Project risk management of a new business school

Abstract

This research is probably the first attempt of application of project management (PM) and project risk management (PRM) techniques on the development of a new business school project. This assumes significance and can be considered as an important research in the face of recent shutdown of several business school start- ups despite there being an increase in country s trade and commerce and an increased global connection. Though researchers and scholars have advocated the use of PM as an effective tool to manage all kinds of modern projects like launching market campaigns, consulting, or implementing mergers and acquisitions, but the practical application of PM in these fields is yet to be witnessed. Here, our objective is to consider new business school development as a project and apply PM techniques coupled with Expected Value Method for risk analysis and simulation to see the effect of various statistical distributions on project parameters. Therefore, we considered it appropriate to bring a business school start up in the purview of PM discipline and apply the PRM techniques to the outcome of new business school project We apply PM principles and PRM techniques on the business school project data. We collect data from the domain experts who have handled such projects previously, engineers, architects, directors, and specialists who have been part of educational institutional development projects. Based on simulation runs, we calculate the project completion time, critical path and carried out the project risk analysis using EVM and found out the risk severity for business school project activities. We develop cost and time overruns based on EVM and developed a risk mitigation plan for the project. Since our project model is based on the data collected from the practitioners in field, domain experts responses, the robustness of the quantitative estimates of project parameters depends on the accuracy of data provided by the experts. The risk mitigation plan developed by considering exhaustive list of risk sourc