Project Management and Risk Management – Hemas Holdings PLC


Project Management and Risk Management – Hemas Holdings PLC

Word count 4449


You are required to write a report regarding how project management is conducted within an organization of your choice, to support the planning mitigation and contingency planning for risk. This will require a critical examination of the organization’s chosen approach to project management and how this compares with existing methodologies.
Your Literature Review should discuss key areas of project management. You should critically analyze and appraise how your organization manages and mitigates risk and how this affects success and failure.

Support your analysis with relevant cited examples from company / companies of your choice throughout your report.

The report will demonstrate students’ ability to analyze, evaluate and make recommendations on the alternative future directions of a particular business issue and practice. The report will include recommendations for the organization referred to in the report. Wherever possible this will be the student’s own organization.

Additional information

Table of Contents

1.0 Introduction
2.0 Literature review
2.1 Defining project and project management
2.2 Significance of project management
2.3 Key areas of project management
2.3.1 Project life cycle
2.3.2 Project manager and project team
2.3.3 Risk management process
2.4 Reasons for project failure
3.0 Finding and analysis
3.1 Hemas Holdings approach to project management
3.2 Lean practices
3.3 Risk management process
3.3.1 Risk governance
3.3.2 Risk identification
3.3.3 Risk analysis
3.3.4 Risk evaluation
3.3.5 Risk treatment
3.3.6 Monitor risks
4.0 Conclusion
5.0 Recommendation


1.0 Introduction

Hemas Holdings PLC is a leading conglomerate in Sri Lanka operates in 3 different sectors healthcare, consumer brands and mobility. Hemas was founded in 1948 as family business and currently, it is a listed company in Colombo stock exchange and it has become the second largest conglomerate in Sri Lanka. Instead of Sri Lanka, company expands its operation regional countries such as Bangladesh and Pakistan. The vision of Hemas is that enriching lives across the diverse range of communities. Hemas encourage innovative thinking throughout the company and inspire agile solutions. Hemas group strategy reflect three different aspects considering three main sectors. In consumer brand sector, company’s strategy is that creating a portfolio of purposeful brands which need to cover the developing requirements of customers. In healthcare sector, Hemas’ strategy is that provide premium quality medicine and therapies to customers at affordable prices and provide the best class healthcare solutions in multi specialized hospitals and laboratories. In mobility sector, strategy focus on connecting markets by serving the region’s logistics and route to market needs. Therefore, project management is significant aspect of Hemas considering its portfolio and operation. Company launches different projects to across different SBUs to deliver competitive advantage, improve process efficiency to achieve continuous process improvement. Hemas Holdings generally conducts products such as developing a new consumer product, introducing a new pharmaceutical product to the market, improving business processes, introduce a new facility in hospitals, constructing a new factory, conducting logistic project, conducting a research, enter to a new market etc.

2.0 Literature review

2.1 Defining project and project management

According to PMI (2017), a project can be simply defined as a temporary endeavor conduct to develop a unique product, service and result. Products are conducted to achieve objectives by bring into deliverables. An objective can be identified as an outcome toward which work is to be directed, a purpose, a strategic position or a result to be achieved, or a product to be produced or a service to be performed (PMI, 2017). A deliverable can be identified as a unique product, a service, a result or a combination of those which is required to complete a project (PMI, 2017). According to PRINCE2 (2017), a project can be defined as a temporary organization which is developed for the purpose of providing one or more business products based on the agreed business case. A project is changed from usual business by uniqueness, change, temporary in nature, cross functionality and uncertainty (Baker and Cole, 2012). Projects are conducted to make some sort of change to the current process. Temporary means that it should have defined start and end. Once expected change is made, project is over and routine operation resumes. Generally, project team includes with employees who don’t work together in routine operation. Thus, it is a cross functional (Baker and Cole, 2012). Even though, a company conduct many similar kind of projects, every project is unique based on project team, customer, time, location etc. Further, all these characteristics make projects riskier (Baker and Cole, 2012).
Project management can be defined as the application of knowledge, tools, skills and techniques to achieve the project requirements by managing time, cost and quality (PMI, 2017). According to PMI (2017), knowledge of project management consists 10 areas; time, cost, quality, scope, integration, procurement, human resource, risk management, communication and stakeholder management. According to PRINCE2 (2017), project management is defined as planning, controlling and monitoring every features of the project, including motivating project team to achieve the objectives within planned time, quality, cost, scope, benefits and risks.