Fundamental of Project Management

Fundamental of project
management

Abstract
This report provides a systematic and insightful project-management consultancy review
that discusses important facets and related problems in project management. In order to
support businesses achieve their strategically target in a timeline that is set, the whole
research concentrates on automation futures (AF) PLC case research. This research also
provides a comprehensive review of the challenges and difficulties encountered by the
Module and the factors for full evaluation.

Contents
Abstract............................................................................................................................................2
INTRODUCTION...........................................................................................................................4
PART A...........................................................................................................................................4
Project definition..........................................................................................................................4
Planning and Costs.....................................................................................................................10
Managing progress and spending...............................................................................................14
Earned Value Analysis and Acceleration...................................................................................21
PART B.........................................................................................................................................25
Reflective Essay.........................................................................................................................25
CONCLUSION..............................................................................................................................26
REFERENCES..............................................................................................................................27

INTRODUCTION
Project Management is a means of preparing, initiating, carrying out, and handling all the
activities required to be carried out during the execution of a plan (Samset, and Volden, 2016). In
this project, Automation Futures PLC has started a new initiative. This is a hardware and
software engineering consultancy company which works with TTF PLC on the construction of
an electricity conservation equipment. The system is under way including other business
provisions.
A strategic advisory framework with objective review for strategic is included in this project
report. In addition, project identification and risk, preparation and expense, success control and
spending, and importance evaluation and acceleration. Reflective analysis for the project has also
been prepared (Dawang, Othman and Chen, 2018).
PART A
Project definition
However, the operation of iron triangles is a review of strategic planning requirements. The
success of a project is closely related to the ability of a project to fulfill other conceivable
constraints (Khadartsev, 2018). The period, expense and efficiency of the TTF PLC system
implementation project are among the constraints throughout the project triangle in the design
process. A corrective action must be taken to carry out the mission according to the plans. For
example, the nature of the product limits the expense, time and availability of the product.
Cost, schedule and complexity are in the context of achieving the project's TTF PLC constraints.
Fixed costs- Fixed-cost plans offered on a workable timetable. For this situation, AF PLC has to
conduct a customer-based preference review (Guo and Jing, 2020). Practiced in tiny parts to be
delivered and tracked on time.
Fixed period- Within a set time, the function must be executed in the order of business value as
consumers choose to implement a commodity. The time is used to pass work conducted.

Fixed scope- Wherever work has to be undertaken, the time of output and cost have to be set
flexibly. This is the requirement for the work to yield improved results (Fleming and
Koppelman, 2016).
Fixed costs and scope- The date of introduction where fixed costs and different vendors are
needed is appropriate (Kato and Koshijima, 2016). In this case. The probability of unexpected
issues is growing.
Fixed cost and period- The functions defined in this case may be modified if the project is
supposed to have a set period and expense. Such undertakings are restricted in price and length.
Fixed period and scope- Where appropriate, a particular set of items will be made accessible
within a limited period (Obradović, Todorović and Bushuyev, 2018). The money paying for the
project is also not actually a restriction. A strategy must be established to reduce and track
unintended device costs. The plan will be established.
(b) Risk Register
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
limitati
ons-
Conflic
t
Postpo
ned
project
4 5 20 S
m
oo
the
Initiativ
e
supporte
rs fail to
guarante
conduct
another phase
of fundraising
and get the
approval of
Proje
ct
Mana
ger,
Exec
Mon
thly
23.11.1
6
Revised
List.
Externa

distribu
tion or
definiti
on
distribu
tion
n e a
sufficien
t sum of
money
until the
plan is
consider
ed
key
stakeholders
such as the
executive
donor
utive
Spon
sor
l means
of
financin
g found
2 probl
em of
budge
ting
lackin
g
Good
review
and
variabil
ity
scale.
Low
incom
e, or
can
result
in
damag
e.
5 6 30 Be
tte
r
pr
edi
cti
on
Inexperi
enced
predicti
on of
the
project
director
Effective
estimation and
degree of
variability.
Proje
ct
coord
inator
and
staff
mem
ber.
Mon
thly
27/11/1
6
3 Time
estim
ate
Not the
expecte
d and
awaited
project
collecti
on.
Slowd
own in
project
finishi
ng
phase.
6 4 24 An
aly
sis
The
manager
generate
s
inaccura
te
estimate
s for the
project
to be
done.
Each
procedure
must be
correctly
checked on
time.
Proje
ct
Direc
tor
If an
oper
ation
has
been
finis
hed
29/11/1
6
4 Unpr
edicta
There
are
Projec
t
5 5 25 Im
pa
The
manage
Take the
appropriate
Proje
ct
Whe
n
02/12/1