Turner Construction Company Project Management - Case Study Example

Turner Construction Company Turner Construction Company In project management, dealing with the risks that arise in the project aids in making the project successful. Project management requires that planning cater for all the risks involved in advance and creation of contingencies to deal with the risks so as to enable the project continue without disruptions. The success of projects run by Turner Construction Company depends on the management and their application of risk management procedures in successfully yielding project goals (Renz, 2007, p.204). The project planning process involves the development of approaches to different needs to ensure they successfully implement the project. The study below details the project assessment of four major risks scenarios that affect decisions to release some or all of the project reserves using a project matrix to analyze the possible impacts of each of the risk. The study will also allow for the development of various suggestions to cater for the management strategies that will aid in the management of the risk scenarios. Lastly, provision of recommendations for the improvement of the project through the release of some or all of the projects and the relationship of the procurements system are developed. The effect with which they affect the response of the project partners too feature. A number of risks exist that affect the project implementation that needs dealing with to provide for successful implementation of the project. The risks stem from the different phases that the project implementation follows. These range from the planning risks involved, scope risks, schedule risks, resource risks. These either aid the project to successfully be implemented while ensuring that the project goals are achieved. Project planning risks involved may lead to poor planning of the project and hence failure to achieve the project goals. Project planning allows for the implementation of the project in a successful manner and ensures that all resources are effectively applied in the project implementation. Project planning risk range from risks on resource allocation that may have limited resources applied hence misleading the resource needs of the project. Major risks in project implementation include those that originate from the scope risks. Risks related with the scope of the project since the scope of the project provides for the map that the project take. The project scope risks may affect the ability to provide the necessary limits in resource application and the area that the scope covers. These include scope creeps, hardware defects, software defects, scope gaps, changes in the scope and their dependency on the project resources in implementing, integration defects among others (Phillips, & DeMumbrum, 2013, p.138). These may result into project implementation challenges that may lead to project failures. Proper management of the risks associated with the scope of the project allows for improving of the chances of the project on succeeding. Proper planning of the project prior to its implementation allows for the success of the project. The planning will consider the scope of its span, the resources needed to implement it, the different schedules resulting and their management to ensure the project goals are achieved. Scheduling risks to exist that may result into failure of the project. The scheduling risks originate from the program development that needs to cover the project scope and planning process. Project scheduling allows for the improving of the delivery of the project with division of the project into small units that prove easy to implement. The risks in this area originate from failures of the project planning teams to properly allocate the project scope and attributes ample time for their implementation. The other risks include project dependencies, parts delays in project implementation, and errors in estimation of the project time’s delays in making decisions that may affect the times when the project starts and when they end, delays in hardware provision of functionality. Management of these risks allow for the provision of the project needs and its success implementation. The resource allocation risks to may affect the implementation of the project risks. These risks include the outsourcing delays in providing various project needs, the inadequate or luck of funds for project implementation, the attrition of resources, poor mobilization of the team to handle the project, and the scarcity of the skills necessary for the implementation of the project. The application of these resource risks determine the project achievements hence the need to have regulations on the project and its success. The resource allocation for the project provides for the ability of the project implementers to successfully employ the resources available to achieve the project goals. In implementing the project, the resource allocation allows for the successful delivery of the project. The need to manage these risks stems from the need to achieve the project goals. The company employs major strategies in ensuring that the project goals are achieved despite the risks arising. The application of a risk matrix to aid in provision for all the risks that arise in the project to aid in its implementation proves vital to allow for identification of the major risks and hence providing for their management. The risk matrix provides for the possible impacts that the risks will have on the project and hence their easy management. The risk matrix also provides for the measurement and selection of major risks to ensure they are dealt with first to provide for reduction of the major risks that may affect the project implementation. These provide for a systematic approach to dealing with risks to ensure that they result into better results. The risk matrix provides for risk assessment with application of various levels allocation of all risks with categorizing them in relativeness with the harm that they would provide severity. The response matters since it determines the level of effect (Heldman, 2015, p.477). This mechanism increases visibility of the various risks through which the management may make better decisions on which risks to allocate more resources from time and finances. Different organizations need to develop their own risk matrix that suits their different projects to allow for the solving of problems pertinent to the particular organizations. The categorization of the risks may follow the following order. That is catastrophic leading to multiple failures, critical leading to one severe effect and other mild, marginal risks that cover one severe and other mild effects and negligible risks that provide mild or minor effects. Catastrophic needs controlling more since the organizations project failures with many losses (Garrick, 2008, p.203). For the case of under consideration, the risks under consideration include those under resource allocation, scope risks, planning risks and the scheduling risks. These affect the productivity of the project and the selection of the options available for the company. The management needs to employ a number of strategies that ascertain the costs prior to ensure they easily become planned for effective approach towards improving the chances of averting the risks (Augustine, 1979, p.535). The development of a risk management plan provides for the chances of developing solutions to the risks in advance and avoiding them. The management needs to ensure that each of the risks involved in the business are identified and dealt with effectively or contingence measures developed to prevent any losses or delays that the risks may occasion. There exist majorly four aspects when it comes to developing strategies for dealing with risk. These include avoiding the risk totally, controlling or mitigating it, accepting it or transferring it. Based on the magnitude of the project, avoiding the risk, transferring the risks and accepting it may not prove better options for the management, the need to control and mitigate the risk proves essential. The company management needs to employ this strategy to provide a positive impact on the management and improve the results. The company management needs to develop a strategy that covers all aspects of the risks through which mitigation would prove possible (Wingate, 2014, p.327). The different potential risks may provide the need to provide extra resources for the prevention and control of risks. On the resource risks, the need to provide budgets and work towards ensuring that each budget figure is achieved proves to provide a control aspect to the resource risk. The budgeting process needs to involve each department and team player to improve chances of successfully obtaining the results intended. The management needs to ensure that each allocated resource is followed up on a regular basis through reports and direct supervision on the ground to ensure successful implementation of the project objectives. The need to review the budget regularly and allocate any surplus funds to more demanding fields will improve chances of successful project implementation that would lead to better results and achievement of the goals. The scope risks will need to have the management develop better work schedules in advance to pan for the resources available and the scope the project needs to cover. The scope through this will easily prove achievable since all aspects of the scope will work based on a predetermined map that provides direction. The control aspect involve the identification of the scope, its area of coverage and the resource needs hence proper planning and positive results in the process. The control of the different reserves and their derivatives provides for the successful implementation of the project plan. On the other hand, the planning risks emerge from the poor planning procedures that many project managers involve in during project planning. The project plan needs to provide an approach that links the project goals to each of the implementation plan to provide a positive return. The planning process needs to carefully select the project deliverables and planning into each taking place. The plans need to prove SMART in relation on developed objectives (Roberts, 2012). These will allow for proper project planning and procedural implementation. The project planning process needs to yield documented project plans that will have smaller functions of project operational approaches. These will lead to better approach to the project and hence higher chances of succeeding. The project-planning phase will have all project aspects detailed to ensure that the project successfully has all parts tackled with proper resources and ample time. planning for each reserve needs identification of each reserve separately and approaching it from the ideal of making projections of the advantages and disadvantages of each. In dealing with scheduling risks, the project managers needs to identify any risks associated to scheduling prior to commencing the project. These will provide for a yardstick through which the project success maybe weighed. The different reserves will provide for the need to have each scheduled properly to ensure that they blend into the general project plans. The reserves will each have a scheduled time of handling and hence easy approach towards successfully managing to yield better results. The project scheduling will require the distribution of time and roles through scheduling that provides for identification of separate needs for each reserve. The time need of each reserve will require identification of the weight, returns and effects of each to the project. Approaching the project using this strategy will aid retain all the project needs and hence providing better results compared to the other strategies that may require relinquishing some of the project reserves. All the reserves may each prove vital to the project. The need to maintain them and provide for their management will lead to better results. Based on the strategy, the recommendation would be for the project managers to retain all project reserves. These all have a part to play in the project and hence require maintaining. The procurement needs of the project prove vital since they affect all sections of the project. Through procurement, financial resource allocation may prove effective, scope risks may prove easy to mitigate same as project planning risks and scheduling risks. Delays in procurement will yield to delays in the project implementation leading to risks of scheduling proving difficult with time and financial resource affected. It is vital for the project-planning phase to cover the procurement aspects to provide for successful project results and achievement of the objectives. Sighting these, the partners would suffer effects in the works since procurement inefficiencies may provide for delays and power battles on blame. The working relationship may turn sour and value affected. The effect to the relationship of the project managers would suffer most and eventually failure to attain the project objectives. References Augustine, L R 1979, Carbon-carbon Bond Formation. Volume 1. CRC Press. Garrick, J B 2008, Quantifying and Controlling Catastrophic Risks. Academic Press. Heldman, K 2015, PMP Project Management Professional Exam Deluxe Study Guide. John Wiley & Sons. Phillips, S S & DeMumbrum, J N 2013, Control your ERP Density. Street Smart ERP Publications. Renz, P S 2007, Project Governance: Implementing Corporate Governance and Business Ethics in Nonprofit Organizations. Springer Science & Business Media. Roberts, P 2012, Strategic Project Management: Creating the Conditions for Success. Kogan Page Publishers. Wingate, L M 2014, Project Management for Research and Development: Guiding Innovation for Positive R&D Outcomes. CRC Press. Read More