Fundamental of Project Management

Fundamental of project management

EXECUTIVE SUMMARY
This report has been prepared on the basis of deep research of project management. It
includes the value of project management in operating managerial function as well as it
includes importance of various system, technique and tools of project management uses in
analysing cost, task, activities of fulfilling project within the organization. Automation
Futures has been taken for study of project management. On the basis of the case study of this
organization. Reflection has been written which describe all the problems, and issue faces
while completion of this project and things that learn through this report.

Contents
Fundamental of project management...................................................................................................1
EXECUTIVE SUMMARY...........................................................................................................................2
INTRODUCTION.....................................................................................................................................4
PART A...................................................................................................................................................4
Project Definition..............................................................................................................................4
Iron triangle parameters.....................................................................................................................4
Planning and costs.................................................................................................................................9
Managing progress and spending.....................................................................................................13
Earned Value Analysis and Acceleration..........................................................................................19
PART B.................................................................................................................................................22
Reflective Essay...............................................................................................................................22
CONCLUSION.......................................................................................................................................23
REFERENCES........................................................................................................................................24

INTRODUCTION
Project management is the process of organizing all activities, the operation aimed at achieving
client objective. This is a technique that captures reviews and monitors the actions of a specific basic
assignment. The company Automation Futures has launched a new project to enforce the concept of
project management that promotes the necessary objectives. The article addresses many of the
activities and behaviour undertaken throughout project management, how an administrator was
explicitly defined for decision-making process and collective experience evaluation in terms of
mission preparation and analysis risk procedures.
Throughout the project, in the sense of AF PLC and its customer company TTF PLC, criteria and
risk, preparation and costs, management of development and expenditure, and Earned Interest
Measurement and Acceleration are defined.
PART A
Project Definition
Iron triangle parameters
The iron triangle strategic planning technology is used by Automation Futures in the
meantime as part of the productive company. The productivity of the organization depends in large
part on how successfully they use their instruments to perform the job. There are some important
restrictions in the project triangle framework to characterize the current construction process for any
venture, as well as cost of constructing a project, process performance and time span. The first and
most successful care of the element of the research is achieved by methods and techniques to achieve
the goal of the project. The quality of the entire project can be maintained by developing the budget
schedule for this phase. Some constraints that can exist are listed below for the completion of the TTF
PLC venture:
A project was carried out on a fixed cost basis with flexible deliverables. AF PLC needs to
carry out customer-based targeted analyses in this scenario. Continued to carry out in small parts to be
delivered on time and tracked on deadline.
Fixed date: If consumers wish to conduct a transaction within a specified time, the function
must be executed in complete order and in margin requirement. The term is used for the transition of
completed jobs (Ding, 2016).
Identified scope: Flexible work needs to be performed as specified and period and budget set
for deployment. Job is maintained in this state and generates higher target accomplishment outcomes.

Fixed cost and efficiency: Continuity is provided to the implementation date once expenses
and different materials are needed. In this case the risk of unreasonable deadlines which enable to
complete work in time is rising.
Fixed cost and time: If the plan is to have continuous expense and time, then the criteria
listed are flexible throughout this case (Quresh and Kang, 2015). Cost and time would become the
constraints for the firm's latest project.
Fixed time and scope: In which a defined selection of deliverables will be accessible in a
period of time. The money paying for the concept is also no limitation. A strategy is formulated and is
called for minimizing and tracking unexpected costs in this process.
(b) Risk Register
Risk Management Register for XYZ Project
Identification of risk Assessment Response
Monitoring and
Control
Refe
renc
e
Event Reason Effect
Pro
babi
lity
Eff
ect
P x
L
Pol
icy Trigger Action
Respo
nsible
perso
n/s
Revie
w
Freq
uenc
y
Date of
status
and
general
notes
1 Shorta
ge of
financ
ial
fund
Organiz
ation
suffers
from
financial
fund
Project
task of
the
organiz
ation
will be
not
compe
ted on
specific
time
4 5 20 Mi
tig
ate
.Compan
y suffers
from the
shortage
of
financial
funds as
sponsors
of the
project
cannot
collect
In rode to
solve this
problem
manager
needs to start
the collection
round again a
take funds
from financial
institutions.
Projec
t
Mana
ger,
Execu
tive
Spons
or
Mont
hly
23.11.16
Register
updated
.
Alternati
ve
funding
sources
identifie
d

sufficient
fund at
the time
of
requirem
ent
2 The
proce
dure
of
budge
ts
makin
g is in
under
constr
uction
Compan
y faces
various
problem
s as
unexpec
ted
activites
and
events
come
during
the take
executio
n.
It will
directly
effect
on
profita
bility
rate of
the
organiz
ation
as
compa
ny
cannot
great
effect
profits
5 6 30 Go
od
es
tim
ati
on
Project
forecasti
ng goes
wrong.
Manager of
the
organization
use various
environment
scanning tools
in order to
formulate
policies and
forecasting it
Projec
t
mana
ger
and
emplo
yees.
Mont
hly
27/11/1
6
3 Period
of
time
Compan
y unable
to
compet
e their
task on
specific
time
It
directly
effect
on
employ
ers
moral
as they
cannot
compe
6 4 24 An
aly
sis
Problem
of time
arises as
manager
unable
to
estimate
correct
time,
.Manager of
the
organization
needs to verify
and check
each activity
on completion
of task and
compare it
with standard
Projec
t
Mana
ger
After
comp
letion
of an
activi
ty
29/11/1
6