Project Management Project Initiation" Please Respond to Essay

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Project Management

Project Initiation" Please respond to the following:

One of the most important aspects of managing risk for a project is to accurately define the size of the project. Determine the criteria that must be considered to perform the project sizing and create one additional factor with rationale.

It is important to measure several important things. First, the amount of money that will have to be invested has to be measured. This includes not only payment of people that will be working on the project and the cost of goods and services necessary to get everything put together but also includes lost productivity (if any) that occurs due to the project. The next major dimension is the time it takes to get the project completed, at least a projected amount. Another measurement that has to be looked at is the impact that project failure, in whole or in part, can have on the company. If it would just be a bump in the road if the project fails, the project size and scope is probably pretty small. If the effects would be moderate, then it's probably a medium-sized project. If it would be cataclysmic if the project fails, up to and including the folding of the business, it is certainly going to be critical and complex/large in size (Hilson & Simon, 2012).

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Suppose the size of the project was not determined correctly and a large, complex project was defined as a medium project instead. Predict the outcome of the risk management process within this organization. Include examples (i.e., the incorrect schedule of the risk management review, incorrect schedule of quantitative assessments) to support your prediction

First of all, the project risk measurement done for the prior points in the project obviously either found the error completely missed it. The project risk assessment as well as the risks to the firm in general would all have to be re-measured and reassessed to insure that the proper metrics and impacts are taken into account. It is obvious that the facts presented to risk management and/or the metrics taken by risk management were entirely off-base. The process of risk management should at least be looked at and, if necessary, tweaked or even reengineered entirely. Missing the size of a scope of a project and the risks involved can lead to a major blow to an organization….....

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