Project Management Report with Reference to Work-Place Placement

Project Management Report with Reference to Work-Place Placement
Author’s Name
Institutional Affiliation
Project Management Report with Reference to Work-Place Placement
Introduction
Project management is composed of several activities that are arranged systemically. For example, every project requires an objective, a scope of execution and resources (Turner, 2014). In the same manner, every project is obliged to assess and manage associated risks in its journey of accomplishment (Grover & Froese, 2016). Risk is referred to as exposure to an unfamiliar scenario (Qazi et al., 2016). In most of the cases, the risk may not be a dangerous exposure but it can be a negative stimulation on the outcome of a project. For example, change in legislation for taxes is not a dangerous change but it affects the project by effecting the estimated budget. In response to this, the following study will highlight possible risks at different levels with their probability and impact on campus construction for the Talent College. Also, it will address each risk with a possible solution.
Positive Risk
The shaped project for a new campus for the Talent College consists of four major positive risks. A risk can be considered as positive due to its scope (Turner, 2014). Firstly, the pressure to maintain the estimated cost is a continuous positive risk associated with any project (Grover & Froese, 2016). The reason for categorizing this risk as positive is it limits the project team to utilize their resources in full potential. Secondly, the pressure to secure the environment is another positive risk. In this, the project is under pressure to pay keen attention to its environment and eliminate all environmentally destructive activities. Thirdly, the pressure to raise profit is also a crucial and positive risk. It is because, every business project's ultimate goal is to make a profit, so profit pressure lets the project team aligned with the ultimate objective of any project. Lastly, the violation of health measure is the decisive positive risk associated with construction projects (Turner, 2014). Health and safety concerns are the main reason for placing this risk under positive strata.
Negative Risk
The defined project plan contains three categories of negative risks under its planning and estimation. A negative risk leads the project to altered outcomes (Grover & Froese, 2016). In the beginning, technical risks such as poor budgeting, inadequate estimated duration, and litigation can alter the outcome of the project negatively. For instance, technical risks like poor budget can raise the cost and affect the duration that in turn will delay profits. Secondly, external risks like land-related risks and political influence can affect the project in a negative manner (Qazi et al., 2016). To exemplify, new legislations can increase the costs or limit activities of a project. Similarly, land-related risks like owner's stimulation and natural disaster can alter the outcome of this project. Eventually, organizational risks for example rejection from management, inadequate planning or influence from the staff of the college can result in incompletion of the project.
Effect on the Project Team
Each of the risks is influent...