BUSI 313 Liberty University Estimating & Managing Project Risks Discussion Replies – Description
Post a reply of at least 250 words to the initial posts of at least 2 classmates.
Student 1
Managing Risk, Resources, Costs, and Time
This week was interesting in learning about Estimating Project Times and Costs because I find this to be a very important aspect to project management. I will lean more on Estimating because it was what interested me the most in this week’s material. In Project Management: The managerial Process, Larson and Gray defines estimating as, “the process of forecasting or approximating the time and cost of competing project deliverable.” (Larson and Gray, p.60) In other words, it forecasting when and how long the project and tasks will take and also forecasting about how much the materials involved will cost. Larson and Gray suggest the process is called top-up and bottom -up. Most of the estimates are found in the WBS, or Work breakdown structure. In the International Journal of Project management, Badewi suggest, “Delivering project outputs on time and on cost was the main concern for project managers in 1960 up to the 1980s”. (Badewi, 2016) I find this is still and important aspect in the project objectives today. According to Kerzner, in Using the project management maturity model : strategic planning for project managementLinks to an external site., “managing projects within scope and time is only part of the effort. The projects must also be completed within cost, and this may mandate changes to the cost”. There is an importance in the top-up bottom up with the project management process. Estimates play an integral part to the project.
The Book of Luke has wonderful passage describe the importance of estimates. “But don’t begin until you count the cost. For who would begin construction of a building without first calculating the cost to see if there is enough money to finish it? Otherwise, you might complete only the foundation before running out of money, and then everyone would laugh at you. They would say, ‘There’s the person who started that building and couldn’t afford to finish it (Luke 14:28-30, NIV).
1.What are your thoughts regarding Estimates?
What biblical examples of “estimates” have you found useful in understanding what is involved in project management.
Student 2
Navigating Unforeseen Tides: Risk Management Strategies and Biblical Parallels
Definition and Discussion of the Subject
The PMBOK Guide defines risk as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives (PMBOK Guide, 2021). To ensure the success of a project, it is essential to understand and mitigate any potential risks. Effective project management involves identifying, assessing, and regulating potential threats to the project’s finances and earnings. Risks related to costs, time, quality, and other factors can significantly affect the project’s success, making risk management a necessary component.
This is evident in the development of best practice standards such as A Guide to the Project Management Body of Knowledge (PMBOK®Guide (2001), the Association for Project Management’s Project Risk Analysis and Management (PRAM) guide, and other methodologies (Maytorena et al., 2004). In a world of constant unpredictability and instability, project leaders are rethinking their approach to risk management. They are taking proactive measures to reduce the likelihood of unforeseen events. To strengthen risk management, project leaders should improve their processes, identify gaps in assessment, and organize workshops. Teams must now spend more time on front-end project planning and building more robust risk registers by evaluating the range of threats—from the unknown to the unimaginable (Rethinking et al., 2022).
Biblical Comparison
A biblical comparison related to risk management is Noah’s preparation for the flood (Genesis 6:9-22). In the story of Noah’s Ark, the risk was the predicted flood God forewarned Noah about. Noah recognized the grave threat this posed to the survival of all species. During the assessment phase, Noah comprehended the severity of the risk, understanding that it was a matter of life and death for every living being. To respond to this risk, Noah planned and constructed the ark according to God’s specific instructions, using the materials suggested as a mitigation strategy to withstand the flood. The monitoring and control phase occurred during the actual flood. Noah had to manage and conserve resources inside the ark, caring for his family and the animals until the waters receded. The timeless significance of this ancient text remains undeniable, as it draws similarities with contemporary ideas such as risk management within project management.
Discussion Questions
What is your perspective on risk management?
Can you provide another biblical reference that pertains to risk management?
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