PRJ5004 Procurement, Quality and Risk Management Report Sample

PRJ5004 Procurement, Quality and Risk Management

Project Management – report

Assessment 2: Critical Review

This assessment requires students to work individually to critically review quality and risk concept to discuss its application in a project environment and its impact on project life cycle. Student is also required to discuss about two contemporary (what is in practice) models of quality management and two contemporary models of risk management used in business organization/industry of their choice.

Assessment 2 Detail

This assessment requires students to work individually to critically review quality and risk concept to discuss its application in a project environment and its impact on project life cycle. Student is also required to discuss about two contemporary (what is in practice) models of quality management and two contemporary models of risk management used in business organization/industry of their choice. The industry of choice should fall within the domain of project management.

Solutions

Introduction

The present report examines the two models of quality management models and risk management models for CPB construction. CPB contractor is the Australian construction industry and provides services to several projects. The sector aims to provide sustainable shareholder returns by regulating projects for consumers, rewarding, providing safety, and achieving people carriers. As per the MBA Assignment experts Overview, Risk management is analysing, responding, and identifying multiple risks that emerge along with the project life cycle that guides the industry to achieve its common goal and objectives (Ahmad, Thaheem & Maqsoom 2018). A quality management project signifies the process through which a substantial project is maintained and managed throughout the project life cycle. The quality management model is implemented to develop quality and services implemented by the construction industry. The planning of quality management includes identifying unique project standards and requirements to create a particular product and project. Before beginning the project, the quality and standards of the project life cycle should be discussed with stakeholders present in the industry.

1. Critical evaluation of Quality management Concept

Quality management is the process of identifying different activities and tasks within the industrial project to ensure that the services are consistent. Quality management guides to maintain and achievement of sustainable quality management within the industrial project. Quality management includes quality improvement, control, planning, and assurance. Quality planning signifies the critical process to recognise the standards that are relevant for project management (Corporate Finance Institute 2022). Quality control determines the effort to analyse the process's reliability and integrity in attaining a positive outcome. Project deliverables mainly illustrates the neediness of the criteria acceptance, conformance, and they are mainly regulated by a degree which is denoted as quality (Project Management Institute 2021).Quality assurance is the planned and systematic activities that are important to generate sufficient sustainability so that the services can meet essential requirements. In the opinion of Zaidin et al. (2018), the growth of industrial productivity has been fundamentally enhanced by the significant technological and project management technologies. As a result, the chronological organisational revolution can observe industrial growth during the conventional period.

The manufacturing of organisational services is essential in the recent industrial platform to regulate financial sustainability and competitiveness. The determination of quality concentrates on the regulation of project management to conduct important satisfaction based on quality management. In the view of Ammar et al. (2021), quality management is an essential process in manufacturing and project management process. The reputation of CPB contractors depends on the quality management process, and if the management does not operate properly, then it can impact the whole project life cycle negatively. According to Willar et al. (2018), developing significant-quality based on infrastructure elements becomes complex and challenging considering the fundamental capacities to regulate the construction services. The construction industry has dominated the quality management process by regulating one per cent of the overall constructional business. Fundamental facts that primary enhanced the construction industry have gained advantages regarding modern technology, labour, and equipment. This situation occurs the quality of construction industries to be less competitive, while the development of the construction organisation highlights domestic construction. The implementation of the construction project management is a general series of particular and dynamic elements at different stages of the project life cycle.

The project life cycle depends upon the characteristics and elements created by quality management aspects. The life cycle includes various elements such as the process planning process, group of process, the process of execution, controlling and monitoring fundamental group process. The aspects of the project life cycle are fundamentally analysed by recognising each different element. The process of initiation includes the formulation of the project, and a study of feasibility is included to provide completion of proper planning implementation. In the view of Đorđević (2018), quality management impact fundamentally the project life cycle that starts from the beginning to the last stage of project management. The life cycle of project management signifies that the phase of the project begins from starting to the final stage of the project. By implementing the principles of the life cycle project, it becomes easier for the quality management to regulate feasible analysis during the starting phase of the project. Between each sub-category and category of the quality project management is to find out the most used decision-making process and life cycle phase. Moving from one level to another level of the project life cycle usually includes the transformation of knowledge and technical confirmation of the beginning phase to the end phase. During the beginning process, it is essential to process to start with certain decisions and a clear understanding of project management decisions.

2. Critical evaluation of Risk management Concept

Risk Management signifies assessing, controlling, and assessing challenges to the organisational earnings and capital (Tucci 2022). The risks emerging from multiple sources consist of legal liabilities, errors in strategic management, technological challenges, climate change, and uncertainties in the financial process. In the view of Virglerova (2018), risk management guides the industry in understanding the possible threats that would be faced by the organisation in the long run. Risk analysis can be defined as the process for estimating the level of risk privileged in a project work (Kerzner & Kerzner 2017). When the risk isanalysedby the industry, it tries to mitigate the challenge by exercising proper risk management strategies. CPB Contractors is initiating fundamental business by operating appropriate management of risk strategy. The construction industry has faced multiple risks and challenges that occurred hindrance in operational management. The risks of the industrial business are an essential part of the industrial environment that is confronted by organisational activities. The business environment includes sustainable, high-quality growth and the development of competitive management. The environment of business is also enhanced by the motives of fundamental entrepreneurs and their general characteristics. The conditions and situations are unpredictable, and it changes along with the decision-making process. Risk Management is an essential concept, and it should be handled effectively. Risk management has multiple uncertainties that are complex during the life cycle of the project to analyse the implementation of risk management in the construction industry (Kumar & Harrison 2022). The operation should be incorporated with initial level risk and recognised risk to mitigate the risk in the designated construction industry. The risk is present in all sectors of the construction industry. It is the significant stage where multiple possibilities of injuries and loss can be operated because of lacking knowledge and information that can be adequately handled by implementing risk management planning. The analysis of risk is the second critical stage of risk management planning, where the data are collected during the life cycle of project management. Two important categories are used during the analysis stage, including quantitative and qualitative methods. The elements that are impacting the challenges are experienced employees and skilled availability with resources and the team of management. There are other risks faced by the organisation during the product life cycle, including technological risks and environmental risks. To analyse the risk at CPB contractors, every employee should be connected with the project to determine the common aim and purpose of project management.

The project life cycle is the design and planning phase that is more fundamentally enlarged than the other phase. The development of the project management process includes completion, convenience, and delivery of the project.CPB contractors has operated multiple businesses in several countries. The significant development of the economic platform has developed the demand for infrastructure and construction facilities worldwide. The CPB contractors also gain substantial conditions for living to regulate sustainability and increase the potential for encouraging project management.While constructing the project, management faces multiple challenges from internal and external aspects. The risks are regulated by the company by operating proper risk management strategies to implement substantial development of the organisation in encouraging the development of the construction industry. The stages of the life cycle of the project include initiation, executing, planning, controlling, and closing. During the initiation stage, the industry plans to organise a project relating to construction. After initiation, the industry will plan to undertake the significant project by gathering all the stakeholders together to implement the fundamental understanding of the project. During execution, the project will execute the construction by following the guidelines of project management. Monitoring the construction will focus on the risks that should be mitigated to carry out the project management success. Closing is the last period that includes handling information and releasing equipment for the project closure.

3. Two Best PracticeQuality Models in Industry

3.1. Demining Quality Cycle

Demining the quality cycle is the fundamental model of the quality management model that consists of four essential stages study, do, plan, and act (Henshall 2022). At the planning stage, the project management concludes the entire process through which the whole project will be executed. Th common goal of the demining quality cycle is to plan the activities executed. The activities include theoretical and practical understandings of the full project management. At the same time, project management is not dealing with the significant discovery of business processes. The fundamental intention of developing something with the goal of business is operational and concerned about the project management process. The planning will guide the construction industry to achieve the endpoint of their project management. The planning is the initial process that is gaining essential aspects which are executed to implement a proper managerial decision-making process. Managerial decisions are required while implementing proper project management while encouraging the planning of the complete project management. Involving employees in making appropriate decisions establishes the quality of multiple alternatives to solving problems. The democratic decisions implemented by the organisation are not capable of implementing time pressure and domination. The speed and quality of decision making is the crucial determinant of significant success and failure. The identification and regulating alternatives are regulated to implement a fundamental alternative to create quality management. The second process of demining quality involves the do process. The process begins with minimum testing ranges, documenting each step and implementing fundamental changes to create an experiment to analyse various variables. The third stage is the study that includes implementation and planning by the managers to implement simple understandings at these stages. The act is the last stage that consists of the implementation of a proper project management process while implementing necessary action in the construction department. In this stage, managerial decision-making plays a vital role in synthesising the operation adopted in the organisation to adopt further project development.

3.2. Juran's trilogy

The Juran trilogy is another essential model of a quality management model that is operated to minimise the price of lower quality by implementing the process of project management (Dou2020). The Juran trilogy includes three phases of quality project management, including quality control, quality planning, and quality improvement. During the planning stage, it is vital to regulate consumers and their preferences regarding the services provided by the organisation. Quality planning includes initiating proper decisions taken by a manager to regulate appropriate quality management for the organisation. The managerial decisions change the working of the conventional quality management to modern management, where the process is implemented sequentially. The organisation has changed to create fundamental understandings of quality management to create substantial developments in planning. Quality control is the second stage of the Juran trilogy, where the decision-making implemented by the manager is essential to identify the actual performance of the project management. Providing feedback guides to the project management to create management in regulating processes critical to create a fundamental understanding of quality management. Quality improvement is the third stage of the Juran trilogy that measures the gap between organisational performance. While regulating the project management, identifying the gap is vital to deliver proper quality management. If the gap is left untreated, then the whole management will get collapse.

4. Two Best Practice Risk Models in industry

4.1. Six steps risk management model

Six step management model is to organise, document, and develop comprehensive risk management planning. It is the roadmap that guides the team of the project on the pathways of implementation of the planning for risk management. A risk management plan determines the process to be implemented to create a unique risk management plan. The model emerges as the successful output of the risk management planning process. It is the process to protect the work management from the risks that can provide harm to the organisation. The management guides the challenges required to attain organisational common aims and objectives.

The project includes a project survey, stakeholders’ management, and consumers for achieving potential concerns. The project risks consisting contract relationships, business, funding, cost, schedule risks, management, and risks of production activities. The first step includes the management of risk management, and the second step consists of the identification of risks in a project. The third step is the analysis of performance, including occurrence likelihood and controllability. The fourth step includes the response to plan risk. The response to plan risk consists of developing a possible strategy and plan to control risk management. The fifth step provides for responses to implementation risk that provides for monitoring enhanced activities, implementing contingency plans, and identification of new risks. Risk monitoring is the last stage of risk management, including developing plans to minimise damage and establishing contingency plans.One of the best practices that can be adopted by the construction industry, is the monitoring of the identified risks continuously with the help of above-mentioned model. It can be argued that, construction industry needs to develop a plan where the risks, their level of threats, their likelihood and the mitigation processes are enlisted. Another best practice can be adopted by the construction industry, is the development of clear risk management policies. In these policies, the continuity plan of the business, and incident response plan, should be incorporated for anticipating any unfortunate, and overseen risks. Also, the policies should be devised by involving every stakeholder’s concern.

4.2. Contingency Theory

Contingency theory is the essential theory that is implemented to control the risks that are occurred while implementing managerial decision making in project management (Mikes & Kaplan2014). Risk management is the fundamental part of incorporating strategic planning. The risk management process is the implementation to create the management of risk planning contingency depending upon the multiple numbers of variables. The perfect risk mitigation management establishes an organisation to create a contingency model. The model is implemented to eradicate the risk management medium to create organisational contexts to analyse the dependency of contingency theory. The contingency model is implemented to manage the organisation from risk management planning. The contingency theory includes risk management to create fundamental understandings of the planning that are important to execute the entire understanding of the risk mitigation. The contingency model executes proper opportunity to build consumer influence and performance to manage risk management planning. Contingency planning is another element of fundamental risk management to create a specific management system to create particular circumstances to implement the managerial decision-making process. The manager implements the plan to execute proper planning for the organisation to create essential risk management development.

5. Conclusion

Based on the above evaluation, it can be concluded that risk management and quality management are the two vital management of creating fundamental developments. In the organisation, proper quality management is required to analyse the understanding of the management and process. Risk management is necessary to execute a fundamental understanding of the management to create fundamental developments. Quality management is required to enhance the product life cycle. The product life cycle includes stages like initiation, planning, controlling, execution and implementation. The product life cycle and quality management are required to manage and control the project management. Risk management is needed to eradicate the risks that are required in order to mitigate the risk that is faced by the organisation while conducting managerial decision-making.

References

Dou, Y2020,‘Quality Trilogy 2.0’, Quality Progress, vol. 53, no. 3,pp. 64-64, viewed 2 April 2022, ,

Henshall, A2022, How to Use The Deming Cycle for Continuous Quality Improvement | Process Street | Checklist, Workflow and SOP Software, viewed 2 April 2022, .

Kerzner, H & Kerzner, H.R2017, Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Kumar, K & Harrison, A 2022,Ijseas.com,viewed 2 April 2022, .

Mikes, A & Kaplan, RS2014, October,‘Towards a contingency theory of enterprise risk management’. AAA, viewed 2 April 2022, .

Project Management Institute 2021, A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.
Tucci, L2022, What is Risk Management and Why is it Important?, viewed 2 April 2022, .

Virglerova, Z2018,‘Differences in the concept of risk management in V4 countries’, viewed 2 April 2022, .

Willar, D, Waney, EV, Pangemanan, DD, Mait, RE &Rangan, JJ2018, October, ‘Quality management of infrastructure project life-cycle’, In 2018 International Conference on Applied Science and Technology (iCAST), pp. 231-236, IEEE, viewed 2 April 2022,.

Zaidin, NHM, Diah, MNM, Yee, PH &Sorooshian, S2018,‘Quality management in industry 4.0 era’, Journal of Management and Science, vol. 8, no. 2, pp. 82-91, viewed 2 
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