The Importance of Feasibility Study to the Success of a Project - Essay Example

Project Planning Table of Contents Part A 3 Goals and Objectives of the Project 3 The Importance of Feasibility Study to the Success of a Project 3 Milestones Stages of the project 3 Deliverables for the Project 4 Project Communication Plan 4 Risk Assessment Plan 4 Role of Project Manager 6 Part B 8 Risk Assessment Plan 8 Identify the Risk 8 Qualify the Risk 9 Managing the Risks 9 Monitor and Manage Risk 11 Cost of the Project 12 Gantt Chart 13 Revised Gantt Chart 14 14 References 15 Part A Goals and Objectives of the Project Development Education Ltd. is a company based on research and development. The major goals and objectives of the project are to develop passages, conferences and development of staff for the client in private sector, governmental local authorities as well as health trusts. The aim of the project is to organise the conference for a local health authority. The short-term objective of the project is to generate awareness about health issues in a workplace. In this regard, the long-term objective is to ensure that local organisations will conduct operations on the basis of the new policies of European Directives for pressure on local GP resources and medication cost. The Importance of Feasibility Study to the Success of a Project Feasibility study is considered as the disciplined study based on three levels. The first level is related to the operational feasibility. The second level includes the technical feasibility. The economic feasibility is identified in the third level. Economic level brings operative and mechanical levels together into a common unit. These three levels of feasibility study are important for the success of a project. The project has earned an important contract from the local health authority to organize and deliver the conferences based on the health issues in the workplace. For the success of the contract, feasibility study is important to determine the economic, technical and operational viability of a project (PMI, 2012; Overton, 2007). Milestones Stages of the project The aim of the project is to provide the quality education in terms of health issues in a workplace, which is important for every people (Zilicus Solutions, 2012). The milestones stages of the project have been segregated into set up stage, research and development stage, activation stage and review stage. Based on the milestones stages, the documentations of the objectives as well as goals are to be ensured that they are aligned with the desired project goals. In addition, the significance of the marketing and communication plan should be ascertained. The progress of the different activities should be scrutinised for determining the success rate of the project. The project manager should review the project on a timely basis. In this respect, the project manager would be able to have a better knowledge about the progress of the project. Deliverables for the Project The deliverables or the outcome of the project can be improvement in the several health issues in the workplace. Other outcome can be increased awareness of the local business as well as the agencies of the government of the European Directives regarding such health issues. In addition, the deliverable of the project will be to improve the quality of education on research and development. Project Communication Plan Project communication plan is required for ensuring the project team members and other stakeholders are able to have information as well as knowledge about the activities or operations of the project (Interlabs, 2015). A communication plan can be defined as the approach through which communicating and collaborating can be possible between project manager, team members and stakeholders for the success of the project. In this project, the communication plan is the advertising campaign, research work and the meeting where guest speaker will speak about the research work for delivering the quality of education. In addition, project manager will use direct communication techniques in order to manage as well as coordinate the activities of the project. Risk Assessment Plan A risk assessment or threats to the project can be poor quality of data, inadequate assurance or capability as well as skills to change the current business structure and poor business procedures. Failure to achieve the goals of the project due to the changes in the structure of the project is identified to increase the project cost and time. In addition, the staff members are identified to lack required skills due to inappropriate training program related to the project. Project Plan Role of Project Manager Project manager is entitled with the responsibility of ensuring that the project activities are conducted in a time and cost efficient way. In addition, the project manager is needed to ascertain that the project activities are performed in accordance with project goals and objectives. The selection of the team for the project is depended on certain factors that include environmental factors, social factors and educational factors. The project manager has to guide the team members related to the job roles and should build up good relationship with other team members, stakeholders as well as the suppliers. At the time of managing the team, the project manager faces several problems owing to staff members belonging to different cultural backgrounds (Marino, 2012; PMI, 2012). Project manager should mitigate cultural problems by developing healthy relationship among the members and accordingly, provide appropriate training as well as development services. In addition, the project manager is needed to hire experienced as well as competent members, so the activities of the project are conducted effectively (Government of Alberta, 2015; NOAA, 2010). Part B Risk Assessment Plan There are four steps to assess as well as manage risks in a project. Effective risk management is important for identifying as well as mitigating risks in the project. Risk management comprises four steps that include identify the risk, qualify the risk, plan for risk, monitor and manage risk (Acq Notes, 2015; Pieplow, 2012.). Identify the Risk There are several ways to identify or recognize risks in the project. Time management is important at the time of identification of risks, which may hinder the operations of the project. In this regard, time is needed to be managed with the aim of managing the operations of the project along with identifying risks and formulating appropriate strategies based on which such risk can be mitigated. In this respect, with limited time, the project manager should review the project on a regular basis, so that task lists are framed accordingly. After identifying the risk, the project manager should discuss about the risk of the project with other staff members who are involved in the project. Therefore, the project manager should maintain a good relationship with other team members and stakeholders for effective circulation of information. The manager should conduct a meeting with the team members regarding the risk of the project, where employees can suggest their ideas for mitigating the risk. In this project, the risk factors identified to be associated include low quality of data and lack of training program and budget. Therefore, to reduce the identified risks, the project manager should provide training program to the employees related to the job roles and the quality of data that are vital for the successful completion of the project. The manager should estimate the total cost of the project at the initial stage or the planning stage, which can be helpful for conducting the operations of the project in a coordinated manner (Acq Notes, 2015; Pieplow, 2012). Qualify the Risk Qualify the project is a discipline, which is important for the mitigation of the identified risks in a project. After identifying the risk, the project manager should qualify the risk for reducing the risk factors and for the success of the project. The risk factors affecting the project are quality of the materials provided by the suppliers and the quality of workplace culture. The project manager should focus on the quality, which is important for the success of the project, as without good quality the project would not be accomplished successfully. By providing good working culture and better opportunities and infrastructure to the employees, health issues can be minimised to a large extent (Acq Notes, 2015; Pieplow, 2012). Managing the Risks After identifying and qualifying the risks, the project manager needs plan to manage the same. The risks associated with the project should be distinguished in terms of high risk i.e. lack of training as well as medium risk is related to work quality. The two steps of managing the risks are identifying triggers for the risk and identifying the plan for the risk. It will take time to deal with the risk factors of the project, as to manage the risk; the project manager needs to identify the risk and the indicators for the occurrence of the risk. Therefore, the project manager should be knowledgeable and skilled persons, who can easily handle the project effectively. The team members of the project also should be skilled person and should have the experience on the specific job for performing the assigned tasks successfully (Acq Notes, 2015; Pieplow, 2012). Identify the Triggers Triggers are the indicators thorough which a risk is about to occur. To identify the triggers or the indicators, the project manager needs to communicate with the people who are involved in the work of the project. The project manager should have a track as well as knowledge about the procedure based on which the risks may occur and affect the success of the project. Along with the project manager, team members of the project and stakeholders should have the awareness related to the occurrence of the risk factors during the execution of the project. For the each specific risk, the project manager should display the possible triggers or the indications through which the risks have occurred (Acq Notes, 2015; Pieplow, 2012). Identify the Plan After identifying the triggers or the indicators related to the risk of the project and identifying the risk factor, which may affect the project work, the project manager should identify the risk and reduce the risk factor for the success of the project. There are four ways through the risk of the project can be managed. Through change in the plan of the project, the risk of the project can be managed. The risk can also be manages by transferring the risk to the third party, who is considered as the performing party. The next way is mitigation, which ensures in minimizing the risk by taking several actions. Acceptance is the last technique to deal with the risk or to manage the risk. In this technique to reduce or manage the risk, additional assets should be required. Cost of the project can also be a major risk factor for the project. Therefore, the project manager needs to do the budget plan of the project at the very initial stage. Quality of the work is important for the success of the project. If the team members provide poor quality of work then, there will several disputes and risk factors in the work, which can affect the entire project. Therefore, the team should do their work in efficient way by taking the guidance from the senior members or the project manager. The project manager also supports junior employees in their work and guides them whenever they needed assistance. In addition, the project manager should maintain good relationship with the stakeholders or the suppliers for the availability of the raw materials or the capital, which are the needed for completing the project successfully. The project manager should take the initiative of better work and better result by coordinating and managing the operations and team members of the project (Acq Notes, 2015; Pieplow, 2012). Monitor and Manage Risk In this stage, the entire team including the project manager and team members should act on the managing the risks. They all should adopt the new strategy to deal with the risk factors of the project and should conduct a meeting where the entire team members can discuss risk factors related to the project and determine a best way to reduce the problem. In a project, different cultural background people are involved therefore, in meeting; different employees provide their different ideas for managing the risk factors. The project manager is needed to be tactical for managing the project from the start-up to the end. Therefore, the project manager should have the knowledge related to the project work. The project manager has the right to select the team members and develop a competent team for performing the activities of the project effectively. The project manager has to provide the training program to the employee related to the project work and their job roles (Acq Notes, 2015; Pieplow, 2012). Cost of the Project Gantt Chart Revised Gantt Chart References Acq Notes, 2015. Risk Assessment Worksheet and Management Plan. Form Risk Management Doc, pp. 1-12. Government of Alberta, 2015. Project Manager Roles and Responsibilities. Appendix. Pp. 1-3. Interlabs, 2015. Project Communications Planning. Chapter 7, pp. 1-9. Marino, A., 2012. Project Deliverables and Reviews. European Commission, pp. 1-17. NOAA, 2010. Goals and Objectives. NOAA Restoration Center and NOAA Coastal Services Center, pp. 18-23. Overton, R., 2007. Feasibility Studies Made Simple. Martin Books Success in Business, pp. 4-105. PMI, 2012. Strategic Plan. Project Management Institute, pp. 1-9. Pieplow, B., 2012. Project Risk Management Handbook: A Scalable Approach. Risk Management Task Group, pp. 1-51. Perry, J. & Simon, P., 2000. Project Risk Analysis and Management. The Association for the Project Management, pp. 3-10. Zilicus Solutions, 2012. Basics of Project Planning. Zilicus Business Empowered, pp. 3-12. Read More