Project Management Plan for a Dream House

Document Type:Case Study

Subject Area:Management

Document 1

Project scope 3 3. Work Breakdown Structure (WBS) 4 4. WBS Dictionary 4 4. Task Name 4 4. Task Assumptions 4 4. Contingency Fund and Managerial Reserve Fund 6 7. Risk Registry 7 7. Risk Likelihood 7 7. Risk Impact 8 7. Risk Strategy 8 7. The constrained ability and freedom to renovate the dream house also contributes to the need for a personal house. It also severely limits opportunities to enhance approach comfort to the dream house. Comfort in rented apartments has continued to decrease, with increased noise from neighbors. This means that the limitations of freedom and increasing rental rates have contributed toward the plan to build a dream house. Project scope The scope of the project is that it presents the way in which the dream house will be set up. Work Breakdown Structure (WBS) 3. Land Scape 3. Task A 3.

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Task B 3. Task C 3. Task K 3. Task L 3. Management 3. Task M 3. Task N 3. Risk Management Plan The risk management plan is a record prepared by a project man to foresee risks, estimate impacts, and describe various responses to issues. In this case, a risk refers to an uncertain condition or event which when occurs, has both negative and positive implications to a project’s objectives (Urban, 2016). This means that the risk management plan evaluates the aspects which may result to undesirable effects on the project of the dream house. During the project of building the dream house, certain actions might be taken to manage the risks. This can be achieved through avoidance, controlling, acceptance, or transferring. In this case, three steps can be applied in created a project risk matrix to prioritize risk events in the project of a dream house.

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In this case, it is imperative that all stakeholders are engaged in the risk plan prioritization. As proposed by Urban (2016), this ensures that the various viewpoints are taken into consideration. In order for the project’s risks to be appropriately mitigated, the matrix should be updated and revisited on a regular perspective. Identification In the project, the potential risks will be listed prior to undertaking any assessments. The project will apply the expected monetary value approach. This is a statistical approach applied in quantifying the risks, which would assist in calculating the contingency reserve. The rationale for using this technique is that it is applied in medium to high-cost project. In the dream house project, there are sufficient resources and the project cannot be risked to fail because it has high stakes.

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The expected monetary value (EMV) is obtained by multiplying the impact with the probability. According to Huang and Zwolski (2017), the event may be described, assessed, or determined subjectively, objectively, quantitatively, or qualitatively. When refining the dream house project’s schedule, it is important to evaluate the different risks identified. Assessing the likelihood of every risks assists in managing risks if the worst happens. This means that the first step to decide how to deal with a risk is by evaluating the likelihood that it will take place (Huang & Zwolski, 2017). In the event of risk likelihood, the probability of occurrence can be calculated. The low impact/high probability corner indicates risks which have moderate importance (Heagney, 2016). If the aspects take place, they can be coped with and the project moves on.

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Nevertheless, the project manager should reduce the likelihood if they occur during the project house project. The impact/low probability indicates that the risks are of great importance if they take place, they their probability of taking place is very low (Heagney, 2016). For these risks, a project manager for the dream house project should try as much as possible to reduce their impact if they take place. The other mitigating action for the dream house project would also be to consider hiring additional expert constructors. This action would be essential in lowering the impact of turnover because of having extra staff. Certain considerations should be adhered to in the risk strategy. For instance, it is essential to involve the entire team involved in the dream house project.

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The project manager should be concerned about the issues raised by the other stakeholders. This as mentioned is enabled by a efficient feedback mechanisms, real time analysis of projects progress and holding backup resources whether extra labour, materials or expertise in case the risks is posed by their shortage. Quality Management Plan The state of Minnesota provides guidelines that should be followed for a housing project to be approved. This involves the fulfillment of the guidelines laid out by the state to ensure that quality is ingrained in the projects (Kerzner & Kerzner, 2017. They include flood proofing regulations, inclusion of storm shelters, plumbing standards, and fire protection systems as well adherence to energy regulations. Therefore, the conformance to these standards provides a tool of quality management.

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The precedent activities will have distinct teams which ensure that activities are run concurrently. Therefore digging of the trenches and Setting DPC, Boxing and Reinforcing Perimeter Foundations should have separate teams which should ensure their execution concurrently. These teams are subjects to being dismantled after the completion of precedent activities. The human resource organization is fluid to ensure various in team’s structure, control and organization to accommodate the projects schedule (Harrison, & Lock, 2017). Project Budget ACTIVITY BUDGETARY ESTIMATES Per Activity Total 1 Landscaping $2,000 $2,000 2 House Structure $20,345 $22,345 3. Los Alamos National Lab. LANL), Los Alamos, NM (United States). Kerzner, H. Kerzner, H. R. Zwolski, J. January). Effects of Probability Distribution Choice on Likelihood Estimates in Risk Analysis. In Reliability and Maintainability Symposium (RAMS), 2017 Annual (pp.

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