DeVry University - Proj 420 Week 2 Discussion 1.The goal of the initiation step is to identify the project objectives. This is a different view from what
... [Show More] has been accepted practice in risk
management. Why do you think this is a better approach?
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(an instructor response)
Collapse Mark as ReadHi Class - initiation step Discussion Professor Moretti Email this Author 3/7/2015 7:25:26 AM
The goal of the initiation step is to identify the project objectives. This is a different view from what has been accepted practice in risk
management. Why do you think this is a better approach?
Collapse Mark as ReadRE: Hi Class - initiation step Discussion Lacresha Frazier Email this Author 3/8/2015 10:39:04 AM
Modified:3/8/2015 10:40 AMI tend to agree with our text, though identification has over time been looked at as the first step that in actuality initiation should be
considered the first importance step in the risk management process. It would be difficult to identify all said risk without having
identified the project objective which is used to set specific perimeters in relation to budget, time constraint, quality, and performance.
Another key factor in the initiation process is establishing the key stakeholders who are important to the project in order to keep down
confusion as to who is in charge at what point int he project process.
(an instructor response)
Collapse Mark as ReadHi Class - initiation step Discussion Professor Moretti Email this Author 3/8/2015 5:37:16 PM
Hi Lacresha:
Very good point! Thanks for getting this conversation going this week.
OLM
Collapse Mark as ReadRE: Hi Class - initiation step Discussion Toni Jones Email this Author 3/8/2015 8:52:31 PM
Hi Professor and Lacresha,
I agree with you Lacresha, the way our text explains the reason for the change makes more sense to identify the objective. When
the stakeholders can clearly identify all the objectives for a project and agree on those objectives the task of finding the risk can bemore focus. This way with clear objectives being listed the stakeholders can set the importance of each and how much risk is
acceptable to reach the scope of the project. I also see that when everyone that has authority to make changes are at agreement
from the start of the project less scope changes will be made that will increase the budget or conflict with main objective.
Collapse Mark as ReadRE: Hi Class - initiation step Discussion Jacob Dobie Email this Author 3/9/2015 3:29:30 PM
I like to think of project management as some sort of an art form due to a couple factors. The first factor is that you need to initiate the
project correctly so that the stakeholders know what they are spending money on. You need to make sure they understand what the
"plan" is for lack of a better word. As we all know the plan will most likely change during the course of the project but you have to
make sure the stakeholders are all onboard and know what the important facts are. Ultimately the stakeholders can make or break
your project so you have to make sure they are happy. You also have to make sure the people doing the work are happy as well. This
is why I say that PM is an art form because you have to bridge the gap between the stakeholders and the people doing the work and
keep both party's happy.
Collapse Mark as ReadRE: Hi Class - initiation step Discussion Evan Rafanello Email this Author 3/11/2015 4:38:47 PM
I agree with all the above comments. I think having a project scope in the beginning is the first step in developing and analyzing risk
factors for a project.
Recently, I have received a RFQ for a project with my company. It turns out the initial information did not list a full project scope. The
costing department had began working to pull pricing together before we had an answer from the customer. When the customer
finally provided a full project scope it turned out that they needed their products refrigerated.Our plant is not currently set up with a refrigeration unit. This immediately became a risk factor with this project. Working on pricing
for a unit vs the revenue for the project, it became unfeasible to get the refrigeration.
This is the main reason that project scope's are so important as a first step. We had lost time and effort pulling information for a
project that was too risky financially to do at our facility.
Collapse Mark as ReadRE: Hi Class - initiation step Discussion Christopher Strong Email this Author 3/11/2015 10:42:05
PM
Evan,
Like you said, that is a great example of why needing to know the scope of a project is so important. If you do not have the specifics
about a project and you meet with the customer and it is not what they are wanting in can be an enormous problem. Not only will it
mean a loss of time and effort, but also depending on how far into the project you get it could mean costing the company money as
well. The customer would not want to spend any money unless the product is what they are really looking to purchase so any money
spent on the project would be lost.
Chris
Collapse Mark as ReadRE: Hi Class - initiation step Discussion Jacob Dobie Email this Author 3/12/2015 3:57:29
PMAnother great strategy for risk mitigate and cost is to get a couple venders that want your business. For example if company A has a
product for 3000 dollars and company B has the same product in stock for 3200 dollars you of course would go with company A
initially. Later down the line Company A says' its going to take 16 weeks to get the product. You then can go back to company B and
see if they still have it in stock if that is the case then you can get the item on time to eliminate blowing your timeline. As many of you
are aware if supplies do not show up on time you can have workers standing around that you are paying that causes you to go over
budget as well. Another great option I have personally used is you go back to company A and say o well company B can get it to me [Show Less]