PPM analysis to overcome the high risks
Nowadays, there are different types of projects that are made for the different purposes but at the same time, to determine the success of the project is one of the major aims of the project manager and the firms as well. There are different tools and the techniques that are used by the project manager to determine the success of the project and to overcome the risk in the project as well. In this, it can be determined that for the successful accomplishment of the project, firm focus on the smart objectives, risks management tools, etc. but at the same time, in spite of using different tools, most of the project get over budget and not accomplish the project on time (Morehead, 2015). The reason in this is the not proper project measurement and the identification. Because of this concern, Victorian Government develops a framework namely High value High risk (HVHR) Project assurance framework.
This project defines some parameters of the project and also clarify the success of the firm and it is also determined that whether the project within the budget or not. At the same time, there are also some different tools such as DTF’s risk assessment tool, Project Profile Model (PPM), etc. that are used to determine the success criteria of the HVHR framework. If the project of the firm is able to clarify the DTF’s risk assessment tool and the PM model that means the project of the firm is able to achieve and it will be completed on time. In like manner, it can also be stated that here are different issues and the risk that are also faced by the firm sin the projects. The all issues and the risks affect the successful accomplishment of the project also affect the management of the firms that also sometime makes the cause of financial loss for the firm.
There are various uses of this research but at the same time, the one of the major advantage of this project is for the firms that are making or developing the project especially in the Victoria. The reason in this is that this project will clarify for them about the use of High value High risk (HVHR) Project assurance framework in the successful accomplishment of the project (Green, and Forster, 2017). At the same time, this research will also help the project manager about the DTF’s risk assessment tool and Project Profile Model (PPM) that are used by the project manager to complete the all criteria of High value High risk (HVHR) Project assurance framework. In like manner, it is also cleared for the firm and the project manage that without getting the clearance from the High value High risk (HVHR) Project assurance framework, it is not possible for the firms or the project manager to complete the project (Kerzner, and Kerzner, 2017). In addition, this project will also define the all risks and the issues that are occurred and faced by the project manager at the time of using the High value High risk (HVHR) Project assurance framework for the successful accomplishment of the project.
Research aim and the objectives
The main of this research is “to identify the High value High risk (HVHR) Project assurance framework by Victorian Government”
In order to successful accomplishment of this project, below are the objectives that will be accomplished by the researcher during the entire research.
- To determine the concept of High value High risk (HVHR) Project assurance framework by Victorian Government
- To determine the role of Project Profile Model (PPM) and Department of Treasury and Finance (DTF)
- To identify the issues and the challenges that are faced by the project manager and the firms during the use of HVHR model
- To suggests the ways that can be used to overcome the impact of different issues and the challenges
What is the High value High risk (HVHR) Project assurance framework?
- What are the Project Profile Model (PPM) and Department of Treasury and Finance (DTF)?
- What is the importance of the HVHR model?
- What are the issues that are faced by the firms or the project manager in the successful project accomplishment?
- What are the ways that can be used to overcome the impact of different issues and the risks that are raised in the use of High value High risk (HVHR) Project assurance framework?
This research is quite effective but at the same time, there are different things that are not covered in this work and in this, not define the all rules and the regulations regarding the use of High value High risk (HVHR) Project assurance framework is the major lacking in this research (Green, and Forster, 2017). It is also mot cleared that how a project manager can modify and rearrange the project if the project is not going to complete the need of the High value High risk (HVHR) Project assurance framework.
In the research findings of Martinis, and Moyan (2017), it is determined that there are different factors and the tools that are used by the firms in a project and the all play a major role in the success of the firm and in this, project scheduling, tracking, task allocating, etc. are the major ways. But, the use of various ways and the factors doesn’t define the success of the firm. It is because these tools only help the project manager to get the success. In the same concern of this, from the research findings of Gemünden (2015), it is illustrated that in Victoria, there is a framework namely High value High risk (HVHR) Project assurance framework that is used by the all project manager in Victoria. IT is because there are different criteria that have to complete by the project manager to complete the project or it can be stated that to get the approval of the project, it is needed for the firm or the project manager to complete the all requitement things given in the High value High risk (HVHR) Project assurance framework.
In regard to this, from the research of Martinis, and Moyan (2017), it is illustrated that DTF’s risk assessment tool, Project Profile Model (PPM) are other major tools that are to be completed by the firm or the project manager for completing the Project assurance framework. The reason in this is that in the use of DTF’s risk assessment tool, there are some stages that are to be checked and if the project of the firm follows the all stages of the DTF’s risk assessment tool then it can be determined that project follows the HVHR Project assurance framework and it provides the assurance of the project successfulness.
Role of Project Profile Model (PPM) and Department of Treasury and Finance (DTF)
The concept of project portfolio management is exclusively used to select and manage the challenging organisational project taken up by the companies and the treasuries. PPM can be efficiently fitted into the framework developed by the department of treasury and finance. Importance decisions on improving the business decision-making process, implementing the better strategies to increase the performances and to handle the challenges with different projects are planned and executed properly by the company. PPM is the modern portfolio concept that resolves the issues faced in selecting the project, required for the company. Projects involving higher financial risks need an in-depth analysis about different work and execution factors. With an efficient process, it is possible for the management to design and introduce an accurate measure that is used to select and introduce a new process that is used for maintaining the quality of the works.
High risk analysis framework is being developed to identify the areas of concerns and build and introduce efficient support system that is being used for increasing the business performances. The challenges are examined to rightly collaborate the plans and to improve the quality of the end results. This process can be improved through the PPL process, where the relevance of the selected framework can be selected and controlled by the management. Department of research and finance, undertake works that has different percentage of risks involved. The management uses the PPM process to identity the risks with the business execution, including planning the section of the better options and implementing the right strategies. While selecting the relevant project, the issues with the financial implications and the success of the projects are identified and accurate processes are introduced to overcome the challenges.
Challenges of the project manager in accomplishing the project goals
The managers face different types of business execution problem that affects the accomplishment of the project goals. These challenges include planning, introducing the best communication process, timely accomplishment of the works, and others. Project manager collect the relevant project related information in order to accomplish the works and the tasks involved in the execution of the project. Project communication quality is improved, by ensuring that the tasks are accomplished on time and the related challenges are overpowered through the information collection, storage, and usage process. The manager has to use an effective system to collect the relevant information about the project, as it improves the quality of the works, and allows the managers to implement the relevant changes, essential to increase eh performance of the projects. Apart from the communication process, the issues related with the cross-cultural behaviour and work execution are also analysed. It is one of the critical aspects that influence the business performances, including handling the critical works related to the business execution.
Framework is being developed and introduced by the management to choose the right option and implement the changes essential to increase the business performances. This builds trusts and increases the ability of the staff and the managers to performed better. In case of the department of finance and treasury, the managers collect the confidential information, which is being used to make the relevant changes in the planning process.
The relevance of the information collected by the managers is examined for its reliability and effectiveness in usage process. This increases the collaboration, between the management and the staffs, involved in improving the business performances and the value of the information collection. The objective is to identify the areas of high risks, which needs to be worked and sorted by the management. Factors involving high risks are highlighted and right solution to deal with various challenges that affects the execution and implementation of the project works.
Different methods used to control the HVHR factors in the project assurance framework
High risks with different projects impact the implementation and the work execution process. The challenges involved with the business risks can be controlled by including into the long and the short term planning process. This assists in examine the relevance of the project, and the steps to be followed to control the occurrence of different issues that impacts the execution of the project. The challenges are controlled by collecting the relevant information that is being to select an accurate measure to deal with various challenges. Details about the project are evaluated, at different phases, as it assists in using the useful resources to deal with various challenges. By constantly analysing these aspects it is possible for the management and the project managers to examine the issue sand acquire the better results.
Different processes that is being used to overcome the challenges are –
- Identify the areas of risks, and implement an accurate measure to understand the impact of such risks
- Analyse the costs and the time required to introduce new measures to deal with the challenges involved in the execution of the task
- Determine the process that will be used to deal with the operational challenges including selecting the better option.
The data collection process will be done either through the qualitative and quantitative method. In the qualitative research method, the research information will collect the facts as to why individuals behave and feel the way they do. Researcher will use a psychological analysis method to find how people react to the policies and the framework developed by the treasury. Essential information that will be used for the research will be collected from different journals, official websites, and books. These references will be used to examine how the PPM process is used to improve the policy formation and the framework drafting to identify the high risks areas. In the qualitative data, the facts will be used in the analysis, and wouldn’t be commented for the positive or negative factors. The objective will be to use the data in order to improve the decision-making process. Qualitative data analysis method will include the positivism factor, critical theory analysis and constructivism. This process will be used to examine the facts that will be proposed to be included in the analysis part (Saunders et al., 2012).
The other recommended method will be the qualitative data analysis process. In the quantitative data analysis process, the members would indulge in the calculation of variables or include the frequencies that would be included in the analysis part. This method will include a fact finding process, which will either support a hypothesis or reject it. The objective will be to collect the important facts and to include it in the analysis of the relevance of the PPM process in the fact findings and evaluation of the framework setting for the treasury department.
This research method will use the quantitative data analysis method, to collect and examine the important facts. It will be the most reliable process, where the essential facts would be used to conduct the analysis and resolve different challenges involved with the analysis part.
Sampling method can be classified into the probability method and non-probability method. In the probability process, the sample selected will have a known probability and it would be used for the conduct of the research work. Non-probability sampling method will not have any known probability for the selected facts. In this research work, a simple random sampling process will be used. The intended population will be randomly elected and used to find the information about the research work. This will be the most convenient and effective methods that will be used for the conduct of the research work in the random sampling method, the members will be selected on a random basis, and will be used to conduct the research work. The acquired result will be useful in summarising, collecting, and analysing the facts that can be related with the research work.
The perfected sample size for this research will be 55 participants. These participants will be selected from different government organisations, and these people have a previous experience of handling the framework related challenges with the treasure department. The objective to select this group is to conduct the research work and to understand how the risks involved with the framework analysis can be overpowered (Robson, 2011).
In the data analysis process, the research work will arrange the information in a statistical manner, to conduct the research work. The analysis process will use the analytical procedure to examine the importance of the data that will be used for the research conduct. The objective will be to include the essential information that will be used to carry out the research work and to find the better solution to overcome the challenges involved with the research process. The objective to plan for the data analysis will be ensuring that maximum facts and information are collected and included in the research analysis process.
The information collected for the research will be used in a legal manner, and it will not be shared with any third party. Research ethical values will be defined so as to include the right information and use the details in an effective manner. The details about the participants will not be shared with any third party, due to the legal implication. Research will also need to follow an accurate measure that will improve the quality of the fact collection and its analysis.
The research will be conducted on 55 members, and the reliability of the fact collected by the researcher cannot be determined. Funds available for the conduct of the research will be limited, and it can affect the fact collection process. The other limitation will be with the time and the process that will be followed for the fact collection and its analysis that will be used for the research work.
The analysis of the risks with the framework is quite challenging and can be overpowered through a fact analysis process. Through the PPM process, the management could identify the risks involved with the analysis of the information that will be used for the research work. The fact collection and its analysis are done, through the analysis process. It assists in determining the facts that will be used to evaluate the relevant information that is being included in the analysis process. PPM is an effective method that allows the management to deal with the challenges involved in the fact collection and its evaluation.
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