done proper project planning involving appropriate stakeholders B u s i n e s s F i n a n c e
post 1 : Information Center ProjectBack in 2019, I participated in a project tasked with setting up a community information center back in my rural home. This project aimed at providing youth with the opportunity to learn ICT before joining the respective colleges. The multi-team consisted of the county director for information communication and technology, County officer youth affairs, county director of education, and ten technical members. Unfortunately, the project was completed before its final closure for many issues.Communication risk was evident. The key projects influencers, including the county director of ICT and the County director of youth affairs, created difficulties in the communication between them and the technical team. A better strategy could have been adopted during the risk planning stage to avoid such an embarrassing moment in project management. The team would have anticipated communication issues using historical evidence. According to Holtzhausen et al. (2021), a well-defined response strategy, the medium of communication, and the frequency of communication would also be helpful. The cost of the project was another issue. The project estimate budget was much less because the budgeting team had underestimated the task. All the budgeting members were technical personnel with no financial expert to help in budgeting such a project. As a result, the project stalled halfway. However, the team would have accomplished the project goals if proper budgeting had been done (Verzuh, 2021). The team would have involved experts when preparing their project proposal.Further, the project was challenged by operational risk. Bril et al. (2019) suggested that there is poor implementation of operations critical to the project in the department of procurement in operational risks. The procurement team had no expertise, which led to overestimating and underestimating project requirements. This implied the shortage of funds directly. The team would have engaged experienced procurement experts.post 2: The Tindmax Poultry ProjectParticipating in Tindmax Poultry Project was a significant involvement. The Tindmax Poultry Project sought to start and run two poultry farm projects in two different locations. The project did not complete because of various risks. First, acute financial shortage and mismanagement challenged the successful project completion. The team had agreed that members would contribute equally towards the projects. However, this approach led to misunderstandings that later made the project complete earlier than its official closure. Verzuh (2021) contended that risks could lead to stalling of premature completion of a project. The team would have avoided such scenarios if they had made a budget, contributed their amounts, and divided the funds equitably between the two projects. This would avoid conflicts of “who will pay for what.”Skill resources risk also challenged the project. The team members were all school-going friends, with no one pursuing a course in poultry farming. Kim et al. (2020) would suggest that they were equally incompetent, yet the project required great expertise. Perhaps, the team would have involved poultry experts as the project team to guide them through the project planning to monitoring and closing. If they had more time, we would enroll in basic poultry farming training to equip us with the technical know-how. This would make the team skillful while installing the project.Again, the team incurred issues with performance. Here, the team struggled to meet the performance requirement of the two projects. However, this risk would have been avoided if the team had done proper project planning involving appropriate stakeholders and experts. According to Vujovi? et al. (2020), appropriate project planning is crucial in risk management because it ensures that all the project aspects are looked into. Planning would take into consideration all the operations that would be implemented.