Fundamentals of Project Management

Fundamentals of Project
Management

EXECUTIVE SUMMARY
AF Plc is getting the project of railway from its clients for one year. The main work is
related to application of effective project management techniques for completion of work. The
current report has two different parts A and B. Part A covers the different activities related to
project such as Gantt chart, network diagram, EVA and risk resister. On the other hand, part B
covers reflection about challenges facing throughout the module and producing of project. This
also has further description about characteristics of a Good Project Manager.

INTRODUCTION
Project management is the overall exercise of managing project in respect to getting
desired results. This involves the application of processes, methods, skills, knowledge and
experience in direction guiding staff members working over different activities. The main aim
with the performance of this exercise is to complete the whole project on time in accordance to
the same manner as decided earlier. There is huge support of this in maintenance of project
quality and regular improvement of staff performance. This happens because involves the
performance of tasks related to risk analysis, stakeholder analysis and financial analysis that help
in building of appropriate strategies accordingly. The future impact of this ascertained in the
form of effectively completed different activities because aid in timely removal of deviations and
improving existing level of skills (BANO, 2017). It is the duty over project manager that must
adhere all the processes effectively and perform tasks sincerely to motivate all others that
provide their full efforts in getting of similar results as determined at the time of planning. The
large number of benefits associated with exercise of project management like timely completion
of project, controlling of expenses, completed within determined amount of budget and
enhancement of staff skills. The main aim of this project is to ascertain that how effective level
of project management exercise help in completing overall project on time.
This project has two parts A and B. The aspects covering in part A includes discussing
importance of the various iron triangle parameters in setting the Overall Project objectives and
determining interrelation in between each other, creation of risk register that AF PLC are likely
to face within a construction project of this nature, preparation of a network diagram showing the
critical path and planned duration of the project, preparation of Gantt chart for the project,
detailing overall Project Budget and the projected Net profit for the contract, using of Gantt chart
to determine planned progress for each task, creating of an Earned Value Analysis table showing
ACWP, BCWP and BCWS values for every project task and recommendation upon the options
should be accepted and declined. Whereas, part B includes reflective essay describing challenges
and difficulties identified in producing of assessment or throughout the module along with clear
level of personal development goals.

PART A: AF PLC Case Study
1. Project Definition/Parameters and Risks
(a). Discussing importance of the various iron triangle parameters in setting the Overall Project
objectives and determining interrelation in between each other
The main work of project manager is to manage all different aspects related to a project.
Currently, iron triangles are important determinants of a project that will help the manager to
effectively manage the future activities related to same. The four different parameters attached
with iron triangles are cost, time, scope and quality. It is important for a project manager to gain
information about these all parameters because aid in handling of other associated project
activities effectively. The knowledge about these further having importance in exercise of project
planning and building of strategies so bale to complete the work on time without getting stuck on
mid level works (Bilovodska and et al., 2017). The detailed level of explanation in relation to all
parameters of iron triangles is provided below;
Cost: This is about the calculation of total projected cost related to a project. This is the
important exercise which includes preparation of costing budget in relation to a different project
activities or deliverables so able to finish the whole project within such determined amount.
Here, all the costs that will be incurred in project is added in the total cost of a project. It means
all the fixed and variable costs are included in the total cost of a project. The main reason behind
the occurrence of such costs is arrangement of project resources. The different resources related
to a project includes technical equipments, materials and skilled labourers. This is one of the
important constraint of project management exercise that will aid in completion of whole project
within specified limit of amount. This has importance in tracking and limiting of expenses and
selection of alternative which is cost effective in nature. This will further improving the project
manager's negotiation ability because allocated budget limits the amount of expenditure and
stimulate to find the option which is appropriate as per the defined limit. End last, this will help a
project manager to gain significant amount of profits from the completed projects (Heagney,
2016).
Time: This is about the calculation of time that needed to complete the whole project
successfully. This includes the allocation of time period to each individual activity differently so
allocate the resources accordingly and able to complete the activity or whole project within

stipulated period of time. It is the duty over project manager that adhere these time limits and
perform functions accordingly. Here, project is about the implementation of new engineering
Automation plant within AF Plc. So, project manager has the duty to manage time effectively
where simultaneously uses Gantt chart, timescales and network diagram as tools for effective
level time management. This is important to manage because delaying in completion attracts
penalty that reduces the ability to earn significant amount of profits from same (Hopkin, 2018).
Scope: This is about ascertainment of associated aspects and objectives attached with a
project. This is the third determinant of triangle which is further known as third side. The main
aim behind determination of scope is to identify the impact of associated activities and resources
which are needed to perform working effectively in respect of attaining desired objectives. The
main aim of AF Plc is to implement new engineering automation plant. Here, project manager
has the duty to identify the associated aspects so able to effectively complete project on time and
within budget. This is important because aid in gaining bonus of early work completion (Jamali
and Oveisi, 2016).
Quality: This is about ascertainment of quality of project deliverables. It is important to
determine and maintain because aid in completion of tasks as per the requirements of client. In
case of the AF Plc project, this has importance because any kind of last minute issues resultant
into damages fro which needed to pay fines in future. Also, last stage improvements require huge
amount of time and money that automatically finishes the reliability of project and made the
whole scenario inappropriate for an organisation (Kamaruding and et al., 2019).
It is determined from the analysis of all above constraints that all related to each other
and having not possible to deliver the successful project without leaving anyone behind. This
means if not able to attain efficiency in any constraint then whole project will break down.
(b). Creation of risk register that AF PLC are likely to face within a construction project of this
nature
It is important to prepare risk register as this will help in determining associated risks
with project along with their nature. This has importance because further aid in building of
mitigating measures from where possible to gain desired results. Currently, AF Plc is working
over the large scale of project of TFF Plc where possibility attached regarding occurrence
different nature risks. So, their earlier determination help in preparation of working plans and