Project Execution And Control

Contents

Introduction.

Risk identification.

Appropriate response strategies.

Risk probability and impact matrix.

Risk register

Risk management reporting.

Reference.

Introduction to Myki Project Case Study

The case will focus on assessing the risks related to the Myki project developed by public transport Victoria and finance by the government of Victoria. The project focuses on modernizing the payment system and unifying it into the card. Myki is a contactless card payment structure used by public transportation of Victoria for its buses trains. The Victorian government started purchased with the budget of Dollar 1 billion. It was elaborated by the corporation known as Kam co. The project was initiated and developed to replace the old system identified as a met card. The objective of this project was to enhance the old payment structure and combine a different form of payment. The main aim of designing the system is to provide a better user experience with increasing the degree of satisfaction. However, the company faced various difficulties like cost overruns and delays which ultimately affect its overall effectiveness.

Risk Identification

Project Myki experience frequent problems during its life cycle it was designed to bring one of the most intricate ticketing structures in the world with an enormously short time frame. However, the objective of the project results in increasing the overall budget by 55%. Another amalgamation of issues related to time and expenditure blowout. It includes a clear dissection of tasks', lack of skill and acquaintance in the field of the project work system requirement compromise to scope as well as the poor working relationship between the supplier and Transport authority. The main issues are related to the implementation and monitoring of the system. It is not specifically recognized how it works. The unawareness results in vagueness when touching on and off and cause postponement at each stop as the machines are located at the entrances. Furthermore, the card readers are sluggish which causes numerous delays.

The evidence specified that the myki experience significant impediment and related charge augment that have compromise attainment of its unique business case objectives and profit. Poor preliminary preparation result in unclearly specific and excessive cost overrun (Heagney, 2016). This produced a noteworthy delivery danger that was inadequately managed because of limitations in the state's initial governance and oversight of the project. In the initial stages, the public transport of Victoria has improved error and administration of the Mikey contractor though the significant danger to the state remains due to fault with the performance of the contract resign and the compressed time frames for the Micky retender (Meredith, Shafer & Mantel 2017). It is necessary to tackle these issues to evade perpetuate past blunder. Furthermore, delays hurt project performance (Kerzner, 2018). In this project, the unreasonable project scope and inadequate planning were the prime reasons for delays. It has been identified from the case that delays increase the overall cost of the project.

Appropriate Response Strategies

A well-intended and effective ticketing structure is vital for the effectual and competent performance of the victoria public transport system. It allows commuters to simply contact services and offer imperative usage information for the group to plan and manage structure efficiently (Kerzner, 2019). Public transport of Victoria must take steps to mitigate the risk of failing and consider the relevant lessons from the previous myki contract. Public transport of Victoria must clearly define the expected outcomes and benefits from the tender process and the new contract this reduces the transparency of the new contracts' impact and responsibility for PTV related performance. Also, the manager must involve the necessary stakeholders in the initial stage to recognize the major necessities of the project. Furthermore, necessary meetings and suggestions may also improve and eliminate the pitfall.

It must assess the sufficiency of the present performance actions and principles for driving development and performance. To deal with poor performance and implementation, the public transport of Victoria must develop new measures to address how the equipment will function as distinct from the period for which it is accessible. Also, annual review and analysis must be necessary to adjust the performance incentive to support the enhancement in performance or achievements of promising service priority (Dionisio, 2017). There is an urgent need to develop a broader structure to assess the competence and efficiency of the myki and its impact on improving the performance and administration of the public transport structure. To avoid the issue of poor implementation, the public transport of Victoria must conduct an effective post-implementation review to understand the progress of its original objectives and benefits. All these factors affect the overall outcomes and benefits of the project.

Risk Probability and Impact Matrix

Scale of severity

Scale of likelihood

 

Acceptable

Tolerable

Generally Unacceptable

Not likely

Low (poor work relationship)

Medium

medium

Possible

Low

Medium

High (Poor management)

probable

Medium (Lack of expertise)

High

High (cost overrun)

The probability and impact matrix is used in the qualitative assessment of the project. It is based on two constituents including risk probability of incidence and impact of the objectives. The matrix is a two-dimensional network that records the probability of occurrence and their impact on the aim of the project. The higher scores define the high risk (Turner, 2016). With the help of effective Probability and impact Matrix with the project manager can understand the high risk and low risk in the most effective manner. 

High risk: Poor management is one of the major risks that can affect the overall effectiveness of the project. Also, it is necessary to develop an effective evaluation and assessment strategy that may help to improve the benefits and role of projects.

Low risk: Company can deal with the risk of poor work relationships as it affects the overall effectiveness of the project (Siegelaub, 2017). Also, it is the responsibility of the manager to resolve conflicts and conduct team meetings to understand the issues that are affecting the overall objectives of the projects.

Moderate risk: It has identified that lack of expertise falls in the category of low risk. With the help of necessary training and guidance, the project manager can improve the performance of the people linked with this project.

Risk Register

A summary of the risk

What will happen if the risk is not mitigated

Rate (Low to high)

Mitigation strategy

Who is responsible

Poor management

Poor management of the product will result in project failure

high

Documenting every step

Understanding external threats

Encourage opinions ad ideas

Involving necessary stakeholders

Project manager

Cost overrun

Delay and a budget shortfall

high

Frequent progress management meeting

Consistent supervision

Effective coordination between parties

Project executive

Lack of expertise and knowledge

Project failure

Conflicts

Ineffective planning

moderate

Gather information from stakeholders

Conduct a training program

Project manager

Poor working relationship

Low job satisfaction

low

Resolve issues efficiently

Sharing expectations and feedback

Project manager

The risk register shows the impact and mitigation strategy for each risk. Furthermore, it is necessary to understand that every risk may affect the overall efficiency of the project. Also, an effective mitigation strategy is required to increase the effectiveness of the myki project. It has been identified that the project failed to engage the necessary stakeholders. The lack of communication and not making the stakeholders participate in the initial phase affect the project's success. Due to ineffective planning and lack of stakeholder engagement the project failed to attain the outcomes most effectively. To deal with these issues, the project manager should develop effective mitigation strategies.

Risk Management Reporting

Risk management is a significant facet of project planning by identifying and evaluating potential pitfalls project managers can reduce risks while continuing their project processes (Dionisio, 2017). It is crucial to provide information about the risk management to the necessary stakeholders as the provided important resources external support. As stakeholders, they have the right and responsibility to know the details of the risk mitigation strategy plan for the project. To provide information about the risk mitigation strategies, the project managers will carry out the formal and informal conference with both individuals and groups of stakeholders (Heldman, 2018). It will help make sure that they have recognized the viewpoint of all stakeholders with an analysis to structure them as threats or opportunities. It will help to increase support and decrease the negative impact of stakeholders. It is also necessary to recognize the key stakeholders along with the level of power and pressure they have on the project. A project becomes successful when it attains objective and meets or exceeds the expectations of the stakeholders. Stakeholders are highly important for the project as they are closely involved with the project. In this project, the major stakeholders are the customers of contractor suppliers and the government. 

References for Myki Project Case Study

Dionisio, C. S. (2017). A Project Manager's Book of Forms: A Companion to the PMBOK Guide. John Wiley & Sons.

Heagney, J. (2016). Fundamentals of project management. Amacom.

Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley & Sons.

Kerzner, H. (2018). Project management best practices: Achieving global excellence. John Wiley & Sons.

Kerzner, H. (2019). Using the project management maturity model: strategic planning for project management. John Wiley & Sons.

Meredith, J. R., Shafer, S. M., & Mantel Jr, S. J. (2017). Project Management: A Strategic Managerial Approach. John Wiley & Sons.

Siegelaub, J. M. (2017). How PRINCE2® Can Complement the PMBOK® Guide and Your PMP®. APMG International.

Turner, R. (2016). Gower handbook of project management. London: Routledge.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help

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