MBA641 Strategic Project Management Report Sample

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MBA641 Strategic Project Management Report Sample

Your task

Individually, you are required to complete a comprehensive risk analysis and stakeholder management plan based on your work in the first and second assessments. Therefore, this assessment is a culmination piece.

Assessment Description

The purpose of this assessment is to foster students’ ability to evaluate and determine project viability, including the analysis required in the selection process. This will also form a part of students’ ability to create project portfolios that meet an organisation’s strategic goals and requirements and analyse project lifecycles and the processes involved in project development. Students will also demonstrate the criteria required to evaluate the success of projects based on an organisation’s goals, strategy and standards and analyse the project lifecycle and the process involved in project development.

Assessment Instructions

Presume that you are advancing the Lot Fourteen project and that you have now been asked to prepare a detailed risk analysis and stakeholder management plan before commencing the project.

Complete a comprehensive risk assessment of your project proposal and statement of work (SOW), linked directly to the case study. In addition, complete a stakeholder management plan, in which you will propose ways to manage the relationships between the stakeholder groups identified in the case study and the proposals you have put forward in the first and second assessments. Your analysis needs to be directly linked to the case study and related to all the elements you addressed in the Project Strategy Framework and Statement of Work (SOW).

Your risk analysis should be approximately 800 words. In it, you must include the concepts studied in weeks 4 and 5, accompanied by at least one or more of the risk assessment techniques used, such as risk assessment grid or project risk picture. You must identify potential risks in addition to your research on the project and its site by stating a clear outline of how these will be managed.

Your stakeholder management p should be approximately 1200 words. In it, you must follow an appropriate, professional presentation style addressing the South Australian Government (who have commissioned the project) and include the identification of the various stakeholders, their interest and influence over the project, and a clear outline of the engagement strategy for each stakeholder group.

Please don’t forget to outline the appropriate objectives and measures for the various stakeholders, using the relevant frameworks, concepts and diagrammatic tables, as necessary, to explain your reasoning clearly and concisely.

In addition to the case study, you are required to use at least 15 sources of information and use the Kaplan Harvard Referencing Style. These may include government publications, industry reports, and journal articles. These sources must be presented in the form of in-text citations and a reference list at the end of your submission. Wikipedia and other ‘popular’ sites are not to be used.

Solutions

Introduction

Lot Fourteen is an Australian construction management project and the risk management as well as stakeholder management aspects were used to create this report. The project proposal as well as statement of work risk analysis would contain methods for risk assessment and indeed the possible project risk, as well as mitigation strategies for that risk. The stakeholder management plan identifies the project's different stakeholders, their impact and interest in the project, as well as their strategy for engaging each group of stakeholders (Kordi, Belayutham and Che Ibrahim, 2021). For UNI Assignment Help, These stakeholders can play an important role in ensuring the business's needs are being met or not, which can be very effective for the betterment of the particular organization (Nguyen, Chileshe and Rameezdeen, 2018).

Risk Assessment and Analysis

It's hazardous to work in the construction business or on building projects. An occurrence that has the potential to have a good or bad consequence is what we call a risk since it occurs in all three of these settings – at the micro, meso, and macro levels. In order to make an educated choice on how to manage risk, a company or project uses a risk management system that attempts to identify and measure all hazards. With regard to PMBOK's nine central elements, risk management is described as a systematic method for discovering, analysing, and mitigating project-related hazards. As part of this, the likelihood and effects of good occurrences are maximised, while those unfavourable to the project's goals are minimised. Preliminary design, construction, and the tendering process are possible sources of risk.

 

Stakeholder Management Plan

List of Key stakeholders:

1. Suppliers – Suppliers include all kinds of equipment, materials, human resource etc suppliers that are key to the construction project.
2. Customers – Customers include the end-beneficiary of the project.
3. Employees – Employees are the supervisors, foreman, workers etc for the project.
4. Contractors – Contractors are the key group who are involved with development of the buildings.
5. Project Manager – Lead project handler for the construction project.
6. Investors – Financiers for the given project.
7. Government – The local regulatory body involved with civil projects.
8. Community – The end-community affected by the project

Create a Matrix based on Power and influence grid:

 

It was found that four groups had the greatest impact on company operations, as indicated in the stakeholder matrix above -

Involved parties such as the project manager and investors have a lot of sway over the project's operations because of their high stakes and great authority. In contrast to investors, who have a lot of authority and an even greater stake in the project, the project manager is tasked with making all of the critical choices connected to the project. The government is also included in this group since they are in charge of monitoring company or project operations and because the government made an initial expenditure in the project, the government has a significant stake in how it operates (Suliman et al., 2019). Contractors are classified as having a high degree of interest but having low power, indicating that their impact is limited when compared to that of project managers and investors. When it comes to employees and suppliers, they fall under the power and interest categories, indicating that their sway over the company or project is limited (Shokri and Haas, 2015). They have an effect on company operations since they work hard, but their influence on activities is minimal (Tixier, Hallowell and Rajagopalan, 2017). A project or a company' goals and objectives are achieved by employees working to accomplish tasks or projects assigned to them, while suppliers supply enough raw material and other equipment to enable a firm reach its goals (Zhao, Hwang and Low, 2013).

Who are we engaging and how do we reach them?

External stakeholders:

Community:

Internal stakeholders:

How do we collect input / feedback?

Plan:

To summarise, after identifying and comprehending the project's stakeholders, developing methods to engage with them is essential if you want to capture their attention and exert control over them. Stakeholders may have a major impact on big and complicated projects, such as with the development of Lot 14. As a result, it is essential that project managers devote significant time, effort, and resources into managing stakeholders in order to maximise their potential and minimise risks.

Conclusion

Risk assessment can be very much helpful in identifying the potential risk factors of a business and this kind of planning also can help the organization to make the risk management planning according to the potential hazards. This kind of approach also can allow the organization to conduct their business proceedings in any kind of circumstances without the involvement of risks. Besides that, the involvement of stakeholders also can provide solidity to the business proceedings and the business strategies.

References

Adeleke, A.Q., Bahaudin, A.Y. and Kamaruddeen, A.M. (2017). Organizational Internal Factors and Construction Risk Management among Nigerian Construction Companies. Global Business Review, [online] 19(4), pp.921–938. Available at: https://journals.sagepub.com/doi/pdf/10.1177/0972150916677460?casa_token=hkkTCFT9_28AAAAA:u5DSo0u4h2Lc-XRaIJA0vmlDE_sqNaqqEwDA6FHGmxWAjHXWBFFcg9fp1LfNzK10pdLwGV-ccfwCk6g.

Enshassi, M.S.A., Walbridge, S., West, J.S. and Haas, C.T. (2019). Integrated Risk Management Framework for Tolerance-Based Mitigation Strategy Decision Support in Modular Construction Projects. Journal of Management in Engineering, [online] 35(4), p.05019004. Available at: https://ascelibrary.org/doi/pdf/10.1061/%28ASCE%29ME.1943-5479.0000698?casa_token=aS8Fo4oxxF0AAAAA%3AkZ7mj85L3e_IxaSmy9XZ_xn91PJ0GjuqcNivh5ZmW5-dbd-07D4gaT41w4x5u3cuDxnVGHHA2zbi& [Accessed 13 May 2020].

Kamarosisam, F., Adeleke, A.Q. and Taiwo, T.T. (2021). ROLE OF ORGANIZATIONAL STRUCTURE ON CONSTRUCTION WASTE MANAGEMENT AMONG KUANTAN MALAYSIAN CONSTRUCTION
INDUSTRIES. International Journal of Engineering Science Technologies, [online] 5(3), pp.57–73. Available at: https://www.akademiabaru.com/submit/index.php/araset/article/download/1943/1518 [Accessed 29 Sep. 2021].

Kordi, N.E., Belayutham, S. and Che Ibrahim, C.K.I. (2021). Mapping of social sustainability attributes to stakeholders’ involvement in construction project life cycle. Construction Management and Economics, [online] pp.1–20. Available at: https://www.tandfonline.com/doi/abs/10.1080/01446193.2021.1923767?journalCode=rcme20.

Nguyen, T.H.D., Chileshe, N. and Rameezdeen, R. (2018). External stakeholder strategic actions in construction projects: a Vietnamese study. Construction Management and Economics, [online] 36(8), pp.443–458. Available at: https://www.scientific.net/AST.107.209.pdf [Accessed 28 Feb. 2019].

Okoroafor, C. and Aiyetan, A.O. (2021). Construction Project Performance: Inhibiting Factors for Stakeholder. Advances in Science and Technology, [online] 107, pp.209–214. Available at: 10.4028/www.scientific.net/ast.107.209 [Accessed 4 Aug. 2021].

Panahi, B., Preece, C.N. and Wan Zakaria, W.N. (2016). Personal-organisational value conflicts and job satisfaction of internal construction stakeholders. Construction Economics and Building, [online] 16(1), pp.1–17. Available at: https://epress.lib.uts.edu.au/journals/index.php/AJCEB/article/view/4811/5244 [Accessed 11 Aug. 2019].

Park, K., Lee, S. and Ahn, Y. (2017). Construction Management Risk System (CMRS) for Construction Management (CM) Firms. Future Internet, [online] 9(1), p.5. Available at: https://www.mdpi.com/1999-5903/9/1/5/pdf.

Phong, T., Nguyen and Nguyen, P.-C. (2020). Risk Management in Engineering and Construction A Case Study in Design-Build Projects in Vietnam. Technology & Applied Science Research, [online] 10(1), pp.5237–5241. Available at: https://pdfs.semanticscholar.org/c8c7/83c11429d22e4455dd0a236eac4d57875637.pdf.

Rajeev, S. and Kothai, P.S. (2014). Study on the Influence of Stakeholders in Construction Projects. Journal of Construction Engineering and Project Management, [online] 4(2), pp.8–11. Available at: http://www.koreascience.or.kr/article/JAKO201424750260174.pdf [Accessed 6 May 2019].

Salem, A., Simpeh, E. and Fapohunda, J. (2020). CONSTRUCTION STAKEHOLDERS’ PERSPECTIVE ON EXTERNAL RELATED RISK FACTORS INFLUENCING CONSTRUCTION PROJECT PERFORMANCE. Journal of Construction Project Management and Innovation, [online] 10(1), pp.70–85. Available at: https://journals.uj.ac.za/index.php/JCPMI/article/view/192/273 [Accessed 1 Oct. 2020].

Shokri, S. and Haas, C.T. (2015). Risk Management for Design and Construction. Construction Management and Economics, [online] 30(8), pp.711–713. Available at: https://www.researchgate.net/publication/282408093_Interface-Management_Process_for_Managing_Risks_in_Complex_Capital_Projects.

Suliman, M., Adeleke, A., Kuantan, M., Malaysia, P., Manal, S. and Omer (2019). Systematic Critical Review of Risk Management in Malaysian Construction Companies. [online] Journal of Humanities and Social Sciences Studies (JHSSS), pp.2663–7197. Available at: https://www.al-kindipublisher.com/index.php/jhsss/article/download/204/185 [Accessed 29 Sep. 2021].

Tixier, A.J.-P. ., Hallowell, M.R. and Rajagopalan, B. (2017). Construction Safety Risk Modeling and Simulation. Risk Analysis, [online] 37(10), pp.1917–1935. Available at: https://arxiv.org/pdf/1609.07912.pdf [Accessed 2 Dec. 2019].

Zhao, X., Hwang, B.-G. and Low, S.P. (2013). Critical success factors for enterprise risk management in Chinese construction companies. Construction Management and Economics, [online] 31(12), pp.1199–1214. Available at: https://www.irbnet.de/daten/iconda/CIB_DC27124.pdf.

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