External dependencies are the specific external factors or input that the project requires in order to be successful. For this project, significant trading knowledge is essential, in order to ensure that the product works exactly in the same way that the client requires. One of the main external dependency in this case is thus the client, who would require to answer any form of trading technicalities that may be required in the development process. This is because in some occasions, a software developer may require guidance on the aspects of operation regarding hos the software is required to address certain issues. The development team can also seek information and guidance from another third party individual who is highly skilled in treading activity. These two individuals would thus be the external dependencies of the project (Jackson, 2006).

Stakeholder Analysis

For this project, stakeholders include the organization in general, the project developers and the client who ordered the development of the software product. The organization is a major stakeholder in this project. The developers of the product are employees to the organization. The successful completion of the project is however considered an achievement to the developer’s team of the organization and thus it is in their best interest to ensure that the project completes as a success. This group of stakeholders also play a major role in ensuring that the project completely meets its objectives and that the client who ordered for it is fully satisfied with their work in developing it. The client is the main stakeholder of this project. He or she plays a major role in determining whether the project was successfully completed or it is considered a fail. A successful project is the kind of a project that the client considers successful and effective in carrying out all its intended functions and purpose.

Project Tasks

All projects have a number of project tasks that requires to be completed by the project developers in order to ensure that it completes successfully. Project tasks make the project easy to complete for a group of people and it also makes team work possible for the developers. For this task, the main tasks which requires to be completed by the project stakeholders include; evaluating the scope of the project and capabilities of the software intended for development, selecting a team that is capable to effectively develop the intended project, drafting a sufficient budget, delegation of the development task and the development of the project. All the other tasks fall under these major categories. Completion of all the project tasks in a successful way is thus the completion of the project successfully (Barkley, 2004).

References

Barkley, B. (2004). Project risk management. New York: McGraw-Hill.

Jackson, P. (2006). Nonprofit risk management and contingency planning : done in a day strategies. Hoboken, N.J: Wiley.

Lewis, J. (2007). Fundamentals of project management. New York: American Management Association.

Gregory, G. (2007). Project management. Oxford: Pergamon Flexible Learning.

Young, T. (2006). Successful project management. London Philadelphia: Kogan Page Ltd

 
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