Project Management in the Modern Business Era

In this report, we will focus on the desired nature of a business. To achieve this, various processes are involved, including preparation, designing, developing and testing, training, support, and benefits. These stages aim to enhance the existing quality of the project, attract a variety of business users, and improve employee efficiency.

MANAGING
PROJECT

INTRODUCTION
Risk is the biggest issue faced by ever business for which project management technique
has adopted in order to facilitate the desired needs of a project. Project manager input important
data into the system in order to consider each and every factors to facilitate its variety of clients
in achieving all the targets within a given span of time. Project's efficiency will be tested by an
individual by adopting variety of tools and technique as the desired aim of project manager is to
eliminate all kinds of costs attached with the project. Minimization of costs will decrease the
overall risk factor which in turn increases the sales and the revenue generated from a specific
project in a business concern. The current report emphasizes on building a project in resolving all
kinds of risks involved in a business. It focuses of attributes of different projects to be consider
while initiating a particular project. Work breakdown structure is used to allocate work duties
along personnel that helps in creating a good scope statement in order to facilitate variety of aim
of the particular project. Gantt chart and critical path will help an individual in determining the
project completion time. Risks will be assessed by an individual with the preparation of a project
management plan. Different phases of a particular project will be evaluated in order to identify
errors or risks lies in each and every segment.
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TASK 1
Key characteristics of project
Illustration 1: Project traits
(Source: Characteristics of project plans,2017)
Key factors play an important role in a particular project as these acts like important
parameters in order to improve the existing conditions of business (Turner, 2014). Efficiency of a
project will get increases with the help of various factors considers by an individual in its project
that helps in completing a project within a given span of time. There are various factors which
will be consider by a project manager is given as below:
Scope- This element is mentioned in every project that determines the future role of the current
project as future of a project has depended on the coverage various factors in a project.,
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Resources- Gantt chart is used to schedule all the activities in a systematical order along with the
allocation of variety of resources in a particular business project. Use of different plays a
significant role as this helps in increasing the chances of completing a particular project y
accomplishing all the aims and targets.
Time- Basic constraint of every project is the time as proper allocation of time is essential as this
facilitates an individual in meeting all its needs and expectations by saving the time of a
business.
Quality- Different tasks completed in a project will help an entity in order to maintain the
quality of all the resources kept in an entity for long period.
Risks- Negative aspects involved in the business that affects its existing performance is he risk
factor which will be identified in advance in safeguarding the current condition of an entity.
Scope statement and role of WBS in the similar statement
Illustration 2: Scope statement
(Source:Project scope statement,2017)
A scope statement is regarded as the written description of all the activities to be
conducted in a project that helps an individual all the desired goal and the objectives within a
given span of time (Kerzner, 2013). It acts like a guiding framework in which each and every
aspects will be covered by an individual in accomplishing its projects aims and targets. Several
characteristics of scope statement depicts its goodness hat also helps a project manager in
satisfying the needs of all the external market users are given as below:
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Description about activities- All the products or services offered by an entity will be displayed
in the project plan in order to attract wide number of customers toward its competencies.
Criteria- Conditions or acceptance criteria will be included in a business project that help an
individual in order to generate desired outcomes.
Deliverable- Final outcomes generated from the completion of project will be mentioned in the
scope statement itself in order to help all the users.
Constraints- Project milestones will be included initially that are inherent challenges attached
with a project will inspire the project manager to focus on all those areas appropriately.
Illustration 3: Work Breakdown Structure
(Source: Project management, 2009)
Work breakdown structure allocates all the duties related to a particular project as their
basic responsibility is to achieve all the targets within a given range. Inclusion of WBS in the
scope statement will help a project manager in order to estimate the overall time duration in
which a singular project get completed (Burke, 2013). Causes of delaying in a project will be
easily identified with the help of WBS in a project management plan.
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Prepare Gantt chart and critical path
Illustration 4: Gantt Chart
Illustration 5: Critical path
Critical path and Gantt chart used in the project management that displays various
projects activities in a systematical order to help project manager in achieving all the goals and
the objectives within a given span of time. Critical path of the above mention project shows the
actual time duration in which the project get completed by satisfying all needs and expectations
of different users of the current project.
Critical path of the current project helps in determining the time duration in which whole
project get completed within he desired deadline given by the external market users as their basic
aim is to complete all the objectives. Critical of the above project is 1+2+4+6 that is in total this
existing project requires 5+4+3+7 = 19 days required to complete the current project which
safeguards the time of an entity to be invested in some important projects in generating higher
results.
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Approaches used to prepare budget
Budget is important to be included in a particular project as it covers all important aspects
on which an entity need to be emphasize in achieving all the aims within the budget limit of a
business concern (Leach, 2014). Costs incurred on all the activities are properly allocated within
the budget limit as this would help an enterprise owner in arranging all the activities with the
help of costs prioritization. Budgets prepared in a business project are attached with the time as
costs will be decreases with the passage of time as this would directly affected on the existing
sales and the revenue of an entity.
Illustration 6: Project budget
(Source: Project budget, 2017)
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Risk management plan
Risks in a particular business project is required to be evaluated by a project manager as
this would affect an entity's overall performance within a given span of time. Risks identified in
project will be used as performance metric in order to stabilize the existing business conditions
of an entity owner (Heagney, 2016). Risks is the biggest issue faced by an enterprise owner that
will be identifies at every stage of business. Different kinds of risks incurred in a project such as
financial as well as non-financial risks incurred in the business concerns which will be removed
with the passage of time. Efficiency of risks will be assessed wit the help of different risk's
matrix that alerts top management about its existing business performance which in turn
increases its overall skill and the capabilities in order to brought change in the current business
systems. Danger in the business will be identifies in advance which helps in targeting sensitive
aspects of the concern that may exposed to external market in affecting thee current performance
of an enterprise.
Illustration 7: Risks matrix
(Source:Risk matrix, 2015)
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Quality methods are used to ensure successful completion of project
Quality of a project will be tested using three important measures such as project
evaluation, monitoring and controlling of a project. These three components are interrelated with
each other as one factor affects another factor (Meredith, Mantel Jr and Shafer, 2013).
Accomplishing all these three components will help an individual in order to accomplish the
desired outcomes of a particular project. Closure forms and checklist are used in the project
management plan in order to rectify all the mistakes committed in framing project management
plan as this helps in affecting the existing business performance of an entity within a particular
financial year.
TASK 2
Outline the activities in a project
Table 1: Activities of project
Activities Description Cost Time scale
Market research Basic requisite of
performing any kind
of research is to
conduct external
market research.
Trends and buying
patterns can be easily
traced with the help of
conducting market
research. Research
will be conducted by
an individual will be
helpful for a particular
project as this would
include all important
facts and figures in
order to achieve the
£500 7 days
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desired outcomes
within a given span of
time. There are two
important kinds of
research conducted by
the researcher that will
emphasizes on all
important aspects
which helps in
improving the existing
business conditions of
an individual whose
primary motive is to
target all important
facts to be included in
singular research.
Primary research will
be adopted by an
individual in which
data gathered for a
particular research
enhance the overall
quality of information.
Outcomes generated
out of primary
research are highly
accurate as the
researchers are
personally appointed
in order to conduct
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research.
On the other hand,
secondary research is
another form of
conducting market
research in which
books or journals are
evaluated in relation to
the topic of the
research as the basic
goal of the researcher
is to collect all
important facts and
figures in order to test
the hypothesis initially
developed by an
enterprise owner.
Census data will be
assessed properly in
relation to the aim of
the research as
anything collected in
link with the aim and
targets of a particular
research will help an
enterprise owner in
order to achieve all its
basic aims and targets.
Collection of data Secondly, after
conducting market
£250 5 days
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research by choosing
the best appropriate
methods using primary
or secondary method
according to the nature
of research. Data
collection is the next
step after conducting
research as this would
help an individual in
order to collect
important facts and
figures in order to
achieve the desired
aims and targets
within a given
deadline given by the
external business
environment. Data can
be collected by
applying two
important technique
such as qualitative or
quantitative techniques
in order to achieve the
desired market aims
and targets within a
given span of time.
Systematic
arrangement of data
Data collected by the
researcher in a
2 days
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particular research will
be arranged in a
systematic order after
prioritization of data
as all collected data
will be arranged.
Arrangement of
collected data is
essential as this would
directly affected the
existing business
conditions and also
impacted on the
current aims and
targets to be achieved
by an enterprise
owner. Data will be
evaluated properly as
all data will be
categorized into
different categories
such as best, neutral or
worst that helps in
improving the overall
quality of the collected
data in a particular
research study. The
Best data will be pass
on to another stage and
worst data will be
eliminated from the
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current data collection
plan.
Draft of information Selection of the best
appropriate data will
be considered by an
enterprise owner to the
nest step. The best
data which is related to
the current aim of the
project are included in
a drafty of information
which will be
presented in front of
the higher authority of
the business in order to
make important
decisions based on the
data collection plan.
Accuracy of overall
project plan will be
determined by an
individual when the
quality of singular data
in the draft is higher
which in turn induces
the existing level of
current project
management plan.
1 day
Taking approval of top
management
Information draft
created by project
2 days
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manager is presented
among the senior level
manger who will
verify the accuracy of
the information
included in the
statements in order to
increase the efficiency
level of the current
project management
plan. Top management
will sanction the draft
of data to the next step
towards the
completion of the
current project in the
best possible manner.
Execution Cleansed data will be
executed in the
business as the
collected raw data has
passed from different
stages which removes
all kinds of impurities
lies in the existing
system.
6 days
Monitoring and
reviewing
Implementation of the
project plan will be
follow up by the
middle level manager
8 days
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as the execution of the
project is not the easy
step as the executed
project need to be
reviewed properly in
order to identify
different errors lies in
the current business
system. The project
implemented in the
business concern are
monitored by applying
different tools and
techniques which
helps an enterprise
owner in order to
manage the current
project till it generates
higher amount of sales
and the revenue within
a particular financial
year. The project
management plan will
be reviewed by the
manager till it
generates the desired
outcomes within a
given span of time.
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Project life cycle stages
It is the process of activities which is mandatory to complete a project, activities or any
goal. Some project is large, some are small but no matter what the size is every project must go
through the process. The project life cycle has four phases, they are as follows
Initiation: This is the first stage of project life cycle, in this stage the objective of the project are
to be identified as this can be the opportunity or threat for the organization. In this stage
flexibility study is being conducted which states that whether each alternative specify the project
objective (Gido and Clements, 2014). The flexibility study is being conducted then solution is
being recommended. As the solution is being chosen then the project is ready to deliver the
objective
Planning : This process identify the requirement of resources and the task are being made. This
include outline, time frame, tasks, activities and dependencies which helps in identifying the
budgetary requirements in completion of the project. The cost are being identify for land, labor,
equipment and materials. The project teams are made and work is being allotted to that team
members. Once the risk or threat is being identified, proper scheduling is made to solve the
problem.
Execution : Planning is done in the previous step, then the authority and responsibility are to be
delegated. The proper implementation of the standard is made in this step. The step includes
making the project plan into the motion and proper monitoring is done. All the task which is
made are to be implemented in the business environment.
Closing : In the closing stage the project document are to be handed over to the business.
Supplier contract are to be terminated. This process basically include the controlling process as
the customer's needs and expectations will be easily fulfilled with the completion of project.
Processes
Different business processes involved in a project will help an individual in order to get
competitive advantage over its variety of users by satisfying all of their needs and higher
expectations. Several processes lies in the existing project help[s an individual in order to grab
higher market advantage (Shields and Rangarajan, 2013). Strategy and business focuses on
strategies used by an individual in their business helps in focuses on the desired nature of the
business. Another processes include preparation stage in which project activities are prepared in
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order to enhance the existing quality of the project. Designing stage will focus on the innovative
factor to be included in the existing project in order to attract variety of business users.
Developing and test stage reviews the current activities in relation to various standards used by
an individual in the project. Training aspects includes improving the current efficiency level of
all the employees in the organization. Support and benefits emphasizes on providing all benefits
to an entity in order to achieve all aims and targets within a given span of time and rest project
will get closed in the end.
Leadership and administration
Project management has stages that is initiation, planning, execution and closing.
Planning and administration is required in a project as it helps in maintaining and integrating
project plan (Hwang and N g, 2013). They keep proper tracking and reporting of overall project
process and the project budget are being administered the project documents that are established
and maintained. However, implementation of particular project requires transformation
leadership to be adopted by a leader. Monitor and coaching techniques used by a leader who
keep both prospectus project completion and group member development. A leader knows that if
they are not satisfied they will not work efficiently and project objective are not achieved. Thus,
leadership and administration are important in project.
Control problems
Problems are arises in every project, some problems are big some are small. Small
problems are being solved by communication but the big problems need a proper process to
resolve them (Lock, 2014). The key function in project are planning, organizing and controlling,
if this process are not done effectively and efficiently then the problem arises. To solve the
problem and to avoid that problem, that does not arise in the project, proper control aspects are
needed. Project group member should monitor each and every task that are taking place in
project. Proper controlling system manage the problem in the project. For example, Bench
marking is used to resolve all the problems by comparing existing work with the industry
standards.
CONCLUSION
It can be concluded from the above assignment that project management tool used by an
entity owner in order to manage its existing project in the best possible manner. This report
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emphasizes on two aspects that involve creating scope statements in order to guide all the
external market users towards the existing business of an enterprise owner. WBS has created in
allocating all kinds of work responsibilities that helps in achieving the desired aims and targets
framed by an entity owner. Risk has been identified by creating plan that focuses on the
weakness of the business concern by covering up this with the capabilities of the firm. Activities
covered in a project will be explained in the report in order to facilitate all the users in
accomplishing all their aims and objectives.
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