Fundamentals of Project Management

Fundamentals of project
management
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Executive summary
In this report it has been described about a project of automation factory. Here, it is
explained about importance of iron traingular parameters in setting project objective. Moreover,
the risk that can occur within project is mentioned. Along with it, the network diagram and
ghantt chart and project has been included in it. However, earned value analysis and managing
overall project progress is discussed in report. At last certain recommendations are given of
several options to be used in project. Furthermore, reflection is written to find out challenges
faced and characteristics of good project manager.
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INTRODUCTION
In project management, there are various significant components which is required to be
estimated. It helps in tracking progress of project tasks so that it is completed on time. Also, the
project manager is required to monitor and control all activities. Usually, in large and complex
projects it is necessary to break down into several stages. This is because it helps in doing
effective planning about organising activities and allocating resources. Moreover, fundamentals
of project management are risks, cost, parameters, etc. which enable in its completion.
Furthermore, developing a project schedule gives detailed info about start and end date of each
stage. With that the project manager is able to find out duration of each activity and do further
planning. Alongside, time and cost are major factors that can impact on overall progress. S
In this report it will be described about an automation factory project. Also, it will be
explained of importance of iron triangular parameters in project objectives. Besides that, risk
register and planning and cost of AF PLC project is mentioned.
PART A
1. Project definition
a). importance of iron triangular parameters in setting overall project aim
In every project it is required by project manager to set proper and specific goals and
objectives. This is because it gives insight to manager about why project is undertaken and what
are their overall goals (Brockhoff, 2020). A project management can be termed out as the
document that assist to define each phase of the project. Therefore, there are number of the
components that is inclusive of the activities such as initiating, planning, executing, monitoring
and controlling, and closing Besides that, setting of goals provide a direction to project manager
and team to do planning (Rew, Cauvin and Johnson, 2020.). The iron triangle is a constraint
factors which needs to be included during planning of any project. They are scope, time and cost.
It state that making changes in any one of them will also need to change another one. It is done
to balance the effect of one constraint on another. Thus, interrelationship between all these three
is known as triangular parameter. The project manage gets insight about what are tradeoffs in
project and how it will impact on other aspect.
It has been analyzed that Success in project management has been traditionally associated with
the ability of the constraint parameters of projects in scope, time, cost, and quality called iron
triangle. This triangle when used in making the project enhances the quality of project and can
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