Risk management strategies in projects

Management: A Case Study
Precis:
The case study being presented demonstrates the importance of the planning phase of the project and of record keeping. These are the most common mistakes in project management.
Learning Objectives:
The learning objectives of this case study are:
To become familiar with the functions of project-based management.
To present the tools available in contemporary project management for managing the scope of the project, the organization, time, cost, and quality of the project.
To learn performance evaluation and control issues in projects.
To Analyze risk management strategies in projects
To emphasize the importance of proper planning
To emphasize the importance of record keeping
To examine all phases of project management from concept to completion of project
To examine some of the most common mistakes in project management and to learn to avoid
Them by example
Introduction:
Project-based management is quickly becoming state of the art in management technique and theory. Every manager is occasionally presented with the project by their superiors. The project may be large or small. However, until recently, project management was not a part of management education in many business schools. Project Management was considered to be a separate discipline. There are many types of projects and many project management techniques. However, the anatomy of a project remains relatively unchanged. Projects are comprised of phases and certain techniques are contained within each phase. Any manager can learn these phases and techniques and become an effective project manager. The following case study entails a technique called Lean Project Management. Lean Project management entails the management of a larger project by electing small, unique teams to perform small phases of the project (Gabriel, 1997, 205).
Many feel that project management is only useful in major projects such as construction, or major upgrades to telecommunications and information systems. However, the majority of projects that managers are involved with are simpler, smaller-scale project, such projects include, new product development, performance assessments, implementation of a new business plan or assisting with contract negotiations with a supplier. A familiarity with the processes involved in project management can prove to be valuable in any project. A systematic approach will make the project go smoothly and make you look good to the boss.
Agrees (1990) defines “management by project” as an organizational strategy. It implies specific teams to perform integrative tasks. It represents a philosophy more than a procedure. IT represents a paradigm shift in management philosophy that allows people more freedom in performing projects. It adopts a specific project management culture. Project management must be dynamic in nature and able to adjust to new situations that arise during the course of the project.
Project-based management represents a philosophy more that a prescribed set of steps. This research will involve the examination of a case study that illustrates the key issues addressed in project management. It will present a critical review of the issue involved and make recommendations for improvement in the future.
Case Study:
Since its founding in 1996, the key to the Digilogic Corporation has lied in the quality of its people. This highly successful firm has held the position that the true success would lie in obtaining and keeping quality people. They have always tried to hire those of high intelligence and leadership qualities. They are made of a team of the best and brightest from their development department to their implementation department to their consulting department. The products that they make are high quality because of the people who make them. The software development industry is a fast paced environment and workers need the ability to adapt to new methods and technologies quickly and to learn new skills rapidly as well.
In order to retain its position as a leader in software development it is necessary to develop a level of assessment for job competencies. Digilogic requires that their employees keep up on the latest technology and techniques. They do not tolerate keep employees simply because they have been around for a long time. They do not keep people who skills are obsolete. Their employees must keep a current knowledge base.
One of the key issues in maintaining employees who have a current knowledge base is to identify and maintain the competency level that is required for a particular job. Until this time, job competency can knowledge level has been up to the manager. If they feel that an employee needs to improve their knowledge base, they would be responsible for assuring that the employee gets the training needed to come up speed. As the company grows, it is becoming more difficult to maintain the level of quality upon which the company has based its reputation and success. It has become apparent that in order to enjoy their continued success; they will have to find a way to quantitatively measure their employees’ competency levels.
They needed to develop a system for assuring that employees were meeting current technology standards. They decided that this area o fell with in the realm of the human resources department and gave the human resource director the responsibility of determining the needs of the company, coming up with a solution, and implementing the plan. Mary Sheffield was given the task