BUSINESS ANALYTICS FOR PROJECT MANAGEMENT

BUSINESS ANALYTICS FOR PROJECT MANAGEMENT

Introduction

Risks are the factors of uncertainties in the projects that are changing. The developments of the projects are subjects to changes that are undertaken by the projects manager to avoid the risks. The following study determines the risks that are faced by the project managers based on the examples of the Tottenham Hotspur Stadium.

Evaluation of Risks and uncertainties of project management

The Tottenham Hotspur Stadium has been facing the issues regarding the project management because of the calamities that are caused by the risks in the market of the organisation. As opined by Wang, et al. (2020), the risks that are faced by the project managers can be distinguished into different categories such as:

• Scope Risks: The scope risks are the issues that hamper the objectives and aims of the projects. As opined by Dieperink, et al. (2016), because of the scope risks the project managers are unable to perform the project tasks in the desired period.

• Cost risks: The cost risks are the financial risks that are faced by the project managers in the management procedures. Financial issues are the key aspects of the slowing down of the project performance.

• Time risks: The time risks are referred to as the issues regarding the time management of the manager. The manager doesn't need to be on the fault in this aspect as the external factors are also important for the slowing down of the project tasks in the business organisations.

The aforementioned risks are the most commons aspects of the project management of business organisations. Other than the Scope cost and time, the project manager also faces the risks of implementation of technology, resource and communications in the project management.

Probability impact matrix for project management

Probability	Impact
		Trivial	Minor	Moderate	Major	Extreme
	Rare	Low	Low	Low	Medium	Medium
	Unlikely	Low	Low	Medium	Medium	Medium
	Moderate	Low	Medium	Medium	High	High
	Likely	Medium	Medium	High	High	High
	Very Likely	Medium	Medium	High	High	High

Table 1: Probability impact matrix

(Source: Influenced by Kassem, et al., 2019)

The table above is the depiction of the probability and impact matrix of risks in a project. As opined by Kassem, et al. (2019), the project manager is responsible for taking care of the project management strategies based on the problems that are being faced.

Strategies to overcome the risks and uncertainties

The management of risks is faced by the project manager with the determination of the strategies to reduce the chances of risks. As opined by Wang, et al. (2020), the risk management strategies are the aspects of the reduction of the negative influence on the process of carrying forward the project. Following are the strategies to overcome the risks of project management:

• Transfer: The transferring of the risks to the third party by the manager is referred to as the process of transfer. The third-party may be the insurance agencies or the other factors that are paid by the organisation for the management of the risks to carry forward the project.

• Avoid: Avoidance is the elimination of the risks by the manager. As opined by Hegger, et al. (2016), the manager removes the cause of the risk so that the risk can be avoided.

• Accept: The process of acceptance is undertaken by the manager when no other option is available to face the risks. The risk is kept in a record by the manager and the project team is left to face the risks themselves.

• Mitigation: Mitigation is the process of taking necessary measures to deal with the risks that are going to occur in future. The manager of the project is responsible for taking the necessary steps for the betterment of the project.

Limitations of the strategies of risk reduction

The risk management is the process that is undertaken by the project manager for a keen evaluation. As opined by Bottema (2019), the project manager has to take care of the strategies that can reduce the chances of risks in the management of the project. However, there are a few limitations of the risk management strategies embarked on by the project manager. Following are some of the limitations of the risk management strategies that are observed by the experts:

• The implementation of the strategies and the determination of the same is the responsibility of the project manager. Therefore it can be said that the execution of the strategies will lack in consistency based on the ability of the manager.

• An able project manager will be able to reduce the causes that are influencing the risks in the first place. The mitigation of the risks is the aspects of risk reduction for the project manager which is often undone by the leader.

• Time management is the most important leadership quality for a project. The instability in the management of the risks is often the result of taking too much time to determine the gravity of the risks (Kassem, et al., 2019).

Evidence of application in the Tottenham Hotspur Stadium

The Tottenham Hotspur stadium is the third-largest football stadium in England. The project has faced several risks in the process of carrying forward during the time of building up. The management of the project has been able to take care of the same in proper time and handled them with knowledge and mastery over the issue for the better portrayal of the strategies. As opined by Collignon, et al. (2016), the strategy of avoidance and mitigation is visibly the best way to reduce the risks for a project. The Tottenham Hotspur stadium can implement the mitigation strategies for the seamless performance of the project.

Conclusion

It can be concluded from the study above that the project manager is responsible for the management of the project risks in a business organisation. With the help of the examples of the Tottenham Hotspur Stadium, the study revolves around the evaluation of the risks that are faced by the business organisations in the relevant market.

References

Bottema, M.J., 2019. Institutionalizing area-level risk management: Limitations faced by the private sector in aquaculture improvement projects. Aquaculture, 512, p.734310.

Collignon, P.C., Conly, J.M., Andremont, A., McEwen, S.A., Aidara-Kane, A., World Health Organization Advisory Group, Bogotá Meeting on Integrated Surveillance of Antimicrobial Resistance (WHO-AGISAR), Agerso, Y., Andremont, A., Collignon, P., Conly, J. and Dang Ninh, T., 2016. World Health Organization ranking of antimicrobials according to their importance in human medicine: a critical step for developing risk management strategies to control antimicrobial resistance from food animal production. Clinical Infectious Diseases, 63(8), pp.1087-1093.

Dieperink, C., Hegger, D.T., Bakker, M.H.N., Kundzewicz, Z.W., Green, C. and Driessen, P.P.J., 2016. Recurrent governance challenges in the implementation and alignment of flood risk management strategies: a review. Water Resources Management, 30(13), pp.4467-4481.

Hegger, D.L., Driessen, P.P., Wiering, M., Van Rijswick, H.F., Kundzewicz, Z.W., Matczak, P., Crabbé, A., Raadgever, G.T., Bakker, M.H., Priest, S.J. and Larrue, C., 2016. Toward more flood resilience: Is a diversification of flood risk management strategies the way forward?. Ecology and Society, 21(4).

Kassem, M.A., Khoiry, M.A. and Hamzah, N., 2019. Using probability impact matrix (PIM) in analyzing risk factors affecting the success of oil and gas construction projects in Yemen. International Journal of Energy Sector Management.

Wang, L., Wu, W.M., Bolan, N.S., Tsang, D.C., Li, Y., Qin, M. and Hou, D., 2020. Environmental fate, toxicity and risk management strategies of nanoplastics in the environment: Current status and future perspectives. Journal of hazardous materials, 401, p.123415.