The ‘lesson learnt’ section is highly informative and exceptionally convenient in improving the skills of an experienced project manager. In this section, one becomes aware that although proper planning is paramount for any project, it should not be assumed that the implementation phase would take place in accordance with the plan. Depending on the level of planning, scope of the project coupled with other factors, every project is prone to risks that could jeopardize the successful and timely completion of the project when inadequately addressed. The section emphasizes on the importance of performing an adequate project risk audit for any projects and the various mitigation measures against the identified risks. Therefore, it is imperative to perform a project risk audit following selected projects (Barkley, 2006).
The section is also exceptionally handy to HMO’s, the audit staff, project and functional managers. For the audit staff, a risk audit enables them to account and allocate sufficient funds effectively for the completion of a given project. In adverse cases, failing to undertake such an allocation will stall the project due to lack of funds in the event of the occurrence of a given risk. The project management office must always allocate the necessary resources to the required phases. This ensures that it is prepared adequately for any eventuality. To the functional managers, the risk audit enables them to execute the relevant risk mitigation measures effectively during the project implementation phase. In addition, each of the above departments can implement the relevant reactive measures effectively and timely when a certain risk occurs. This will guarantee timely completion of the project. The sustainability of the project will also be crucial when all the relate stakeholders work hand in hand. This will be crucial in identifying the possible setbacks and formulating the necessary mitigation measures at an early stage (Barkley, 2006).
A contingency plan is prepared as a backup plan or an alternative course of action in the event a given risk occurs. Using this definition, it is evident the critical role that risk identification in project contingency planning. It is only possible to prepare a given contingency plan or alternative course of action after the identification of a given risk. With the identification of the various risks, their impacts and likelihood of occurrence, the PMO can look into the affected areas, identify the required resources, calculate the time required and later prepare an effective contingency plan.
During the school holidays, I worked as an intern in a company. I contributed a lot in a team that was supposed to ensure that the company successfully adopted electronic commerce throughout its organizational structure and supply chain. The prepared contingency plan was in the format of a report and involved preparation of a risk log where the various risks were identified. The next process as a team involved evaluating the possible occurrence of the risks identified, grouping the risks into either primary or secondary risks and the forecasted impact on the project (Lock, 2007).
As a team, we developed the various response measures for each of the risks identified, come up with a budget for the project changes and the relevant resources required. Although we faced various challenges during the project execution phase, the contingency plan was exceptionally helpful in ensuring that the challenges and risks did not stall the project’s progress. Although they had an impact on the original duration of the project, the success of the project in meeting its goals and objectives was not compromised. With all the possibilities, the project team had an already laid out an alternative course of action, including the necessary funds and resources to ensure the successful completion of the project (Lock, 2007).
Barkley, B. (2006). Integrated project management. New York: McGraw-Hill.
Lock, D. (2007). Project management. Aldershot, England: Gower.
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