MBA643: Project Risk, Finance and Monitoring Pre-project work Assignment Help
Question
MBA643: The Project Risk, Finance, and Monitoring assignment for Kaplan Business School requires the student to imagine themselves as a consultant for a project management company. As a consultant, the student is tasked with the implementation of the project “Mr Trash Wheel” for the Victorian Government. The student is supposed to analyze the project’s critical needs to assess the success of this project by assessing risk factors and mitigation techniques that need to be employed for the same.
Solution
The solution for this assignment comprises an extensive exploration of the project’s suitability through an analysis of the costs, risks, mitigation strategies, and opportunities presented by the project. Our experts have provided recommendations for the State government based on this analysis.
Introduction
The first section of the solution presents a brief introduction to the project and the aim of writing this report. Our experts have also discussed how project management helps in analyzing a project’s feasibility.
In order to manage the successful implementation of the government project, project management plays a significant role as it assists in managing the associated risks, finances, and resources. However, unmanaged risks and finances can easily avert the project from accomplishing its objectives or even cause its failure (Gajewska & Ropel, 2011).
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Pre-project Analysis
This section presents a thorough analysis of the various facets relating to the “Mr Trash Wheel” project. In this pre-project work, our experts have conducted a need assessment and a cost-benefit analysis, followed by an evaluation of the risks that accompany the project and various ways through which these risks can be mitigated.
Need Assessment
This sub-section highlights the various justifiable needs for the project to provide a holistic understanding of these requirements which would help in comparing the government’s capability to support these needs.
2.1.1 Project Goals
Mr Trash Wheel will be part of Melbourne’s Yarra River, which aims to avert unwanted and discarded waste from reaching Port Philip Bay.
2.1.2 Objectives
- The project’s main objective is to clean Melbourne’s Yarra River, pull out all types of wastage and trash from the river, and keep the area clean so that discarded waste might not reach Port Philip Bay, which is an attractive inland bay in Australia (Kormann, 2019).
2.1.3 Issues
- The key issue associated with this project is related to the cost of implementing technologies as the cost is more feasible for one country than the other country (Thomas, 2022). The technology will require an immense budget as with the updated technology, Mr Trash Wheel will also revise the overall costs of the implementation.
2.1.4 Opportunities
The key opportunities associated with the Mr Trash Wheel project are as follows-
- With undertaking this project, places nearby the river or lake are free from diseases that act as opportunities for the government to enhance the locality.
- With the successful implementation of Mr Trash Wheel project, fishermen also get the opportunity in the area to set up their businesses, which further leads to accomplishing their professional requirements.
2.1.5 Requirements
Project requirements are the main functions, and responsibilities that necessitate being completed to be deemed a successful project. The key requirements in the project are-
- Projected start date and end date
- Scope of the project
- Resources required (including human, technological and financial)
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2.1.6 Recommending Proposal
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Cost/benefit of this project
Following the need assessment, our experts have conducted a cost-benefit analysis for the project comprehensively to systematically assess the project’s feasibility. We have provided a snippet of the complete cost-benefit analysis done by our experts.
Through summarising the business case, it has been evaluated that government should estimate the overall costs and benefits associated with undertaking the proposed project.
Cost-effectiveness of the project
The Water Wheel collects and eliminates the trash and debris at a portion of the per-ton cost of other systems for the following reasons:
- Utilizes renewable energy. As a result, fuel costs are reduced.
- Effectively collects debris at a particular point and then transports it to the nearby waste-to-energy facility, which leads to the cost associated with labour and transportation (Carzola, 2018).
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Risk Identification and Mitigation Strategies
Here, our experts have assessed every significant risk related to the project by conducting professional scrutiny of the project. Furthermore, the mitigating strategies proposed by experts here are also highly relevant, as evidenced by a wide range of credible supporting sources.
Through undertaking the risk assessment by analyzing the internal and external factors of the project, it has been identified that certain foreseen and unforeseen risks affect the drafted project of the Victorian Government (Haimes, 2015). It mainly includes-
Stretched Resources
The most unexpected risk in the project is associated with the stretched resources when resources are constrained to complete the project (Ittner & Keusch, 2017).
Operational Mishaps
Another risk that has been identified in the project is associated with the operational mishaps that often arise with the unpredicted shift in the team roles.
Low Performance
Another risk in the project is associated with the low performance of the stakeholders and employees within the project, which often leads to delays in the implementation of Mr Trash Wheel.
Lack of clarity
Lack of clarity is often outlined as miscommunication among the project members regarding the indistinct project scopes or imprecise deadlines (Roberts, Wallace & McClure, 2013).
Scope Creep
Scope Creep risk is also termed scope risk that occurs in the initial phase.
High Costs
This type of risk often occurs when the project needs are not accomplished within the projected budget (Shepherd, Douglas & Shanley, 2020).
Time Crunch
It is a common risk that leads to delays in the scheduled timeline that directly affects the overall project’s completion.
Key equipment failure
Equipment failure refers to the event in which a gear or technical part cannot carry out its activities according to the planned task might lead to arise risk.
Mitigation strategies and contingency plan
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Recommendations to the State Government
Based on the critical analysis of the project conducted above, certain recommendations have been proposed that will prove to be beneficial in the implementation of this project by the state government. Our experts have provided a well-supported rationale for all the recommendations proposed below. You can read some parts of the recommendations here.
Based on the external research along with the need assessments and cost/benefit of the proposed project, it has been recommended to the State Government that the implementation of Mr Trash Wheel on the deck of Melbourne’s Yarra River is feasible.
Apart from this, a feasibility study will be conducted to address the economic, technical, legal, and scheduling stability to verify and decide the possibility of successful project completion. The feasibility study for the authorisation of the project is as follows-
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Conclusion
Lastly, a brief conclusion summarises all the significant findings that were revealed concerning the project’s analysis above. Our experts have justified whether this government project is feasible or not.
From the above report, it has been concluded that for a successful project or event management, the manager must properly assess the needs and associated risks and conduct a feasibility study.
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