CONTEMPORARY ISSUES IN INTERNATIONAL MANAGEMENT
Introduction
Project management has become one of the integral practices within sectors as it helps to maximize the scope of project success. The present report focuses on critically evaluating the contribution of the risk as well as effective value management regarding the army and navy sustainable transport package. In this context here, different techniques of value management along with their origin and expectations have objectified in a brief manner. A risk register have incorporated in order to make the discussion more compact. A specific value management strategy with five examples also has discussed in this report to make it more authentic.
Quantify and propose strategies for managing generic and project-specific risk
The single-lane flyover, which had constructed at Chelmsford, is a part of the Army and Navy junction. As there is a lot, of traffic problem in that flyover, to make a solution in February 2022 the flyover have destroyed and in September 2022, the Essex County Council agreed to make a plan for a redesign of that flyover. In Chelmsford that is an important gateway, due to this reason it has transformed the way that the navy and armies can travel in an easier way (Aquino and Porter, 2022). Residents’ opinions were to make a hamburger roundabout to solve the issue on the flyover. A roundabout is a road connector or a junction that connects one busiest road with one or more than one minor road in a circular way, which means it, is a circle-shaped road. In this context, a 500-space expansion in Chelmer Valley Park has allotted for the new Army and Navy sustainable project (Proietti et al. 2022). It had an allover good journey prospects that save the time of the journey and for the pedestrians, and cyclists it is an improvement for their journey purposes. Many vehicles like buses and motorized vehicles can go easy on the road. However, there are some risks also for this project. Risks can be the various types; here the discussion will go through five risks for this project.
| Project risk | Brief description of the risk | Likelihood of the risk | Severity | Impact of the risk |
| Financial risk | After the disaster of COVID-19, each country suffered from a financial crisis. If the cost of the construction of a new transport project will become high, it may cause financial loss or crisis. | High | High | If the project will face the financial sufferings that mean the cost of the project, construction is high. The project manager can face a financial loss if the contractors do not maintain the contract. |
| Time management risk | The project can delay by the time. As if, there are very poor structure of project and miscommunication between the project owner and the contractors. | High | High | If there is any kind of misunderstandings, it may cause to the late construction of the project. Additionally, due to the reason of the political issues it can be delay and not done in the perfect timing. |
| Strategic risk | If the project plan has, a poor strategy and old design of construction can be a risk of the project. The materials, which have used for the construction if that are in very low quality then the risk factor, will increase. | Medium | Medium | Old strategic plan may cause for the diminishing of the project. If project-constructing materials are not in good quality then the project can take a lot of time to be complete. |
| Environmental risk | This risk can showed up with a bad weather, also the natural hazards, and the disasters like earthquakes, heavy rainfall and landslides. NO one can do anything with these natural calamities, as it is not in the hand of anyone. | Low | low | The construction process may delay due to the reason of uncertain natural issues. Workers may not interest on the work, as they are being interrupt. |
| Safety hazards risk | In the constructions site there can be dangerous materials, heavy waited machines, sharp objects, harmful chemicals that can raise the safety risk in the project. | Medium | medium | Many safety risks can affects on the life of the workers, Anytime any kind of disaster may happened in the site. The work has also hampered and may suffered shortage of the time. |
Table 1: Risk register matrix
(Source: Self created)
There are some strategies, which can take by the company to overcome the risks. To overcome the financial loss the company that have contracted for the project has to sign only the contracts, having a fixed price amount t of contract so the contractors cannot deny the project ethics. The company also needs to balance the construction cost to avoid a crisis about money. To reduce the delay of the project the manager of the project should choose the correct season so that there no climatic changes happened in the construction sites. The owner should be a realistic person who can make the appropriate decision about time management (Stephenson et al. 2018). There should be a clear understanding between the subcontractors and the owner so that the owners should not offend the subcontractors. The project manager has to be ready with a clean and proper strategic plan and a design model so that the project should not hampered by the poor strategic plan. New techniques and innovative ideas can solve this problem and makes the project superior. The environment is not in anyone’s hands however, the project planner and the manager should take some steps to face disasters and bad weather. If the project needs to run without any obstacles then the safety, hazards also has solved. They have to take care of the life of the workers. Have to take some innovative technology to reduce the hazards of safety. In this way, the project should run peacefully and can do in exact time.
Origins and expectations for value management
For construction projects, value management is a critical element that has applied for the project to attain the best value for the cost of the target. Value management is a managerial process that was team-based to advance the proper method to deliver the products with a look at the quality and the cost of the project. There are some aspects of value management for project work. Here are the five phrases of value management with examples:
Example 1:
The project manager can add value to the project in the initiation phase, which is the first step of value creation. They are using some strategies in this phase for example team building and relationships between the teams and the management. As if the projects has made by teams and made for the people, so much more time has to spend with the teams to build a trustworthy relationship between them. If the team will be prepared then the whole project idea, plan, and execution will be very easy and no time will wasted. This is a value-creating technique, which can improve the delivering project to the people. If they find values in the project, they became more loyal. During this phase, a team can determine the project’s success, and they can eloquent the key aspects of the project that make them take a proper decision.
Example 2:
Project planning is also an important step to add value to the project. For example, if the team is more committed towards the work then there is a high rate of the possibility of the success of the project. Team management is also important due to the reason of high chance of conflicts and awkwardness and diplomacy (Kozien, 2021). A good project plan may lead to the success of that project with the help of a great teamwork and management procedure. When the planning will, perfect then it benefit to the project and make it valuable. The contractors also are pleased with the value and the people for whom the project is going on have been satisfied, as a fixed time the project has finished.
Example 3:
It is the stage when the project will execute on that site. At this time the project has to depend on the requirement that is specific, there are some general examples that should be a part of the projects and which can add value. It is the time to control the process of the execution of the project. Profits have started to come in this stage. However, there are some difficulties also in the project in this phase, some risks, and conflicts between teams may happen. If in the project the change is not properly managed then the collaborators getting nervous. Here the benefits are equivalent to the value, which has added to the project (Konstantakos et al. 2019). As if the execution goes well then there are some chances for coming another projects. It is helpful for the contractors associated with the project manager and as well as the company. Through the creation of value, they can win the trust and confidence of all.
Example 4:
Value management basically helps to identify the basic needs and tools of a particular project, for example, if the project controlling and monitoring part of a project is taken, the impact of value management is huge (Acar et al. 2020). It helps to improve the techniques of monitoring and controlling, the significance of this stage of a project is crucial. The proper monitoring of a project has the ability to identify where the change actually happens, not only that but where the support program did activities this information is gathered by it (Tsakalidis et al. 2020). It can catch the problems of the project; fill the needed resources, and many more.
Example 5:
In the project closing stage, the project is confirmed that it is completed, and the needs of the stakeholders of the project are fulfilled (Ližbetin et al. 2019). This part of the project has also important; it helps to avoid the repeated mistakes of the team, also helpful for the next projects for the organization. The closing of the projects gives a new opportunity for the stakeholders and organization.
Evaluate the different techniques in value management
The basic aims of value management are to analyze the system function, services, supplies, facilities, equipment, essential equipment, and many more (Tsakalidis et al. 2020). There are many different techniques in value management that should be followed by the organization to create a proper sustainable transport system for the army and navy. Those important techniques are value analysis, function analysis, function cost analysis, function cost, objective design, and cost design. Those steps are proper techniques for value management, and each of those steps is hugely important in value management (Waqas et al. 2018). According to the study, it has a huge impact on the projects, and the development of the organization increases the level of productivity, increases the number of stakeholders, and many more including the impact of proper value management.
Figure 1: Different teachings of value management
(Source:Self-created)
The first part of value management is called value analysis, which is also called value engineering, it is basically a kind of approach which is systematic and helps to improve the value of a particular project, product, and process (Joseph et al. 2019). The basic aim of the value analysis is to create different alternative ways for achieving the objectives of a particular project, which is why in this case it can be a key to the sustainable transport system for the army and navy (Mehdizadeh et al. 2020). A proper value analysis requires many steps; those are preparation or orientation, information, creativity or innovation, analysis, evaluation, and monitoring (Tsakalidis et al. 2020). So, each of those six factors is crucial for the preparation of proper value analysis or value engineering for this particular project. Cost value, use value, exchange value, esteem value, and many more are some basic types of value analysis. The preparation of the value analysis requires some basic tools, which are matrix, Pareto, Gantt diagrams, PERT, and many more (Haidl et al. 2019). The organization should be aware of those things, due to the importance of this stage; it is so impactful for reducing the total cost of the project, improving the service of the organization, making a good understanding of the whole project, and many more.
The next technique of value management is function analysis; it is impactful for making a basic understanding of the needs of a particular project. According to the experts function analysis is one of the basic requirements of value management, it not only makes an understanding of the needs but the proper identification of those needs is also done by function analysis. Just like value analysis this part of the management also follows some basic steps (Joseph et al. 2019). According to the experts, those parts are indirect function, direct function, and analysis, each of those steps should be followed by the organization for making sustainable transport systems for the navy and army. In this case, functional analysis can help this project in many ways, among those some are it can help this project by identifying the problems of the project, why those problems are arriving, and many more.
FCA (Function cost analysis) is also known as FVA (Function value analysis), it is basically a kind of method which is used for the economic and technical research of a particular project (Tsakalidis et al. 2020). The main goal of this analysis is to examine the cost of the project; cost allocation, cost benefits analysis, and cost-effective analysis are three basic types of function cost analysis (Joseph et al. 2019). It can help the particular project in many kinds of ways, and it can help the project to maintain the price, reduce the price, and many more.
The analysis of the objective value is related to sustainable value-making, the process of the project, improving the sustainability of a particular project, and many more. It also helps to create a balance between the needed resources of the project and stakeholders. In this case, it can help the project by identifying the key factors which are required for the success of the project (Tsakalidis et al. 2020). Cost design is one of the most important factors for this project, before starting this project, the total project cost and time management are crucial. This project is about sustainable transports for the navy and army itself an important project, which is why the proper main training of those stapes is also important for the success of this project.
Before starting any kind of project, the evaluation of the project is important, here the project is done on the sustainable transport of the army and navy (Tsakalidis et al. 2020). Value management gives a particular project many kinds of advantages and benefits, among them some of those benefits are it helps to provide a clear understanding of the particular project, and what actually the project is important, helps to discuss the actual value of the project to the stakeholders of the project, and how this project going to be benefited the organization, and many more (Tsakalidis et al. 2020). Not only that but it can also design the management, improve the communication system, increase the rate of collaborative working, and many more (Joseph et al. 2019). Those are some basic importance of good value management that is why it is a kind of basic need of a project, good value management of a projected increase the success rate of the particular project. That is why much successful organization gives lots of money to developing proper value management.
Recommendation
At the current time, the rate of population is increasing day by day, that is why dem, and of the sustainable development is, increasing day by day with the time, there are some facts that should be maintained by the organizations for it (Joseph et al. 2019). Among those are clean fuels, good infrastructure for green transport, strategies of pricing, and many more important factors that should be maintained by the organization for developing sustainable transport systems. The organization should be aware of clean fuels, these kinds of fuels don’t harm our ecosystem and environment as much as normal fossil fuels, which is why the government also trying to increase their use of them. The organization should also try to increase its use of it, another important factor is the infrastructure of green transport which should be taken seriously by the organization (Tsakalidis et al. 2020). At the present time, the demands for sustainable development are very high, the whole world is facing problems with pollution, and global warming, the sustainable development is one of the effective solutions to this problem. There are some ways for creating a good infrastructure of green transport, the organization should try to decrease the vehicle’s weight, increase the use of hybrid vehicles, increase the use of electricity for fuel, and many more (Tsakalidis et al. 2020). Those are some factors that are important for developing a sustainable transport system; the organization should follow those basic factors. In order to maximize the project success the project manager also needs to lay more emphasize on up skilling process.
Conclusion
It is clear that sustainable transports are the future of transport systems, Here the whole project is about the navy and army’s sustainable transport system. This project has basically many parts, and each of those parts explains value management, techniques of value management, a factor of it, and many more properly. There are many kinds of studies done for developing this important project of the sustainable transport system, and this part of the study basically helps to clarify the significance of the study. The study of value management, its important factors of it, its basic goal of it, and many more are also discussed here in this project. Not only that the possible risks of this project are also mentioned in the study. Different techniques of risk management and values of risk management are also discussed here. It is concluded that this project is going to be a totally green project, which is why our ecosystem will not harmful at all.
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