LESSON 5: RISK MANAGEMENT

➢ Risk management is the process of identifying, assessing, and

controlling threats to an organization.
➢ These threats, or risks, could stem from various sources
including financial uncertainties, legal liabilities, strategic
management errors, accidents, and natural disasters.

RISK MANAGEMENT OPERATIONS:

• Identification: Spotting the potential risks that could affect
organization. This could involve brainstorming, surveys, or
analysis of historical data.
• Assessment: Evaluating the identified risks in terms of their
potential impact and likelihood. This helps prioritize which risks
need the most attention.
• Mitigation: Developing strategies to manage and mitigate those
risks. This could include avoiding the risk, reducing its impact, or
transferring the risk (like through insurance).
• Monitoring: Continuously monitoring and reviewing the risk
environment to detect any changes or new risks that need
addressing.

RISK MANAGEMENT IN DIFFERENT INDUSTRY:

➢ Risk management is a versatile discipline applied across various
industries to safeguard assets, ensure compliance, and maintain
smooth operations.

UTILIZED IN DIFFERENT SECTOR:

1. Financial Services
2. Healthcare
3. Construction
4. Information Technology
 5. Retail
6. Manufacturing
7. Travel and Tourism

LESSON 6: PROJECT EXECUTION AND CONTROL

➢ Project execution refers to the phase in project management
where plans are put into action to achieve the goals and
objectives set during the earlier phases of the project.
➢ It's all about implementing the strategies, processes, and tasks
outlined in the project plan.

STAGES:
• Coordinating Resources: Ensuring that people, materials, and
finances are allocated efficiently.
• Monitoring Progress: Tracking activities to ensure the project
stays on schedule and within budget.
• Maintaining Communication: Keeping stakeholders informed and
engaged throughout the process
• Managing Challenges: Addressing unexpected issues or risks
that may arise.
FRAMEWORK:
CLARIFY THE PLAN
- Review the project plan and make sure everyone involved
understands their roles, responsibilities, and deadlines.
- Confirm that all resources (budget, materials, and staff) are
ready and allocated properly.
START STRONG
- Hold a kickoff meeting to set the tone and get everyone aligned.
- Establish clear communication channels so the team can
collaborate effectively.
EXECUTE TASKS
- Assign tasks as per the project schedule and ensure team
members are actively working toward deliverables.
- Track progress using project management tools or regular status
updates.
MONITOR AND ADJUST
- Keep a close eye on timelines, costs, and quality to ensure
everything stays on track.
- Quickly address any obstacles or risks that arise and adjust
plans if necessary.
STAY CONNECTED
- Provide regular updates to stakeholders to maintain
transparency and support.
- Encourage feedback from the team to improve processes and
resolve issues.
REVIEW AND REFLECT
- Conduct post-project evaluations to understand what worked
well and what could be improved.
- Celebrate successes and recognize contributions to keep morale
high.

PROJECT CONTROL:
➢ Project control is the process of monitoring, managing, and
influencing a project's performance to ensure it stays on track
and achieves its objectives.
➢ It involves overseeing various aspects, such as budget,
schedule, resources, risks, and quality, throughout the project
lifecycle.
KEY COMPONENTS OF PROJECT CONTROL:
• Planning and Scheduling: Establishing a detailed project plan,
timeline, and milestones.
• Performance Monitoring: Tracking progress against the plan to
identify deviations.
• Budget Management: Ensuring the project stays within financial
constraints.
• Risk Management: Identifying and addressing potential issues
that could impact success.
• Change Control: Managing changes to the project scope,
schedule, or budget effectively.
• Reporting and Communication: Keeping stakeholders informed
about the project's status.

LESSON 7: PROJECT QUALITY MANAGAMENT

➢ Project Quality Management is the process of ensuring that a
project meets the required standards of quality throughout its
lifecycle.
➢ It involves a series of activities and strategies aimed at
maintaining and improving the quality of both the project's
deliverables and the processes used to create them.

KEY COMPONENTS:
QUALITY PLANNING
- This involves identifying the quality standards relevant to the
project and deciding how to meet them.
- It sets the stage for ensuring quality from the beginning.
QUALITY ASSURANCE
- This focuses on ensuring that the processes used to manage
and execute the project will achieve the desired results.
- It involves process improvements and audits to keep everything
on track.
QUALITY CONTROL
- This step includes monitoring and measuring the project's
outputs to ensure they meet the established quality standards.
- It often involves inspections, testing, and corrective actions.

COMPONENTS AND PRACTICAL APPLICATION:

QUALITY PLANNING
• Set Standards

• Involve Stakeholders

• Tools to Use

Quality Assurance
• Process Optimization

• Regular Reviews

• Promote Training

Quality Control
• Testing and Inspection

• Track Quality Metrics

• Issue Resolution
LESSON 8: PROJECT PROCUREMENT MANAGEMENT
➢ Project procurement management involves the process of
acquiring goods and services from external sources to meet the
needs of a project.
➢ It includes identifying vendors, negotiating contracts, and
ensuring that the resources obtained align with the project's
objectives.
➢ This management process is crucial for industries like
construction, manufacturing, and technology, where external
materials or services are often required.
➢ It helps in controlling costs, reducing risks, and ensuring quality
by carefully planning and managing procurement activities.
➢ Procurement management is alternatively coined as the source-
to-settle process.
➢ It comprises certain tasks that are associated with the
procurement method, such as assessment, selection, and
development of official contracts. It also covers ensuring
continued supplier relationships for the business.
➢ Procurement management is a part of the procurement
management process, which interfaces with accounts payable to
complete the source-to-settle cycle by supplying additional
documentation to aid in the preparation of vendor invoices for
reimbursement.

KEY PROCESSES:
1. PLAN PROCUREMENT
- This step involves identifying what goods and services are
needed for the project and deciding whether to procure them
externally or use internal resources.
- It includes defining procurement requirements, creating a
procurement plan, and determining the budget and timeline.
 2. CONDUCT PROCUREMENT
- In this phase, the focus is on selecting vendors or suppliers.
- It involves sending out requests for proposals (RFPs), bids, or
quotations, evaluating responses, and awarding contracts to the
chosen vendors.
- Negotiation is also crucial here to ensure favorable terms.
3. CONTROL PROCUREMENT
- Once contracts are in place, this step ensures that the vendors
are delivering as agreed.
- This includes monitoring progress, managing changes, resolving
disputes, and ensuring quality and compliance with contractual
terms.
4. CLOSE PROCUREMENT
- The final phase involves formally closing contracts and ensuring
all deliverables have been met.
- This includes reviewing the procurement process, settling
payments, and completing any documentation required.

REAL-LIFE EXAMPLES AND CHALLENGES IN PROJECT

PROCUREMENT MANAGEMENT:
RETAIL SECTOR
- Amazon's acquisition of Whole Foods Market involved complex
procurement negotiations. Amazon leveraged its expertise in
supply chain management to streamline operations and improve
efficiency.
TECHNOLOGY SECTOR
- Apple and Samsung engaged in procurement negotiations for
critical components like semiconductors. These negotiations
showcased the importance of strategic supplier relationships and
competitive pricing.
HEALTHCARE
- Memorial Hospital of Sweetwater County faced procurement
challenges due to system failures. By upgrading their general
ledger system, they improved workflows and minimized
interruptions.

LESSON 9: PROJECT CLOSURE EVALUATION

➢ Project closure and evaluation are the final steps in the project
management lifecycle, ensuring that all objectives have been
met, and lessons are documented for future projects.
➢ Project closure involves formally completing all project activities,
delivering the final product or service, and obtaining approval
from stakeholders.

KEY TASK:
• Finalizing Deliverables – Ensuring all project goals and
objectives have been met.
• Releasing Resources – Closing contracts, releasing team
members, and shutting down facilities if necessary.
• Archiving Documents – Storing project records for future
reference.
• Celebrating Success – Recognizing achievements and
contributions of the team.
• Performance Review – Comparing actual results with initial
goals.
• Lessons Learned – Documenting successes and failures to
improve future projects.
• Stakeholder Feedback – Gathering insights from clients, team
members, and other stakeholders.
PROJECT EVALUATION:
➢ Evaluation assesses the project's success and identifies lessons
learned.

PROJECT CLOSURE CHECKLIST:

FINALIZING DELIVERABLES
- Confirm all project objectives have been met.
- Obtain approval from stakeholders.
- Ensure all deliverables are documented and shared.

ADMINISTRATIVE CLOSURE
- Close contracts and finalize payments.
- Release team members and project resources.
- Archive important documents for future reference.
FINANCIAL CLOSURE
- Conduct final budget review.
- Resolve outstanding invoices and financial obligations.
- Ensure all expenses are properly recorded.
STAKEHOLDER ENGAGEMENT
- Gather final feedback from stakeholders.
- Conduct a project review meeting.
- Recognize and celebrate team contributions.
LESSONS LEARNED AND EVALUATION
- Document key takeaways and lessons learned.
- Identify successes and areas for improvement.
- Share findings with future project teams.