Fundamentals of Project Management

Fundamentals of Project
Management

EXECUTIVE SUMMARY
This report is comprises a deep study on project management which covers all the essential
aspect of project management and help in identified importance of functions of project
management in organization. This report is prepared on the basis of case study of Automation
Futures. On the other part this report included a reflection which describe summary of
experience and problem faces during formulation of this report
Contents

EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
1. Parameters and Risk of the company...........................................................................................4
(a) Parameter of Iron Triangle....................................................................................................4
2. scheduling and Expenditure.......................................................................................................10
(a) Network Diagram.................................................................................................................10
(b) Gantt Chart...........................................................................................................................11
(c) Net profit of the contract......................................................................................................13
3. Managing progress and spending:.............................................................................................14
(a.)..............................................................................................................................................14
4. Earned Value Analysis and Acceleration:.................................................................................20
(a.)..............................................................................................................................................20
(b.)..............................................................................................................................................23
(c.)..............................................................................................................................................23
PART B.........................................................................................................................................23
Reflective Essay.........................................................................................................................23
CONCLUSION..............................................................................................................................25
REFRENCES.................................................................................................................................26
INTRODUCTION
Project management is art of managing all the activites, task in order to achieve goal of
business organization. It is a process of implementing recording, analysing, and controlling

activities of particular definite task. In order to understand the concept of project
management Automation Futures has been taken, this company started new project. This
report covers all the function and activites taken during the management of project , how
managers deal with problem and analysis risk uses of project management technique for
decision making approach and reflection of overall experience has been define clearly.
TASK 1
1. Parameters and Risk of the company
(a) Parameter of Iron Triangle
.
Management department of Automation Future will be used iron triangle and project
management triangle model for their project. An organization success is totally depend on
ho effectively the organization will use their scar resource specially financial resource. For
statement new project of technology time, cost of establishing project, quality of the project
and time duration are some essential constraint used in project triangle. It is necessary to use
methods and technique to manage all theses factor in an effectiveness way to achieve goal of
the project. Quality of this project can be maintain by formulating budget for this project..
For completing project of the TTF PLC following are the constrains of this project:
.
When project of the organization has been started on the basis of fixed cost and they are flexible
on deliver basis then it is the responsibility of the manager of done their project activity an tasks
on the recommendation of their consumer in order to fulfill their needs and competent project
according to their time.
Fixed time: When customer of the organization ask regarding the project then it is the
duty of the mange to fulfill the project and task on the time of the completion date or before the
completion of the project, All the activites and task will be performed in a systematic
manner(Ding, 2016).
Fixed Scope: Quality of a project can only be maintain when the fixed cost and set 0f
deliver can be free and they will be able to accept the changes during the project activities..

Fixed cost and scope: During the period when the fixed cost of the project and set delivered
has been expected ten in this situation risk of the project can be
Fixed cost and time: Project manager take decision regarding taking decision of fixed cost in
this phase flexible set of policies useful. For long term project prices and time of completion of
project become constant (Quresh and Kang,2015).
Fixed time and Scope: In this situation when time and cost of the project is free then the
value of the expenditure and cost incurred in project is not consider as constant value. In this
situation the cost which will be unexpected as been reduced and can be control by formatting
effect policies
Illustration 1: Iron Triangle Parameters, 2019
(b) Risk Register
Risk Management Register for XYZ Project
Identification of risk Assessment Response
Monitoring and
Control
Ref Even Reason Effect Pro Ef P Po Trigger Action Resp Revi Date of

eren
ce t bab
ility
fec
t
x
L
lic
y
onsib
le
perso
n/s
ew
Freq
uenc
y
status
and
general
notes
1 Short
age
of
finan
cial
sourc
es
Not a
good
image
in
market
and
financi
al
recessi
on in
econom
y and
also
change
in
budget
polices
Time
Period
is very
short
for
particu
lar
project
4 5 20 Mi
tig
ate
Main
reason
of lack
of
findings
is that
sponsors
of the
project
are
unable
to
collect
funds
and
effective
ly
commun
icate
financial
instituti
on to
provide
them
funds
for the
project.
Manager
should be
conduct
another round
for collection
of funds from
various
source and
use effective
communicati
on technique
to attract their
stockholder
for fund
Proje
ct
Mana
ger,
Exec
utive
Spon
sor
Mon
thly
23.11.1
6
Registe
r
updated
.
Alternat
ive
funding
sources
identifi
ed