Petrie Electronics
Student Name
Affiliation
Course
Instructor
Due Date
Petrie Electronics
5.57 Look over the scope statement (PE Figure 5-1). If you were an employee at Petrie Electronics, would you want to work on this project? Why or why not?
Because the Project has been divided into portions, if I worked for Petrie Electronics, I would want to work on it. Overview of the project, goals, major suppositions, and stakeholders. You may see a breakdown of the project and a list of the people in charge of each part. I’ll participate in the project since it is well structured because it is nicely organized.
5.58 If you were part of the management team at Petrie Electronics, would you approve the project outlined in the scope statement in PE Figure 5-1? What changes, if any, need to be made to the document?
The project overview and objective are both specific, so I would accept it. I would want to add that the stakeholders have a responsibility to be more detailed and to set a time for each project part so that they can easily follow what needs to be finished by when.
5.59 Identify a preliminary set of tangible and intangible costs you think would occur for this project and the system it describes. What intangible benefits do you anticipate for the system?
Training and staff salary are examples of tangible costs. Customer happiness and employee productivity are two examples of intangible benefits. A system to track the number of consumers who shop there at a particular moment is one of the advantages. Customers will be encouraged to shop more by the incentive scheme in order to accrue more points. A company’s reputation for dependability and consumer trust is aided by excellent customer service.
5.60 What do you consider to be the risks of the project as you currently understand it? Is this a low-, medium-, or high-risk project? Justify your answer. Assuming you were part of Jim’s team, would you have any particular risks?
If I were on Jim’s squad, I would take part. Due to the fact that it is an extra advantage, the project has low risk. The business can continue to run with or without a customer reward program. If revenues do not rise, incentives for devoted consumers may become an additional expense. Another expense that must be considered is the cost of outsourcing system development. This is a risk since money will be lost if the project’s objective is not met.
5.61 If you were assigned to help Jim with this project, how would you utilize the concept of incremental commitment in the design of the Baseline Project Plan?
You can examine the project at each stage, make changes, and go on to the next step of the project with incremental commitment. The financial, technical, and operational schedules can be examined and fixed one step at a time using this notion in the baseline project plan.
5.62 If you were assigned to Jim’s team for this project, when in the project schedule (in what phase or after which activities are completed) do you think you could develop an economic analysis of the proposed system? What economic feasibility factors do you think would be relevant?
Yes, I am able to create an economic analysis to ascertain the project’s profitability and how frequently clients would purchase as a result of the incentive schemes. Cost of systems study, time spent by systems analysts, and employee study time are a few key economic feasibility variables. In this project, training time and expense are important considerations.
5.63 If you were assigned to Jim’s team for this project, what activities would you conduct in order to prepare the details for the Baseline Project Plan? Explain the purpose of each activity and show a timeline or schedule for these activities.
At each stage of the project, I will do an incremental analysis.
- Activity- Introduction
- Activity – System Description
- Feasibility Assessment Economic analysis Cost benefit – cost to train and implement the project Operational analysis To measure customer satisfaction and increase in sales Schedules, timeline and resource analysis The entire project would take around 6 months to complete. Each stage of the project will take two months, with the second month dedicated to increment analysis.
- Management Issues – Description of stakeholder or team member
Assessing risk
The first step in creating a risk assessment plan is determining the hazards that your staff and business are exposed to. Look around your firm and consider how business activity or outside factors might negatively affect your workforce. Consider who will be injured if the hazards you’ve identified occur for each one. After making a list of potential risks, consider how likely it is that each risk will materialize and how significant the consequences will be if it does. With the help of this assessment, you can decide which risks should be given top priority and where they should be minimized.
You should reevaluate your analysis and, if required, make changes. Your workplace is constantly changing, and with it the risks to your business. Each new piece of machinery, method, or individual raises the possibility of a fresh risk. Review and update your risk assessment approach frequently to stay on top of these new threats (Puettmann, 2015).
Risk factors
- Project size
Due to the project’s extensive scope, the project’s success could be jeopardized by a lack of cash or poor financial management brought on by an overly ambitious budget or other restrictions. The risk may migrate to other operations and labor segments if the project cost exceeds the allocated money. The decrease in funds could also have an impact on the incidence of a scope risk. People will grow disinterested in the endeavor. In the middle of a project that lasts for months or even years, stakeholders could get lost. The business climate could change between the time the project is initiated and the point at which you identify it as finished. What would happen if your sponsors’ focus was redirected to newer projects or significant market changes, resulting in the loss of crucial funding? Costs will also increase. Cost creep is a valid concern for a few excellent reasons. The first are basic inflation and market conditions. When the project was still in the planning stages, were the pricing you obtained and the estimates you made still accurate? Your team members might also be less adamant about adhering to the original budget because there will be plenty of opportunities to “pay back” overages by borrowing from one line item to support another, much as you worry about losing control of a huge project’s time component. Can you stick to your budget over the long term?
- Project structure
The technological component of managing a project is a complicated deliverable due to the rapid emergence of new and cutting-edge technology. The technological layout of a project endangers data security, organization services, compliance, and information security. Technology-related hazards are more challenging to control because installing new IT systems typically calls for hiring new staff members and buying new software. Interruptions in service are one more technological risk that might result in delays and project failure (Ghasemi, 2018).
When you are in charge of a project, you are required to follow a tight code of conduct for timely and effective communication. Meetings with stakeholders, such project donors, enable you to stay on top of any changes, redistribute work, and promote team cohesion. Team members occasionally forget the most crucial components of efficient communication despite having access to so many communication tools and channels. This leads to data loss or misinterpretation, project disruption, and other problems.
- Development group
Specifically in terms of development objectives and long-term goals like economic growth and poverty reduction, as well as supporting goals like reform and capacity development, this is the danger that development aid or government/agency resources will not provide results. Development risk is influenced by the amount of administrative work that donors make governments and agencies do, as well as the expenses of complying with intricate donor procedures that are beyond the technical capabilities of people and institutions. The proper application of various country system elements is thought to support capacity building and reform (Kyttälä, 2014).
- User group
Customer service representatives may be required to deal with irate customers and attempt to mend the connection if the business falls short of consumer expectations. Discounts, extra/bonus service hours, or, in the worst situation, a client churn could occur as a result. Management will be helped in recognizing trends in customer unhappiness and putting action plans into place if these issues emerge by keeping track of unhappy customers as well as the strategies, time, and procedures required to fix them. By closely observing the causes and outcomes of customer service interactions, the company can spot areas for development and expansion. In this situation, the system may not perform as expected. In today’s always-on and connected environment, customers expect businesses they do business with to be accessible to them seven days a week, 24 hours a day. But what if your business lacks the required technological infrastructure? Understanding your limitations in relation to your clients’ needs is crucial, especially if you want to be able to assist them as they use your product or service. They must first comprehend the needs of the consumer in order to create the system.
Upon reviewing these examples, it is clear that one risk element that jumps out is Jim’s quick background check of the customer service and lack of consideration for the thoughts of the staff. Despite having five years of experience from his former position, Jim was a new employee of the organization. He ought to have taken his time to carefully weigh all the relevant factors so that he could appropriately formulate a comprehensive plan.
References
Ghasemi, F., Sari, M. H. M., Yousefi, V., Falsafi, R., & Tamošaitienė, J. (2018). Project portfolio risk identification and analysis, considering project risk interactions and using Bayesian networks. Sustainability, 10(5), 1609. http://www.cs.unb.ca/~fritz/cs3503/risk.html
Kyttälä, T. (2014). Outsourcing Logistic and Supply Chain: Effects on small & medium size enterprises. https://www.callrail.com/blog/4-risks-associated-with-outsourcing-customer-support/
Puettmann, K. J., Wilson, S. M., Baker, S. C., Donoso, P. J., Drössler, L., Amente, G., … & Bauhus, J. (2015). Silvicultural alternatives to conventional even-aged forest management-what limits global adoption?. Forest Ecosystems, 2(1), 1-16. https://forestecosyst.springeropen.com/articles/10.1186/s40663-014-0026-z
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