Question

Anu Successel project chater must Cottain nene key element s bescrbe tte composctibn of each. what kinds of resk categories might be included in Hha charter?

Answer 1

The successful project management charter contain the following nine elements.These elements are outlined with the strategies on how to implement them.

• Integration Management:- It is a collection of processes that outline the project so that the venture is successful. It consists of seven steps. i.e., Developing- project charter, preliminary project scope,plan,execution&producing deliverables, monitoring , integrating the change controls and closing.
• Scope Management:- It ensures that the project is self-contained and does not meander by dealing with five processes.It includes- Information on writing the scope management,defining scope, creating work breakdown structures, verifying and controlling the scope.The defined parameter of the project or scope must be break down and managed through Work Breakdown Structure.
• Time Management:- Every project have a definite beginning and ending date.The budget time need to change according to project schedule.This element includes- defining & sequencing-activity,estimating the duration and resource activities, developing and controlling schedules.
• Cost Management:- Projects need to manage the investment by deriving the benefits exceeding the amount spent.It means it deals with resources and budgeting.It consists of estimating, budgeting and controlling costs.
• Quality Management:- The project deliverables need to meet project objectives and performance standards.The goal is to produce quality deliverables.It includes planning,assuring and controlling quality.
• Human Resource Management:- Every project need to manage team members during the life cycle of the project.Every project have to find right people.managing their outputs and keeping them on schedule.It deals with acquiring, managing and developing project team.
• Communication Management:- It needs to interact with so many people. It deals with who needs to know what, when.It covers- communication planning, information distribution,reporting performance and stakeholder management.
• Risk Management:- Project needs to cover customer needs,identifying the critical needs of the customer needs.It is a crucial element of managing a successful project.It includes- risk management planning, identification of risks,qualitative and quantitative risk analysis, planning risk response,risk monitoring and control.
• Procurable Management:- Projects will procure services including purchase of equipment. There is a need to manage how vendors are selected and managed within the project life cycle.It includes- Planning purchases, Acquisitions, Plan contracting, Requesting responses from sellers, Selecting sellers, Administering contracts, and closing contracts.

Every project have some types of risks:-

• Work products and deliverables are not acceptable to the customer.
• New technologies make current solutions obsolete.
• Project specific risk, such as budget and schedule objectives are not achievable and most notably the possibility of scope creep.
• Business related risk, such as changes in leadership, competitive pressure,and financial difficulties unique to the organization that could impact the project.
• Operating risk, such as reliability of systems,difficulty with using support services, and administrative problems.
• Strategic risk, such as a project that has little or no strategic impact within the organization or a sudden change in corporate strategy that puts a project at risk in relation to the new strategic plan.

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