How to Plan and Manage Your Project Schedule and Risk

Project Schedule Planning 

A project schedule gives an authentic representation of the tasks and the time required to complete the tasks, deadlines, and the amount of resources necessary to complete the project. According to Roberts (2011), a project schedule should be sufficiently detailed to indicate all the vital details to be considered in the execution stage. Planning a project schedule is crucial, particularly in the segregation of tasks to ensure that they resonate with the stated deadlines as well as the allocated resources. In this context, the planning of the schedules plays an important role in ensuring easy management of the project during the execution phase ( Taylor, 2008) . Planning of a project schedule focuses on such aspects as highlighting the tasks that should be completed prior to starting others, an outline of the actual and planned dates, the duration that each task takes, and an outline of the tasks that can be executed at the same time. 

Immediate Task Completion 

Concurrent Task Completion 

Rationale for Schedule Changes 

Planning is essential since it helps in estimating the amount of resources required, anticipating deadlines, as well as evaluating a project’s monetary allowance. However, in some cases, projects may be postponed due to some unanticipated factors, hence the changes in the planning schedule. However, in most cases, these factors are avoidable through proper planning. In this case, the project is expected to close by the February 24, 2019 . 

Risk Management Plan 

In any project, numerous risks can be identified, and it is a crucial step since it allows for the development of diverse approaches to mitigate the identified risks. Establishing effective measures to mitigate potential risks plays a vital role in overcoming uncertainties and improving the efficiency of a project. Moreover, proper mitigation of risks through a competent risk plan ensures the completion of projects within the agreed time. In addition, effective risk planning is important since it helps in reacting to, surveying, and recognizing the risks that may emerge in all the steps of project execution to ensure efficient delivery of the project (Barkley, 2004). 

High Level Threats 

Some of the key risks associated with the project include sudden changes such as those relating to costs or laws among others, time insufficiency, additional costs that may exceed the budget, and miscommunication. Prioritizing and incorporating risk management practices to the project helps in ensuring that risks are handled efficiently. 

Mitigation Strategies for Each threat 

The rules that will be applied in guaranteeing efficiency in risk management include recognizing risks in the initial stages. Recognizing risks during the early stages of a project promotes efficiency in risk management since measures to mitigate risks in the later stages are determined on time, therefore eliminating the inconveniences that may emerge as a result of the risks in future. 

The second rule involves executing progress in the context of a real life plan. After determining the potential for risks and planning on the measures to mitigate them, it is important to prevent instances of risk affecting the project schedules and ensuring that adjustments in real life arrangements are viably actualized ( Taylor, 2008) . 

The third rule pertains to execution, and it involves implementing new activity plans for purposes of invalidating the identified risks. 

The fourth rule involves ensuring consistent monitoring the status of the project tasks intently in each stage and ensuring adequate evaluation of the results to discourage emergence of risks. 

The fifth rule involves establishing a contingency plan, which acts as an alternative course of action in managing the potential risks that may affect the project execution process. 

The final rule pertains to cost management. It is common for projects to exceed the set budget; however, such cases can be adequately managed by evaluating each stage of the project from the perspective of the costs associated with each and the adjusted assets ( Carpenter, 2009). 

( Carpenter, 2009) 

Risk Control Strategies 

Control of risks involves proactive procedures that seek to manage instances of uncertainty during project execution. The measures minimize or eliminate risks to ensure successful execution of the project since the risks that may prevent the success of a project are numerous. The project will incorporate several risk control strategies, including risk quantification and time buffers or contingency financing. Risk quantification involves procedures that focus on collecting data relating to the potential risks that may affect a project, which is crucial in making ideal decisions in managing risks and the entire project. According to Kendrick (2009), risk assessment can be conducted by considering the size of risk through a matrix graph that helps in risk prediction as shown below. 

(Kendrick, 2009) 

The matrix highlights four categories of risks, including critical, high, medium, and low. 

The second risk management strategy involves time buffers or contingency financing. Time buffers pertain to the time assigned for the unexpected occasions, which may hinder the execution of the project. Time buffers ensure that adequate time is allocated to a project by providing for deferrals that may lead to delays in the execution phase. On the other hand, contingency financing involves maintaining a reserve to cater for the unexpected risks that may arise at any stage of project execution (Kendrick, 2009). Contingency financing helps in catering for the additional unplanned costs that may emerge when implementing the project. 

1. Risk Control 

References 

Barkley, B. (2004).  Project risk management . New York: McGraw-Hill. 

Carpenter, M. (2009).  The ""Risk-Wise"" Risk Management Planning Process . Hoboken: Wiley. 

Kendrick, T. (2009).  Identifying and managing project risk : essential tools for failure-proofing your project . New York: AMACON. 

Roberts, P. (2011).  Effective project management . London, UK Philadelphia, PA: Kogan Page. 

Taylor, J. (2008).  Project scheduling and cost control : planning, monitoring and controlling the baseline . Ft. Lauderdale, Fla: J. Ross Pub.