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LESSON%205

The document covers essential lessons in project management, including risk management, project execution, quality management, procurement management, and project closure evaluation. It outlines processes such as identifying and mitigating risks, executing project plans, ensuring quality standards, managing procurement activities, and evaluating project success. Each lesson emphasizes the importance of planning, monitoring, and stakeholder engagement throughout the project lifecycle.

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Mutya Manglugay
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0% found this document useful (0 votes)
2 views

LESSON%205

The document covers essential lessons in project management, including risk management, project execution, quality management, procurement management, and project closure evaluation. It outlines processes such as identifying and mitigating risks, executing project plans, ensuring quality standards, managing procurement activities, and evaluating project success. Each lesson emphasizes the importance of planning, monitoring, and stakeholder engagement throughout the project lifecycle.

Uploaded by

Mutya Manglugay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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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.

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