Bsbpmg 430 - Undertake project work– Assessment 1 PDF

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BSBPMG430 - Undertake project work– Assessment 1

Provide answers to all of the questions below:

1. List five project management tools and explain their use in project management. 1) Network Diagrams: In the process of forming the Network Diagram, there are always some assumptions to be made. The first assumption to be dreamt up is that all pending or ongoing activities have been completed before starting new ones.

2) Critical Path Method

' CPM is an essential tool that is thoroughly used by project managers. This is because this tool can monitor and assess the progress of the project in real-time. It is to ensure that all the ongoing projects performed by the team are going to finish in time.

BSBPMG430 - Undertake project work– Assessment 1

The Critical Path of the project is the longest sequence of activities performed on the network diagram. It is also characterized as having zero slack time for all activities that are involved in a particular sequence.

3) Work Breakdown Structure

WBS is an amazing tool in the project management paradigm. It shows a hierarchical breakdown of work activities that are used to define the scope of the project. It is also used to identify all of the required deliverables that are needed in the development of the project. Having all these details spread out in the open enables not just the project managers but also all the other stakeholders to understand the project scope. Also, it helps the teams to understand exactly what needs to be developed.

4) Project Evaluation and Review Technique The Project Evaluation and Review Technique, more commonly known as PERT is a form of Network Diagram PM tool that is also used to figure out the critical path of the project. This technique makes scheduling complex projects easier while creating realistic estimates of the duration of each individual activity.

5) Gantt Charts

BSBPMG430 - Undertake project work– Assessment 1

A Gantt chart is a visual representation of all the tasks related to your project scheduled overtime. They are used to plan projects of all sizes and shapes. Here are some of the features of a project you can monitor on a Gantt Chart. 

The start and end dates of a project

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What are the project tasks?

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Who are the team members involved in each project?

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Who is working on each individual task?

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What is the duration of each individual task?

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How all of the tasks are linked or are they dependent on each other

https://www.ntaskmanager.com/blog/project-management-tools-for-effective-projectplanning/ https://support.microsoft.com/en-us/office/present-your-data-in-a-gantt-chart-inexcel-f8910ab4-ceda-4521-8207-f0fb34d9e2b6

2. Outline three types of documents and sources of information that are used to define the parameters of a project. 6) Project Schedule: Typically, project managers use project software to manage their projects' schedules, resources, dependencies, and project costs.

BSBPMG430 - Undertake project work– Assessment 1

7) Project Budget: It's imperative to track your project budget. This document allows you to track all costs associated with your project. Project costs include resources, hardware, software, and vendors. 8) Project Status Report: You need to communicate your project status to your stakeholders and should report on progress and accomplishments, risks, issues, and next steps. https://study.com/academy/lesson/types-of-documentation-in-projectmanagement.html

3. Explain the importance of planning for risks in a project and list three processes that can be used to identify risks as part of a risk assessment process for a project. Risk management is important during project initiation, planning, and execution; wellmanaged risks significantly increase the likelihood of project success. Opportunities have a different set of risk responses than negative risks because we often want to maximize opportunities or make them more likely to happen. Risk management plans help a business determine what their risks are in order to reduce their likelihood and provide a means for better decision-making in order to avoid future risk. The importance of risk management in business cannot be understated. Processes that can be used to identify risks as part of a risk assessment process for a project. a. Hazard identification – the process of finding, listing, and characterizing hazards. b. Risk analysis – a process for comprehending the nature of hazards and determining the level of risk. 1) Risk analysis provides a basis for risk evaluation and decisions about risk control. 2) Information can include current and historical data, theoretical analysis, informed opinions, and the concerns of stakeholders. 3) Risk analysis includes risk estimation. c. Risk evaluation – the process of comparing an estimated risk against given risk criteria to determine the significance of the risk. https://www.ccohs.ca/oshanswers/hsprograms/risk_assessment.html 4. Explain the importance of a risk management plan in identifying and managing risks for a project. Risk Management is the process of identifying, analyzing and responding to risk factors throughout the life of a project and in the best interests of its objectives.

BSBPMG430 - Undertake project work– Assessment 1

Proper risk management implies control of possible future events and is proactive rather than reactive. Effective risk management strategies allow you to identify your project’s strengths, weaknesses, opportunities and threats. By planning for unexpected events, you can be ready to respond if they arise. To ensure your project’s success, define how you will handle potential risks so you can identify, mitigate or avoid problems when you need to do. Successful project managers recognize that risk management is important, because achieving a project’s goals depends on planning, preparation, results and evaluation that contribute to achieving strategic goals. https://www.linkedin.com/pulse/why-project-risk-management-important-adarshgouda

5. Explain the process of risk avoidance in project management. Risk avoidance is the elimination of hazards, activities and exposures that can negatively affect an organization's assets. Whereas risk management aims to control the damages and financial consequences of threatening events, risk avoidance seeks to avoid compromising events entirely. Risk is avoided when the organization refuses to accept it. The exposure is not permitted to come into existence. This is accomplished by simply not engaging in the action that gives rise to risk. If you do not want to risk losing your savings in a hazardous venture, then pick one where there is less risk. If you want to avoid the risks associated with the ownership of property, the do not purchase property but lease or rent instead. If the use of a particular product is hazardous, then do not manufacture or sell it. This is a negative rather than a positive technique. It is sometimes an unsatisfactory approach to dealing with many risks. If risk avoidance were used extensively, the business would be deprived of many opportunities for profit and probably would not be able to achieve its objectives. Examples of risk reduction are medical care, fire departments, night security guards, sprinkler systems, burglar alarms—attempts to deal with risk by preventing the loss or reducing the chance that it will occur. https://www.sciencedirect.com/topics/computer-science/risk-avoidance

6. Explain the use of risk mitigation strategies in project management. 

Avoid: In general, risks should be avoided that involve a high probability impact for both financial loss and damage.

BSBPMG430 - Undertake project work– Assessment 1

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Transfer: Risks that may have a low probability for taking place but would have a large financial impact should be mitigated by being shared or transferred, e.g. by purchasing insurance, forming a partnership, or outsourcing.

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Accept: With some risks, the expenses involved in mitigating the risk is more than the cost of tolerating the risk. In this situation, the risks should be accepted and carefully monitored.

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Limit: The most common mitigation strategy is risk limitation, i.e. businesses take some type of action to address a perceived risk and regulate their exposure. Risk limitation usually employs some risk acceptance and some risk avoidance.

https://www.riverlogic.com/blog/how-to-perfect-your-risk-mitigation-strategies

7. Explain the concept of risk acceptance in project management. Over the course of a given project, there will be a number of times over the course of the project’s respective life cycle that the project management team and or the project management team leader will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risk. When this determination of risk is made, the project management team and or project management team leader must make an assessment as to what the next course of action is going to be in attempting to deal with and or minimize these risks. In many cases, the project management team and or project management team may make the determination that the best course of action is to deviate from the previously determine project management plan in a way that best ameliorates and or minimizes the risk. However, in certain cases, the project management team and or project management team leader may in fact make the determination that the risks are worth it due to the need and or importance of the component in question, and or due to a lack of a realistic alternative, and in this case, it is known as risk acceptance. https://project-management-knowledge.com/definitions/r/risk-acceptance/

8. Explain the importance of quality assurance processes and procedures to guide effective and efficient project management. Quality assurance ensures consistent results. With services and products, consistency is very important. Quality assurance ensures every product/service

BSBPMG430 - Undertake project work– Assessment 1

bearing the company's name is the same. No customer is going to get something worse or better than another customer. Implementing quality is important to organizations looking to effectively achieve its mission and objectives all while enhancing productivity and output. Quality assurance will reduce the impact of failures while helping your company stand out amongst your competitors. Procedures to guide effective and efficient project management. Step 1: Define the Project When you define the real purpose of a project, things get clearer. Your mind starts buzzing with ideas. Knowing where you want to end up is especially important at this stage. Your vision for the most successful outcome helps you establish guidelines for keeping yourself and your team on the right path. Step 2: Identify & Meet with Stakeholders It’s important to remember that stakeholders aren’t only the people who hired you to manage the project; a stakeholder is anyone who’s affected by the results of your project. That includes your customers and end users, too. Make sure you identify all stakeholders and keep their interests in mind when you create your project plan. Step 3: Set & Prioritize Goals Once you have a list of stakeholder needs, prioritize them and set specific project goals. These should outline the objectives of the project — the benefits you hope to accomplish. Write out your goals in your project plan so it’s clearly communicated and easily shared. Step 4: Establish measurable criteria for success How can you know if your project is going to be successful if you don’t have any way of measuring success? You will need interim milestones, especially for an endeavor that will span a long time, so that you can determine if you are staying on track or straying from the project’s goals. You must have both internal checkpoints and client checkpoints. Never leave incorporating a client’s feedback until the very end of the project! Step 5: Define Critical Project Milestones & Deliverables Identify crucial moments throughout the project. You can provide a life cycle of the project by including the four main phases: initiation, planning, execution and closure. Perform a real evaluation at the end of each phase. Make sure to examine every deliverable. From parts of the product to the technical documents to the project

BSBPMG430 - Undertake project work– Assessment 1

plan, you will need all of the elements involved to ensure the product is meeting the project specifications. Step 6: Select team members, and assign responsibilities Gather your team members, and make sure that skill-sets align with required roles. This is an important first step: If you assign the wrong person to a task, you are reducing your chances of success before the project even begins. Make sure each team member is clear on what is expected from them and when. Clear and open communication is mission-critical. Step 7: Choose the right software for project management Behind every successful project there is a stable and comprehensive software solution that provides the necessary background for effective project realization. Step 8: Create the Project Schedule Look at each deliverable and define the series of tasks that need to be completed in order to accomplish each one. For each task, determine the amount of time it will take, the resources necessary, and who will be responsible for its completion. Next, identify any dependencies. Do certain tasks need to be completed before others can begin? Involve your team in some of the planning process. The people doing the work have important insight into how tasks get done, how long they’ll take, and who’s the best person to tackle specific tasks. Step 9: Complete a Risk Assessment No project is risk-free! You should carefully examine all issues that you know of upfront that will affect your project. Consider the steps you could take to either prevent certain risks from happening, or limit their negative impact. Conduct a risk assessment and develop a risk management strategy to make sure you’re prepared. Step 10: Test Deliverables Deliverables should be tested at every critical milestone and the final product must meet the project requirements. Before moving on to the next phase of the project, you need to be sure that the product is coming along as planned. Step 11: Evaluate Project Results Once a project has been completed, it’s important to do a “post-mortem” report, even if it is only for internal purposes. You can pinpoint what went right and what went

BSBPMG430 - Undertake project work– Assessment 1

wrong, determine what could or should have been done differently, and establish the best practices for use in future undertakings. https://www.viennaadvantage.com/blog/business-hacks/11-steps-to-successfulproject-management/

9. Explain the importance of human resources processes and procedures to guide effective and efficient project management. HR plays a key role in developing, reinforcing and changing the culture of an organisation. Pay, performance management, training and development, recruitment and onboarding and reinforcing the values of the business are all essential elements of business culture covered by HR. Human Resource Planning: Generally, we consider Human Resource Planning as the process of people forecasting. Right but incomplete! It also involves the processes of Evaluation, Promotion and Layoff.  

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Recruitment: It aims at attracting applicants that match a certain Job criteria. Selection: The next level of filtration. Aims at short listing candidates who are the nearest match in terms qualifications, expertise and potential for a certain job. Hiring: Deciding upon the final candidate who gets the job. Training and Development: Those processes that work on an employee onboard for his skills and abilities upgradation.

Employee Remuneration and Benefits Administration: The process involves deciding upon salaries and wages, Incentives, Fringe Benefits and Perquisites etc. Money is the prime motivator in any job and therefore the importance of this process. Performing employees seek raises, better salaries and bonuses. Performance Management: It is meant to help the organization train, motivate and reward workers. It is also meant to ensure that the organizational goals are met with efficiency. The process not only includes the employees but can also be for a department, product, service or customer process; all towards enhancing or adding value to them. Employee Relations: Employee retention is a nuisance with organizations especially in industries that are hugely competitive in nature. Though there are myriad factors that motivate an individual to stick to or leave an organization, but certainly few are under our control.

10. Explain the importance of budgetary/financial processes and procedures to guide effective and efficient project management.

BSBPMG430 - Undertake project work– Assessment 1

All project procedures are tightly interwoven around project budgets. The amount of available or required cash, in most cases, dictates the duration and type of the used resources, operations and activities within the realm of a project. In the case of project budgets, a miscalculation, poor judgment or a lack of proper oversight might result in the collapse of the whole endeavor. When it comes to poor estimation of project budgets the potential scenarios that might occur are many and all of them have negative consequences. First and foremost are the effects on meeting the client’s expectations. Not being able to deliver the agreed upon deliverables and quality standards of the project’s products might have a significant effect on your own credibility and future development as a professional. In addition, this might influence your organization’s reputation and have a negative impact on all the members of your team. Project budget management is the art of developing and managing a budget that covers all expenses incurred and keeps the project sustainable over the long-run. Preparing a budget is one of the processes of budget management that aims to make certain an outline of project budget is developed, justified and ready for use in a cost-effective manner. There are three basic steps in budget preparation as follows:   

Estimate Anticipated Costs Justify the Budget Outline Ensure Cost-Effectiveness

11. Explain the importance of record keeping processes and procedures to guide effective and efficient project management. Good recordkeeping can not only protect you but can support your organisation in legal or other challenges. It also protects the rights of your clients and ensures that they have what they are entitled to. Without records, your organisation and your clients are at risk. Records Management Procedures 1. Step 1: Set-up a Records Retention Schedule. . 2. Step 2: Policies and Procedures. 3. Step 3: Accessibility, Indexing, and Storage. 4. Step 4: Compliance Auditing. 5. Step 5: Disposal of Obsolete Records. https://vitalrecordscontrol.com/records-management-procedures/

12. Explain the importance of reporting in project management. Project management reporting enables you to stay on top of your projects and manage others' expectations, including your stakeholders and team members.

BSBPMG430 - Undertake project work– Assessment 1

Reports allow you to consistently monitor and communicate your project scope, time, budget, and progress at any time to anyone who needs to know....