Constraints, And Risks And Consequences Of Project Management

2128 Words 9 Pages
A project is a sequence of unique, complex and connected activities having one goal or purpose and that must be completed by a specific time, within budget, and according to specification (Robert K. Wysocki, 2007)

When project management is mentioned the follow parameters are continuously stated: scope, quality, cost, time and resources.
Robert K, Wysocki mentions that “Projects are dynamic systems that must be kept in equilibrium” and refers us to The Scope Triangle. At the beginning of each project, during the planning stage it will be discussed the time frame in which the project should be completed by (speed), the budget (cost) and the resource availability, what the project aims to deliver (quality). It is then the Project Manager’s
…show more content…
The National Audit Office also mentions the severe financial difficulties the Millennium Experience Company experience mostly in result of the failure to achieve the organisations forecasted visitor number which proved to be unachievable therefore, consequently resulted in less profit than estimated which affected the stakeholders and their payments.
NAO also discuss the problems with the quality of project delivery and the negative.
After being bombarded with negative media due to several project management errors, Jennifer Page had been announced sacked as the chief executive just after one month of the opening and then replaced.
The financial predictions were highly criticized for being unrealistic, the company forecasted 13 million visitors within the first year of the Dome’s opening however the Dome only managed to attract 6.5 million visitors in its first
…show more content…
Contingency planning
 If plan A does not work or there may be any changes so plan B should always be there to help the project to run smoothly.
 Projects which depend largely on trading income, and when there is risk attached to that income, it is important to be flexible at time of responding if the trading positions become worse.
 Managers find it difficult to respond at times when there are situations which were not easily predictable unless and until they have already developed a crises plan or contingency plan at the time of project planning phase.
Financial management
 All expenditure commitments such as expenditures that a company has committed to spend over a period of time in a project should be recorded on central tracking system so that all the invoices received against that commitment should be recorded properly. This will help you to identify all the expenditures and total liability at any time when needed to check the financial position of the

Related Documents