Fundamental of Project Management

Fundamental of project
management

Abstract
This article includes a systematic and informative consulting study on project-management
that addresses critical facets of project management and relevant issues. The whole research is
focused on Automation Futures (AF) PLC case study to help businesses reach strategic
objective within such a defined timeframe. This study also contains a retrospective review to
assess the difficulties and barriers the Module faces and the dynamics of creating the complete
assessment.

Contents
Abstract............................................................................................................................................2
INTRODUCTION...........................................................................................................................4
PART A...........................................................................................................................................4
Project definition....................................................................................................................4
(b) Risk Register.....................................................................................................................5
2. Planning and Costs...........................................................................................................10
Managing progress and spending.........................................................................................13
Earned Value Analysis and Acceleration.............................................................................18
PART B..........................................................................................................................................21
Reflective Essay...................................................................................................................21
CONCLUSION..............................................................................................................................21
REEFRENCES..............................................................................................................................22

INTRODUCTION
Project management is a method in which all tasks that are expected to be carried out in the
implementation phase of a project are scheduled, undertaken, performed, and managed.
Automation Futures PLC is starting a new project in this venture. This is a consulting hardware
and product engineering company which is active in TTF PLC's latest effort to build a device
that aims to conserve electricity. The scheme is being launched, requiring specific terms of
service (Agarwal and Kalmár, 2015).
In this project report a management consultant report with analytical analysis for the
management is prepared. Moreover, Project definition and risks, planning and costs, managing
progress and spending and Earned Value Analysis and Acceleration. In addition, reflective report
has been also prepared regarding the project.
PART A
Project definition
Iron triangle project management is indeed a study of the strategic planning requirements. A
project's performance is closely linked to whether a project has the potential to cope with
numerous possible restrictions (Iron Triangle Parameter, 2019). The 'reduction' in the word
three-fold limitation refers to the underlying considerations to be resolved when a project is
designed and implemented. Such three variables are the prominent scale, plan and expense
characteristics. Scope contributes to the overall cost involved in the implementation, cost
corresponds to the value of all services available to carry out the project and timeline reflects the
amount of period expected or scheduled for the implementation of the project. As well as the
term "flexibility" in the phrase "flexibility equation" implies the relation between these three
variables. Time, expense, and efficiency are among the restrictions in the project triangle
throughout the phase of planning new TTF PLC application development project. An action of
balance all these considerations must be carried out to execute the mission as per the designs. Of
example- product quality is a restriction on the expenditure plan, time and functionality needed
in that product.
Cost, schedule and complexity are in the context of achieving the project's TTF PLC
constraints.

Fixed costs: Programs undertaken on a fixed expense on available on a workable schedule.
Throughout this case AF PLC has to carry out prioritized analysis on a customer basis. To take
advantage of the cost of project, the administrators of project should create a budget and a
benchmark front that used a variety of products: historic records of comparable projects set the
value of the company at division level, better forecast the transition. Practiced in tiny sections
that need to be shipped on schedule and monitored on schedule.
Fixed period: if customers want to execute a product within a fixed period, then the task
needs to be carried out in total order of market importance. Set period span is used to transfer
finished research (Chinowsky and Taylor, 2012).
Fixed scope: whenever work has to be done as specified and production period and expense
flexibly established. The research is held in this condition to make better results.
Fixed costs and scope: In this situation, consistency is given to the date of implementation
where fixed costs and specific deliverables are required. Risk rises to reduce unexpected
problems.
Fixed cost and period: Once the project is supposed to have fixed time and cost, then the
specified functions are adjustable in this case (Fabricius, 2013). Price and duration to these
ventures are restrictions.
Fixed period and scope: Where it is appropriate to have a specified collection of
deliverables in limited time and available. Therefore, the money paid on the project is not really
a limitation. A plan is drawn up and consideration is taken to reduce and monitor unexpected
costs in the system.
(b) Risk Register
In general, the risk registry is a database of perceived project risk. In certain words, it is
the recorded reaction to what may or can happen that will preclude a project from achieving its
objective. The risk involved with behaviours and management practices is first defined and then
assessed according to the probability and frequency of event. This is a structured document
created by the entities as a contractual report, which may be used by senior management in order
to attract their awareness to the growing danger of urgent action. There is no single vulnerability
registry design and it therefore varies with organisations, and basic research purposes. The
following risk register in the context of respective company is discussed underneath:
Risk Management Register for XYZ Project

Risk Identification Assessment Response
Monitoring and
Control
Ref
eren
ce
Even
t Cause Effect
Pro
bab
ility
Im
pa
ct
P
x
L
St
ra
te
gy
Trigger Action
Resp
onsib
le
perso
n/s
Revi
ew
Freq
uenc
y
Status
date
and
general
notes
1 Finan
cing
shortf
all
Fund
constrai
nts-
allocati
on in
dispute
or
subject
to
interpre
tation
Postpo
ned
project
4 5 20 S
m
oo
the
n
Sponsor
s of the
initiativ
e refuse
to
guarante
e a
stable
amount
of
financin
g before
the
proposal
is
addresse
d
Carry out
another
fundraising
round and
receive
approval from
core
stakeholder
parties, such as
the Executive
Contributor
Proje
ct
Mana
ger,
Exec
utive
Spon
sor
Mon
thly
23.11.1
6
Revised
List.
Externa
l means
of
financin
g found
2 probl
em of
budge
ting
lackin
g
Unexpe
cted
circums
tances
contrib
uting to
Low
incom
e, or
can
result
in
5 6 30 Be
tte
r
pr
edi
cti
Predicti
on of
project
engineer
was
inexperi
Good review
and variability
scale.
Proje
ct
coord
inator
and
staff
Mon
thly
27/11/1
6