Functions Move The Project For Completing †Myassignmenthelp.Com

Question: Discuss About The Functions Move The Project For Completing? Answer: Introduction The project team as well as project manager have always shared a same kind of goal in order to carry out the work of the current project for the motive of meeting the projects goals. The report will discuss in detail about different aspect of projects. Project life cycle Each project has an initiation, a middle phase during which functions move the project for completing and an end. A standard project is typically has four important phases which will discuss in detail below: - Initiation: it is the first phases which are also called as initiation phase, where the main aim or need is based on recognition. This can be related to business issues as well as opportunity. A right response for the need can be documented in a business case with proper answers and right options (Burke, 2013). In this phase, a feasibility study can be conducted in order to evaluate all the options that deal with the project aim and a final solution will also be decided. It is also important to address the feasibility as well as justification that need to be addressed here. When the solution is approved, the initiation phase starts in order to deliver the right solution. There are important deliverables along with participating work group that are recognized. (Loosemore Raftery, 2006). Planning phase: the very next phase consists of the planning stage where the solutions of the project are further developed along with the details. The steps taken here are important to meet the goal of the project and it must be properly planned. This step and the team also recognize all the work that needs to be done. The task in project along with need of resources is timely recognized along with the proper strategy for manufacturing them. This further can be referee as scope management and the plan helps in outlining the functions, risks and timeframes (Walden et al., 2015). The project manager also coordinates the final preparation of project budget in order to provide estimates for cost for the labor, tools and cost of material. The budget is utilized to supervise as well as control any expenditures associated with the cost especially during the implementation phase. It is important to carefully assess all kind of risks at this stage. In the end, it is also important to properl y document an effective plan by providing targets with quality along with assurance and various control measure along with the right plan as well as listing the criteria in order to meet the gain from acceptance from consumers. (Loosemore Raftery, 2006). Implementation phase: this is the third phase which is also known as implementation phase and the project in this stage plan to put everything into motion and the work of the project needs to be performed in a proper manner (van den Ende and van Marrewijk, 2014). It is crucial here to maintain a proper control and timely interact as and when required during this phase. The development is monitored constantly and with right kind of adjustments and recorded any difference from the original plan. In any such project, the manager spends maximum amount of time during this phase. At the time of project implementation, people usually carries the task and the information associated with project and it will be reported through a regular team based meetings. The very first course of action here should always be based on bring the project back on the proper course. The very first step should always be based on bring the project back on right path. If that is not possible, the team must also rec ord the right variations from the actual plan as well as record or publish the changes in the plan (Chong and Hopkins, 2016). Closing: this is the final course of action or based on completion stage, the attention is mainly on the release of the final goals for the customer that are handing the project documentation in right manner and also terminating the contract for the suppliers along with release of the resources of projects and interacting the present closure with the project to every stakeholders. (Loosemore Raftery, 2006). The last step is based on conducting the experienced studies to test what is the best option. This kind of evaluation and the experience can be switched back to the present project company which will help the future teams (Phillips, 2013). Implications on the effective management of risk A detailed and comprehensive system for risk management is important for the right balance based on consulting, data, technical engineering and various solutions associated with IT. Here it is important to understand that no two risk management processes can be very similar with one another. At the same time it is important to completely base it on the same logic which is important for the calculation and setting priorities of all the potential limitation for one specific company. There are so many civil engineers that understand the basic formula for measuring the risk and the probability of a case that occurred as well as multiplied by the influence that one can make. However, the impact also needs to be timely calculated not just for the damage but it will also cause some short term profits for the company (Kloppenborg et al., 2014). It also needs to contain some degree of damage for the medium to long run safety as well as value of assets and the environment. There are so many ki nds of other factors as well which can be completely involved in calculation of the risk. (Loosemore Raftery, 2006). There are another elements as well that should be considered and not always be the most expensive option for repairing the cause and the biggest potential error or damage. By taking all the important components into consideration which also happen to include the external factors like usage and climate situation and companies can make use of the information in better way with the help of site inspection in order to give importance to risk. Control of risk management does not always have to concern with assessment of risk related with the structure as well as with the technologies. It may also concern the risk persistent in the organization specifically for those which can come up with diverse human facts. Therefore, management of risk also needs to execute the control and the current checking system to make sure that the overall safety as well as maintenance based reg ulation is properly respected by the organization and its suppliers (Bates et al., 2015). This also needs to be a part of interface that exists between the human and technical challenges. Accountabilities for every person as well as the chain of different command require to be defined in clear manner. Risks those are likely to be present across the life cycle of the vehicle When the team recognizes the right work, it become crucial to properly prepare a schedule and further estimate the cost and the three fundamental elements of the planning process are finished in the end. This is the right time to recognize and try to deal with anything that can become a threat on successful completion of the project. This process is known as risk management. In these stages, high threats as well as potential problems are recognized along with the proper action that can be taken on every high threat potential issue and it can either reduce the probability which is associated with the problem that will happen or sometime decrease the overall impact on the project (Liu et al., 2014). This can also be a very good time to recognize all the stakeholders of the project and the set a plan for interaction by describing the needed information along the present delivery method that can be used to keep the stakeholder well informed. Planning on how to envisage those risks would be managed The following discussion is based on different stages of a vehicle life cycle, related risks at every stage and some of the consideration for management at the particular stage. Strategic consideration: this stage consists of the strategic analysis based on setting a new and changed card. This will include proper analyses of strategies set for the organization and the consumers along with many elements that are tied to development of product. In order to reduce risk it is important to have a set of strategic goals along with areas of expertise (Eadie et al., 2013). It also involves the board of directors, legal, business lines, management and associated compliance. In addition, proper regulation further helps in reducing the risk. All the legal activities must be considered because of all the emerging issues as well as processes. Product design: while designing the vehicle it is important address the process based on the development of actual product along with some specific set of consideration like profit. In order to deal with the risk it is important to have a target market, association with other products, applying on different laws and regulation, fees assessment and proper delivery system. Marketing: this stage helps in planning the mannerism in which product can be marketed and targeted. This phase consist of advertising, targeting the solicitation and cross selling to the consumers (Stark, 2015). Delivery of the product: it consists of the element of initial interface which also includes the selling as well as application phase. Here risk mitigation will be based on steering risk, application, fees as well as terms, disclosure s and part of compensation as well as incentives. Consummation: this stage can be described as a process where the customer actually qualifies for getting the right product. The considerations are based on disclosure, pricing and incentives with proper compensation structure. Use of product and complete duration: it consist of any or every aspect of a product that comes under the origination stage and happens to include services, maintenance, resolution and dispute, changing the terms, misuse and additional costs. The important considerations in this stage are periodic level statement with proper disclosure, communication, options for repayment, delivery systems and complaints (Stark, 2015). Termination: this stage deals the process of a customer voluntarily providing a discount on the usage of the product. The important considerations in this stage are procedure and practices, communication, mitigation loss, and collection. Implication of risk controls for the design team After proper assessment and priority planning of the compliance and financial related risks, the very next step of the process is to recognize the right control measures in order to manage the risks. The manager also requires paying attention on many high risk areas along with high priority areas. It is also important to think about the control which works as a map that assists the managers to get to diverse destination (Eadie et al., 2013). It is also obvious, since the managers have a map where is no option that they must reach there but it also provides a reasonable affirmation. The concept of internal control also assists in keeping the company as per the course to accomplish objectives, reduce surprises with rise in trust for information and promote efficiency and company with regulations and rules. Conclusion The report has discussed in detail about project life cycle along with different stages of projects. The report will also discuss about the plan to envisage the risk and the ways it can be managed properly and the implication of risk control in long. Reference Bates, M., Fox-Lent, C., Linkov, I. and Bridges, T., 2015. Life Cycle Assessment Applied to Navigation. Burke, R., 2013. Project management: planning and control techniques.New Jersey, USA. Chong, U. and Hopkins, O., 2016. An international experience on the evolution of road costs during the project life cycle.Transport Policy,48, pp.60-66. 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