Answer

Project Management

Question 1

Risk management is the process of recognizing, evaluating, and regulating threats to minimize the negative impact they might impose on a company. These perils or uncertainties can emerge from several sources, including judicial obligations, fiscal delay, strategic management failures, disasters, and natural calamities. According to Markova et al. (2018), risk management structures are often designed to do more than just identifying existing threats. A good risk management structure should also estimate the uncertainties and predict their impact on a company.  Moreover, an active risk management method will help an organization distinguish which hazards pose the most significant threats and provide guidelines for managing the risks.

Risk management is essential since it enables a company with the vital tools to identify and handle potential threats adequately. When a threat is identified, it is easy to mitigate it before it causes extreme harm to the organization. Moreover, risk management presents an organization with a foundation for engaging in quality decision-making. Markova et al. (2018) indicate that for a company, evaluation and administration of uncertainties is the most reliable approach of preparing for eventualities that might emerge to distract development and extension. When an organization assesses its strategy for managing possible risks and forms structures to handle them, it improves its success.

Question 2

The intuition that some managers believe they have “seat of the pants” and do not require project management tools does not make sense. This intuition centers on managing decisions based on personal judgment and feelings without planning, preparation, or assistance from others (Nardi et al., 2019). On most occasions, it is a decision based on personal encounters rather than considering project management tools. This intuition does not make sense to me, given that personal judgment can make the output of any plan to collapse.

Project management tools allow a manager to quickly develop a hierarchy of duties for effective and efficient accomplishment. Moreover, project management tools enable the managers to identify and indicate which steps are sequential and which tasks depend on another (Nardi et al., 2019). Depending on how a person defines project management tools, it is somewhat complicated to envision a project manager using less than various means, from a simple list of required supplies and resources to a list of project necessities. Project management tools can range from SWOT Analysis to software programs.

Question 3

In my perspective, the scenario of a task depending on another task being started but not necessarily completed might frequently be occurring in system analysis. System development is often described as a combined process in which each step is dependent on another. In the analysis of system development, all non-technical and technical issues are observed. Moreover, the system analysis is dependent on team members. For starting the second stage of a project, a certain fraction of the first phase must be accomplished.

The link between tasks and the task association’s priority determines the project’s scope and the time frame (Mon et al., 2016). Any concerns that emerge in the task association that could delay the objectives and deadlines can change the initial scope and agreed-upon completion date. Far from the track, should this occur, is to add a task that depicts the new content to reflect new time and resources required.  As a project manager, it is essential to comprehend that task dependencies can emerge in the same project between tasks and between tasks for various projects (Nardi et al., 2019). On either occasion, predecessor dependencies are developed. For instance, it might be that a project is considered “Step 2, ” so the project will be waiting for the team to accomplish “Step 1.” The project’s dependencies might also be linked to the accessible and available company resources.

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