Question

Critically consider the quality expectations and potential risks of a project. Deliberate on how one can assure the project quality. Explain the quality standards to be met by the project. Ensure that the quality standards are specific to the project and not generic. Describe the metrics by which the project quality will be evaluated and how they will be measured. The metrics must be appropriate for the quality standards of the project. Contemplate on how one can manage the project risks. Identify and categorize five of these project risks as follows (it is not necessary to have each risk category contain at least one of the identified risks): Business risks, Technical risks, Organizational risks, and Project management risks.

Answer 1

Quality standards to be met by the project come in context of:

• Define KPIs and metrics simple, clear and useful to business objectives
• It should always be a plan for the long term
• Senior management needs to communicate clearly the goals and standards to be met, what contingencies could be and how to achieve the actual goals
• Underlying data and information on the project should be available as credible and complete
• Ensure on the budget and staff needed to support your metrics plan is sufficient enough, to avoid any later complications

Metrics by which the project quality will be evaluated and measured as well one can assure the project quality if below metrics are well enough met:

1. Productivity –project managers assess the utilization of the input resources and compare with the output received. Total input efforts in terms of Manpower, Funds, Time, and Capacity Management etc. impact the bottom line and are comparable with output received.
2. Scope of Work – includes Time line, required necessary resources to undertake the project, delivery assistance and scope agreed upon technically and commercially and budget allocated
3. Quality and Satisfaction – Quality assurance comes from a customer-focused approach in terms of Net Promoter Score and Customer life time Value. Calculation of how low defects throughout the project have been maintained is another metric. Plus deliverable Quality service level.
4. Cost – Measuring how costs are managed throughout the entire project is important. Cost rise variables with scope or time are studied and resolved and managed to make project achieve its objectives.
5. Gross Margin – The gross margin is the difference between total income achieved and total costs spent on the project.

Management of Project Risk can be done as:

• Make a Risk Breakdown Structure- identify all the risks in undertaking a project activity for budget/ scope/ deliverables etc.
• Check on similar previous project details on input/ outputs/ risks associated and actions taken/ results
• Do a scenario planning, find any sources of risk
• Do a Root Analysis- try The Ishikawa method/ the Fishbone Method.

Risks which appear with project management and associated quality management can be classified as:

• Marketplace risks
• Technical risks
• People risks
• Process risks
• Property risks
• Financial risks