015 What goes into risk assessment What are expectations

CONSTRUCTION MANAGEMENT

7 Apr 202102:22

Summary

TLDRThis script emphasizes the importance of risk management and stakeholder expectations in project initiation. It likens entering a dark room to identifying and addressing unseen project risks. The analogy of finding the light switch highlights the need to reveal and respond to uncertainties for project success. It also stresses the importance of aligning stakeholders' expectations to avoid disastrous outcomes, and the necessity of creating a project charter as a high-level document summarizing the initiation phase.

Takeaways

🔍 The project is feasible and the organization has the necessary resources.
💡 In project management, identifying risks is like finding a light switch in a dark room.
⚠️ Dealing with uncertainty is crucial for project success.
🔎 Risks must be identified, analyzed, and responded to.
🔄 The planning phase will involve detailed risk management.
🎯 Addressing everyone's expectations is important.
🤝 Ensuring all stakeholders share the same vision is critical.
📊 Different stakeholders may have varying expectations for the project outcome.
🗣️ Engaging with stakeholders to resolve expectation gaps is essential.
📜 A project charter must be created to detail everything done in the initiation phase.

Q & A

What is the primary analogy used in the script to describe the initial step in managing a project?
-The primary analogy used is finding the light switch when entering a dark room, which in project management terms means revealing the risks associated with the project.
Why is identifying and addressing risks important in project management?
-Identifying and addressing risks is crucial because the way we deal with uncertainty will undoubtedly affect whether the project is a success or not.
What should be done with the risks identified during project management?
-The risks should be analyzed and responded to, ensuring that they are properly managed throughout the project's lifecycle.
What is the importance of aligning expectations among stakeholders in a project?
-Aligning expectations is important to ensure that everyone shares the same vision, resources, and understanding of accountability, preventing disastrous results from unmet expectations.
How can differing expectations among stakeholders impact a project?
-Differing expectations can lead to conflicts and misunderstandings, potentially causing the project to fail if not addressed and resolved in a timely manner.
What is a project charter and why is it necessary?
-A project charter is a high-level document that details everything done in the initiation phase of a project. It is necessary to formally authorize the project and ensure all stakeholders are aligned on the project's goals and scope.
What should be included in a project charter according to the script?
-A project charter should include a summary of the project's objectives, scope, stakeholders, resources, and any other relevant information gathered during the initiation phase.
Why is it important to spend time with stakeholders examining the project from different angles?
-Examining the project from different angles helps identify any discrepancies in expectations or understanding among stakeholders, allowing for early resolution of potential issues.
What is an example of a stakeholder's differing expectation mentioned in the script?
-One example is a stakeholder expecting the showroom to be targeted towards families and showcasing more saloon cars, while another expects luxury sports cars due to their popularity in the area.
How can the sponsor's perception of the project scope differ from that of other stakeholders?
-The sponsor may believe that hiring staff is outside the project scope, while other stakeholders consider the project incomplete until the showroom is open for business with staff in place.
What is the script's advice on dealing with expectation gaps among stakeholders?
-The script advises spending time with stakeholders to identify and resolve expectation gaps as early as possible to prevent potential issues and ensure project success.

Outlines

00:00

🔦 Illuminating Project Risks and Expectations

This paragraph discusses the importance of identifying and addressing risks in project management. It uses the analogy of finding a light switch in a dark room to highlight the need to reveal uncertainties that could affect project success. The paragraph emphasizes the necessity of risk identification, analysis, and response, and notes that while more detail will be covered in the planning phase, it is crucial to start by understanding the expectations of all stakeholders. It points out that differing visions among stakeholders can lead to disastrous results if not addressed early on, and stresses the importance of aligning expectations to avoid such pitfalls.

Mindmap

Keywords

💡Project Feasibility

Project feasibility refers to the assessment of whether a project can be successfully completed given the available resources and conditions. It is a critical component in the early stages of project management, ensuring that the project is viable and worth pursuing. In the video script, the concept is introduced to emphasize the importance of evaluating the project's potential for success before proceeding with further planning.

💡Risks

Risks in project management are potential problems or uncertainties that could negatively impact the project's objectives. Identifying, analyzing, and responding to risks is essential to mitigate their effects and increase the likelihood of project success. The script uses the analogy of finding a light switch in a dark room to illustrate the need to uncover and address risks early in the project lifecycle.

💡Uncertainty

Uncertainty represents the unpredictable elements or unknowns in a project that can affect its outcome. Dealing with uncertainty involves planning for potential issues and having contingency measures in place. The script highlights the importance of addressing uncertainty as a key factor in determining whether a project will succeed or fail.

💡Stakeholders

Stakeholders are individuals or groups who have an interest or concern in the project's outcome. They can influence or be affected by the project and may include team members, sponsors, customers, or the community. The script discusses the importance of aligning stakeholders' expectations and ensuring that everyone shares the same vision for the project.

💡Expectation Gaps

Expectation gaps refer to the discrepancies between what different stakeholders anticipate from a project. These gaps can lead to misunderstandings and conflicts if not identified and resolved early. The script emphasizes the need to understand and align stakeholders' expectations to prevent potential issues later in the project.

💡Project Charter

A project charter is a high-level document that outlines the project's objectives, scope, stakeholders, and other critical information. It serves as a formal approval to initiate the project and provides a reference point for project management. The script mentions the creation of a project charter as a necessary step before closing the initiation phase.

💡Initiation Phase

The initiation phase is the first stage of the project management process, where the project is defined, and the decision to proceed is made. It sets the foundation for the project and includes activities such as developing the project charter and identifying stakeholders. The script refers to the initiation phase as a critical period for establishing the project's direction and gaining approval to move forward.

💡Vision

Vision in the context of project management refers to the shared understanding of the project's goals and desired outcomes among stakeholders. A clear and aligned vision is crucial for guiding the project's development and ensuring that all parties are working towards the same objectives. The script uses the term to highlight the importance of consensus among stakeholders regarding the project's intended result.

💡Accountability

Accountability in project management means being responsible for the project's actions, decisions, and outcomes. It involves being answerable to stakeholders for the project's success or failure. The script raises the question of who is ultimately accountable for the project, indicating the need to clarify roles and responsibilities among stakeholders.

💡Showroom

In the script, the showroom serves as a project example to illustrate the importance of aligning stakeholders' expectations. It is a specific context where different stakeholders may have varying visions for the project's focus, such as targeting families with saloon cars or appealing to luxury sports car enthusiasts with two-door convertibles.

💡Scope

Scope refers to the boundaries of a project, defining what is included and what is not. It is crucial for setting clear expectations and preventing scope creep. The script mentions a potential discrepancy in stakeholders' understanding of the project scope, such as whether hiring staff is considered part of the project or not.

Highlights

A project's feasibility depends on the organization having the necessary resources to execute it.

In project management, identifying and addressing risks is crucial, similar to finding the light switch in a dark room.

Uncertainty in dealing with risks can significantly impact a project's success or failure.

Risks must be identified, analyzed, and responded to effectively during the project planning phase.

Project managers play a key role in detailing and addressing risks and uncertainties in a project.

Stakeholder expectations can vary greatly and need to be aligned for a project's success.

Misalignment in stakeholder expectations can lead to disastrous results if not addressed.

It's important to spend time with stakeholders to understand differing perspectives on the project.

Expectation gaps between stakeholders should be identified and resolved as early as possible.

An example of differing expectations is the target audience for a showroom - families vs. luxury sports car enthusiasts.

Stakeholders may have different views on what constitutes the completion of a project, such as the hiring of staff.

The project charter is a high-level document that summarizes everything done during the initiation phase.

The project charter is created before the initiation phase can be closed.

A detailed planning phase will follow the initiation phase, further elaborating on risks and expectations.

The transcript emphasizes the importance of preliminary checks and alignment before moving on to detailed planning.

The transcript suggests that overlooking stakeholder expectations can have serious consequences for a project.

The transcript provides a clear analogy to emphasize the importance of identifying and addressing risks in project management.