MSc Management Fundamentals of Project Management Report: AF PLC

This report provides a comprehensive analysis of project management principles, using the case study of Automation Futures (AF) PLC, a fictitious company specializing in software and consumer technologies aiming to conduct a Train production method as a project. The report is divided into two parts: Part A, a consulting proposal, and Part B, a review article. Part A examines the iron triangle variables (cost, time, scope, and quality), develops a risk register, creates a network diagram and Gantt chart, and calculates the project budget and earned value. Part B reviews the challenges encountered in Part A and identifies the qualities of a great manager. The report assesses project progress, comparing estimated and actual progress, and addresses potential risks such as higher workforce costs, material scarcity, and human resource issues. The analysis provides a detailed overview of project planning, execution, and control, offering valuable insights into effective project management practices.

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