Fundamental of Project Management

This report provides an in-depth analysis of project management, its value in managerial functions, and the importance of various systems, techniques, and tools. It includes a case study of Automation Futures and discusses the problems faced and lessons learned. The report covers project definition, iron triangle parameters, planning and costs, managing progress and spending, earned value analysis, and reflective essay.

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

te their
task on
time
time
4 Unpla
nned
activit
es
Workf
orce of
the
compa
ny get
disturb
and
district
ed
5 5 25 Mi
tig
ate
the
eff
ect
Preparation of
effective plans
and polices to
overcome
negative effect
of workers
Projec
t
mana
ger
and
team
memb
ers
Whe
n
requi
red
02/12/1
6
5 Lack
of
skills
Busines
s
organiza
tion
could
not
achieve
d their
goal .
Qualiti
es of
produc
t and
project
active
get
worse.
4 5 20 For
mu
lati
ng
ne
w
pr
oje
ct
file
s
Compan
y hire
unskilled
workforc
e
Business
organization
needs to
provide
training to
increase skills
and proved
technique
knowledge to
their
workforce
Projec
t
mana
geme
nt
team
With
each
activi
ty
02/12/1
6
6 Negle
ct
Busines
s
organiza
tion and
manage
r
neglecte
d the
time
Failure
of
project
5 4 20 Re
qui
re
d
co
nsi
de
ra
tio
Everyone
is liable
for
ignoranc
e of time
Company
needs to
making polices
in order to
focus on time
Team
memb
ers of
the
projec
t
For
each
activi
ty
05/12/1
6

duratio
n of
each
activity
n
ne
ed
s
to
be
pr
ovi
de
d
7 Proble
ms of
techn
ology
Organiz
ation ca
not
attain
equipm
ent of
recent
technol
ogy.
Effect
on
quality
of the
project
6 5 30 Ch
ec
kin
g
tec
hni
cal
via
bili
ty
Due to
lack of
financial
funds
manager
cannot
effort to
but
equipme
nt and
software
of
technolo
gy
Project
manager
require to
motivated
their
workforce in a
way threat
they can utilize
available
equipment in a
n effective
way.
Risk
mana
ger
Mont
hly
07/12/1
6
8 Value
of
cost
Unplann
ed and
unneces
sary
activites
task.
Busine
ss
organiz
ation
needs
funds
for
fulfillin
g each
4 4 16 Ac
cur
acy
Business
organiza
tion ca
not
control
unwante
d
activites
Execution of
polices in
order to
control cost
Projec
t
Mana
ger
Quar
terly
15/12/1
6

activity expense.
9 Lack
of
skills
of
mana
gers
Every
problem
arise in
organiza
tion is
te main
causes
of lack
of
manage
rial skills
Project
cannot
compe
te on
time,
cost
incurri
ng on
active
goes
high
and
profita
bility
rate of
the
project
goes
low
5 30 Ma
na
gin
g
ch
an
ge
Due to
lack of
expertise
and
manager
ial skills
manager
unable
to
formulat
e
effective
project
plan..
(Raff,
Seiler,
and
Apiou-
Sbirlea,
2017).
Hiring an
experience
manager.
Mana
geme
nt
team
Mont
hly
25/12/1
6
10 Comm
unica
tion
issue
Compan
y suffers
from
confirm
s and
issue of
betwee
n
employ
ee and
manage
r due to
Variati
on
betwe
en
actual
and
standa
rd
target,
conflict
s arises
due to
5 5 25 Eff
ec
tiv
e
co
m
mu
nic
ati
on
ch
an
Main
causes of
this, is
manager
cannot
convince
their
subordin
ates.
Essential
action and
activites has to
been taken
Mana
geme
nt and
team
memb
ers
At
each
stage
of
the
proje
ct
25/12/1
6

miss
commu
nication
lack of
comm
unicati
on
nel
Planning and costs
(a) Network Diagram
A network diagram is a graphical overview of all the functions AF PLC will perform during
the execution of the TTF PLC-supported project. Responsibilities as well as project management
are represented by various actions in this document. This list is complete with boxes with action
sequence identified with arrows placed where such activities take place (Crisp and Hosken 2016).
The sequence of steps to agree on the total time required to obtain the project is specified by this
network diagrams.
(b) Gantt Chart
Gantt graph of the same experiment done for TTF PLC would decide how long each
exercise would take to achieve. It will help to identify the start date as planned or not
expected to finish the project (Davies and Brady, 2016). S This innovation project will be

released by AF PLC on 8 July 2019, but will be completed on 6 July 2020. The above
proposal has a target of 25 September 2020, which consequently happens to be the same
project's actual end date. It allows the client to determine how well the project can be
accomplished and allow any excess profits in the smallest period as defined for the project. It
will help in providing graph in diagrammatical way through which manager can easily
evaluate the overall mechanism related to project and task.

Net profit of the contract
The amount of the project net operating cost was that of the allocated spending in the calculation
process. When the work is done during the timeframe allocated for completion and therefore provides
a bonus amount for AF PLC. As stated in the contracting arrangement, a total of £50k a day will be
paid as a reward, if the assignment is completed beyond the completion date. As AF PLC progresses
in finalizing the plan throughout the project allocated time and so results in the business larger than
expected amounts of revenue. The opportunity was used to balance the gross net revenue generated
for the project in the process of evaluating it (Emsley and Ghaffari, 2015). The calculation of net
profit is recognised for the fact that a sum of £13, 85 million is raised for the execution of contracts
within 81 days of the contract date of delivery. Previous operation generates manufacturing capital
and projects generate higher profits.
Calculation of Net profits
Particulars Amount in millions(£)
Budgeted price of the project 58.5
Profits through early completion of the project (81 days * 50k) 4.05
Total revenue 62.55
Less: Cost of the project 48.7
Net profit 13.85
Managing progress and spending
Gantt chart to determine the planned progress
Although Gantt charts are easy to construct, use and follow that help to draw meaningful
results. The best approach is to draw up a map that reveals how much the project throughout the

project management phase can go. When planning and coordinating tasks, the timeframe has proven
tremendously beneficial (Vora, 2013). This helps project leaders as well as project managers to decide
the duration of a project, define the appropriate resources, define the inter-task interactions and
timetable the order whereby each phase is carried out, until the whole activity is carried out
immediately. Gantt chart continuously changes as project continues, showing a updated roadmap to
keep all (teams, consumers and interested parties) aware regarding the enhancements. Gantt charts
often contain sessions and further proof of change is gained. This allows it really simple for
administrators to measure the progress of the operations and address the issues they can address
(Pasian, Sankaran and Boydell 2012).
It had been determined from the Table and Gantt Map that Project PI, A, B, C and E were
eventually accomplished after 17 regularly and Activity D, F, G and H respectively reported real
progress in 80 %, 35 % and 50 % to completion. Although the project has to be done within 17 weeks
as per projections time frame that gives desired results. The pause in the scheme also contributed to
higher total spending. Below is a list of variations for each project among real and planned expenses,
as continues to follow:
Comparison Planned vs Actual
Task Description
Total Actual
Expenditure
incurred to date (£
m)
Planned Total
Expenditure up to
date (£ m)
Variations
(£ m)
PI Initiation of Project 0.2 0.2 0
A Factory design commissioning 2.91 2.8 0.11
B
Committee Developing
Automation Systems 1.72 1.6 0.12
C Design Inverter Device Designing 1.53 1.5 0.03
D
Comprehensive Factory
Development 4.08 3.8 0.28
E
Technology and Inverter System
comprehensive specification 5.97 5.4 0.57

F
Develop and mandate Automation
Systems as well as Inverter
Technology 1.32 3.4 -2.08
G Automation device manufacture 2.76 6.5 -3.74
In assessing the above-mentioned exhaustive study, it was evaluated that no variance existed
during the entire project's initiation phase, which suggests that a project could have been initiated at
0.2 million expected expense. Task F and G showed detrimental differences in which suggest that the
expected expenditures were indeed underneath. The projected total expenditure of 2.08 and 3.74,
accordingly. Although variations in behavior A, B, C, D, as well as E are important, it is not always a
clear indicator (e.g., 0.11, 0.12, 0.03, 0.28, and 0.57 respectively).Like this optimistic sense of the
Deviation shows, the projections predicted are less than the real statistics. Instead of the current plan,
the over-spending of these costs has to be revised and would produce positive outcomes. Under the
planned projections, exercises were not carried out which lead to new inefficiency of the project.
Project developers must overlook those programs where the actual cost and duration exceeded the
planned time and budget (Poston and Richardson, 2019).
(b.)Actual progress values
The total project budget will reach 49.885 million $ since modification of forecasts around the
different tasks as per the alternatives offered. Obviously this increase will have an effect on the
overall project sales as this gain will decline by $1,185 million. The revised software feature table and
Gantt map below are as follows:
Task Description
Duration
(weeks)
Fixed costs
£M
X Project Initiation 1 0.2
A Factory planning commission 3 2.8
B Creation of automation machinery Committee overview 2 1.6
C Project Design-Inverter System description 1 1.5
D Factory's thorough architecture 8 3.8

E Comprehensive design of the Control and Inverter systems 8 5.4
F
Commissioning and improving Inverter System and Control
Applications 13 3.6
G Produce Control Devices 7 7.55
H Modular Manufacturing Units Produce 9 4
I In Germany, transportation and development of modular plant 6 3.425
J Test Automation equipment. 6 2.2
K Transport Production to Current Factory 4 2.5
L Installing Modern Plant control systems 6 3.1
M Automation System Program Update 4 2.2
N Automation System Program Update 4 2.675
O Test Inverter Production line 6 2.1
P Engineers in Robotics and Drug Processing Transfer and Training 4 1.235
PC Project Close out 0 0
Total 49.885

Earned Value Analysis and Acceleration
A) Earned Value Analysis table showing ACWP, BCWP and BCWS values
Earned Value and its use in Cost Control.
TASK BCWS ACWP %Progress BCWP
Planned Value Actual Cost Earned Value
PI $2,00,000.00 $2,00,000.00 100% $2,00,000.00
A $28,00,000.00 $29,10,000.00 100% $28,00,000.00
B $16,00,000.00 $17,20,000.00 100% $16,00,000.00
C $15,00,000.00 $15,30,000.00 100% $15,00,000.00

D $38,00,000.00 $40,80,000.00 80% $30,40,000.00
E $54,00,000.00 $59,70,000.00 100% $54,00,000.00
F $34,00,000.00 $13,20,000.00 35% $11,90,000.00
G $65,00,000.00 $27,60,000.00 35% $22,75,000.00
H $40,00,000.00 $27,50,000.00 50% $20,00,000.00
BAC $2,92,00,000.00 $2,32,40,000.00 $2,00,05,000.00
ACWP : Actual Cost of Work Performed
BCWP : Budgeted cost of Work Performed
BAC : Budget At Completion
BAC $2,92,00,000.00
PV $5,00,000.00
AC $2,32,40,000.00
EV $2,00,05,000.00
Cost Variance (CV = EV - AC) -$32,35,000.00
Cost Performance Index (CPI = EV/AC) 0.86
Schedule Variance (SV = EV - PV) $1,95,05,000.00
Schedule Performance Index (SPI = EV/PV) 40.01

Cumulative Planned Value
(PV)
2000
00
3000
000
4600
000
6100
000 9900000
1530000
0
187000
00
2520000
0
2920000
0
Actual Cost and Earned Value
Cumulative Actual Cost
(AC)
2000
00
3110
000
4830
000
6360
000
1044000
0
1641000
0
177300
00
2049000
0
2324000
0
Cumulative Earned Value
(EV)
2000
00
3000
000
4600
000
6100
000 9140000
1454000
0
157300
00
1800500
0
2000500
0
Project Performance Metrics
Cost Variance (CV = EV -
AC) 0
-
1100
00
-
2300
00
-
2600
00
-
1300000
-
1870000
-
200000
0
-
2485000
-
3235000
Schedule Variance (SV =
EV - PV) 0 0 0 0 -760000 -760000
-
297000
0
-
7195000
-
9195000
Cost Performance Index
(CPI = EV/AC) 1.00 0.96 0.95 0.96 0.88 0.89 0.89 0.88 0.86
Schedule Performance
Index (SPI = EV/PV) 1.00 1.00 1.00 1.00 0.92 0.95 0.84 0.71 0.69
From the above analysis it has been identified that Consumer Price index P1 is below 1 it
refers that it is an undesirable element for viability of cost of this project report. On the
other side the plan output indicator is below 1 in task activites D, E, F, G, H. This
represent that the time table is not shown same result after c completion of task c.

Projected completion date for the entire project
The end date shall be 06/07/2020 based on the originally planned projections. The entire
operation will be completed in the scheduled timeframe under the new approach, even though
costs are increased due to previous completion, leading to project delays. However, there are
several options to the company, which will cut operational costs and raise the expected
profits, however at the same time, the date for production will still be moving to 14/08/2019.
The alteration of the project delivery would also result in the absence of early opportunities
for much of the distance (Dawang, Othman and Chen, 2018).
B) Compare these values with the original contract
Through analysing various alternatives and initial concept, it was proposed here that the
original project layout would be feasible for the company without considering replacements.
Since the final deadline is 14 Aug 2020 after the options has been adopted, while the end date
of the original plan is 6 July 2020. Significant is that there's a liability clause line throughout
the project plan. Under it, the company AF PLC was obligated to shell out TTF compelled to
offer liability of 100k pound per day in a project past the production date i.e. 25/09/2020 for
complete or part day default.
PART B
Reflective Essay
Project management is a framework of manamgent process through ehch manager cans
evaluate their future plans. It will help in run day to day operational activites of organization. Being a
project leader at AF PLC when I got the project I am excited as it is new and executing of this project
help in increasing my strength and I will gain experience from this project, thus I man very
3exiceted to do this task. But when the project start I am facing various problem, as per the
task and execution of polices various member and a large team decided for executing project
activites but team members are not available on the time, it will effect on completion of
project it waste time, along with this members of my team are not skilled they cannot
understand the concept and way of working they need training before starting of this project,.
I also suffers from financial problem as due to problem of time ,director was not agree to
provide financial source completion of his project , labours does not have proper technique
skills thus it cost of incurring project goes high. As a project manager by using theses
methods organization can overcome problems:

Efficient communication: By using tools and method of effective communication,
organization can solve problem of miscommunication and conflicts arises due to
misunderstanding between employer and manager. As a project manager I can conduct
meeting, take suggestion from my employers and provides them guideline and proper
equipment it will help in establishment of better understanding and motivate employers for
work
Effective decision maker: A project manager is a person who has the capabilities to take
decision in difficult situation and not loss his patients in hard situation, when organization
suffers from financial problem, and company not have sufficient time to competed the
projects, being a project manager I searched all the source and method to solve the problem
and take decision through which risk get minimised
Technical Skills: Being a good manager it is his qualities that he has proper knowledge
related to his work, it will help in solving issue treated to the technique problem. By using
knowledge of technician skills I start to use managerial policies to solve issue of workers.
Leadership skills: A leader has a person who has qualities to influence people . Being as a
project manager I have gain leadership, quality which help in focusing on operations al
activites as well as motivate entire work force of the organization. A leader is a person who
has the skills of innovation , creativity he will be able to formulate all the things and make
those policies through which organization can easily cover up all the process and problem.
Project manger also have theses qualities it is essential for him that he can resolve all the
problem and take patients and took decision with calm. He must have wider knowledge area
related to his field so that he can take decision and find out innovative solutions of the
problems by suing various tools and methods .
CONCLUSION
From the above analysis it has been identified tat project management is play essential role
regarding execution of future task. It provides guideline for right strategies for formulation of project
activites. It will help in provides all the necessary information and build strategies for systematic
planning of project activites. By using project management technique and tools manager can proper
guideline their workforce and they can work in a systematic manner. Project management help in
achieving goals of business organization by cutting cost of additional activites as well as providing
better coordination between various departments of organization.

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