Quantitative Management Concepts Technique -Myassignmenthelp.Com

Question: Discuss About The Quantitative Management Concepts Technique? Answer: Introduction The project that I have managed is a development of a small coffee outlet in Hong Kong. Although it was a construction project, the size of the project was considerably small. The project included the constructional work of development of the coffee shop along with a proper launch of the outlet. The project plan was formulated by identifying the major requirements and deliverables of the project. Project Scope The project aimed at building and launching of a coffee shop. The project is not very complex as it deals with the development of a small coffee outlet. The constructional work will be followed by the interior decoration of the outlet and launch. The project plan includes incorporates the major stages of the accounting such as identification of the requirements, developing a plan and architectural design of the coffee shop, estimating the resource required for the project, identifying and managing the project risks, implementation of the project and launching the coffee shop (Kerzner and Kerzner 2017). For proper administration and management of the project, proper supervision of the project progress is ensured. It was the responsibility of the project team members to report the project progress to the project manager. This helped in proper record keeping and managing the project progress (Larson and Gray 2013). Furthermore, the resources needed for the project are allocated at the beginning of the project. This helps in proper resource management as well. Risk management, is a process of identifying, analyzing and responding to the risks associated with the project lifecycle. As a risk management approach, the major project risks are identified. A risk registered is made for classifying the risks according to their impact and intensity. After proper risk assessment, different risk mitigation strategies are applied in order to eliminate the impact of the identified risks on the project (McNeil, Frey and Embrechts 2015). Therefore, the overall risk management process included different stages such as risk identification, analyzing the risk, evaluation of the risk, treating and monitoring the risk (Christoffersen 2012). Monitoring of the risk was essential in order to ensure that the mitigated risk does not returns back or gives rise to a new risk. The information that is collected for finalizing the project includes the feasibility report, the cost requirement and the budget, time required for overall project completion and the resources required in the project. Proper information about the requirements of the project is essential to finalize the project. In order to conduct the final review of the project, the information about the project progress and project implementation is required to conduct the final review of the project. The experience and knowledge about proper project estimation and project progress helps in planning the future projects. The knowledge I gained from this project will help me in implementing the future projects in a more structured way. The knowledge about the importance of the feasibility analysis of the project helps in understanding the project requirements as well. For successful implementation of the project, it is very essential to properly identify and allocate the resources required in a project. All these experiences will help me in effectively planning the future projects. References Christoffersen, P.F., 2012.Elements of financial risk management. Academic Press. Kerzner, H. and Kerzner, H.R., 2017.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Larson, E.W. and Gray, C., 2013.Project management: The managerial process with MS project. McGraw-Hill. McNeil, A.J., Frey, R. and Embrechts, P., 2015.Quantitative risk management: Concepts, techniques and tools. Princeton university press.