Participation Questions Essay Example
Q. Is ‘risk’ part of a wider concept? If so, what is it, and why is risk important to it?
Risk can be described as anything that can potentially cost any project’s budget, performance or even its timeline. It is very crucial to identify all the potential risks in any project and manage them accordingly. For any project to be successful, it must involve risks. Uncertainties are likely to occur in any project. The main cause of such uncertainties is a risk. It is therefore, important for the project management to identify the risks early enough and take correct measures. Effective risk management will enable the enterprise to confidently make new decisions about the future progress of the business.
It can either be from internal or external sources. The internal risks are associated to direct control of the project while those which are not directly controlled by the management are termed as external risks. Examples of external risks include exchange rates, political issues, and interest rates among other factors that affect the business or any project indirectly. On the other hand, internal risks include; information breaches, non-compliances, and other factors that will influence the business directly.
The ability to manage the risk will enable the project or the enterprise to define its future objectives. Failure to take the firm’s risk into consideration while setting its objectives and strategies, there is a high chance of the business losing its directions and ends up failing to meet its objectives and goals particular when they are hit by any of the potential risks. Since risks may arise in any dimension of the firm, the project management should, therefore, be in a position to identify all the possible risks that may occur. This will ensure that there is no jeopardizing the completion of the project.
Q. If you were at the start of your project, how would you go about identifying possible risks?
Risk identification can be described as a process in which the all the potential risks of a project that would deter the firm from meeting its objectives are determined. In the process of business management the most crucial and basic process is identifying all the potential risks. Risk identification will help the management to understand the risks that may hit the project and also document all their characteristics. The project management should carry out the following in order to identify the potential risk; first, the management is expected to have review documentation. Secondly, by applying the techniques of information gathering which include; Delphi technique, brainstorming techniques, conducting interviews, and root cause analysis technique. Thirdly, conducting an analysis of the checklist and assumptions, then the management is to come up with the cause and effect diagram, flow charts that describe the entire system and the process, the other step is to conduct the SWOT analysis.
Finally, the management will involve experts in the process of making a judgment. It should be noted that the earlier the project is able to identify the risks, the earlier measure should be taken in order to reduce and moderate the impacts that may arise from the potential risks. Many tools and techniques have been developed to identify risks the projects are likely to experience.
Q. What role does uncertainty play in project in general and in risk management in particular?
Uncertainty can be described as a situation where the project lacks complete certainty. In uncertainties it is not easy to guess, to predict or even to measure the outcomes since the management has no background information. In order for a project to be successful, it must operate underestimation of parameters and scheduled events. However, all the estimates are subjected to uncertainties. For instance, the project must have a schedule in which all the tasks are implemented depending on the time, resources and dependencies. Such schedules are also subjected to uncertainties since each scheduled, duration has its own uncertainties. In any project, uncertainties cannot be escaped; therefore, most of the managers including the most proficient will face a lot of difficulties in the management of uncertainties.
Any project should be concerned on how it should reduce the concept of uncertainties. This is only achieved through proper risk management. Uncertainty is a very crucial concept in the management of risks. This is because uncertainties will lead to more research to be conducted in order to overcome the potential risk that may occur resulting to uncertainties. Therefore, risk management has improved in the control of uncertainties in the business and other major projects. In the estimation of the degree of risks, which have no direct measures, assumptions are used. However, the assumptions cannot be tested by empirical means.
Q. Does the article by Fink change the way you look at traditional project risk management- if so, in what ways and why?
In the traditional, project risk management viewed as an administrative process which is concerned with the following activities; planning of the project’s activities, organizing the activities, leading and finally to control all the activities of the organization. However, Fink’s article outlines risk management as a process that is comprehensive, integrated, and strategic. It also elaborates that any project has got its mission, vision, and also a strategic plan as their primary objective. This article is a revolution of the traditional concept of risk management. According to the traditional view, the risk was viewed as an individual based hazard. However, Fink points out risk as a component of the strategies lay down. There is no radical change in the process of managing risk. This is because there is a slight difference in that there are only modifications in the traditional risk management and an expanded scope.
The adjustment of the traditional methods of management of the risks arises due to the complexity of the present economic changes. The traditional methods of risk management, however, were applicable in both accidental and financial risks. The main reason for this is that the method is transferable unlike the modern method of risk management. The modern methods, on the other hand, are applicable in both the operational and the strategic risk. The difference in the two as portrayed in the article is that the traditional method applies a lot of accounting skills while the modern method applies, marketing innovation, and strategic planning skills. According to Fink, the modern risk management is composed of all the risks that any face an organization, unlike the traditional risk management which is composed of the pure risk.
Q. Why do you think that the history of quality is important to this unit?
The history of quality is crucial since one is in a position to understand the significant changes that the business landscapes have undergone. One is also to understand how important the principles of quality are in relation to the time they were published. Understanding the history of quality will help one to have clear information on how the quality substance is made available in the free market and how sellers will have to compete for on quality with the aim of attracting more customers and as a result holding the greatest market share. It will also help the learner to understand how different leaders in different organizations view on quality. It will also help understand how different organizations have achieved in the setting of qualities that meet their consumers’ needs.
Studying the history of quality will also assist in gaining more knowledge on the framework set from quality achievement and how the organizations are expected to implement the flame work for them to enjoy the yields. It is also helpful in that one will be in a position to understand the process of and techniques used to improve total quality. This is very important for it forms the basis of future improvement of quality (Gordon et al. 2005).
Q. What is the difference between ‘quality’ and ‘project quality’?
By definition, quality can be described as a state where the products are free from, variations, defects and any form of deficiency. The quality of a product is met by ensuring that the firm strictly commits to a given standards ensuring that the products are uniform and are able to meet the needs of the consumers. Therefore it can be defined as the entirety of features of a given product that enable it to meet the needs and maximum utility of the consumer. It can also be described as a specific level at which a given product will meet the desired conditions and consumer’s expectation. On the other hand, project quality can be described as the process in which the management is able to manage and implement all the processes of a project ensuring that the requirements of a project are turned into deliverables of the project.
Project quality is evaluated through project auditing. It entails conforming to the pre-approved procedures in executing the project. Project quality also refers to activities such as the application of proper management of the resources, communication, cost, time etc. project quality also will include management of the changes that occurs within the project in question. A quality project may be in a position to deliver either high or low-quality deliverable. Deliverable qualities explain how well the project is able to meet the desires of the user and the cost of ownership. However, there is a higher possibility that a higher quality project will produce deliverables which are of high quality.
Q. What do you think about Steve Job’s video?
Job reduced the number of products by almost 70%. By so doing he was to focus not only on the quantity of products produced but also the quality of the products. Steve also introduced the concept of teamwork. He also emphasized that just as it is important to decide on what to do, it is also important to choose what one should not do. By the time he returned to Apple Company it had only three months to undergo insolvent. His emphasis on quality attracted many customers and he was able to meet their needs. The demand for Apple’s products increased leading to a large market share.
Steven job is also a successful entrepreneur who has exceptional marketing skills. He is portrayed as an innovative, successful, strategic and inspirational entrepreneur. His products were excellent and thus attracted many customers. The products were able to meet the expectations of the consumer. He prioritized high-quality product and later the strategies of marketing followed. Steve Job also appreciates competition in the market. However, he does not view the competitors as his enemies, but the enemies of the apple company are: lacking good tastes, thinking conventionally and also complexity.
Q. Are there similarities between what Steve Job says and the way that project quality planning works?
What Steve Job says is similar to the working of the project quality planning in a number of ways. To start with, Job emphasis on quality of a product. He says that quality of a product comes first and then thinking of the marketing strategies and quantity of products. He saves the company by reducing its percentage sales by 70% and focus on producing few products but of high quality. He competes with Bills Gate and argues that Bills Gate does not meet the needs of the consumers. He also believes in teamwork in which he involves his staff in decision making and also in consultation. He finally manages to come up with the most competitive products.
Q. Steve Job portrayed a number of principles which included;
First, is doing all you love. Job addresses his employees and tells them that those with passion are in a position to change the entire world for the better. Job follows his passion and is in a position to come with new brands. The second principle is putting a new dent in the world. This will allow one to think beyond the box. It will help an individual come up with new ideas to fill the dent. The third principle is kick starting one’s brain. Job said that creativity could be described as the ability to connect and link ideas. This implies that one has to be consultative and also borrowing ideas from different industries. While starting a new factory it would be advisable to utilize these principles by Steve Job. The principles have portrayed practicability since Steve Job has saved the company from undergoing insolvent.
The following principles are related to quality assurance; creation of abundant experiences, the other principle that will contribute to quality assurance is to say no to thousands of things and the selling of dreams instead of selling of the products. In quality assurance, the project aims at preventing the production of defective products. By for example saying no to a thousand things done by other firms on is likely to reduce the chances of producing defective products. With a high level of experience, the company is a high chance of reducing and avoiding major problems that are likely to hinder the firm from delivering high-quality products.
The following are related to quality control; kick-starting of one’s brain, the creation of a cavity in the world, and doing what you love most. These are principles that will ensure that the products are of high quality and that are unique from the rest. Doing what you love will also ensure that you deliver products that are of high quality. It will also ensure that one is in a position to be creative and innovative.
Gordon, D.B., Dahl, J.L., Miaskowski, C., McCarberg, B., Todd, K.H., Paice, J.A., Lipman, A.G., Bookbinder, M., Sanders, S.H., Turk, D.C. and Carr, D.B., 2005. American pain society recommendations for improving the quality of acute and cancer pain management: American Pain Society Quality of Care Task Force. Archives of internal medicine, 165(14), pp.1574-1580.
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