Project Management Research Paper Example | Topics and Well Written Essays - 1000 words - 1

Project Management - Research Paper Example The process of project risk analysis is a subjective assessment that is based on the probability of failure to realize the set project objectives within the given time framework and resources allocated (Durkovic & Rakovic, 2009). The risk can occur during the inception, development, and finishing or implementation stage of the project. Briargrove must therefore consider performing an in-depth risk analysis in order to unearth the possible challenges that may hinder the success of the information system development, for the placement of necessary measures to ensure that the project is a success (Durkovic & Rakovic, 2009). The information development project involves three types of risks, that is, known risks, known risks with unknown consequences, and known risks. Known risks are well known to the project development team members and have a high probability of occurrence. ... Unclear definition of project goals, as from the start of the project, is likely to hinder the success of the project in the long run (Cox, 2009). There is a possible risk in poor definition of the project size, which is likely to take the project in the wrong direction and interfere with the time limit. The project plan must be clearly defined for clarity and scheduling within the specified time limit. Risks can be either internal or external, with internal risks being dependent on the team members, project nature, and available resources, whereas external risks entail legal or political influence of the project (Cox, 2009). Briargrove development team must be well aware of the current economic trends in budgeting for the project to ensure that the available resources are well allocated and evenly distributed throughout the project life cycle (Cox, 2009). Poor budgeting and resource allocation is fatal to the project in the case where the resources diminish before the project is com pleted, and there is lack of alternative source of money and other resources (Cox, 2009). The development tools to be used in the system development must be well-known to each of the development team members, and hence the selection of the team members must be a representation of diverse experience levels in the information development life cycle, which reduces the chances of project failure (Durkovic & Rakovic, 2009). Briargrove development team members must choose and agree on a suitable size and the complexity of the project for proper uninterrupted development cycle, which eliminates the possibility of time limit expiry that may require an addition of more time and resources (Durkovic & Rakovic, 2009). Briargrove must also identify probable hazards, potentially harmful phenomena or