Project-Risk-and-Cost-Management-Case-Study-

The purpose of this case study is to analyse the current situation of the project that is underway at Clothes R US and our team being the third-party consultants is trying to provide our recommendations to Nancy and her team that will help them gauge their situation and determine the best way forward. Our analysis is based on the case study document provided to us along with the exhibits of the budget and the earned value analysis performed. Our starting point was to thoroughly understand the background and define the problem statement. As per the problem statement defined by our team. We have placed time and cost to be of high priority as in the current scenario, the project has been delayed and this delay will lead to cost overruns. As per our analysis, these two constraints are of highest priority as the goal of our project is to make sure our recommendations help them complete the project in the earliest possible time while ensuring the costs are not shooting up. The recommendations provided by our team will help in re-baselining their budget. A major benefit of doing this will be that it will make the re-plan robust and going forward it would be easier to track the performance of the project while ensuring everybody is aware of what the future costs look like. Along with this, we have created a sample risk log with heat map that will help them keep track of all the risks and their impacts. A thorough understanding of the all the risks will help them always be aware of the likelihood of any risk and develop risk contingency plans accordingly. Our team has also listed out the steps that will help Nancy to move from reactive management to a more proactive project management approach. It is imperative that Nancy change her management style as that will help her take control of the situation and successfully deliver the project.