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Project Management is a planned and combined, organized effort to achieve a specific result. It includes a series of activities to be performed simultaneously within a specified time frame. The project manager role starts from developing projects plan, setting the goals and objectives of the project. The project manager has an important role in managing risk and setting budgets for completing the project on specified time. The other phases of project management are implementation, evaluation, and review.
The project manager identifies the potential risk that the project can face and hence accordingly frame risk management strategy. Hence, as soon the risks are identified and analyzed the project manager define how the risk will be handled. The project manager develops multiple strategies to analyses if the risk is a threat or an opportunity. The project manager employees several techniques to improve the accuracy and reliability of the project schedule. Techniques such as PERT and CPM is helpful to the manager in scheduling the activities of the project.
Project Management Dissertation Help is a service offered by StudentsAssignmentHelp.com to students who are pursuing studies in Project Management as their major or minor subject. Students pursuing Masters or PhD. in Project Management need to prepare a dissertation in order to complete their degree, so they need some help with their dissertation completion, as it's difficult for any master student to spare time for completing this high-end work which needs extensive research and ample amount of time to make it right. So, Students Assignment Help offers the best quality Project Management Dissertation Help to students from around the globe. Further, we have discussed some of the Project Management Techniques that students can use while writing their project management essays or dissertation.
The project manager identifies and analyses the risk. The manager decides how each risk identified is handled. The risk management strategy is developed by the team to address potential threats. Risk management is a continuous process that runs through the life of the project. The process of risk management includes risk Management Planning, identification, analyses, monitoring and controlling. However, the primary objective of risk management plan is to decrease the adverse impact of events on projects and exploit the positive impacts of the project. The five common strategies in which Project Manger can manage the risk are risk acceptance, avoidance, transference, risk mitigation and risk exploitation.
Risk Acceptance Strategy -> The acceptance strategy is adopted by the manager when the potential risk is both a threat and opportunity. It is often used by the manager for the risk deemed to be minor. The project team handles it only when they occur. It is a good strategy to be employed for small risks that have least adverse or favorable impact on the project. The project manager establishes triggers and log it into risk management software but perform no action. The severity of the event is low then the risk tolerance level. Hence, the action is taken on them when they occur. Mainly these types of risk cost less to fix, but cost high to investigate and plan for them. An example of risk response acceptance strategy is that of a software that is purchased for the project. The risk is 2 percent that the software may turn defectives and will have to be replaced with new software. The project managers will employ passive acceptance strategy to deal with this type of risk.
Risk Avoidance Strategy -> The second risk response strategy is to avoid the risk. It is a threat for a project. The project manager changes the project plan and scope. The project team employs to avoid the risk strategy when the risk has a potentially large impact on the project. The PM should ensure good communication. When the risk is deemed to be unacceptably large, the project manager decides not to perform the project. For instance, in January in most of the organization, the finance department is busy doing the corporate accounts. Hence putting them into training course in January will halt the accounting work. Therefore, it is wise for project manager to defer the training programs to consequently months when the major accounting work is completed.
Transfer Risk Strategy -> The strategy is used where there are several parties involved. Primarily in the transfer, the risk strategy, the impact, and management of risk are transferred to another organization. The one such transfer risk strategy is insurance. For example, transporting equipment is one of the activities of the project; it will be good if the project manager makes a contract with the insurance company. The insurance company will have the liability of providing new equipment if it is damaged in an accident. Higher the insurance premium higher will be the risk coverage. The project team will not be responsible for dealing with replacing the equipment, moving it to the right location or paying as it will be the responsibility of the insurance company.
Mitigate The Risk Strategy -> It is the most used risk management technique. The mitigate strategy is a type of threat to project. The aim of the strategy is to lower the probability and the impact of the threat. The project manager puts efforts to reduce the impact of the risk event when it occurs. It uses reliable methods to mitigate the risk. For instance, if the project manager foresees that there is the requirement of specialized resource in the project and it has scarce availability. The manager will adopt the risk mitigation strategy by either hiring the specialized resource well in advance or train another team member to the work as a key resource. Hence, as described in the example, the project manager mitigate against the impact.
Exploit The Risk -> All the above stated, risk management strategies are the threat to project and have an adverse impact on the project if not accounted timely. The exploit strategy is an opportunity to project. In risk exploiting strategy, talented resources are assigned to risk and more emphasis is given to the project. It is most commonly used when the event has a positive impact on the project. For example, the risks that there will be high demand for new washing machines such that the project is short of sales staff to do demonstrations. It is a type of positive risk, hence can be exploited by training junior sales team to give a demonstration and increase marketing. The strategy will increase the sales and demand of a new product.
The project manager chooses the combination of techniques that best suit the risk on respective projects and the skills of the project team.
Project management is a daunting task with many complex responsibilities. Students studying project management have to understand all these terms in order to prepare their Dissertation with perfection. So, students need to understand different concepts of project scheduling, which will help them to prepare their Dissertation on time and with perfection. So find below the different scheduling techniques which students seek help with and also needs some understanding of these concepts so they can excel in their project management Dissertation. Find the concepts and their explanation which will provide students with an insight into these concepts.
Project scheduling is an activity that is carried out in advance of project commencing. The main goal of the project manager is to utilize resources optimally by focusing on critical aspects of the project that are people, costs, and resources. Project schedule aims to define interdependency, highlighting the relationships between tasks, and setting clearly defined responsibilities and milestones. Project manager employs the scheduling methods during the life of the project from inception to completion. The scheduling techniques are used to manage the activities that are necessary to be undertaken during the completion of the project. The common project scheduling techniques are Gantt chart and activity network.
Gantt chart Assignment Help is a technique used by project team to show graphical representation of start, elapsed, and completion times of each activity. It is used for tracking the progress of each task. It is a horizontal bar or line chart that shows activities on the left-hand side, the timescale is mentioned for each activity on top or bottom of the chart. In Gantt chart, a horizontal line is drawn against each activity indicating the estimated duration of each task for reaching the milestone. The chart also shows interdependencies between various activities. The duration in Gantt chart is depicted in days, weeks, months or years. By using Gantt charts, the project increases the reliability and accuracy of project scheduling.
PERT Assignment Help or Project evaluation and review technique is used by manager to plan effectively, monitor and evaluate complex projects. It the commonly used activity network to schedule activities through a graphical representation. It is helpful in monitoring and scheduling the task by displaying the start and completion of the activity. The PERT also specifies the critical path in the project. A project manager with the help of PERT tool can conceptualize the project details. PERT is represented in a network diagram that denotes specific activities and their milestones.
The graphical representation also depicts the sequence of activities and their estimated time duration. The network diagram provides vital information to project the team such as depicting the shortest path between start and end of the project. It is helpful in providing information about how the task is accomplished. Each task depicted in PERT is labeled by its time duration. The time resources in PERT are given numerically rather than appearing graphically as shown in Gantt chart. In PERT, the activity cannot start until the other activity has been completed.
It is a project management tool that can also be used in group study, research and at workplace by coordinating, scheduling and organizing the activities. PERT is helpful in those projects where activity time is uncertain. The limitation of PERT chart is that at times it becomes difficult to interpret. It is recommended to PM to use PERT tool as it shows interdependencies of tasks that are not illustrated by Gantt chart. PERT technique is extensively used in educational research to evaluate progress, focus attention on problems, and foresee the likelihood of achieving objectives stated in the research.
CPM Assignment Help or Critical Path Method is another network technique that is similar to PERT. It defines the critical path that is the minimum amount of time to complete the project. The delay in these tasks will delay the whole project. The time critical project uses PERT and CPM techniques to keep the project on schedule. The CPM is easy to understand and provides the details of the task that is critical to the project. In CPM, the project is represented in the network a diagram and various activities denoted as circle nodes.
The major benefit of network analysis techniques is that it uses the resource-leveling instrument. For example, in every project, there is the phase where the requirement of resources is greater than it is available. The schedules are prepared to describe the resource loading chart for every period. It is a powerful tool to schedule and manage complex projects.
Hence, it can be concluded, that project management assignment has a list of activity has to be completed on time by maximum utilization of resources. For students to become a successful project manager has an important responsibility to identify the risks and take necessary action to reduce the impact of adverse risk. The project manager can choose multiple risk strategies to enhance the risk opportunity and reduce the impact of risk threat. It is important for project teams to understand the significant of project scheduling.
Students have to learn techniques such as Gantt chart and Network analysis assist the organization to prepare reliable and accurate schedules of activity. The planning and schedule are important for the success of any project. The project manager should set goals that are specific, measurable, achievable and timed. The project manager should meet with the team to set SMART goals and define the time by which the goals must accomplish. The PM should record each specific point and set a reminder system to keep a track of progress on the project. The scheduling technique should be updated timely as needed.
Analyzing the above factors students have to focus on several aspects of these concepts in order to complete their project management dissertation and many students find it difficult to implement them practically in their assignment projects and also based on any real-life scenario, so they seek Dissertation Writing Help from expert dissertation writers or expert dissertation helpers who can help them to complete their project management dissertation and help them to attain high grades in their exams. There are several factors that need to be considered while preparing a project management assignment, essay report, Coursework Or Dissertation.
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