Student Name – Gagandeep Singh

Student Id- A00129450

Course-Project Management

Instructor – Farhana Zaman

 1. Example of resources
 a.Cell phone
 b.machine
 c.computer
 d.labour
 e.furniture
 f.electricity
 g.Radio
 h.safety shoes
 i.Internet
 j.truck
2. Think about a project that you are currently working on and list all the resources
used :

The most recent project I was working on was a Project given by the instructor in the
college, the resources used are:
 1. Cell phone
 Laptops
 Internet
 Human resources
 Time
 Information and Data
 Technology
3. Discuss why resources need to be considered when developing a schedule.
In every project, a schedule is needed to be prepared to know what activities will happen at
what time. In the schedule, the resources need to clarify which will be used in the project to
avoid the following things:
Delays: The timetable will be delayed if resources are not available when required or if they
are overbooked and cannot devote enough time to the project.
Cost overruns can occur if the required resources are not taken into account while creating
a schedule and are then needed later on in the project.
Quality may be compromised if the required resources are not present or are not effectively
allocated.
4. How does project risk change as a project progresses? What changes are made to
the risk assessment matrix as the changes occur?
Due to a variety of circumstances, project risk can fluctuate as a project moves forward.
When the project team becomes more aware of potential problems, new risks may
surface, or current risks may change as the project moves along and more information
becomes accessible. Changes to the project's scope, schedule, or resources may also
have an effect on how risky the project is.

The risk assessment matrix may alter as the project develops in the following ways:

 1.Include newly discovered risks that were not previously identified in the project in
the matrix
 2.modifying the project's risks in light of fresh information or changes, either in
terms of probability or impact.
 3.adjusting the risk score for each risk based on changes in impact and probability.
 Putting dangers in order of importance based on their present severity and risk
score.
 Creating fresh risk response plans or updating current ones to take into account
modifications to the risk assessment matrix.

5. What risks for a project have the highest priority?Does the priority for a risk
change as the project progresses?

The risks that are given the highest priority for a project rely on a number of
variables, including the project's type and complexity, the stakeholders involved, and
the risks' potential effects. However some frequent dangers that frequently rank
highly for most projects include:

Hazards to the project's schedule, such as unforeseen difficulties, unanticipated

occurrences, or resource limitations, that could result in delays or missed deadlines.

Budget risks: Threats to the project's budget, such as cost overruns, unplanned costs,
or modifications to the project's scope.

Hazards relating to the project's technical features, such as infrastructure challenges,

compatibility problems, or technology failures.

Hazards associated with project resources, such as personnel, tools, or materials,

including their availability, readiness, or capacity.

Hazards associated with project stakeholders' expectations, participation, or

communication, such as vested interests, misunderstandings, or stakeholder
opposition.
 A risk's priority may alter as the project develops. For instance, a risk that was
initially given low priority may end up becoming more important if it begins to
materialise or if the project's circumstances alter. Similar to this, once the project
team has taken the necessary steps to mitigate a risk, it may no longer be as
significant as it once was.

6. What are resources constraints? Give some examples

Resource constraints are Limitations or restrictions on the availability of resources,

such as time, money, materials, staff, and technology, can have an impact on how
well individuals or organisations are able to accomplish their goals or objectives. In
other words, resource limitations are the things that make it difficult for people or
organisations to devote resources to particular tasks or initiatives.
Examples of some constraints are time constraints , budget constraint , personal
constraints technology constraints, environmental constraints ,etc.

7. Describe what needs to be done to manage risk on a project? When should this be
done? How can a risk assessment matrix help in this process?
Identifying, evaluating, prioritizing, and mitigating potential risks that might affect a
project's goals, schedule, budget, or quality are all parts of risk management. Some
actions that must be performed to control risk on a project include the ones listed
below:

Identify potential risks:

, Assess the likelihood and impact of risks:
Prioritize risks:
Develop risk mitigation strategies Monitor and control risks:

8. From your experience working on projects , list and categorize three risks. Was the
response plan for those projects adequate to mitigate these risks ? How would
yourespond to these risks now?
As per my experience, the risks which you mostly encounter while working on the
projects are :
a. Financial risks- While working on any project, financial risks are most likely to be
encountered.
b. Time management – mostly the projects does not gets completed at the
scheduled time so it is a issue.
c. Human risk – Most probably there will be a conflict between some members
while they are working on same project due to different opinions.
It is challenging to establish a generalisation about response plans because the suitability of
a response plan depends on the specifics of the project, team, and stakeholders.
The best way to deal with these risks is to create a thorough risk management plan that
includes ongoing risk assessments, backup plans, and risk mitigation techniques.
9. Discuss whats needs to be done as a part of closing the project ? why are these
activities important
A series of procedures must be followed in order to complete and wrap up all project-
related tasks before calling a project "closed." These tasks are necessary to ensuring that
the project is completed satisfactorily, all project deliverables have been met, and that all
resources are released and made available for future initiatives.
The activities which are done during the closing of the project are :
Project evaluation or project review, evaluation , deliverable acceptance, budget closure,
project closure report etc.
These activities are crucial to the project's success because they ensure that all the project
objectives are met, the project deliverables are completed and meet the quality standards,
and all the stakeholders receive the final product.
10.What are some ways you can obtain feedback from a customer after a project has been
completed ? How would you use this information?
There is a simple answer to it which is we can conduct the surveys , personal interviews ,
with the help of focus groups , social media and online ratings , all these methods can be
used to get the reviews from the customers . The next step will be utilising the information ,
once we get it , it can be used to improve the product if it has received a complain , can
make necessary changes in the product , can use the same information to find out the
possible changes in the trends.
 References
Project Management Risks and Strategies to Mitigate Risk. (n.d.). Project Management Risks
and Strategies to Mitigate Risk.
https://www.knowledgehut.com/blog/project-management/what-are-project-management-
risks

Walker, B. (2021, November 17). What Is a Risk Assessment Matrix? | Project-Management.

Project-Management.com. https://project-management.com/risk-assessment-matrix/