Business Project Management

Running head: BUSINESS PROJECT MANAGEMENT
Business Project Management
Name of Student
Name of University
Author Note

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BUSINESS PROJECT MANAGEMENT
Table of Contents
1. Introduction......................................................................................................................2
2. Skills and Techniques Required by the Team.................................................................2
3. Project Scope and Anticipated Outcome.........................................................................3
4. Project Budget.................................................................................................................6
5. Contingency Fund Estimate.............................................................................................7
6. Risk management.............................................................................................................7
7. Unforeseen Situation and Crucial Decision Making.......................................................8
References..........................................................................................................................10

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BUSINESS PROJECT MANAGEMENT
1. Introduction
A project for reconstruction of the premises of an old factory is chosen to allocate space
for retail in the ground floor of a building along with the development of two apartment unit on
the first floor. The project is needed be completed within the budget of $250,000. This budget is
approved by the sponsor and therefore it is crucial to complete the undertaken project within the
set budget. A detailed project management plan will be prepared that will ascertain correct
execution of the project. The factory space that is to be renovated is quite old and therefore
majority of the parts are needed to be reconstructed. Electrical and certain necessary plumbing
works are to be done in both the floors. The total area on both the floors are 745m2. The project
does not involve any external works.
This particular project is chosen as I have a working experience in project management. I
have worked in similar other projects and therefore, working in this project will provide me with
an opportunity of excelling in my work. The project management report discusses the main skills
and techniques that are needed in the team along with the scope and budget of the project. The
report identifies the critical risks and also outlines the contingency fund estimate for the project.
2. Skills and Techniques Required by the Team
Since a lot of work is to be done in the project, certain effective skills and techniques are
needed to be possessed by the entire team to ascertain that the entire project is completed in an
accurate manner. The most important skills that are required by the team member are indicated
as follows-
Communication: Good communication among the team member are necessary to ascertain that
the issues among the team are correctly communication. In management of this type of critical
project, having effective communication abilities are needed (Kerzner, 2017). Employers and the
customers are needed to communicate among each other to ascertain no issues within the project
team remain unattended.
Knowledge about effective management tools and techniques: For successful execution of a
project the team needs to have a knowledge about different effective techniques and tools related
to management of a project. The effective techniques of managing a project include

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BUSINESS PROJECT MANAGEMENT
understanding the approaches that can help in delivery of the project within a set time.
Knowledge about the construction Equipment: This is another need of execution of the
undertaken project in a correct manner. Since the undertaken project is based on reconstruction,
knowledge about different construction equipment is needed to ascertain that the project is
executed as per plan (Meredith, Mantel Jr & Shafer, 2017). This is further needed to ascertain
that the best equipment are used in the construction project.
Safety Awareness: Safety awareness is another needed considerations linked with the correct
execution of the project (Harrison & Lock, 2017). Since it is mostly a construction project,
appropriate safety awareness is needed in the project team.
Problem Solving Skills: This is another important skill that a project team or the manager of the
undertaken project needs to possess to ascertain the success of the project (Boyle, 2017).
Problems and clashes are common in execution of a project and therefore, effective problem
solving skills are necessary for considerations in management of the project (Kerzner, 2017).
The above discussed points indicate the skills that are needed by the manager to ascertain
that the undertaken project work is executed in an effective manner.
Accurate execution of the undertaken project needs the project team to apply certain
effective techniques that can address the completion of the project in an accurate manner
(Hopkinson, 2017). The required techniques are indicated as follows-
Effective Leadership: Following a correct and an effective leadership method is necessary to
motivate the project team in execution of the project as per plan (Kerzner, 2018).
Use of traditional Project Management methods: Use of traditional and global method of
management of the project is an effective technique that is required for execution of this project.
The above two points indicate the technique that are needed to be possessed by the
project team for successful execution and completion of the project.
3. Project Scope and Anticipated Outcome