Purpose Of  Project Template

Project templates are the standardized and generalized documents that helps in summarizing the required details about the projects.  The template follows the best practices in project management (PMI, 2017, pp. 48). The project templates allows the project manager to add all the activities required to complete the project in a systematic manner. The templates saves time and effort in recording the project activities and hence manage the project. The project templates also helps in ensuring consistency in the similar projects or different phases/revisions of the same project.  The project templates helps to add the different milestones of the project with the details of the tasks required, cost, schedule, associated risks, etc. Thus the project templates makes the project management work simple and easier.

Project Management Tools

Project management tools and techniques are used to manage the project. The tools and techniques are selected as per the requirements of the project as each project is unique. The process is known as tailoring project management (PMI, 2017, pp. 28). There are various tools specified in the PMBOK guide, the project manager should select the tools, processes and techniques addressing the scope, constraints, schedule, cost, quality and risks related with the project.  

WBS is one of most the commonly used project management tools for planning the project and measuring the progress of the project. Work breakdown structure (WBS), requires breaking down the deliverables of the project in smallest work packages that can be easily schedules and assigned. The cost of the project can be determined more precisely with the help of WBS (Haughey, D., n.d.).  WBS is considered to be the building block to all the project activities. The loosely designed WBS leads to the failure of the project. The WBS is designed in various hierarchical levels and each descending level defines the work in more detail (Brotherton, S. A., Fried, R. T., & Norman, E. S., 2008). 

Some other commonly used tools are Gantt Chart, logic Network, PERT, PBS, PM software etc. The projects uses WBS to identify the activities required to deliver the project results.

Why Projects Fail?

The projects are considered as a failure if they are not able to deliver the desired outcomes or the cost or schedules of the project has run over significantly. At times the project is just not completed and are to be closed down without delivering the desired outcomes.

The most common reasons for the failure of the projects are:

Scope Creep / Scope planning failure- This is possible when the initial requirements of the project are not done comprehensively. There is lack in control and effective communication between the stakeholders. This leads to unplanned and uncontrolled activities being performed and no meaningful outcome.

Using poor Risk management practices- the projects are to be implemented in future for which the environment cannot be ascertained with certainty and hence the projects are always subject to risks. Thus certain degree of risks are always present for the project. The project manager needs to identify the risks, asses their impact on the project, prioritize them and manage the risk in a way that they reduce the vulnerability of the project. The lack of risk management leads to project failure (Villanova University, 2019).

Lack of effective communication- continuous and effective communication between the project managers, project team and stakeholders is very important. The lack of communication is one of the most common reasons of the failure of the project. The problems faced by the project team and managers are not communicated to the stakeholders and the requirements of the stakeholders are not effectively communicated to the project manager and team. This leads to unplanned activities and undesired results. 

Lack of project management skills like monitoring and controlling - Project management is as much as knowledge and technique as it is personal skill and art, it is a combination of science and art (PMI, 2017). Thus not always a technically very soundperson is a good project manager and vice versa.     Project management needs training and knowledge in project management. The project manager should be aware of various tools, techniques, processes, and standards of project managements to effectively manage the project.  The project manager should be good at project planning and follow the project life cycle phases while identifying the requirements of the project (Stewart, J. 2018).

Project management is the combination of various activities to be performed simultaneously and hence it needs knowledge and skill on the part of project manager to complete the project successfully. 

How we use Risk Management

Risk management is the plan that lays down how the project risk management activities will be structured and performed (PMI. 2017, pp. 86).  Risk management in project includes identification of risks, analysis of the risks, planning the response to risks, implementing the response and monitoring the project risks. The main objective of risk management in project is to reduce the probability of negative risks and their impact on the project and increase the probability and impact of positive risks.   The processes involved in risk management are (PMI, 2017, pp. 395):

• Plan risk management:  define the process on how to conduct the risk management
• Identity risks: the process that is to use to identify individual risk to the project and the source of project risks and their characteristics
• Perform qualitative analysis: the individual risks are prioritized for analysis and action on the basis of the probability of their occurrence and impact on the project.
• Perform quantitative analysis: the numerical impact of the risks is analyzed on the project.
• Plan risk response: develop strategies and options to reduce the risk exposure
• Implement the risk response: the risk plan as planned above is employed
• Monitor risks: evaluating the risk management plan effectiveness and revising it as and when needed

Risk management is a continuous process as the risk to which the project is exposed keeps on changing with the change in the environment. 

Journey of MGPM

The journey of MGPM for the capstone project has been a very enriching. The course is designed to impart practical learning on project management. It is great culmination of the theory and practical application of the theory. Using the project at the place of employment and evaluating it like a project manager imparts confidence and let us become aware of the activities required to complete a project successfully. The role of a project is very crucial from the very beginning of the project. The course makes aware of the project life cycle phases. The project activities needs to be planned according to the project life cycle phases otherwise it will be difficult to manage them. The projects are very unpredictable and so project manager has to be prepared for the unseen situations and change the plan accordingly.  It is learned during the project course that project management is a continuous process and needs close monitoring of every aspect of the project. There should be continuous communication between the stakeholders of the project. Any change in the environment or availability of resources will change the scope of the project which should be communicated with the stakeholders. The change in the scope and work should be documented and the project deliverables should be revised otherwise it will affect the success of the project.