Lecture 9, 10: Managing Project Risks & Teams

Question 1

What are the key characteristics of a high-performance team Name 4

Answer 1

1. Shares a sense of common purpose, each member willing to contribute to achieving project objectives
2. The team identifies individual talents and expertise, utilising them.
3. Roles are balanced and shared, facilitating the accomplishment of tasks and feelings of group cohesion and morale.
4. Exerts energy towards problem-solving.
5. Differences of opinions are encouraged and freely expressed
6. Mistakes are treated as opportunities for learning
7. Members set high personal standards of performance and encourage each other
8. Members identify with the team( establish identity) and consider it an important source of both professional and personal growth.

Question 2

Describe the Tuckman’s Five Stage of Team Devleopment (Chronological Order)

Answer 2

1. Forming
   - Team members get acquainted (Team bonding exercise) and
   understand the project scope.

• Establish ground rules regarding roles, performance expectations, and interpersonal relations.

2. Storming
   - Characterised by internal conflict as members resist constraints on their individuality.

• Conflicts arise over leadership and decision-making(Takes time).
  Resolution of conflicts leads to acceptance of project leadership.

3. Norming
   - Development of close relationships and group cohesiveness.
   - Solidification of group structure and establishment of common expectations.
4. Performing
   - The team operates effectively with a fully functional structure.
   - Focus shifts from team dynamics to achieving project goals.
5. Adjourning
   The team prepares for disbandment(back to own department), shifting focus to wrapping up the project.

Members may experience mixed emotions, from pride in accomplishments to sadness over lost camaraderie.

Question 3

Distinguish functional conflict from dysfunctional conflict

Answer 3

Functional Conflict:
- Enhances project performance by encouraging diverse opinions and critical thinking.
Dysfunctional Conflict:
- Hinders performance and creates negative impacts on the team and project outcomes.

Question 4

4 Ways to Encourage functional conflict?

Answer 4

1. Focus on performance impact, not individual feelings.
2. Recognize conflict as inevitable but desirable; absence may indicate deeper issues.
3. Legitimise dissent by encouraging differing opinions and using a devil’s advocate to challenge ideas.
4. Model constructive responses to disagreements and challenges.

Question 5

What are the ways to manage dysfunctional conflict? Hint: MACAE

Answer 5

1. Mediate: Intervene to negotiate a resolution using reasoning, persuasion, or alternatives.
2. Arbitrate: Impose a solution after hearing both sides.
3. Control: Reduce intensity with smoothing techniques or humor.
4. Accept: Acknowledge persistent conflicts (e.g., personality clashes) and manage accordingly.
5. Eliminate: Remove the source of conflict to reinforce team cohesion.

Question 6

FYI: What are the challenges of managing virtual project teams?

Answer 6

1. Establishing Trust

a. Difficult to build trust with limited in-person interaction.

b. Geographical separation reduces informal social bonding.

c. If face-to-face meetings aren’t feasible, managers should facilitate social information exchanges during initial electronic communication.

d. Clearly define roles and assign tasks for immediate contributions.

2. Developing Effective Communication Patterns

a. Email: Share important information in one-to-one or one-to-many contexts.

b. Electronic Bulletin Boards: Promote discussions and diverse opinions.

c. Videoconferencing (Zoom/Teams): Vital for seeing expressions, especially early in the project or during critical decisions.

d. Conference Calls:
Enable collaboration on shared documents across locations.

e. In-Person Meetings: Fly in to build or repair trust when necessary; adjust schedules across time zones for fairness.

Question 7

What are the 6 ways to enhance team performance

Answer 7

1. Keep Team Members Informed:
   a. Develop a central access point for project updates and schedules.

b. Ensure team members understand their role in the overall project.

2. Prevent Team Members from Vanishing:
   - Use internet scheduling software to maintain visibility of members’ calendars and facilitate communication.
3. Establish a Code of Conduct:
   a. Agree on how, when, and what information will be shared, along with response timelines.

b. Develop a priority system to differentiate between urgent and non-urgent messages.

4. Set Clear Norms and Protocols:
   - Encourage deeper communication to clarify team members’ viewpoints, actions, and concerns.
5. Share the Pain:
   - Avoid imposing time zone preferences; rotate meeting times to accommodate all members.
6. Use Electronic Video Technology:
   -Have team members demonstrate their completed work via Internet video for feedback and verification

Question 8

What are the 5 ways to deal with risks?

Answer 8

1. Avoid
   Changing project plan to eliminate risk or condition.
2. Mitigate
   Reduce the likelihood of occurrence.
   Reduce impact if it occurs.
3. Transfer
   shifting the risk to another party by paying a premium.
   E.g Utilizing fixed-price contracts to manage cost uncertainties.
   Insurance can be applied to shipping risks
4. Escalate
   occurs when a project faces a threat beyond the project manager’s authority or scope.
   Notify relevant stakeholders
   E.g. Threat escalated to HR dept for employee dissatisfaction
5. Retain
   Making a conscious decision to accept the risk (e.g earthquake)
   By developing a contingency plan (e.g Taiwan- anticipate typhoons this season)

Question 9

What are the 4 sequential steps of risk management process?

Answer 9

1. Risk Identification
   - Identify sources of risk
2. Risk Assessment
   - Severity/impact
   -likelihood of occurrence
   -controlling the risk
3. Risk Development
   - Develop a strategy to reduce possible damage
   -Develop contingency plans
4. Risk Response Control
   -Implement risk strategy
   -Monitor and Adjust plan for new risks
   -Change management

Question 10

What is the role of contingency plans in risk management process?

Answer 10

1. Reduces negative impact of risk event
2. Evaluate best alternative remedies for possible foreseen events before a risk event occurs, which significantly increases chance for project success

Question 11

What is the risk of no contingency plan?

Answer 11

1. Delayed decision to implement remedy
2. Decisions made under pressure can be dangerous and costly

Question 12

What are the 4 key activities of risk control Hint: EMIC

Answer 12

1. Execute risk response strategies
2. Monitor triggering events
3. Initiate Contingency Plans
4. Continuously watch for emerging risks

Question 13

Why do we need risk management?

Answer 13

1. Proactive( taking active steps to deal) rather than reactive approach.
2. Reduces surprises and negative consequences
3. Prepares project manager to take advantage of appropriate risks( mitigate risk to a minimum)
4. Provides better control over the future
5. Improve chances of reaching project objectives on time and within budget.

Question 14

What is a risk?

Answer 14

an uncertain event or condition that if it occurs, has a positive or negative effect on project objectives

Question 15

What methods does risk assessment incorporate?

Answer 15

1. Scenario Analysis
2. Risk Severity Matrix (hard to draw)

Question 16

What are the implications of 5 stage Development Model?

Answer 16

✓ Provides a framework for group to understand its own development;

✓Helps members accept tensions of the storming phase

✓Stresses the importance of norming phase;

✓Project managers have to take an active role in shaping group norms that will contribute to ultimate project success.