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Mgt 311 Week 3 Project Risk Essay

1244 Words5 Pages

WEEK 3 COMPLETE: RISKS

Jequilla Jones
Bethel University Organizational Theory II
Dr. Willis
January 15, 2023

WEEK 3 COMPLETE: RISKS
This essay will explain the importance of a baseline budget, management of project risks, closing project activities, and the importance of feedback. Businesses depend on contractors and project team members to estimate, perform activities, and complete tasks involved in the specific project. Project team members and contractors aim to perform the agreed-upon tasks and activities to complete the project for the customer. Certainly, satisfying the customer is the main goal, and learning while performing tasks is knowledge gained for future projects.
BASELINE BUDGET It is important to develop a …show more content…

The project manager decides the work scope, schedule, and budget to agree with the customer. The project manager controls the project and ensures the budget and schedule with the customer. A risk assessment may assist with project organizational structures. These systems are designed for the individual’s needs. The matrix system aids in delegating responsibility and tasks to complete each project successfully. Project managers have the responsibilities of monitoring and testing systems along with other tasks to ensure the project runs smoothly. The matrix system allow managers to have time to assist with expertise, assign help, and perform other tasks related to organizing the project. Therefore, delegating tasks is crucial to ensure project management responsibilities are performed. Surely, the matrix system is beneficial and ensures increased knowledge transfer, improved communication, functional expertise, customer focus, and efficient use of resources (Gido et al., …show more content…

Ensuring all activities for the completion of the project are included, agreed upon, and written ensures customer satisfaction. Establishing a baseline budget allows the project to stay on track and budget as planned. At the completion of the project, the customer makes any final payments and feedback may be obtained. Feedback is an essential element for gaining and retaining customer satisfaction. Feedback is necessary to correct mistakes and make better future decisions for both the customer and project team members. Feedback allows businesses to make task changes, evaluate work performed, and reward employees for their services. Observing feedback is an important part of planning and aids in employee relations. Without customers, there is no business! Therefore, businesses should appreciate both customers and employees to guarantee longevity and

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