Verified Document

Project Management Planning And Risk

Natural Soup Project PROJECT STATUS REPORT

Currently the Natural Soap Project is roughly halfway through its planning phase. Thus far it has already experienced some losses of technical resources which has caused delays as well as anxieties. This analysis will provide a project status update.

MILESTONE CHART

Work

Duration

Start

Finish

% Work Complete

Project Planning

112 hrs

Wed 10/7/15

Mon 10/26/15

Technical Team

112 hrs

Wed 10/7/15

Mon 10/26/15

Requirements

hrs

Wed 11/11/15

Manufacture Soap

hrs

Thu 11/12/15

Mon 12/14/15

Testing

hrs

Deployment

hrs

Wed 12/16/15

Wed 12/16/15

SUMMARY OF PERFORMANCE

SUMMARY OF RISKS AND ISSUES

Highlights of Risks

Anxiety among members of the technical team

Competition could potentially launch 3 months earlier

Placed other projects at risk due to borrowed assets

Highlights of Issues

Loss of two key technical resources

day delay

DISCUSSION

Risk is defined as an event that has a probability of occurring, and could have...

Project risk is one of the hardest project components to plan for and the project contains significant risks as well as already being behind schedule. One option would be to attempt to develop a crash schedule. In this case, the fundamental consideration to be made is whether the costs from crashing the project in such a significant manner exceed the benefits to be gained by having the project completion scheduled and if there are enough resources available to achieve the desired outcome. However, given that the project is already behind schedule and one of the risks includes the fact that a competitor might bring their product to market first, a crash schedule might be a viable option. Furthermore, since the project's projected end date is during the holiday season, it is likely that sales could increase if the product was brought to market earlier.
There also exists a trade-off consideration between quality and schedule that may pose problems to the viability of the finished product. For example, a crashed schedule could produce an inferior product. Another conceivable risk is that the project will increase its budget and resources significantly, while also failing to meet the deadline. Thus the company might have to accept both the costs of the project's crash schedule while in turn losing the revenue that would have been produced by the soap being on…

Cite this Document:
Copy Bibliography Citation

Related Documents

Project Management in a Legal Context Project
Words: 1301 Length: 5 Document Type: Essay

Project Management in a Legal Context Project management is increasingly becoming a popular and preferred way of contending with inter-organizational ventures that are out of the ordinary. When the functions of a project require the involvement of specialized personnel and skill sets which may not be readily represented from within the company to the fullest extent demanded, it may be appropriate to organize a project team. This might be comprised of

Project Management February J. 2014 a Project
Words: 2863 Length: 9 Document Type: Research Paper

Project Management February J. 2014 A project is a temporary group of activity designed to produce unique products and services or results. Typically, a project has a defined beginning and end and therefore having defined scope and resources. (Pierre, 2012). A project also has a specific set of operations to accomplish a singular goal. Examples of projects are as follows: Development of software to improve business process, Construction of bridge or building, Expansion of sales

Project Management in Order to Define Project
Words: 2359 Length: 7 Document Type: Research Paper

Project Management In order to define project management, one must first define what is a project. A project is a temporary activity performed by a group in order to develop a unique service, product, or result. A project is labeled a temporary activity because it has a defined start and end in time. Therefore, a project has a defined scope and resources. This means that a project can only be carried

Project Management: Case Study in Managing a
Words: 14774 Length: 55 Document Type: Term Paper

Project Management: Case Study in Managing a Complex Shipyard Project in Singapore Background of Complex Shipyard Construction Project Company background Project Overview and Objective Work Process of Building Construction Issue Analysis in Shipyard Construction Project Management Literature Review of Project Management Issues in Scope Management Methodology of Scope Management Lessons Learned from Scope Management Issues in Cost Management Methodology of Cost Management Lessons Learned from Cost Management Issues in Human Resources Methodology of HR Management Lessons Learned from Human Resource Management Case Study in Managing a

Project Management Planning and Risk
Words: 961 Length: 3 Document Type: Essay

Balanced Scorecard Flexibility One of the characteristics of the balanced scorecard model is that it is largely flexible and easy to customize to fit a wide range of different applications in a variety of different industries. The Tesco 'Steering Wheel', for example, includes the four main components but then adds a fifth perspectives -- capturing their commitment to the community in addition to their tradition balanced scorecard metrics along the lines

Project Management and Construction Safety
Words: 3017 Length: 11 Document Type: Research Paper

Health and Safety in Construction Industry The construction industry is by far the most dangerous one as it takes more lives every year and results in many short- and long-term minor or severe injuries. The UK government regulatory bodies have been playing a significant role in ensuring that proper health and safety procedures are followed. Throughout the last four decades, its role has been impeccable in decreasing fatalities in the construction

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now