Project Management: A Comprehensive Review

This assignment provides a comprehensive review of project management principles and practices. It examines different project management methodologies, including traditional approaches like PRINCE2 and agile methods. The analysis covers essential topics such as risk management, decision-making, knowledge management, and the role of cultural factors in project success. Furthermore, the assignment explores the application of project management in specific contexts, such as IT projects and green buildings.

PROJECT
MANAGEMENT
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Table of Contents
INTRODUCTION................................................................................................................................3
TASK....................................................................................................................................................3
1. Introduce Winter Hungama..........................................................................................................3
2. Outlining the objectives of the project.........................................................................................3
3. Benefits gained from doing the project........................................................................................4
4. Project Scope...............................................................................................................................5
4. Changes made during the project when compared to the initial plan t........................................6
5. Lessons learnt..............................................................................................................................7
6. Risk analysis................................................................................................................................7
CONCLUSION....................................................................................................................................7
References............................................................................................................................................9
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INTRODUCTION
The project management means organization applies its physical, financial and human assets
for the success of task. The meaning of EOP i.e. End of Project report means documentation of
work after completion of the work. It can be considered as an official conclusion to a report that
shows that the project has come to an end stage. There will be no more sources will require
anymore. EOP helps in evaluation of the overall work and reflects the most important achievements
after ending of a project plan. In this report, various aspects of project management will be studied
in the context of provided case scenario. The learning regarding PRINCE2 or PMI approach will be
showcased. In addition to this, description regarding how effectively project is executed and
managed. Thereafter, the objectives of the project will defined (Wysocki, 2011). Also, explanation
regarding the changes that were made from run up to the completion of project will be provided.
TASK
1. Introduce Winter Hungama
From the provided case scenario, it has been identified that a new project named Winter
Hungama is going to be organized. It is social event that will be organized in university campus.
The event will have various activities like quiz related to general knowledge, debate on the alarming
topics like, exit of UK from European Union etc., social games. Thereafter, audience may be asked
to perform on the spot act and at last refreshments will be provided. The budget for the event is
decided which will not be more than £200. The timings of the project is also decided ; 12.30-2.30
pm.
2. Outlining the objectives of the project
Major objectives of the event project
 To increase the enrolling of participants by 30% as compared to previous year event
 To start the working on the project from 18 October and end it on 13 December.
 To confirm Jag for event to complete the project.
The main objective of the project is to assure successful execution of Winter Hungama event
within the provided time frame and budget. The project executive is required to ensure that project
is not beyond the pre determined budget. The other objective of the project is to assure maximum
usage of the available resources. In addition to this, concern of project manager is to finish the
project without any obstruction (Aubry and Hobbs, 2011). Another purpose of project is to complete
the event effectively by minimizing exposure to various risk. The objectives must be clearly defined
so that it becomes easy to attain them. From the provided case scenario, it is clear that refreshment
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will be offered to participants of the event. Therefore, the quality of food and beverages must be of
best quality as any carelessness in this can impact the image of entity as well as health of
individuals. The another objective of project manager will be to check equal opportunity is
provided to all the students to take part in the event. The list of the guest that will be attending the
event must be made so that arrangements can be done accordingly. The timing of the event as
decided 12.30 to 2.30 must be communicated to members. The plan for t he project must be made
by the project manage within 4 weeks.
From the critical assessment of the results of the project, it was ascertained that some of the
objectives were not attained. Therefore, the time and budget decided for the event was exceeded.
For this aspect, it is important for the project manager to concentrate on use of various principles
and theories related to this (Bredillet, 2010). Therefore, PRINCE2 can be adopted which means
performing projects in controlled environment. It is important method developed in 1989 by the
Office of Government Commerce. The main purpose of this approach was to upgrade the skills and
knowledge of individuals regarding project management. It also improve the understanding
regarding methods that can be used to have better control of resources and enhance the efficiency of
the entire project. In addition to this, it will aid in managing the risk related to different aspects. The
PRINCE2 approach assure project is executed as it was planned and any deviation from the plan is
controlled (Wysocki, 2011). In addition to this aspect regular feedbacks regarding the
advancement against plan can be easily obtained through this approach. It also help in identifying
the key individual in the project so that proper responsibilities and duties can be assigned to them.
Thereafter, it concentrate on what a project is to offer, reason for the same, duration and individual
or entity to which it is addressed (Understanding Project management. 2005). Thereafter, PRINCE2
method renders guidance that provide individuals and entities the necessary factors for operating a
project. Furthermore, for the successful execution of Winter Hungama event there are various stages
that can be taken into consideration. They are initiating, planning, executing, controlling and
closing.
3. Benefits gained from doing the project
Practical learning
There are wide ranges of benefits that can be attained through project management methods.
The project manager can assure premium quality of the offerings that are provided to members of
the event. Another benefit of the project is that various risks can be reduced. Such as, proper project
management method assures effective measures are taken to minimize exposure to risk like lack of
resources etc. The quality benchmarks can be accomplished with proper project management
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methods. As, explained PRINCE2 method was used which enabled in improving the competence of
project manager and its team. With this aspect, performance of the project was exceptionally good
(Wu and Low, 2010). The proper assignment of roles of various individuals assured there are no
such confusions or duplication of efforts. By taking proper follow up of the plan, project manager
was able to identify the loopholes on time. Therefore, early detection of the mistakes helped in
attaining the objectives more smoothly. Thereafter, project management benefits includes increase
in customer satisfaction and expectations level (What is Prince2. 2015). This help in building
goodwill of entity in market. The possibility of project failure is reduced to large extent through
effective project management. Also, the cost per project is reduced through proper project
management as it enable better handling of resources (Tohidi, 2011). Thereafter, flexibility within
the project can be attained through proper project management. Overall, it can be stated that it was
expected that the aforementioned benefit can be easily attained if the right project management
techniques and approaches are used.
Team working
At the time of carrying out event project, team working has learned by the students in the
team. It has delivered several benefits to students such as fosters creativity and learning, blends
complementary strengths, build trust between the staff, conflicts resolution skills etc.
Time management
During the event, time management has learned by the students. Benefits that have gained
from the following learning are make an individual punctual and disciplined, effective Time
Management, boosts an individual’s morale and makes him confident, helps in better planning and
eventually better forecasting etc.
4. Project Scope
Timescales
The scope can be defined as part of planning under project that includes deciding and
documenting a list of particular project objectives, results, functions,outgo and time limits. The
project scope refers to boundaries of the plan. It further help in determining roles and
responsibilities of every participants of team. Thereafter, it help in ascertaining the mode of
completion of work, its confirmation and approval. Therefore, the functions important to furnish the
planned work are covered under the project scope. For the current Winter Hungama event the scope
is that it must be completed within the budget of £200. In addition to this, project timing must be
12.30-2.30 pm. Thereafter, scope of project also focused on assuring premium quality of services
that are offered to the members of the event (Rosenau and Githens, 2011).
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Budget
From the critical analysis of the report and results of project, it is being ascertained that
project failed to stay within the scope. Therefore, it was decided that project must be not have
expenses more than £200. However, due to mismanagement and wastage of resources the expenses
were increased than what decided. The total expenses were £250 the extra outlay was done on
hiring more staff than needed. Thereafter, it was decided that event will be organized for 2 hours,
from 12.30-2.30 but many guest of the event arrived late. Due to this entire event was mismanaged
and delayed by 30 min (Bredillet, Yatim and Ruiz, 2010). The few of the participants of the event
had some important work scheduled after the Hungama Winter program.
Tolerance
Due to delay in closure of event they were unhappy as their plans were disrupted. Hence, it
can be recommended that project managers must focus on use of project tolerances. It define the
extent within which the project constraints can change without having the project manager get
support (or consult with) from the project sponsor (Reich, Gemino and Sauer, 2012).
Executed before Christmas break
They must be mentioned in plan determined for the project. They are normally between -
10% and +10%. Therefore, according the cost tolerance the project can outgo 10% less or 10%
higher than ab initio planned while still being acknowledged and consented. If the expenditure fall
below -10% or high +10%, then the project execute must instantly communicate the project
benefactor and inform all the other stakeholders (Burke, 2013).
Project budget cannot exceed
Therefore, the present Hungama Winter event can go over budget by 10% which means
£220 and it will be still accepted by the company or customer. Since the event is having expenditure
of more than 10%, £250 than suitable actions must be taken by the project manager to trim down
the cost. Similarly, the tolerance for time must also be set to assure its completion within the
provided deadline. Therefore, the tolerance for 20 mins can be set by the project manager (Caniëls
and Baken, 2012).
4. Changes made during the project when compared to the initial plan t
Proposed changes and the reasons to impose those modifications
There are varied modifications or alterations that can be performed from the beginning to
final closure of the project. These changes were important to assure flexibility in the project and
meet the emerging requirements of the client. The series of the event was changed where it was
decided that social games will be organized first so that members can mix effectively with each
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other and have sound interaction them (De Bakker, Boonstra and Wortmann, 2010). After than quiz
and debate were arranged. The refreshment was arranged at the last of the event. The changes in the
project included increase in budget constraints so that more effectively the entire plan can be
executed. Thereafter, it was decided that event will be promoted on social media and other channels.
The key purpose for this was to inform maximum audience regarding the initiatives that are taken
by university in the field of co curricular activities. Further, it was decided that provision of 10
minutes will be kept so as to avoid any delay (Kerzner, 2013).
Affect of the proposed changes
It is ascertained that there are certain changes that will be there in the project. However,
these changes are likely to have impact on the project. First and foremost, the changes in series of
the event can create confusions among the members. Therefore, proper communications must be
done about such changes. Further, it is ascertained that budget for the event is planned to be
increased (Lee and Yong, 2010). Therefore, project manager is required to discuss this with
stakeholders before increasing the budget. Also, the sources that can be exploited for raising the
finance must be identified and used.
5. Lessons learnt
Concluding from the entire project various aspects have been identified. It is ascertained that
organized plan is essential for the proper completion of the project. Further, it is discovered that
endurance limit must be determined to prevent any adverse consequence on the occurrence of event.
Hence, time and cost tolerance can be determined. Thereafter, attribute of the services can be kept
up effectively by project management techniques. Further, it is observed that PRINCE2
methodology can be utilized to intensify the effectiveness of the planned project. Also, can be
identified by determine difficulty and loopholes proper actions can be taken on time. Thereafter, the
PRINCE2 method will assist in dividing the project into different stages and assuring effective
management and control over them.
6. Risk analysis
To manage the various risks such accident and injury, obstruction to fire doors, sudden
sickness/unconsciousness/injury, risk of faulty equipment leading to risk of fire, risk of injury from
equipment, entry access for unauthorised personnel to the campus during the event etc, some risk
management steps should be taken. As per the impact of hazards over the project plan, avoid,
transfer, share and backup strategies can be taken into the consideration.
CONCLUSION
From the above research, it can be concluded that Project management can be described as
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body of knowledge related with tool, techniques, processes and principles utilized for planning,
controlling, direction and revaluation of projects. Project management is method of managing all
the functions that are linked with project and its parts. It also includes planning and administration
of business resources to shift a particular task, function or activity towards closing. The main
objective of project management is to accomplish all the project objectives with the provided
constraints like, cost, time and scope etc.
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REFERENCES
Books and Journals
Artto, K. and et.al., 2011. The integrative role of the project management office in the front end of
innovation. International Journal of Project Management. 29(4). pp.408-421.
Aubry, M. and Hobbs, B., 2011. A fresh look at the contribution of project management to
organizational performance. Project Management Journal. 42(1). pp.3-16.
Bredillet, C. N., 2010. Blowing hot and cold on project management. Project Management Journal.
41(3). pp.4-20.
Bredillet, C., Yatim, F. and Ruiz, P., 2010. Project management deployment: The role of cultural
factors. International Journal of Project Management. 28(2). pp.183-193.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Caniëls, M. C. and Bakens, R. J., 2012. The effects of Project Management Information Systems on
decision making in a multi project environment.International Journal of Project
Management. 30(2). pp.162-175.
De Bakker, K., Boonstra, A. and Wortmann, H., 2010. Does risk management contribute to IT
project success? A meta-analysis of empirical evidence.International Journal of Project
Management. 28(5). pp.493-503.
Kerzner, H. R., 2013. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Lee, S. and Yong, H. S., 2010. Distributed agile: project management in a global environment.
Empirical Software Engineering. 15(2). pp.204-217.
Reich, B. H., Gemino, A. and Sauer, C., 2012. Knowledge management and project-based
knowledge in it projects: A model and preliminary empirical results. International Journal of
Project Management. 30(6). pp.663-674.
Rosenau, M. D. and Githens, G. D., 2011. Successful project management: a step-by-step approach
with practical examples. John Wiley & Sons.
Tohidi, H., 2011. Review the benefits of using value engineering in information technology project
management. Procedia Computer Science. 3. pp.917-924.
Wu, P. and Low, S. P., 2010. Project management and green buildings: lessons from the rating
systems. Journal of Professional Issues in Engineering Education and Practice. 136(2).
pp.64-70.
Wysocki, R. K., 2011. Effective project management: traditional, agile, extreme. John Wiley &
Sons.
Online
Understanding Project management. 2005. [Online]. Available through:
<http://www.quepublishing.com/articles/article.aspx?p=411464&seqNum=2>.
[Accessed on 24th December 2016].
What is Prince2. 2015. [Online]. Available through: <www.prince2.com/uk/what-is-prince2>.
[Accessed on 24th December 2016].
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