Project Analysis- Improves the Project Quality and analyzes it by estimating the risks

Project Analysis- Improves the Project Quality and analyzes it by estimating the risks

Process of Project Analysis:

a. Understand the problem.

b. Define the energy integrated system.

c. Collect the data

d. Interpret the data.

e. Devise the alternatives.

f. Evaluate the alternatives.

g. Identify the best alternative

h. Suggest the best alternative to the director of the project and get the feedback information.

i. Monitor the results.

j. Determine that the energy integrated system could be disseminated, including where, and under what conditions.

Almost everything we do in today's business world involves a risk of some kind: customer habits change, new competitors appear, factors outside your control could delay your project. But formal risk analysis and risk management can help you to assess these risks and decide what actions to take to minimize disruptions to your plans. They will also help you to decide whether the strategies you could use to control risk are cost-effective.

The first stage of a risk analysis is to identify threats facing you. Threats may be:

Human - from individuals or organizations, illness, death, etc.

Operational - from disruption to supplies and operations, loss of access to essential assets, failures in distribution, etc.

Reputation - from loss of business partner or employee confidence, or damage to reputation in the market.

Procedural - from failures of accountability, internal systems and controls, organization, fraud, etc.

Project- risks of cost over-runs, jobs taking too long, of insufficient product or service quality, etc.

Financial - from business failure, stock market, interest rates, unemployment, etc.

Technical - from advances in technology, technical failure, etc.

Natural- threats from weather, natural disaster, accident, disease, etc.

Political- from changes in tax regimes, public opinion, government policy, foreign influence, etc.

Others-Porter's Five Forces analysis may help you identify other risks.

This analysis of threat is important because it is so easy to overlook important threats. One way of trying to capture them all is to use a number of different approaches:

Firstly, run through a list such as the one above, to see if any apply

Secondly, think through the systems, organizations or structures you operate, and analyze risks to any part of those

See if you can see any vulnerabilities within these systems or structures

Ask other people, who might have different perspectives.

In addition to project management, decision analysis is used in strategic planning, operational management, and other areas of business. Decision analysis helps oil and gas companies to determine optimal exploration and production strategies with uncertainties in cost, prices, and exploration prospects. Lawyers are using decision analysis for assessment of complex litigations with the uncertain outcomes. Decision analysis helps medical professionals to make a correct diagnosis and prescribe a most effective treatment.

Most important components of decision analysis are integrated into project management processes in all knowledge areas. Analysis of potential alternatives is the part of each stage of the project. Assessment of uncertainties is the part of project risk management process. New computerized project management tools utilizing quantitative analysis help project managers to make informed decisions. Recent research shows that well-established decision analysis process integrated into overall project management significantly improves organizational performance.

Among the diverse problems that impede accurate decision analysis, those inherent in human mental processes are the most important and most difficult to deal with. Psychologists have discovered a number of patterns in the way people are selecting alternatives, assessing probabilities, identifying and managing risks, and making decisions. The knowledge of such patterns will help decision-makers to avoid potential mental traps and ultimately improve quality of their decisions.

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