1/17/2021

Reflection &
discussion forum
week 2
Projects & project stakeholders
Submitted by
Denial Sumy
ID: 003059134
Course: BADM 627-M20
Course Teacher: Prof. Dr. Hitson
University of Cumberlands

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 A. Most important concept as per my understanding:

In my point of view, understanding project objectives is the most important topic

in this chapter. Project objectives are what project managers intend to
accomplish before the project is finished. This may incorporate expectations and
resources, or more elusive objectives like expanding profitability or inspiration.
Generally, project objectives ought to be feasible, time-bound, explicit objectives
project managers can quantify toward the accomplishment of a project. A project
objective depicts the ideal consequences of a project, which regularly
incorporates an unmistakable thing. A goal is explicit and quantifiable, and should
meet time, financial plan, and quality requirements. There are tree types of
project objectives. They are:

1. Strategic Objectives.
2. Operational Objectives.
3. Procurement Objectives.

B. Importance of project objectives:

An elegantly composed project objective is essential since it can influence each

progression of the project life cycle. At the point when managers make a
particular goal, they can give their group a more prominent possibility of
accomplishing the goal since they know absolutely the thing they are pursuing.
Clear project objectives likewise uphold the current accentuation on complete
quality administration. Everyone from the group can see themselves as
answerable for quality, on the grounds that the entire group can see the ideal
result from the earliest starting point of the project. A wide range of attempts can
profit by objectives. As an individual, one may utilize a goal to target precisely
what to anticipate. Setting up project objectives is significant not just as far as
explaining an agreement of a project and the requirement for it, yet additionally
for setting out the measures against which project achievement can be
evaluated. It is likewise significant for project risk management.

C. How project objectives can be used in project planning and its importance:

Objectives can be utilized in project getting ready for business, government,

philanthropic associations, and in any event, for individual use. A project may
have one unbiased, many equal objectives, or a few objectives that should be
accomplished consecutively. To create the most advantage, objectives should be
characterized from the get-go in the project life cycle. The importance of project
objectives are as follows:

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 1. On the off chance that the objectives are planned so everybody understands
what they need to do, it is simpler to keep the project on target.
2. Without project objectives, there can be no successful checking or
assessment measures. Or then again, to place it in certain terms, the more
concrete the project objectives, the simpler will be the cycles of checking,
assessment and effect examination.
3. Staff individuals who relate to the project objectives shall remain positive even
if the project experiences a troublesome period, since they created them.
4. All stakeholders – especially those giving subsidizing – will need to
understand what is going on in the project, and how the cash is being utilized.
By setting up the project objectives it can be taken care of.
5. Accurately planned project objectives that create energy, can encourage
discussions with expected funders or staff individuals and motivate them as
well.

So, the project objectives comprise the establishment for sway situated
project work. Only they figure out what endeavors are important, and at what
focuses assets will be adequately conveyed. In most of the cases, the
project's objectives appear to be evident to such an extent that a further
objective setting measure seems superfluous. This turns out to be
progressively tricky as the project propels. Now and again, management will
even need to return to the start. Consistently you put resources into the
improvement of project objectives will subsequently take care of later.

1. What factors make a project high risk?

Answer: Factors making a project high risk:

a. Lack of a Scope Document.
b. Inconsistent Communication.
c. Poor Planning.
d. Unrealistic Expectations.
e. Incompetent Project Manager and Team.
f. Lack of Cohesion Between Your Team Members.
g. Poor Monitoring and Risk Management.
h. Conclusion.

2. What are the three types of project risk?

Answer: Three types of project risks are:

a. Budget.
b. Time.
c. Performance.

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 3. How do you write a good project risk?

Answer: Steps to write a good project risk:

a. Title: Title should have a decent portrayal of the risk. Each risk ought to have
a title that makes it clear to what the risk relates. A short and clear title is
expected to make it easily understandable.
b. Risk detail: Each risk ought to have an unmistakable portrayal that clarifies
the risk so the commentators can comprehend the risk. As some may not be
exactly related to the project detail, it should be composed utilizing language
that all can comprehend, including dodging the utilization of
specialized/project language and abbreviations.
c. Risk consequence: The purpose behind noting a project risk is that they
typically will have some type of effect on the project if the risk turns into an
issue. In this manner, it is critical to record the outcome with the goal that the
commentators can comprehend the result to the project if the risk isn't
overseen.
d. Target resolution date: This is the date by when the risk should be tended to
or acknowledged.
e. Mitigating action: Characterizing the risk is just important for what should be
caught. The project group ought to likewise give a solid plan for the identified
risk to eliminate or mitigate its consequences.
Following these 5 stages will help guarantee to catch and characterize great
risks for a given project. A project manager can utilize them as the standards
for the cycles characterized and thus guide the project groups.

References
Peter J Edwards, P. V. (2019). Managing Project Risks . Wiley Blackwell.

Demery, A. J. C., & Pipkin, M. A. (2021). Safe fieldwork strategies for at-risk
individuals, their supervisors and institutions. Nature Ecology & Evolution, 5(1),
5-9.

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