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Project Scope in Software Engineering

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Project Scope in Software Engineering
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This discourse will discuss project scope in software engineering which it will do but first defining what scope of project is, its importance before finally looking at an example of software engineering project scope in this article.
Scope of a project is an important aspect of project planning that comprises of defining and documenting the objectives of the project, tangible end products that are deliverable to the project location, duties, budgets and the dates which the project must be completed.

The project scope documentation is referred to as a scope statement or terms of reference. The documentation therein is so essential during the project as it acts as a guide which keeps all the participants in the project stay focused with regards to what the project has set out to achieve from the beginning.

The scope statement equally furnishes the team with much needed guidance when deciding on change requests in the midst of the project. An important thing to note is that the scope statement must not be interpreted to mean the same thing as the project charter as the latter is only there to document that the project exists.


Importance of defining project scope


The initial step in project planning is scribing its scope statement which comprises of information regarding project deliverables. The advantages that a project statement offers to any organization taking on a new initiative include among others, the following: Spells what the project entails to ensure all stakeholders grasp what is involved therein. Offers a roadmap through which managers can utilize to designate assignments, schedule of work as well as budget suitably.

Writing project scope is cardinal in making sure that the focus on the project does not sway and also ensures that projects are executed to expectation. The scope offers a strong basis through which the management of a project as it progresses, is in line with what was agreed upon in the beginning, the scope also ensures that the resources allocated to the project are not misappropriated or go to waste on elements that are not in the scope of the project.


Defining Project Scope


Project stakeholders’ input is required in the defining of project scope for the stakeholders work closely with project managers to determine key aspects of costs, goals, quality and eventually timeframe. In order to define scope, there is need for project manager to gather all the necessary requirements for that stakeholders require for the project and some of these requirements include the following:

  1. Objectives and deliverables of the project;
  2. Deadline for completing the project; and
  3. The amount of money the stakeholders ought to pay for it.

The aim is to collect and record accurate information amidst this process in a bid to ensure that the project scope mirrors all requirements. This increases the opportunity for project managers to deliver end-products that are congruent with stakeholder expectations, on time and within budget.


Example of project scope is as follows:

  • Introduction
  • The introduction part defines the “what and why” of a project. Example for this would be “The aim of this project is to ensure compatibility with the latest iOS version. Minor changes required for the application to attain its objective will be included.”
  • Scope Statement
  • The scope depicts the general objectives for the project schedule and identifies the personnel to be involved. This is how scope statement appears “The project will commence immediately after the main work on Android X App concludes. Firstly, our team will make an analysis on duties and a minimum required project management documentation, comprising of estimations, constraints, risk list and chart for milestones will be produced by the same team. Android X version 2.1.7 will deliver only minimum support required for iOS 10. Only bugs introduced midway through the implementation of the current version and subsequent issues requested for fixing by users will be fixed.”
  • Assumptions
  • “For Apple queries, with a few risks and some effort, a workaround can be implemented. However, the only that can be done from our end is to file a bug report and await Apple to fix it from theirs. This project will be one software engineer in overseen by Takehiro Tomiyasu.”
  • Exclusions
  • This section shows what is not included in the project. Example: “iOS 10 does not support new features and tasks are not defined for version 2.1.7.”
  • Constraints
  • These are limitations of the project and things which remain constant that there is no possibility of ever changing them. Constraints or restrictions may refer to the schedule of the project, its budget and technical issues. An example for restriction, ““Applications would have been released in time for iOS 10 release. There is a minimal chance that workload on questions and answers on other products could impact Android X App schedule.”
  • In conclusion, this article has defined what a project scope is and has given an example of a project scope in software engineering, should you engage or wish to engage in a project, you have all the necessary information at your fingertips.

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Scope of The Project Example

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What is scope of the project example?
What is scope of the project example?

What is scope of the project example? and Importance of defining project scope: The initial step in project planning is scribing its scope statement which comprises of information regarding project deliverables. The advantages that a project statement offers to any organization taking on a new initiative include Constraints of a project, among others. The following, spells what the project entails to ensure all stakeholders grasp what is involved therein. Offers a roadmap through which managers can utilize to designate assignments, schedule of work as well as budget suitably.


Aid focus team members on common goals Keep intricate projects from transcending beyond the vision established from the onset. Writing project scope is cardinal in making sure that the focus on the project does not sway and also ensures that projects are executed to expectation. The scope offers a strong basis through which the management of a project as it progresses, is in line with what was agreed upon in the beginning, the scope also ensures that the resources allocated to the project are not misappropriated or go to waste on elements that are not in the scope of the project.


Defining Project Scope


Project stakeholders’ input is required in defining of project scope for the stakeholders work closely with project managers to determine and monitor key aspects of budgets, project objectives, quality and eventually timeframe.
In order to define scope, there is need for project manager to gather all the necessary requirements for that stakeholders require for the project and some of these requirements include the following:


Objectives and deliverables of the project;


Deadline for completing the project; and The amount of money the stakeholders ought to pay for it.
The aim is to collect and record accurate information amidst this process in a bid to ensure that the project scope mirrors all requirements. This increases the opportunity for project managers to deliver end-products that are congruent with stakeholder expectations, on time and within budget.

Example of project scope


Introduction


The introduction part defines the “what and why” of a project. Example for this would be “This content creation and marketing project is being undertaken by the company Sidmatec Media to distribute articles on its website and social media pages to promote the company.”


Project scope


The project scope part contains all the project’s necessary requirements. The scope depicts the general objectives for the project schedule and identifies the personnel to be involved. This is what the scope will look like “The project will consist of surveys and publication of the articles on the company’s website as well as on all of its social media sites in the month of May, 2023. Project management team roles, involve for example Betty Mwansa, Sidmatec Media content will be in charge of these duties. Staff and writers are the ones to create the deliverables.
Deliverables
This section defines what will be delivered by the end of the project and provides a deadline. The example for this, “Deliverables for the project will include a well-researched 1,000-word article for submission by November 7, 2023. In addition, five related and linkable articles elaborating on the points in the main article will equally be delivered on the same deadline.
Acceptance criteria
Acceptance simply entails the project objectives and the measurements that are essential in the evaluation of success. For example, “The main article will accumulate over 3,000 views within the first three months of its publication and will generate not less than two new leads.”
Exclusions
This part depicts what will not be included in the project. An example for exclusion, ” Creating a multimedia for the articles will not be necessary for this project.”

Restrictions
This describes limitations of the project and things which remain constant that there is no possibility of ever changing them. Constraints or restrictions may refer to the schedule of the project, its budget and technical issues. An example for restriction, “The project has a limitation submission date of June 30, 2023, and a tight budget of $3,000 dollars”.


In conclusion, this article has defined what a project scope is and has given an example on how to write a project scope, should you engage or wish to engage in a project, you have all the necessary information at your fingertips.

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Functions of monitoring and evaluation

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What are the functions of monitoring
What are the functions of monitoring

What are the functions of monitoring and evaluation? First of all lest understand what monitoring and evaluation involves; Monitoring is a systematic process that which enables people and especially project managers to get the actual current data of what is happening in the project activities. Monitoring is done by project teams at the beginning of a project or program, implementation stage rather than the end of a project. Monitoring is important for identifying the unwanted developments and to know if the right things are been done, while evalution is needed for understanding the objectives if they have been met, outcomes, impact, relevance and effectiveness of the project.

What is involved in Monitoring

Measurement of performance: Monitoring involves creating a measurement of performance, it generates the indicators and expected signals which higlight the status quo of the project and the desired outcomes after any interventions. 

READ: The Elements Of The Project Triangle

Monitoring information amagement systems: Have a good monitoring information system is cardinal to the management of observations been descovred within the project. This helps in avoiding errors, miss calculations and making decisions based on mare assumptions. With a good system, it becomes easy to manage, adjust and make chnages to any plans or activities.

What is involved in Evaluation

Evaluation isa process that involves finding out if the right thing is been done, rather than right things. This is why is performed at teh end of a project or programme. Measures the archeived goals, imapct and outcomes. Evaluation provides answer the following questions in every project; Effeciency, Effectiveness, Relevance, Impact and Sustanability.

  1. Efficinecy it ensures the most minimal time was utilized in the project. How long did the project take to its completion and was cost affordable.
  2. Effectiveness relates to how quick it was for the project to provide solution to problem.
  3. Releance has to do with the importance of the project or program to the community and stakeholders
  4. Imapct this can be possitive or negative. Postitive if the right things was done and archieved its goals, negative when unwanted results are generated.
  5. Sustainability if the project has been sustainable to the community and fullfiled the set objectives.


Difference between monitoring and evaluation

  • Monitoring consists of systems in place, which measure developments and challenges in real-time
  • Evaluation focuses on information and data coming from the monitoring stage and performs analysis of such data to measure its relevance and imapct.
  • Monitoring is systematic in nature and long term process of collecting data, making observations based on the project activities.
  • Evaluation gives ability to be very specific about the impact, to avoid failure and plan your successes
  • Monitoring mostly relies on observatios coming from activities within a project
  • Evaluation gives rationale for the manner in which resources are used.
  • Monitoring
  • Provides information enabling management to make necessary assessments and develop an implementation progress to make quick decisions.
  • Evaluation inspires confidence for further funding of an organization. For instance it inspires confidence in sponsors.
  • Monitoring is concerned with verifying that project activities are being undertaken correctly.
  • Evaluation ensures the activities are being delivered, and project is leading to the desired outcomes and behavior.
  • Monitoring is an internal activity carried out by the people involved directly with the project or programme.
  • Evaluation is an institutional activity, therefore external evaluators and experts can take part in it to facility the results and obtain results which are desired.
  • Monitoring takes place during the implementation phase.
  • Evaluation is very important for making decisions based on the overall project direction.

What are the functions of monitoring and evaluation?

[Answer] Functions of monitoring and evaluation, according to food and agriculture organization [FAO] Monitoring and Evaluation helps with decision-making towards explicit goals of a project or programme. The main functions of Monitoring and Evaluation (M&E) is to provide a continuous systematic process, measurable and sustainable, efficient of ensuring desired outcomes of a project, while assessing its impact and relevance to the community. Monitoring and Evalution management functions helps to assess the progress which is been made in achiev­ing expected results and objectives. 

READ: Types Of Stakeholders In A Project

The organization also noted, “For any planning phase there is need for monitoring then evalution helps to focus on results that matter. M&E performs a an important role of facilitating a platform of learning from past successes and working on challenges and tcoming up with ways to overcome those encountered during implementation of a project”.

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Source: schoolofsciencery

Project Management Team Roles

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Project Management Team Roles
Project Management Team Roles

Working together yields a lot of positive results as compared to working solo. The success or failure of a project depends so much of the role each member of the team plays and as a result, this article will discuss the roles of project team members also called Project management team roles and responsibilities.

Project Management Team Roles And Responsibilities

Creativity Promotion


When people work together, they create a better environment for creativity. This naturally happens when there is a lot of brainstorming and sharing of ideas going on. When each team member comes up with unique ideas, you can develop more effective strategies for completing projects. Your team members have a lot of common knowledge:


Risk-Taking


Teamwork encourages risk-taking. When you take responsibility for yourself, you are likely to take fewer risks because of the personal and professional consequences of failure. As a team, you have the support of other members if something goes wrong.
Remember Project management team roles and responsibilities are very important as a professional project manager, good risk management can help you reduce the risk you take on a project by helping you assess the implications before proceeding with any action.


Improves Conflict-Resolution Skills


This team is made up of unique personalities. This diversity contributes to the success of the project, but it can also cause controversy. Project managers and team leaders need to intervene to resolve conflicts, and in many cases do not need to involve organizational management. This is a great way to build your conflict resolution skills and help others on the team do the same.


Builds Trust


Teamwork requires strong relationships that can only be built through trust. Trust comes from relying on each other. Trust makes members feel free to share ideas. They can create a trusting environment within the team that gives them the space to support and encourage one another. An open connection is established, resulting in high productivity. Confidence also increases your confidence in your own abilities as a project manager and helps you build personal confidence.


Teamwork Brings Diverse Strengths


Working together brings about complementary strengths. You may be good at planning and other team members may be gifted with coordination and creative thinking. Combining and leveraging different strengths can lead to more successful project outcomes.

Each member presented their talents at the table. Diverse teams can also cause more conflict than unanimous teams, but that’s a good thing. Diversity of opinion leads to hearing different points of view and discovering more, which in the end can only be an opportunity for the project.


Increases Accountability


There are days when you do not do exceptionally well according to your best abilities when you work alone but when you work in a project team, you feel more responsible as you do not want to be a disappointment to your fellow workers. Working with colleagues who have respect for you, implies that you do not wish to be let down as you want them to continue respecting you, hence, you will eventually deliver. This is applicable to all members of the project team, as well as stakeholders.


Teamwork Increases Project Momentum


Not surprisingly, teamwork accelerated the project. You can’t handle the amount of work you need if you’re self-employed. Also, you will have no skills. If you have the right people on your team, you can fly. Deadlines that seem insurmountable are suddenly achievable with the right people and the right attitude. When you work together, you can use those time savings to do the right thing and invest time in activities that also enhance your career, such as professional development.


Getting Feedback


Working on a project requires feedback on your progress to see whether or not the project moving according to plan and in the right direction. This is done through regular team meetings, discussions with key stakeholders, and project committee meetings. Working in a team makes it easy to get daily informal feedback and stay in touch with project clients.

They have more than you, so it’s easier to listen to the bigger bands. As a project manager, ask your team to gather formal and informal feedback from each other and your client or client. Then share it with everyone on the team so you can follow along.


Finding Solutions to Complex Problems


Complex problems do arise in the project implementation process which you alone, are inadequate to solve, but when engaging your team of experts on the issue, consider the complex issue solved. Group work brings about the generation of new ideas and someone might have the perfect idea to solve the problem you are having no wonder it is vital to share with your team.

Even if you do not have the answers on your team, your co-workers may have connections to people outside of your team who may help. You can join a wide network of people inside and outside the company to help solve problems or get information.


Taking Advantage of Everyone’s Skills


Teamwork brings different skills to work together on a particular project. Everyone has something to contribute – a useful skill. Find out what a good person is when you don’t know. Then play to your strengths. Delegate work to people who enjoy doing these tasks. Surround yourself with people who complement your personal strengths, so you cover all your skills and knowledge bases.


Builds Leadership Skills


It is common to think that in any team effort there should be a team leader who ensures that project tasks run smoothly. Nevertheless, you will find that the role of being a leader in projects and flexible self-organizing teams is ambiguous. Sometimes you will find a team that deliberately refrains from appointing someone as manager. Anyone can build and apply leadership skills in a team environment.

You do not have to be nominally responsible for performing and demonstrating leadership. You can lead both as a project manager and as a person on a project team offering much-needed leadership support to your coworkers when they need your reinforcement.


In conclusion, project team members play a very important role in the success of the project. Each and every one of them brings diverse expertise that aid in the whole process of the project from the beginning to its completion.

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Constraints Of A Project

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What are the 6 constraints of a project
What are the 6 constraints of a project

A constraint as defined by the Cambridge dictionary, is “something that controls what you do by keeping you within particular limits”. With that in mind, this article discusses the six inevitable constraints that each project gets to be faced with. Further, some of the ways in which the constraints can be managed, what are the 6 constraints of a project will equally be discussed thereafter, a conclusion will be drawn.

What Are The 6 Constraints Of A Project?

The 6 constraints of a project are Time, Cost, Quality, Resources, Risks, and Scope. These are the top six constraints of a project and definition.


1.Time


Time constraints are an important element for project success. As a project manager, it is your job to evaluate the project schedule as accurately as possible. You should rely on previous projects and use this data to plan accordingly. In addition, you should consider possible delays, change requests, risks and uncertainties. On this basis, you should determine what are the 6 constraints of a project, the exact duration of the project and pass it on to those involved. 

READ: Importance Of Project Scope

Also, make sure you include the deadlines for each phase. It helps you focus on important tasks and complete them on time. However, not meeting the schedule may result in project delays. Therefore, what are the 6 constraints of a project shows a clearly defined project plan is one of the most important strategies for effective time management. You should take the time to plan ahead to minimize the number of adjustments needed in the future and reduce the time spent on unnecessary activities.


2. Cost


Cost refers to the amount of money invested in the project to achieve the desired results. For example, a client wants to develop a website for their company with an estimated budget of $1 million. As a project manager, you need to plan projects so that they don’t go over budget. You must control the costs within the proposed budget, otherwise it will result in excess.
It is very important to estimate costs as accurately as possible before making a project plan. This allows you to create a baseline to compare your costs throughout the project cycle and monitor your progress. In addition, you can compare costs with thoroughly researched market prices, supplier offers, historical data, to mention a few.

3. Quality


Quality limits depend on the characteristics of the delivery provided. Project quality is measured by the extent to which the results meet expectations. As a project manager, you must ensure that you maintain the quality of the project as this directly contributes to customer satisfaction. All three main limitations – scope, cost and time affect the quality of the project. For example, changes in scope spiral through schedules and budgets, leading to a decline in project quality.

Changes in quality expectations also affect the three boundary conditions. For example, if a customer wants to get a product of the highest quality, it will increase the price and duration. It can also change the project scope. Therefore, these four constraints are interrelated.


4. Resources


Resources are an important driver of project success and also contribute significantly to the budget. It can be people, devices, facilities, etc. Resources have a direct impact on all other constraints. Therefore, the project manager must manage resources efficiently to keep all other constraints under control. Inappropriate allocation of resources can result in poor quality, including deadlines and budget overruns.


In addition, for a successful implementation, managers must ensure that all team members are optimally placed in the project for maximum productivity and no fatigue. The right resource management solution helps allocate the right resources to projects, maximizes efficient use, and provides powerful analysis for timely decision making.


5. Risks


Risk is inherent in every project and can benefit the project or even derail it. As a project manager, you must anticipate and plan to combat them at every step of the project. This can involve simulating different scenarios to find the best outcome within the given constraints, or formulating contingency plans. You should also define your risk tolerance and risk management strategy to reduce risk if necessary.

READ: What Is Involved In Risk Matrix?


There are usually two types of risk, positive and negative. Suppose a new technology can speed up your project and allow you to complete the project on time. Of course, taking advantage of such a unique opportunity involves risks, but at the same time has a positive effect on your project. On the other hand, the sudden depletion of critical resources due to stress is a negative risk and will hinder project implementation. You should have a backup plan for situations like this.


6. Scope


The scope of the project is not an evaluation but a set of guaranteed results. For the project to be successful, the main outcomes or stages defined in the scope must be achievable. These results need to be agreed upon by key stakeholders. For example, in a house building project, the scope includes the construction of two bedrooms, a kitchen and an entrance hall. However, interior design and flooring are not included. The project manager must indicate which results are delivered and which are not. This way, everyone involved in the project knows what they are trying to achieve.


For project managers, a thorough scope assessment is critical to determining project success. To do this, you must first create a project scope statement outlining what will and will not be included in the project.
The following are some of the ways in which constraints can be managed:


Plan and Strategize Each Phase of The Project


Making the right plan will help you avoid common limitations. A work breakdown structure, where each step is broken down into tasks, helps to understand the scope of the project. You can organize and list roles in detail, as well as schedule and assigned team members. It allows you to track the duration and monitor the cost of each step. Plus, you can take the necessary actions if something does not go according to plan.


Understand Each Constraint Clearly


When you come to a realization how constraints impact your project, you will be put in a situation where you will have no choice other than planning for them. To manage them, it is necessary to know each constraint and identify which aspects of the project to include. Based on this, you can apply techniques like risk analysis, resource balancing, and the like to reverse the side effects of constraints.

Implement Appropriate Quality Management


It is not enough to merely stick the project’s schedule, budget and scope, the quality of delivery must meet the standards. To do this, you need effective project quality management. To make improvement of the quality management system, you ought to rigorously engage yourself in making sure you check the key points in the process on a regular basis.


Balance Resource Consumption


Excessive resources with work can cause stress and cause fatigue to employees. At the same time, not taking advantage of your employees’ talents and capabilities can reduce their productivity and even lead to unplanned burnout. Also, since resources are one of the most critical constraints of a project, inefficient use can lead to project delays and budget overruns. Thus, the optimal use of project employees is the key to the company’s growth in terms of its profit and long-term sustainability.


Have A Risk-Management Strategy


A thoughtful and carefully planned risk management strategy can spot, evaluate, and be prepared for all potential risks. This gives you the impetus to face the inevitable challenges and uncertainties that come with projects head-on, aside from empowering you create more value. Once a strategy is in place, it is easier to resolve internal risks. It also gives you the foreknowing abilities by empowering you to assess threats way before they actually happen.


Transparent communication between project team members


In order to successfully manage project constraints, there is need to have transparent communication. Thanks to transparency, every member taking part in the project is well acquainted with information regarding the project’s priorities and goals.

Further, he or she has the clearest of understandings of what is expected of them and what they, in turn, can offer in the overall attainment of the project’s objectives. Having a transparent communication system increases their productivity and keeps them busy.

READ: Types Of Stakeholders In A Project


In conclusion, it is important to know the constraints as they help in the planning of the project. The constraints help when it comes to deciding on what is really important in the project and what is not what are the 6 constraints of a project is all about. With limited time and resources, the needs ought to be prioritized over wants and as result, knowing the constraints help make that decision.

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The Elements Of The Project Triangle

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The Elements Of The Project Triangle
The Elements Of The Project Triangle

The project management triangle is used by managers to analyze or understand the difficulties that can arise in the execution and execution of a project. All projects, follow elements of the project triangle regardless of size, have many limitations. While there are many limitations to such a project, they should not be a barrier to successful project implementation and effective decision-making.

The Elements Of The Project Triangle


The project management triangle is made up of three elements which are scope, cost, and time.This is also known as the project management triangle which this article will now discuss one by one.


1.Time


Time constraints are an important element for project success. As a project manager, it is your job to evaluate the project schedule as accurately as possible. You should rely on previous projects and use this data to plan accordingly. In addition, you should consider possible delays, change requests, risks and uncertainties. On this basis, you should determine the exact duration of the project and pass it on to those involved. 

READ: Types Of Stakeholders In A Project

Also, make sure you include the deadlines for each phase. It helps you focus on important tasks and complete them on time. However, not meeting the schedule may result in project delays. Therefore, a clearly defined project plan is one of the most important strategies for effective time management. You should take the time to plan ahead to minimize the number of adjustments needed in the future and reduce the time spent on unnecessary activities.


2. Cost


Cost refers to the amount of money invested in the project to achieve the desired results. For example, a client wants to develop a website for their company with an estimated budget of $1 million. As a project manager, you need to plan projects so that they don’t go over budget. You must control the costs within the proposed budget, otherwise it will result in excess.
It is very important to estimate costs as accurately as possible before making a project plan. This allows you to create a baseline to compare your costs throughout the project cycle and monitor your progress. In addition, you can compare costs with thoroughly researched market prices, supplier offers, historical data, to mention a few.


3. Scope


The scope of the project is not an evaluation but a set of guaranteed results. For the project to be successful, the main outcomes or stages defined in the scope must be achievable. These results need to be agreed upon by key stakeholders. For example, in a house building project, the scope includes the construction of two bedrooms, a kitchen and an entrance hall.

However, interior design and flooring are not included. The project manager must indicate which results are delivered and which are not. This way, everyone involved in the project knows what they are trying to achieve. For project managers, a thorough scope assessment is critical to determining project success. To do this, you must first create a project scope statement outlining what will and will not be included in the project.


4. Quality


Quality is not part of the project management triangle, but the ultimate goal of every delivery. Therefore, the project management triangle means quality. Many project managers believe that “high quality comes at a high price,” which is partly true. Using lesser resources to meet project deadlines does not guarantee overall project success. In like manner as scope, quality equally, will be an integral deliverable for the project.

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Types Of Stakeholders In A Project

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What are the 4 types of stakeholders
What are the 4 types of stakeholders

The four types of stakeholders in a project are users, governance, influencers and providers which this article will discuss. The article will begin its discourse with a definition of stakeholder before moving on to discussing the different types of project stakeholders one by one. What are the 4 types of stakeholders? A stakeholder is an individual or a firm have invested in a particular project and in one way or another, their input, impacts directly, the project’s outcome.

What Are The 4 Types Of Stakeholders? These are Users as stakeholders, Governance as stakeholders, Influencers as stakeholders and Providers as Stakeholders.


1.Users as stakeholders


These are the types of stakeholders that will consume the end products of your project as they are the beneficiaries of whatever it is that project seeks to accomplish after its completion and realization of its objectives. Users can be customers that are essentially a cardinal group of stakeholders or some other internal department in the organisation undertaking the project.

What are the 4 types of stakeholders? for example, in an event where the project is delivering a new software package for your accounts team, the stakeholders eventually would be the accountants in the accounts department of your company.


2. Governance as stakeholders


These are groupings of people who may register their interest in how things are taken care of on the project or programme and fascinated with the project and subsequently come in to offer their professional expertise and guidance until the project is eventually completed. For example, management boards fall under this category as they often have the task to monitor the quality of the project in progress. In governance, auditors, regulators, health and safety top officers are the stakeholders.


3. Influencers as stakeholders


These are individuals who command authority and are power-vested so much so that they are able to influence decisions and as a result, they can change the course of the direction of a particular project in whichever way they deem fit.
Trade unions and lobby groups belong to this category of stakeholders as they are renowned for being endowed with the capabilities to impact the tract of a project, protect and eventually improve the outcome thereof.


4. Providers as Stakeholders


This is the category where suppliers and vendors belong to. Precisely, a supplier’s role is to supply items to a company. Further, the group of providers may also consist of huge number of profiles ranging from corporate partners, temporal contractors, kitchen personnel, and everybody else who offers resources to the project. It is important to note that there are situations where a person or company has to know what are the 4 types of stakeholders and can fall into more than one category. For instance, the staff can sometimes be both users and influencers.


How to Do A Stakeholder Analysis


Once your project charter is finalized and the scope of your project defined, you can begin to outline your stakeholders.
Identification of Stakeholders
Identification of stakeholders is the preliminary step determining who your stakeholders really are. To conduct this, you will need to use your project summary, project plans and other necessary documentation to come up with a complete list of project stakeholders, both internal and external.
Keep in mind that some stakeholders do not come into play until later in the project life cycle – but if you can predict who they will be, you can start to keep them engaged, build relationships from the start, and help them feel engaged from the start.
Prioritize Stakeholders

Once the process of identifying all the stakeholders has been completed, prioritizing them is the subsequent step. This step is essential as it assists the project understand where the resources ought to be invested. Prioritizing also helps the project manager to establish the key decision makers at any given period and ensures he or she is communicating with the right people, and at the appropriate time.
Understand your stakeholders
For key stakeholders, this may involve a face-to-face meeting or discussion where you discuss matters such as:
What is their definition of project success?
Do they have any concerns or objections about the project or its results?
What are the positive or negative impacts of the project results on them?
Are there any expected conflicts of interest with other stakeholders that you should be aware of?
The conversations that are had will not only help you understand the involvement of each stakeholder and their perspective on the project, but it will also help you create a more comprehensive picture of your stakeholder network and how each stakeholder is connected. And on a personal level, meeting key stakeholders early in the project will help you get a feel for some basic interpersonal preferences such as communication style, and build relationships with each stakeholder.


Managing Stakeholders Stakeholder identification and their needs thereof, is only part of the stakeholder management jigsaw. For a project to be successful, the needs of your key stakeholders, project objectives, and satisfaction should be a constant concern in the entire project timeframe. However, that does not necessarily entail that stakeholders are always in the right, and your job as a project manager is sometimes to ignore your stakeholders and align their expectations with the project summary and plan that you all agreed on up front.


Conclusion


As can be seen from this article, stakeholders are very much important to a project as without them, there is certainly no reason the project scope should exist in the first place. Therefore, it is safe to say that stakeholders are the reasons projects are undertaken.

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What Is Involved In Risk Matrix?

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What Is Involved In Risk Matrix?
What Is Involved In Risk Matrix?


What should a risk matrix include?, What is involved in risk matrix? The Risk Matrix is a visual tool that represents the potential risks affecting an organization. To answer what should a risk matrix include; the risk matrix is ​​based on two intersecting important factors, which includes the likelihood of the risk event occurring and the potential impact of the risk event on the business. In other words, it is a tool to help you visualize the likelihood versus severity of a potential risk.

What Is Involved In Risk Matrix?


Depending on the likelihood of occurrence and severity, the risk can be classified as high, moderate or low. As part of the risk management process, organizations use a risk matrix to help them prioritize different risks and develop appropriate mitigation strategies.

READ: 3 Types Of Project Risk


Take the risk of the coronavirus pandemic for a health care biotech company as an example of a risk assessment matrix. Supply chain disruptions can be classified as high risk – what is involved in risk matrix shows the events that are likely to occur and will have a significant impact on the business. The need for first aid or minor medical care for staff, on the other hand, poses a slight risk – it can happen, but has little impact if it does.


Risk comes in many forms: strategic, operational, financial and external. The risk score matrix works by showing different risks like a color-coded chart: high risk in red, medium risk in yellow, and low risk in green. Each risk matrix also has two axes: one that measures likelihood and the other measures impact.


The probability of a risk event can occur with a probability of 61% to 90%, while the probability of a very small event occurs very rarely with a probability of less than 10%. Depending on the business and its risk appetite, a small impact can cause minor damage – for example, less than $1,000 in losses – while catastrophic impacts can result in losses of $1 million or more.


Importance of Risk Matrix


The Risk Score Matrix can help organizations develop a solid understanding of the risk environment by helping them manage risks before they occur. If 2020 has shown us anything, it is that the magnitude and complexity of business risk continues to grow. As stated in KPMG’s internal audit: Key Risk Areas for 2021, the ongoing COVID-19 pandemic, unprecedented natural disasters, and global civil unrest laid the groundwork for a new normal that will impact business in the years to come. Today, more than ever, companies must face present and future challenges by quickly recognizing, analyzing and mitigating risks.


The three reasons for which risk matrix is


Easy Prioritizing of Risks


Not all risks are the same. With the risk matrix you can prioritize the most serious risks for your company. As noted earlier, taking a holistic view of the current threat landscape is critical to preventing value loss. All companies need to take some level of risk to be successful, but calculated risk, based on a good risk analysis, helps companies take risks in a way that helps them achieve their goals.


While it may be tempting to allocate resources to all potential business risks, some operational risks—such as
By color coding these risks in the risk assessment matrix, audit, risk and compliance professionals can identify and plan for the most pressing business threats.


Targeted Risk Management Strategy


Just as not all risks are created equal, not all risks have the same impact. By prioritizing the most pressing threats, the risk assessment matrix enables professionals to develop targeted strategies to deal with high-risk events. Focusing your attention and resources on the greatest risks will benefit your overall business strategy, as these risks have the greatest impact and can result in the greatest loss of value.


From a project management point of view, for example, brief difficulties in the project work process will have little impact if sufficient leeway is built up early in the project’s conception. However, the cost risk, which significantly increases the cost of the project, will have serious implications and require a focused management plan.
By color coding these risks in the risk assessment matrix shows what is involved in risk matrix, audit, risk and compliance professionals can identify and plan for the most pressing business threats.


As any project manager knows, Murphy’s Law is unavoidable: what can go wrong, will go wrong. Proper cost risk planning due to factors such as scope reduction will ensure the project is successful. With the help of a risk matrix, planning Murphy’s Law is made easier.


Real-Time View of The Evolving Risk Environment


Audit, risk, and compliance professionals know that risks can arise and recur. The Risk Score Matrix allows you to identify specific types of risks, their likelihood and severity, and maintain a real-time view of the evolving risk environment.


Although emerging risks are not known by definition, organizations can identify vulnerabilities at a strategic level by strengthening their enterprise risk management processes. By spotting early warning signs or triggers that something is wrong, organizations can maintain business continuity in an increasingly dynamic and complex risk landscape.


Strategic risk assessment tools such as risk matrices also allow organizations to track risk patterns – threats that are likely to recur and therefore require mitigation strategies on an annual basis.


Creating A Risk Assessment Matrix


While the magnitude and complexity of business risk continues to increase, creating a risk score matrix is ​​not a complicated process of what is involved in risk matrix. There are four main steps to creating a risk assessment matrix:


Identify Risk Landscape


As the magnitude and complexity of business risk continues to increase, it is imperative to develop an overall picture of the entire risk landscape. First, conduct a brainstorming session with key stakeholders in your organization so that you can generate insights and create a list of ideas that will form the basis of your risk assessment matrix. Since risk analysis is subjective, it is important to get a variety of stakeholder inputs – this minimizes the chance of losing something of value.


Begin your brainstorming by categorizing risks according to the following criteria:

  • Strategic Risk: The risk associated with failed business decisions.
  • Operational Risk: Risk related to failure of internal processes/procedures.
  • Financial Risk: The risk associated with financial loss.
  • External Risk: The risk associated with uncontrollable and inhuman sources.
  • Start with a high level of risk associated with a business function, e.g. B. operations, and then focus on the specific processes within the function, for example, supplier management.
  • Define Risk Criteria
  • After considering the risks associated with the broader risk environment, determine the criteria that will be used to assess those risks. As noted earlier, a risk assessment matrix typically uses two overlapping criteria:
  • Probability: the degree to which the risk is likely to occur.
  • Impact: The severity of the risk.
  • Reaching consensus on risk criteria is very important, as this will affect not only how you calculate your risk matrix, but also the discussions you will have on how to reduce your risk.
  • Assess Risk
  • Now evaluate the risk based on your risk criteria and make a qualitative risk analysis according to the predetermined scale. Most organizations use the following three-part scale to rate severity:
  • High risk
  • Average risk
  • Low risk
  • A more detailed approach can also help. Extending the scale to a rating of 1-5, where 1 represents very low risk and 5 represents very high risk, will provide better insight into severity and help organizations allocate resources more effectively.
  • Prioritize Risk
  • Finally, compare the different risk levels (high, medium or low) with the risk criteria (probability and impact). Prioritize the risks that are most likely to have an impact and create a risk assessment plan that effectively mitigates them.
  • Keep in mind that the risk environment is constantly evolving and the risk score matrix needs to be updated several times a year to reflect the changing risk environment. Inability to keep the risk assessment strategy updated, may result in the loss of emerging risks that could affect business objectives and continuity.
  • Maintaining Risk Assessment Matrix
  • As today’s threat landscape is ever-changing, your risk assessment matrix requires constant attention and repetition to meet the challenges of today and tomorrow. Whether your organization needs to establish a strong enterprise-wide risk management program or strengthen internal controls to prevent fraud, external and internal risk events need to be regularly evaluated to determine the likelihood and impact of their success for what is involved in risk matrix.
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3 Types Of Project Risk

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What Are The 3 Types Of Project Risk?
Arrow of a compass pointing to risk management concept (3D Rendering)

This article will discuss What are the 3 types of project risk? types of projct risk are Time, Budget and Performance. After a discussion on this article of the aforementioned is done, some of the ways to avoid risks will equally be discussed.

What Are The 3 Types Of Project Risk?

Here’s top 3 types of projct risk hich are Time, Budget and Performance fully explained below in this article for project risks.


1. Time Risk


Time risks are an important element for project success. As a project manager, it is your job to evaluate the project schedule as accurately as possible. You should rely on previous projects and use this data to plan accordingly. In addition, you should consider possible delays, change requests, risks and uncertainties. On this basis, you should determine the exact duration of the project and pass it on to those involved. Also, make sure you include the deadlines for each phase.

It helps you focus on important tasks and complete them on time. However, not meeting the schedule may result in project delays. Therefore, a clearly defined project plan is one of the most important strategies for effective time management. You should take the time to plan ahead to minimize the number of adjustments needed in the future and reduce the time spent on unnecessary activities.


2.Budget Risk


Budget or cost refers to the amount of money invested in the project to achieve the desired results. For example, a client wants to develop a website for their company with an estimated budget of $1 million. As a project manager, you need to plan projects so that they do not go over budget. You must control the costs within the proposed budget, otherwise it will result in excess.
It is very important to estimate costs as accurately as possible before making a project plan. This allows you to create a baseline to compare your costs throughout the project cycle and monitor your progress. In addition, you can compare costs with thoroughly researched market prices, supplier offers, historical data, to mention a few.

3. Performance Risk


Performance risk, in a nutshell, is the risk that the undertaken project will not produce the desired outcomes and the benefits which are outlined in the specification of the project. In other words, it is a risk which entails that it will fall short of what the project initially set out to achieve at the end of it all. Even when costs are kept within the budget and the time schedule is adhered to, performance risk can mean that money and time are lost on a project that has failed to deliver.


The following are some of the ways which may help to avoid risks


1.Early Identification of Risks Using A Risk Register


Identifying risks at the very beginning of the project is a better way of ensuring the avoidance of risk later on in the project. This can be done using a risk register or otherwise known as a risk log which is an essential tool in risk management which records all identified risks together their respective analyses and plans for how each and every last one of them will be handled.


2. Prioritize Risks


Once the identification of common risks is done, you may proceed to prioritizing them in the way that is suitable to your project. This entails that you identify risks that are more severe and tackle them first before the ones that are less pressing.


3. Use Project Management Software


Project management software allows you to prioritize project duties and activities. It also enables you to plan out the work to the last detail. Employing a project management software is one of the surest ways top options of avoiding risks as it allows managers see risks way before they actually happen, hence, prepare for them after you learn what are the 3 types of project risk.


Conclusion


Risks have the potential to spoil the effort put in the project to ensure that the desired results are attained, therefore, it is important for managers to ensure the avoidance of the potential risks by planning for them well in advance using the techniques discussed in this article so as to make sure that the project is a success.

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Source: schoolofsciencery.com

Five Stages Of Project Life Cycle

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Five Stages Of Project Life Cycle
Five Stages Of Project Life Cycle

What are the five stages of the project life cycle? The five stages in the project life cycle are initiating, planning, execution, monitoring and control, and closing which this article sets out to discuss. The first thing the article will do is to fully outline what are the five stages of the project life cycle. Definition of what a project life cycle is before eventually discussing the stages one after the other.
A project life cycle is a five-step process followed by almost all project managers. When progressing from one stage of the project scope to the next until its completion. Now that a definition of a project life cycle has been given, the following are the five stages of a project life cycle:

What Are The Five Stages Of The Project Life Cycle?

(Answer) Five stages of a project cycle are project initiation, project planning, project execution, project monitoring and control and project closure.


1. Initiating


This process helps visualize what needs to be accomplished. Here the project is formally approved by the sponsor/client, the initial scope is defined and stakeholders are identified. This process is carried out so that projects and programs are not only approved by the implementing agency but also that projects are aligned with the strategic objectives of the organization. If this is not done, the project can be started and executed in a chaotic manner, with no real purpose or intent.


2. Planning


This is an important process in project management. The planning process is at the core of the project activity cycle and provides guidance to stakeholders on where and how to implement the project. At the planning stage, the project plan is documented, the project results and requirements are determined and the project schedule is created. This includes creating a series of plans to help your team through the implementation and closing phases of the project. The plans created in this phase help the project team manages time, cost, quality, change, risk, and related issues.


3. Execution


This process is also known as the implementation phase, where the plans developed in the earlier phases of the project activity cycle are put into operation. The purpose of the implementation phase of the project activity cycle is to achieve the expected results of the project. This is usually the longest phase of the project management life cycle and uses the most resources. During project implementation, the implementation team uses all the schedules, procedures, and templates created and expected in the previous phase of what are the five stages of the project life cycle. Unexpected events and situations inevitably collide and the project manager and project team must deal with them when they occur.


4. Monitoring and Control


This process monitors all necessary tasks and indicators to ensure that the agreed upon and approved project for implementation is within scope, time, and budget so that the project proceeds with minimal risk. This process involves comparing the actual implementation with the planned implementation and taking corrective actions to achieve the desired results when there are significant disparities.


5. Closing


It is considered the final process of the project activity cycle. This is the final stage where the project eventually comes to its completion and then a report is made to the sponsor or client of the project on the ultimate success of the completed project. The closure process includes the submission of results to the sponsor or client, submission of documentation to the owner, termination of the contract with a supplier, release of staff and equipment, and notification to stakeholders of project completion.


Conclusion


It is a vital procedure that project managers follow the discussed project life cycle stages in this article if the project is to be done in a professional manner and subsequently deliver on what it initially set out to achieve as these stages inform on what should follow after a particular stage which then ensures quality work and avoids mumbo jumbo kind of working.

To conclude what are the 5 stages of the project life cycle? The five stages of project life cycle are Initiating, Planning, Execution, Monitoring and Control then closing.

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