Table of Contents
- Case Study
- Price for an Essay
- Remedies to the Above Effects
- Literature Review
- The Triangle Theory
- Stages of Project Management
- Solving Challenges Project Manager Face Using the Above Theory
- Define the Scope, and Objectives of the Project
- What are the deliverables?
- Project Planning
- Tracking and Reporting Project Progress
- Change Management
- The Management of the Risk
- Improving the Management of Project Risk
- Improving Risk Identification and Capture
- Improving the Assessment and Understanding of Risk
- Minimize its Occurrence and Impact
- The Stakeholders Matrix
- Related Free Process Essays
This paper investigates the factors which may condition project failure, such as cost estimation of the project, poor management of the project, or poor time estimation of the project. It reviews the theoretical study of the triangle theory, which analyses the factors which make a project succeed or fail. The triangular theory study provides three elements, such as time, quality, and cost, which are the major elements that determine the success or failure of the project (Martin 2002). The paper gives recommendation that proper cost evaluation, time estimation, and quality of management personnel should be given the first priority before the starting up any projects.
The theory explains the three crucial constrains that affect any setup projects, i.e., cost, scope, and time. Some project activities may foresee different time or period to be completed in. Some take longer time, while others take shorter time. Cost estimation plays a vital role in ensuring that projects are allocated and the required resources are effective. The scope and the quality of the project, as expressed in the triangle theory, plays an important role because projects with high initial cost always have high outcomes, but when a project is underestimated, the outcome may be low compared to other projects.
Finally, this paper has identified areas where project faces more challenges and has given recommendations on the way forward to tackle those challenges, using as few resources as possible. Many projects fail, because the underlined factors in the triangular theory are not keenly taken into consideration, as stated above. This paper has also provided the key determinants of project failure, such as poor management and awarding of tenders to contracts that violate the estimation cost of the project and make it the lowest possible to win the tender. This paper contains a Wembley case study, where the building of the stadium took more time than estimated, leading to the cost of the building to double. The Wembley case study provides a clear picture on this stance.
The issue of appropriate project management practices has been a headache to many businesses and governments. Many scholars have carried out various studies to identify the major causes of project failure, as well as the measures that can be taken to address the problems arising from failure. Most of those projects that are prone to failure are those funded by public funds.
Therefore, there is a need for studying the reasons that make a project funded by public funds prone to failure. There is a need first to understand the weaknesses exhibited by the project manager, that significantly contributes to the failure of the project. The issue of accountability and transparency when it comes to public projects management has proved to be a major problem. In most cases, the costs are usually overstated or understated, resulting into misappropriation or incompletion (Witzel 2003). Therefore, it shows the urgent need to study the failed projects and come up with the measure that can be used to address the issue of management of public projects. The failure of the project means a loss of taxpayer’s money.
In order to adequately address the issue, I have used the case study of the Wembley stadium project that, to some extent, failed to meet the expected targets. There were delays in completion of the project. This resulted in the rise of the total cost of the project from the initial expected cost. This could be attributed to delays that resulted in the increased cost of raw materials due to various economic factors, such as inflation.
This essay seeks to use the Wembley stadium project to identify possible causes of failure in public project management. It will identify the problems that were encountered during the project that could be attributed to the failure of the project. The essay will also identify the remedies that may be employed to address the problem of project failure.
Wembley stadium is one of the largest stadiums that exist in the world today. The project to replace the initial stadium started in the year 2000 to be the host field for the English soccer team. The project faced many difficulties in the initial stages, such as taking more time to be completed than the estimate time and with the estimated cost being double the budgeted expenses. The project design could not be compare to that one of Sydney or Guggenheim Bilbao. This was due to various factors that undermined the smooth finish of the project with an effective time span. These reasons varied from social, economic, to political factors. Through these factors, the inefficient and untimely completion of Wembley stadium was evident.
One of the causes of delay of the Wembley stadium construction was the bidding procedure with relation to the winner’s curse. The allocation of the project was bid out to the contractor and awarded the lowest costs request. This allocation of funds led to the winner’s bleak state of affairs, whereby the actual estimates were found to be higher by 36%, compared to the actual amount spent.
The implementation of an exceptional plan was also another factor for the delay of the project. The arch execution was challenging, as the sub-contractor for the arch was replaced amid the project, hence causing additional problems to the success of the undertaking. It came to the realization that the elementary issue was attempting an arena plan using a consignment performance arch that was novel and inexperienced in the preceding stadium design.
This was one of the atypical projects, part of a sample of innovative projects ever becoming one of the factors for failure. Through these, it was proved that projects with formal budgets and timeline should not take place by photocopying unproven techniques and processes that that were not included in the budget. This led to the lack of clear estimation of the actual amount that was needed for the sufficient completion of the project.
Throughout the project, the information coverage was on no account straightforward and incentives were not finely aligned. The service provider was cognizant of the revelation to their shareholders and their affiliation with the venture became as nervous as to eventually close stages in legal feat. In the other way, this appears to be associated with the predetermined value nature of the agreement. This gave an impression that any delay had direct implications for effectiveness. This might have led to two fascinating situations, whereby more junior workers were better conversant concerning the project than senior administration, possibly for the reason that the implications for profitability were not enthusiastically shared, noting that around this time higher management was making statements that the project was well in progress.
This was evident through this statement by the management: Firstly, a whistle-blower in the accounting section claimed to be acquainted with the project delays months prior to the disclosure. Secondly, in the UK it was probable to position bets on possible delays on the development. These bets were clogged after the surveillance of “men in stiff hats insertion of huge bets in the Wembley vicinity”. It was also exciting that after the reviews were disclosed, management instituted a “peer assessment” progression to assess the presentation of flight projects.
Also, within other factors were trust and scope changes that also posed blocks to the successful completion. After the experience of the first delay, the contractor and the sponsor became less willing to conduct the work in parallel due to the rise of mistrust in completion dates, that may have added a few months to its completion. But this never seemed to be a primary factor with regard to years of delay that led it to be grouped in a different category. It is also interesting noting that the delayed projects can be self-fulfilled as a factor of trust diminishes. There was a stern speculation from the press about those workers on the site that were using drugs. These claims by the press were not proven.
Remedies to the Above Effects
The bidding procedure should be of great concern to many projects as it is the basic foundation for the successful completion of the project. Bidding should be allowed for professionals and qualified personnel who are able to provide effective services. This will give effective estimates of the funds needed to bring a certain project to completion. With reference to Wembley, the approximation of funds needed to build the stadium had to be handled by well-experienced personnel, who could lay down appropriate estimates of that project. Also, a more advanced design could only be achieved through acknowledging well-known engineers, who could give advanced technological knowledge in order to give effective design.
Besides, with need of producing the best services for effective remission of labour, the sponsor should have allocated enough funds to ensure smooth and effective provision of labour and finish the project in time. This could have facilitated arrival of competent companies with effective services that were able to complete the project in good time through having enough capital to pay workers and to buy some materials.
After the drawing of the design, implementation becomes another key factor for the success of the project. This barred the completion of Wembley stadium, as the management stopped the sub-contractor after he had started implementing the project. This was another key reason that led to the wastage of time to look for another qualified sub-contractor who could do this work effectively. This also led to the wastage of resources, as the amount already paid could not be refunded. This could have been avoided through the hire of qualified personnel who could have given effective services and minimized the amount spent on the project (Marsh 1975).
As in every work place, workers should be given incentives and rewards for the increments of their willingness and the ability to do their best. Through intrinsic motivation, employees are able to work for long hours with limited supervision. Lack of trust between employees led to discouragements resulting in decreased willingness of workers to work for the company. This was a result of the contractor being conscious of the disclosure to shareholders as well as their affair with the sponsor of the project. This led to the rise of mistrust between the employees and the leaders who seemed to be differing in views and feelings about the management. This caused rising anxiety in junior workers who knew what the management was doing. This situation led to a more tricky situation, whereby the junior employees where more equipped with information regarding to the company than the senior ones.
This engendered mistrust among the company workers, hence forging the feeling of inferiority of senior employees and making distinction between the informed and less informed. This was a big factor that discouraged most of the employees from working hard for the company, hence leading to delays in completion of the project. Therefore, an open environment, whereby all the employees could see the flow of resources, could lead to more willingness and decreased anxiety about the type of incentives given and how they are spent, hence increasing the services offered by the company workers (David 2006).
Also, trust between the sponsor and the contractor was another factor that led to the failure of completion of the project on time. As a matter of fact, in any administrative function, there should be complete trust between the administrator and the sponsor. In this case, the mistrust between the contractor and the sponsor led to the lack of adequate administration and entitlement to funds. Consequently, there should have been some trust between the sponsor and contractor in order to guarantee proper administration and effective work. Hence, the contractor should ensure he has built enough trust with the sponsor, as this will make the sponsor disburse the resources necessary.
Drugs and drug abuse are also of great concern in many project environments. Most people use drugs to be able do heavy jobs without looking at their effects thereafter. This should have been discouraged as they could have led to poor work.
The Triangle Theory
Project managers use the project management theory to formulate and analyse the challenges that come up during the period of formulating, evaluating and implementing both public and private projects. Let us examine the challenges that managers face by examining the project management triangle theory.
The major triangle constrains are time, scope, and cost.
It is important that project managers and other stakeholders give a proper estimation of costs, which the project will incur in implementation. A proper budgeting for the project will ensure that enough resources are allocated to ensure that during its development stage it does not lack money to be completed. When allocating funds to a certain project, project managers should identify cost estimation experts to calculate the amount of cost the project will incur so as to arrive at the figure that will truly reflect the real value of the project.
This theory furthermore explains that when doing cost estimation, some capital should be set aside so that, in case of any changes during development of the project, it will be easier for project managers to find alternative sources of funding to avoid delay in completing the project. During cost evaluation, managers should assess all raw materials which are going to be used in the given project. The value of each material should not be the exact value, because with constantly changing technology using the exact value will cause more problems in future. This means that we should use the price which exceeds the normal price. In the above case study, those who were given the mandate to build the stadium had given the wrong figures, which later caused the delay in the completion of the stadium
We have different projects with different time limits. Some projects take more time, like five years and above, while others take shorter time, like one year and below. The time for the project to be completed depends on various formal and informal factors. Some of those factors include the number of workers working on the sites. Projects with many labourers takes a shorter time to be completed because of their full to capacity and each worker given specific areas to work in.
Projects which lack enough workforce face many challenges, which delays the completion period. Time management in any project is very important, because when project managers set up a certain project to be completed within the given time, it is essential that every worker observe time, since the time once wasted will never be recovered. When managers want to set up a project, they should consider time as one of the factors that make companies fail (Young-Hoon 2005). Schedules must be prepared to ensure that all required resources and raw materials are available within the given time so that work may commence immediately, as initially planned. In case there is some delay in the movement of raw materials to the construction side, time management organ within the project board should review the project again to ensure that the time lost in transportation of the project is recovered.
This will only be done through making some minor adjustment on daily working period so that, if workers were supposed to work from 8 in the morning up to 4 in the evening, they should be granted a few more hours to recover the lost time. Using the above case study, we can conclude that poor time management had led to delay of the stadium construction for five solid years.
The scope investigates the outcome of any project under construction. This is a broad study of any changes that may occur within the establishment period of the project and provide quick measures to bring the situation into control. Good examples of changes that may occur in a project under construction include economic changes, where the price of the fuel may rise sharply, hence affecting the price of raw materials (Dennis 2007). The project manager and other team members should quickly review their expenditure rate and look for other alternatives of purchasing some raw materials at the initial price without changing the type of commodity used, which may make the quality of the project to be questionable. When reviewing the scope of the project, certain elements must be taken into consideration, such as cost and time.
Other Constraints Include:Want an expert to write a paper for you Talk to an operator now
Some experts have different views about the constraint known as quality. Same managers believe that high work quality goes hand in hand with high cost, which in our point of view is true. When the manager uses low quality raw materials to complete the project and meet the set deadline, it will eventually lead to failure. The above case study shows that the initial materials used were of low quality.
Stages of Project Management
1. Project definition is a stage where objectives and goals of projects are clearly stated.
2. Project initiation is the second stage where all resources are gathered before the project commences.
3. Project planning is the third stage where managers set goals which the organization or firm should achieve.
4. Project execution is the fourth stage where the work begins and managers operate according to the early plans
5. Project monitoring and controlling is the next stage where managers monitor organization or project activities to ensure that they are in smooth operation.
6. Project closure. Once the set objectives have been achieved, the project may be closed because it has accomplished what it was created for.
Project management differs from one specification to the other. Delivery of the project may not be accomplished on time due to various problems that may come across during the preparation of these projects. Software or hardware failure may cause delay in delivering the project objectives. On the other hand, projects that need finance may not be available to many people, as the preparation and completion of the project requires budgets involving certain risk, as well as the backup plans sometimes requiring a lot of financial support.
The system work is demanding and, in most cases, people do not have machines that are able to run complex computations, which have become a problem to the poor people because they cannot do the project at their comfort. There is a need to ensure that projects work in a way they fulfil the desire of people from all backgrounds. As for the completion of the projects, only few achieve it without the problems that the management discusses. Beside the three issues mentioned about the project failure, there are others that arise due to a lack of concentration and understanding. Most people do not concentrate on the matters that may also fail the project management, because this appears as a waste of time. These people ought to bear in mind that the project is for their benefit, even if they face the problems that are inside and outside the society. In most cases, if the worker does not understand what needs to be done, then the wrong information or research fails the examiner, thus causing the project to be redone due to a lack of understanding. Though the failures of the project management were mentioned earlier, there are other key reasons that need to be in the process of discussion in order to avoid problems in the near future.
Most users of the system lack the total involvement in the project management, thus leading to or causing fatal problems to many people. If there is no worker commitment in business, the workers may even start feeling hostile towards it. The management and the other users need to be involved right from the start. The management should assign a role of involvement that needs to be the aim of all the individuals involved. Targets in the project management should be put across so that each person may be willing to accomplish the task that they have undertaken. Therefore, the senior management needs to continue supporting the project priority for all the members working on the business premises or in whichever the place the project discussion takes place. For maximum support of its accomplishment, goals and targets of the project must be known by all the staffs, rather than the management alone. Most managers come out with rules to begin their project, but they do not explain what the project is all about to all their staff.
On completion of the projects, long and unrealistic time scales have made late the delivery of the systems that no any business needs. Technology is advancing each and every day and needs to be factored in by the businesses to avoid losing competition. If the services fail to be completed on time, then they become out of date and no one will be interested in them. In this case, the project time scale should be short so that one can be able to accomplish it on time, as they allow the project to adequately begin. In case the projects are large, there is a need for them to be split into smaller projects so that there are groups to deal with separate sections. When all of these are done, the groups present their part so that they can join their efforts. In such a case, the larger project can be accomplished, as delineated by the management time targets. Many managers are aware of the project delivery issues, which later lead to problems of unrealistic time scales. This is a result of not considering the amount of work to be done for ensuring timely delivery of the project, as it may be needed on time by the management. In this delivery, there must be a project plan that needs to be addressed in order to challenge all participants to express various reservations.
Poor or no requirements on different project levels may render the project unhelpful to the organization or the owners of the business. This causes the developers of the system to have little to no input from the user system. In this case, the designers come up with the project using their technical knowhow without realising what the owners of the system require. This is caused, by most of the users lacking the involvement in construction or the building of the system. When the project and the system that the developers were elaborating on are over, the users fail to understand the reason and purpose of the system just because they have never had the will to get to know the system better when the developers were building it. The end users of the project should know what they want before the implementation; later, they should be trained on how to use the system. There are so many levels in the education field imposing limitations on which projects to carry out. The level of education has become so restrictive when it comes to the kind of project that needs construction. Even in the lower levels of education, people can carry out projects better than the individuals in the higher levels of learning. This is because it is not all about the qualifications, but what the individual is able to do in specific.
In other broader explanation of what needs to be attained in project management, the scope in project development must be observed. If the business transaction is peaking, the system must capture the records of payment and indicate that something has been met in successive continuation of the business. This helps the management understand where the business is taking them, if there is anything that needs to be added, the developers and the users should be involved in order to advance the system. Though most of management like to change the implementation of their system, there is also a very important need to understand what happens in each and every stage. It has to be done so that the users could interact with the system without involving the developers. In case a problem occurs, the users will be able to solve it without involving the developers, which bears a cost. The management should stick to what is needed by the organization, rather than what the users or developers are going for. In the project management, keen consideration needs attention because one may not understand what need to be done within the specific period of time.
Despite all things that the business may decide to change, the changes should be of great need and use to all the people in the place of work. Upon the change of the system control, in this case, it is not possible not to experience the changes that are currently in areas of project management. This emphasizes the merits of timescales that are shorter and phased to the construction of the system, so that there may be less defect leading to effective administration. Nonetheless, the changes in management must take place, as it should be in the other business factors. The organization must bring evaluations that are effective and the requirements that come as a result of time scaling. The cost insurance and the risks may be observed in the coming of a new project or advancing the old. The configuration discipline in management and the skills delivery need to be taught as well.
Poor testing of the project is done during development, but as a matter of fact, all users must be trained to carry out the acceptance test, so that they can meet the requirements of the system and its business criteria of success. In the case of poor testing, it fails due to the improper requirements in the project management, which cannot be tested in any way. Thereby, the test is done without planning, which can also fail the project; and when the project fails, the business expectations also fail. There is a variety of users that do not know the possible applications of the project and they cannot tell what they are actually doing even when they are taking the test. There is also inadequate time for the test, though most users get in the system even before they undergo training. As a consequence, this can cause the business to never carry out its transactions well. In this case, the manager in charge of the project should be very keen to consider that there are varieties of specialists that can be mostly used to advance and include all the latest deals that make up the success of the business.
Users, in order to abide by the confidentiality rules within the business system, should carry out the acceptance testing. For it to be successful, they need to be aware of the good and testable requirements, that are designed and planned out well, adequately trained and allowed sufficient time to achieve the objectives of the project management testing. Those six factors are not the only ones that affect the success or failure of the business. So many problems arise when it comes to dealing with the different field of studies or the kind of business. The managers should be very much focused on foreseeing most things, including the potential merits and demerits in the workplace. In the project management, most ideas are supposed to be in implementation so that all users can know what the system is all about. The system comes to improve the level of business, but still one needs to look for the various costs that may occur after the full implantation is done. The users and developers should be working hand in hand to ensure that each is contributing where necessary. The terms of conduct also need to be revisited in the usage of the management system required for the business. If there are failures in the business where the project is needed, the question may follow from the managers on how to make the business succeed, in the first place.
Solving Challenges Project Manager Face Using the Above Theory
It is important for a businessperson to understand the meaning as to why there is a development of the project management. The project is in need for evaluating and bringing the latest and most elaborate techniques that are later used in the organizations worldwide. For the company to prevail, it should come with the reasons that may fail the business in order to prevent them from recurring in the future.
Traditionally, business does not have much input during the implementation phase, but there are long-term business budgets struggling with the systems development. These companies’ staffs were not speaking the problems out so that all the failures could be eliminated for the customers. However, online means the customer can directly use the business systems. If they are not able to use the business website, they will have to go looking for another place where services are offered in a friendlier way, than in the given business. In order to avoid the challenges, development means that one must consider the human resources in the development of the project. In order to reach an effective project management, the team needs to perform the tasks that control the various processes of the system development, if the system is in demand from the business. Managing a project can sometimes be significant threat to the business. Whether planning for the wedding ceremony, developing the latest website, or acquiring your dream house by the seaside, one need to employ techniques in project management to help succeed in everything that is yet to start. I am going to summarize the seven practices of quality management that help in improving the business.
Define the Scope, and Objectives of the Project
First, comprehend the objectives of the business. The scope defines the limit of the project. Is the business of transport going to take the workers? Understand what the beneficiaries need and what is happening in the business outside the business.
What are the deliverables?
Individuals must interpret what the project will bring about for the management. If the project uses advertising campaign for a new product, then one deliverable might be the artwork for the campaign. The manager has to decide what tangible products will come in output and describe them in extreme detail to enable people produce them correctly and effectively. Key owners must check for the purpose of the deliverables and negotiate accurately on what they need and reflect on what needs to be delivered.
Planning demands that the management decide which personnel, resources, and cost are necessary to accomplish the project. One needs to define what involvements are required to produce the deliverables using the Breakdown Structure techniques. One must approximate the time and effort needed in each activity, switching between activities and deciding on a realistic preparation time to finish them. The management team normally gets involved in approximating the durations of each activity. It also sets goals, which show critical time periods and venues during the project management. Managers should write the plan for the project and get the owners to agree on how to review the plan.
Project management plans are of no use unless they communicate effectively and efficiently to the management team. The team members ought to know their responsibilities. The management needs to communicate with the other business people or users of the system in order to understand the many ways in which the development of the project will continue. Similarly, the users and developers should work hand in hand in order to help understand the needs of the system and address them. Oversight is also complicated because, when the business cannot hire more workers, it creates a challenge for the already employed people, because they come up with the techniques leading to effective management as a result of the better system that has been developed.
Tracking and Reporting Project Progress
The project must be evaluated and contrast to the progress envisioned by the project plan at that point of time. This will require progress reports from project team members. We should note differences between the actual planning and the scope, that requires considerations in the management. Variations need to be reported to the managers in order for the stakeholders to take corrective measures and actions, if necessary.
One can twist the plan in many forms in order to get the project on the normal track, but one will always end up reducing the cost, scope, and schedule during the planning. If the project manager modifies one element, then both of the other elements will need to change. It is reducing to the three factors - known as the project triangle - that typically cause the project managers to find it hard dealing with the management issues in business.
In this case, there is more need for the provision of valid information from the project manager. The project manager needs to explain all what is happening and the scheduling of the work to all the stakeholders. If there is no feedback on that information, the manager is accountable to answer all the questions asked by the stakeholders. Though it is somehow difficult to implement the rules of the management alone, most managers require that they use their intelligence because most stakeholders would rather complain, than ask questions. The progress of the business and the delivery of valid, genuine information require creating an extreme level of comfort in the success of the managing system from the implementation until the acceptance test is done by the management team or users in the business.
Members often change ideas about what must be provided. Sometimes, the company submits changes after the beginning of the project, therefore something agreed upon at the start of the project may no longer be valid. This often means the scope of the project may need changing. If the project manager accepts all changes in the project, the project may end up relying on different assumptions. The finances that, at the beginning of the project, were not involved, during the release of the project may have implications for the output. The project managers can implement decisions that look at how to incorporate the changes immediately or in the near future, or to do away with them. This drastically increases the chances of the project to succeed, because the project manager monitors how the changes are being incorporated, places resources accordingly, and plans when and how the changes planned should be carried out.
The Management of the Risk
In the risk management, there are many points that need to be addressed, because the continuation of business requires considerable costs. These costs may not have been accounted for in the planning phase when the business was starting. In most cases, the managers are avoiding the situations when more than what was originally planned has to be expended. This causes conflicts between them and other members in the company. There is a need that all the individuals in the workplace consider the managers as human beings, rather than calling all the faults in the business as his or her failures. Standing firmly in the implementation of the project and seeing how and what should be done to make it better are the main reason as to why people are so often supportive of each other in the workplace. The most valuable thing that I am addressing is that all members should always be committed to serving the society better, without blaming the top personnel in the company.
In the risk management, there are issues like fires or thefts that most individuals are neglecting. Fire fighting gadgets should be bought, so that in case there is a problem with the fire, it can be extinguished avoiding considerable harm to the property and project delays. Computer backups should also be in place in order to recover the projects lost in computer crashes.
Improving the Management of Project Risk
As a matter of fact, all projects in management go through quality control in the application of the project management risk. On the other hand, this causes the business to reach a constraint in the successive delivery of the project. In ameliorating the managing risk of the project, there are two main objectives that need to be viewed in wider perspectives. These two objectives are identifying the risk and improving the business capacity. In a larger project management, there are few areas where the specified project manager could have a positive attitude toward the project, than the area of risk management. From a company perspective, all main projects are challenging and thus require a disciplined intervention to manage risk.
Improving Risk Identification and Capture
Very few project management teams have come up with the risk management plan that occurs in the business. Improving the management of risk involves improving a project's ability to identify risks early through the various production methods that are associated with the project's decision-making. This goes in line with effective and efficient methods of usage of the data. Most of the risks are related to poor quality of records, partially completed, and limited data. This brings about a limited comprehension of risks in the project management and little attention is thus dedicated to risk by the management. It also makes use of stakeholders and others, and can end up bringing a negative sense of security, producing the delivery of the services of that business with the “anything goes” attitude. In order to employ effective and innovative methods, there is a need to improve the way most risks are identified in order to improve the presentation of data. In addition, effectiveness can be improved by making the managing of risks an integral task of the organization in defining and carrying out the project. The quality of information on the project needs to promote the way of communication within the management team during the implementation of the systems.
Improving the Assessment and Understanding of Risk
Much has been written on modelling and its impact on statistical analysis. This is important considering the values to be given attention in evaluating the projects in terms of bringing the benefits of greater accessibility. It is done in a way of ensuring the activities that experience mitigation in a timely way as per the allocation of the discipline. All risks are, therefore, used to decide the occurrence of the probability in scale, expressing the way of the livelihood. The impacts occur in terms of quality or the budget. When one is presenting the data to members and stakeholders, it becomes abundantly productive in a way that risk is included in decision making.
Minimize its Occurrence and Impact
Project management needs to be controlled, as it is the case with all other forms of business implementation. The arising issues contribute to the success without considering the failures of the business that may pose insurmountable challenges. Very few metrics are employed in order to develop the business and project levels in monitoring project risk management in all levels.
When the projects need to factor in risks, they will automatically have many opportunities, which is the exact opposite of risk. Many companies are now using core processes in managing risks, where ‘open doors’ have an impressive impact on the development of this project. There can be some advantages to this. Perhaps, the more significant one is the need to focus on opportunity management and offer a realistic schedule to the overall experiment in managing project decisions.
Besides all the disadvantages that arise as a result of the project failure, success is likely as the developers are moving the project to its completion. The project artefacts can stand as a tool that can be used in facilitating the complex analysis that causes the management to earn and relate well with the other plans as a tool of providing feedback. The advantage is that they help in planning, estimating, and scheduling the basic course of action, as they continue helping in analysing, linking, and recording of the data. It also allows for most objectives in comparing decisions that provide repeatable results and act as a link between the good and inadequate management. The other advantages of project management tools are analysing trends, as they deal in rescheduling the activities like the resource scheduling. These also contribute to bringing up the statistical information that does assist in managing of the future projects. The comparison of actions provides repeatable results.
In the other cases, workers work for more hours or even work up to later hours than they can handle. The project fails when there is an absence of union among the employees, leading to low income rates in the industries. The level of fast growing project management industries is leading toward success in terms of opening new chances for employment. Through this formation of industrialized opportunities, new ideas and skills come into being, causing new job opportunities at the local and international levels. The management should take into consideration that when there is an absence of union among the employees, it leads to low project formation in the industry. The level of the fast growing project management industries is leading toward the common goal. It is shifting drastically in the project management where most bidding should be of great concern to many projects, as it is the foundation to the successful completion of the project. Through this, a great concern should be given to the professionals and qualified personnel who are able to give effective services. This will furnish effective estimates of the funds needed to bring a certain project to completion. The approximation of funds has to be handled by well experienced personnel who could lay appropriate estimates of that project. Also, as a factor of giving. A more advanced design could only be achieved through acknowledging the well-known engineers who could use advanced technological knowledge in order to produce an effective design.
Moreover, in order to produce the efficient administration of projects, the management should allocate finance to ensure the flow and effective provision of the labour for the industrial training of most individuals in business places.
Project management is making universities get the rankings according to the international standards. All the institutions are working hard to ensure that they have a variety of projects done through research in order to position them internationally. The projects and the thesis, carried out by the students, show that many industries emerge victoriously as a result of hard work that the tutors apply to project development and management. There is also introduction of project development, which makes people earn according to how they have their project outlined when presented by them. Project management is necessary in the minds of the society though there is a lot of finance that is required for its development. The government institutions are working to ensure that projects are available to all. The best out of the many are given priority for the implementation after the proposed project has passed the acceptance test by the users.
Most challenges faced by workers and management body may be adjusted in the execution stage, where managers have the opportunity to make minor changes before the problem becomes complex.
Using the above theory, it becomes clear that for any project to be successful, managers should have the following characteristics: ability to manage workers in the organization, to make decisions conceding the project, to provide good leadership, and be time conscious.
The Stakeholders Matrix
To explain the above case study more efficiently, let us look at the stakeholder matrix. The first step in stakeholder analysis is brainstorming. One should identify all of their stakeholders so that the project can succeed. In the case of Wembley, one major problem was that stakeholders did not really know each other. The second step is prioritizing of stakeholders, i.e., coming up with a long list of those people who are affected by the project (Joseph 2003).
From the above table, it is clear that when stakeholders express the need to have some changes in the organization and when their influence is not important, they tend to have low interest. When their interests have great influence on changes in the project, the level of their participation is high. When the interest of stakeholders in certain changes in the organization is low, the influence is negative. And finally, when the interest of stakeholders is negative with the high level influence on the success of the business, it is represented in the last box (Joseph 2003). The above case enables the project manager to identify the interest of stakeholders and their importance in determining the success of a business.
Some ways to make a project more successful are given below:
- Employing qualified workers
- Having proper management system
- Taking time as a key factor to any business or project success
- Proper cost estimation of capital to start a project
- Proper communication within the organization
From the Wembley case study, it is very clear that there are various factors that can be attributed as the major causes of project management failure. First, the bidding process for the project can prove problematic, especially if the bidder with the lowest bid is selected. This means that the costs of the project are underestimated and this, in turn, creates problems to the project manager. This was the case in the Wembley stadium project where the lowest bidder was given the project contract (Dinsmore et al. 2005).
The design of a given project can also be hard to implement; the issue of communication can also be troublesome. These are other major problems that are encountered in project management. The project managers should be very careful to prevent those problems from affecting their projects. Some of the remedies that can be used to avoid project failures in future include employing qualified contractors to avoid underestimation or overestimations of the project cost (Lewis 2006). Design of the project should be easy to implement to avoid delays. Moreover, good channels of communication should be developed and the usage of drugs discouraged.
In conclusion, the Wembley Stadium case study has provided insightful information that has helped in identification of the problems that lead to project management failure. From the case study failure, I have been able to develop the remedies that are crucial in managing future public projects. However, a lot still needs to be done in studying how the issue of transparency and accountability can be addressed in the management of various public projects.