Fundamentals of Project Management

This document provides comprehensive details on project management, including the role of iron triangle variables, risk register with ten risks, creation of a network chart with CPM, Gantt chart, project budget, and EVM analysis.

Fundamentals of Project
Management

EXECUTIVE SUMARY
The project summary contains comprehensive details on multiple forms of issues relevant to
successful project management. The whole project is focused on a business that is a futures
automation (AF) plc. The report also includes an exhaustive summary of the challenges and
complications and considerations for overall analysis of the project.

INTRODUCTION
Project management (PM) is a preparation and implementation phase that involves efficient
coordination and guidance of a program. This process is focused on a series of targets which are
associated explicitly with finishing of the project. The report 's primary goal is to assess details
on PM. and different problems which can be motivated through project management (Sipes,
2019). A case study situation is chosen for this reason that is linked to a comprehensive PM
mission. The case study is focused on "Automation Futures" which is a fictitious company. The
company is a contracting development and outsourcing firm specialized in software and
consumer technologies. This business aims to conduct a Train production method as a project.
This assignment is split into two parts, part A is a consulting proposal and part B is a review
article. The chosen firm's project will be mentioned in Part A using iron triangle criteria and
evolving risk list. Budget for the project would also be prepared in this portion, together with
Gantt map creation and project expenditure. As well as, the project's Earned value will also be
calculated in this portion. A review will be established in the next part of this study, which will
involve obstacles encountered while undertaking Part A of this study as well as defining qualities
of a great manager.
Part A
Question 1
Role of iron triangle variables.
AF PLC is a big organization that plans to build TTF, a train product's development and
modernization plan. As an AF PLC project manager, it is essential to examine the different
parameters of the iron triangle when establishing the total project goals. Some parameters of the
iron triangle are scope, time, expense and quality. Every criteria or limitations plays a critical
role in handling the project and its goals. All these criteria and their role is mentioned
underneath:

 Cost: The primary iron triangle factor is cost. This factor is used as the fiscal limitation
of a managing projects and is linked to a project's expenditure. This cost variable is
connected to the materials that need to be obtained for completion of the project (Shirley,
2020). These resources may include project workers and materials etc. In a project, based
on the particular of the project, these costs may be dynamic, semi-fixed. The AF Plc
project is connected to preparing plant for TTF. Hence, this is necessary for manager of
above project to consider all kinds of cost which may occur in process of completing a
project. Cost constraint is critical as it projects a budget limit which requires completion
of the project. This function often includes the lowest and highest available levels, so that
it can be chosen appropriately. It frequently helps control the variations in expenses
during the phase.
 Time: The timeline is the approximate period of time needed for the project to be
finished. This project management element aids with maintaining that the plan is either
finished with prior or on schedule time (Ravankar, Ravankar and Imai, 2020). Eventually,
this is essential for success of a project to determine estimated time period so that
activities can be allocated with funds. In the absence of computing estimated time may
lead to different kinds of issues in process of succeeding the project. As AF Plc 's project
manager, managing the TTF project is much more relevant to maintain the timeline
because, if the TTF project is not contested at the expected period specified, then AF Plc.
may bear loss.

 Scope: It is the next project manager factor which specifies the tasks and responsibilities
that the project workers are needed to do. This variable is critical for managing a project
as this contributes in achieving goals and also enables efficient use of the properties. As
well as a clear scope provides an idea to managers about how to complete project in less
time and estimated costs.
 Quality: Quality is the last critical factor. Securing fulfilment of agreed quality in project
management phase is essential (Allen and Iano, 2019). As a project leader of AF Ltd.,
confirming the efficiency of the project is much more complex because the correction of
any burdens would cause increased costs for the project.
All of the above variables are closely connected. As in the time reduction condition no
other factor can be achieved and no variable would be worth providing in the case of
quality elimination. Therefore, all parameters are interrelated to each other for success of
a project.
Risk register with ten risks
Threat For of
threat
Possibility
of
happening
(1to5)
Effect on
project(1t
o 5)
Reasons Policies to
overcome
Higher cost of
workforce
Fiscal 3.5 3.5 This can be
occurring due to
variation in the
laws and
policies of work
union.
It can be
mitigating by
getting labour
force on a
contract base
with a fixed
rate.

Higher cost of
needed material
Fiscal 3.5 3.5 It can raise due
to scarcity of
material in the
market because
suppliers may
increase their
prices.
This can be
overcome by
storing all
types of
material in
warehouses.
Poor
optimization of
all resources
Fiscal 1.5 2.5 Lack of
monitoring of
uses of
resources and
mistake in
machine can
also lead to this
risk (Ambrose,
Harris and Ball,
2019).
Assuring
proper
monitoring of
all process can
be helpful.
Higher cost
than
expectation
Fiscal 2.5 2.5 Higher
consumption of
electricity, water
or other
resources.
Managing a
contingency
plan for
additional
expenses.
Strike of labour Operative 1 5 Meeting of
labour unions or
more demand by
workers.
Hiring
employees on
a permanent
basis as per
the contract.
Layoffs Operative 1 4 Due to unstable
political
condition or
variation in
Getting
permission
from
government

governmental
laws.
authorities.
Accident on
site
Human
resource
1 4 Due to fault in
machinery or
lack of
monitoring of
employees.
Assuring
availability of
fast aid kit and
health
insurance of
all workers.
Resignation of
more number
of employees
Human
resource
2 4 Lack of
satisfaction of
employees due
to poor working
condition
(Zachko,
Golovatyi and
Kobylkin,
2019).
Creating a
programme in
which
employees can
be rewarded in
accordance of
their
performance.
Issues related
to
communication
Technical 3.5 2 Lack of skilled
employees and
unavailability of
training
programme.
Hiring
effective staff
members who
are skilful and
talented.
Problems in
automation
Technical 4 2 Lack of
informative
workers.
During hiring
automation
workers,
ensure that
their expertise
and
qualifications
fit the criteria
for this

project.
It has been determined from the aforementioned study that the interaction problem is more likely
to arise, but it would not have a significant effect on the activities of the project. It was also
examined that human resource problems would have a strong effect on the company because the
project cannot be finished on schedule in the absence of workers (Mohapatra and Rath, 2020).
For more control, AF Plc. should develop cash reserves and personnel supplies for these
contingency plans.
Question 2.
Creation of network chart with CPM.
Network diagram is a period (schedule) factor analysis method of a project. A network
diagram helps determine which tasks are crucial to completion and how long the project should
be finished (Damnjanovic and Reinschmidt, 2020). By help of this chart, it becomes easier for
project managers to determine priorities of various kinds of activities and operations in an
effective manner. It becomes possible because under this, critical activities are highlighted in a
specific colour that makes easier for project managers to complete a project in an effective
manner. As AF Plc's project leader, a network diagram is being created for the TTF project
which is a modern Automation plant for technology.
The tasks circled in red from the above diagram are essential steps which together shape a
critical path. The longest gap between beginning process and finishing process is a critical

direction of a project. Calculating critical path is crucial in a project, because it gives the
maximum period that can be taken to finish the project. Tasks (1, 3, 6, 7, 8, 11, 12, 13, 14, 16,
16, 17, and 18) cover the critical path for this mission. To execute all of the activities, AF Plc.
they'll need 92 weeks.
Besides the essential activities, there are still few non-important activities that have the floating
of; task 2 with float of 3 weeks, task 4 with 1 week, task with 8 weeks, step 9 with 9 weeks and
task 10 with float of 8 weeks. This floating value is computed by the subtraction of expected
completion time from finish times period (Belack, Di Filippo and Di Filippo, 2019).
Creation of Gantt chart.
A Gantt map is a method for tracking projects by their durations. This map form requires
date of begin and date of end. This chart explains detailed information about starting and ending
date of each specified task or activities (Dotsenko, Chumachenko and Chumachenko, 2019). Due
to which it becomes easier for managers to find out quickly which activities are going to become
complex and which one can be completed in less time. As it can be seen in Gantt map below, the
first phase of this project is the launch of the project, that is expected to commence at 8 July
2019 and would take a week to finish. Different events are expected to be competed one by one
prior to this operation. The TTF project will be finished by 6 July 2020, as per the below
illustrated Gantt map.

Developing overall Project Budget and calculating projected Net profit for the contract.
Project budget applies to an overview of all the costs the organization must spend to
execute the project. AF Plc. has a minimum of 58.5 GBP to finish the TTF Automation Plant
project. As shown in the table below, the overall expense is 48.7 GBP. If the project is finished
on period on 25 Sept. then the organization will receive 13.85 income but due to the expected
timeline using Gantt calendar, this project would be done 81 days’ sooner, causing an extra 4.05
million in revenue.
Because of contingency plans and other concerns, the industry is highly likely to face the
problem of postponed work due for that they must penalties of 100k for every postponed day or
part day. There are growing activities or tasks that may result in final project delivery being
postponed (Cakmakci, 2019). These operations or expenditure limitations are on-site in Germany
manufacturing automation machinery, transportation automation machinery to new factory and
transportation and building of modular plant. The rationale for including such activities is their

existence and can be readily affected by external factors. The organization's corporate factors are
in influence but various environment can only be regulated to a limit.

Question 3
Variation between estimated and real progress.
Analysis of project of AF Plc, after 17 weeks of proposal was performed with an aim of finding
variation between estimated and actual cost of progress. Taking in to account the real progress of
a project before the 17th week, a comparative table is established that differs between both the
current percentage status of the project and the expected percentage progression.
This can be found through mentioned study that tasks PI, A, B, C, D and E are in fact complete
as expected. Yet there is a lack of functions F, G and H below. Task F was expected to be
accomplished by 60 percent by the 17th week, but in fact it only achieved 35 percent, which is
around half the estimates. The similar case was frequent for the task of G. The "H" task was
expected to be achieved by 55.55 percent, but it was only done by 50 percent by week 17.
Project failure may be attributed to external causes and a lack of internal capability.
Producing a revised Gantt chart and identifying the new completion date.
A new Gantt map is created, utilizing the updated actual progress of the project (Petroutsatou,
2019). The description of the updated length of the operations together with the Gantt map and
network diagram is presented below in such manner:

It has been seen from the Gantt chart here that the overall project is to be finished by 144 weeks.
This pause in research would have an effect on the AF Ltd team, because they are not eligible to
as much reward as they expected in their schedule (Chandra, 2020).

Question 4.
EVM analysis.
Earned value Analysis/evaluation is an approach of applying progress in project and
afterwards evaluating the planned and existing attributes of scheduled activities (Kaim,
Härting and Reichstein, 2019). For the AF Plc., the percentages of accomplishment of task
with BCWP as well as ACWP is already given. Applying all such values, aggregate value
earned as well as Budgeted Cost of operation/work scheduled shall be determined. Paid
value is interest that AF has gained against its real costs to date as well as budgeted
costs of planned work/task is cost of the AF Plc. Has worked against their planned project
to date.
Estimated Costs of Work would be: Planned Costs of Task programmed x percentage of
task finished.
Here, EV would be: Actual Costs of task scheduled x percentage of task finished.

Cumulative Planned
Value (PV)
$20
000
0
$30
000
00
$46
000
00
$61
000
00
$99000
00
$15300
000
$18700
000
$25200
000
$29200
000
Actual Cost and Earned Value
Cumulative Actual Cost
(AC)
$20
000
0
$31
100
00
$48
300
00
$63
600
00
$10440
000
$16410
000
$17730
000
$20490
000
$23240
000
Cumulative Earned
Value (EV)
$20
000
0
$30
000
00
$46
000
00
$61
000
00
$91400
00
$14540
000
$15730
000
$18005
000
$20005
000
Project Performance Metrics
Cost Variance (CV =
EV - AC) 0
-
$11
000
0
-
$23
000
0
-
$26
000
0
-
$13000
00
-
$18700
00
-
$20000
00
-
$24850
00
-
$32350
00
Schedule Variance (SV
= EV - PV) 0 0 0 0
-
$76000
0
-
$76000
0
-
$29700
00
-
$71950
00
-
$91950
00

The variability in such project's cost is measured through earned value and the actual value that
is measured as 32,35,000. In addition to variability, the SP and CP figures are measured as well.
Here, Cost Performance-Index is computed is around 0.86 which is really actual and earned
cost's comparative value. This also measures Schedule Performance Index that is around 40.01.
Such value is measured through value of the whole project earned including expected.
Creating a projected completion date
Projection at completion is process or method for estimating a project's completion
deadline and costs (Mozhei and Lukianov, 2019). The completion deadline of such a project
became revised to 14th August 2020 owing to 17th weekly project analysis. Consequently, of
this delay, project 's income as AF Plc would be affected. They won't get an expected bonus for
early accomplishment of their jobs. The Completion forecast is a metric that allows to measure
the final project expense. Previous budget-calculated costs were 48.7 million.
Costs for operations PI to H are projected using the estimation technique at completion is
$942642.24. When compare actual versus budgeted costs, this has been found
that budgeted/planned costs for PI when H operations were 25.2 million while here actual cost is

around $942642.24 that is greater than originally budgeted costs. To minimize risk of
expenditures higher. Here, AF Ltd should maintain reserves so that any risk could not turn this
corporation's expected profits into losses.
Recommendations
There are various forms of solutions accessible for preventing any penalty costs. There are
several challenges and drawbacks of various forms of choices. Based on the above review, it
may be suggested that the transport alternative contractor be selected. It is so because saving
expense of 75,000 pounds will be beneficial. Thus they should concentrate on the alternative
listed above. If this choice is chosen by the above company, then the productivity would
have a positive effect which is as follows:
Lower cost-This alternative has lower production costs and therefore it would be simpler to
reduce extra costs for the above project. Consequently, if the expense is lower than the
productivity would be advanced. However, rest of alternatives are also acceptable but none
of them are extremely productive and can excluding complex costs
Suitable- In addition advantage of the alternative selected, another beneficial effect of this
choice is that it is appropriate in the sense of the project of the above-mentioned company.
As these advantages suggest that if they follow this alternative then ultimately lead in
project success. Examination of other options or primary initiatives indicated that the whole
project concept would be viable for the organization until it explored options. The deadline
for completion is expected to be 14 Aug 2020 after introduction of options, with the starting
point being 6 July 2020. This is obvious because an expense allocation section was written
up in the expenditure deal. By the end of a year, i.e. 25/09/2020, AF PLC had to pay for the
TTF, so was obliged to reimburse 100 K pounds a day for the remainder of an entire day.
The business is having a £ 50 K bonus per day early on the day of delivery. Complementary
option will allow the client to finish the project earlier, and if the company implements the
initial strategy, the client will conclude the project early.
So there are the main suggestions that the project manager of the above firm's project must
follow. When they do so, higher income and improved task results would be good for them.
AF plc would consider it impossible to handle project successfully in the lack of the
implementation of required aspects.

REFERENCES
Books and Journals
Sipes, C., 2019. Project Management for the Advanced Practice Nurse Second Edition. Springer
Publishing Company.
Shirley, D., 2020. Project management for healthcare. CRC Press.
Allen, E. and Iano, J., 2019. Fundamentals of building construction: materials and methods.
John Wiley & Sons.
Damnjanovic, I. and Reinschmidt, K., 2020. Project Risk Management Fundamentals. In Data
Analytics for Engineering and Construction Project Risk Management (pp. 23-41).
Springer, Cham.
Dotsenko, N., Chumachenko, D. and Chumachenko, I., 2019, September. Modeling of the
process of critical competencies management in the multi-project environment. In 2019
IEEE 14th International Conference on Computer Sciences and Information
Technologies (CSIT) (Vol. 3, pp. 89-93). IEEE.
Petroutsatou, K., 2019. A proposal of project management practices in public institutions through
a comparative analyses of critical path method and critical chain. International Journal of
Construction Management, pp.1-10.
Kaim, R., Härting, R.C. and Reichstein, C., 2019. Benefits of agile project management in an
environment of increasing complexity—a transaction cost analysis. In Intelligent
Decision Technologies 2019 (pp. 195-204). Springer, Singapore.
Mozhei, К.A. and Lukianov, D.V., 2019. Contemporary approaches in project management
education in Belarus.
Chandra, P., 2020. Fundamentals of Financial Management|. McGraw-Hill Education.
Cakmakci, M., 2019. Interaction in project management approach within industry 4.0.
In Advances in Manufacturing II (pp. 176-189). Springer, Cham.
Belack, C., Di Filippo, D. and Di Filippo, I., 2019. Cognitive Readiness in Project Teams:
Reducing Project Complexity and Increasing Success in Project Management. CRC
Press.
Mohapatra, H. and Rath, A.K., 2020. Fundamentals of Software Engineering: Designed to
provide an insight into the software engineering concepts. BPB Publications.
Zachko, O., Golovatyi, R. and Kobylkin, D., 2019, September. Models of safety management in
development projects. In 2019 IEEE 14th International Conference on Computer
Sciences and Information Technologies (CSIT) (Vol. 3, pp. 81-84). IEEE.
Ambrose, G., Harris, P. and Ball, N., 2019. The fundamentals of graphic design. Bloomsbury
Publishing.

Ravankar, A.A., Ravankar, A. and Imai, S., 2020. Measuring Student Learning Outcomes in
Introductory Project Management Course in Graduate Schools. International journal of
institutional research and management, 4(1), pp.66-86.
Dalcher, D., 2019. Moving beyond project delivery: Reflecting on the life cycle concept as way
for organising project work. PM World Journal, 8.

Part B - Reflective Essay
Challenges encountered throughout the Module- Being a leader of project of the AF PLC, I
encountered a number of obstacles throughout the technological project that posed key issues
during the conclusion of the project. I faced a few problems because a large team conducted the
project and few were specifically involved in the management phase for the project activities.
Such changes in the architecture triggered extensive project instability, as no team member had
clear criteria for position. The explanation is that such problems are because the major
expectation were during my job as project leader. This is so since AF PLC is a well-known
organization, staff are more responsible than ever in either situation.
Difficulties producing the assessment- I encountered some problems during the assessment that
culminated in mental discomfort at the point. I primarily confronted the issue of allocating tasks
and duties to the various members of the team. Because of that, I was unable to learn employee
capacity. Another problem for me was assembling the project on time because unstable task
distribution made it impossible for me to accomplish all the work on a specified time frame and
expense. And these are some of the main problems that emerged during the review. Additionally,
I was therefore serving as project leader; it was my responsibility to efficiently delegate tasks to
all teammates and assess the success of each team member. Though I understood a number of
lessons from these topics regarding how to cope with a difficult case. Such challenges would
certainly help me to deal with various facets of successful project management in the coming
periods.
Conscience personal development goal- I characterized certain main personal objectives at the
completion of AF Plc 's project that are focused on my background as project manager. Below,
these personal development priorities are listed below in such a way as:
I'm starting to focus on the time control. It is mainly because this is important to be polite and
courteous for a project manager so that the majority of the team members will be encouraged. I
was not informed of the managing time during the above project which resulted in many
problems.
I would also focus on improving one's own speaking abilities. Because I don't have the
experience to talk best to others who are fresher. Due to which I encountered problems during
the above AF plc project.

Features of an ideal manager of project: An effective project manager must have effective skills
and expertise so that tasks can be completed in better way. Below some key characteristics of a
good manager are mentioned that are as follows:
 Better communication skills- Clear coordination is key at the outset of the project
enabling every team to make the correct decision. Due to good coordination, it is simpler
to grasp the various forms of project operations. So possessing good coordination
competencies is useful to leaders of project. In AF PLC issues can be characterized
through good communication skills between team leaders. Throughout fact, as a project
manager I must collaborate openly and efficiently with other team leaders so that the
desired goal will be accomplished with minimal time and money.
 Good decision maker- As project manager, I must take all measures with respect to
decision taking in the AF PLC project in a constructive manner. If an intervention is done
in due time, the issue is perceived as something successful and treated properly. The
strategic work as a project manager will strengthen my willingness to make informed
decisions and produce successful outcomes towards the end objective of a project.
 Technical Expertise- Although AF PLC is a construction consulting company, but it is
vital to the enterprise to provide a project manager with professional experience.
Management decisions can be taken effectively because they are rendered feasible with
the correct tools and the way to achieving a project is technical know-how. Thus, this is
crucial, as a project leader, to gain accurate information about technological competence.
 Leadership skills- It is essential for managers of project to conduct all work to achieve
the goals. Such strategic procedures will be boosted to ensure that members of the project
team obey my orders and responsibilities as leaders. Taking the initiative is especially
valuable which generates the company's credibility in the competitive market.