Fundamentals of Project Management

This document provides a comprehensive project management analysis that addresses all the basic elements and seeks to define the significance of project management roles in the achievement of enterprise goals.

Fundamentals of Project
Management

Abstract
This document provides a comprehensive project management analysis that addresses all the
basic elements and seeks to define the significance of project management roles in the
achievement of enterprise goals. This study is based on the framework of an Automation
Futures case study. In the other side, this article contained a review explaining the
description of observations and identities of challenges through this study's creation. The
entire project help to define the in depth understanding about different useful component of
project management such as Gantt chart, network diagram etc.

Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
CONCLUSION................................................................................................................................3
REEFRENCES................................................................................................................................4

INTRODUCTION
Project management is the practice of coordinating all tasks, activity to accomplish company
target. It is a method of capturing, reviewing and monitoring actions of a specified basic
mission. Automation Futures organization has begun new venture to realize the principle of
project management which support in reaching the desired goals. The article discusses all the
tasks and actions performed during project management, how management have been
specifically described in terms of task planning and research risk applications of project
management methodology for decision-making method and cumulative knowledge reflection.
In this project, parameter and risk, planning and costs, managing progress and spending and
Earned Value Analysis and Acceleration are disused in the context of AF PLC and its client
company TTF PLC.
PART A
Project Definition/Parameters and Risks
A) Iron triangle parameters
Automation Futures employs iron triangle project management technique as a framework for
the successful business in the meanwhile. The firm's effectiveness relies largely on how
effectively they employ their tools to handle project operation. The expense of developing a
project, design efficiency and period length are several basic constraints used throughout project
triangle model to describe modern development design for any project. Tools and methodology
will be utilized to handle most the theses aspect efficiently in order to accomplish the project's
target. The standard of the whole project will be ensured by constructing this project's
expenditure plan. Some constrains that may arise are for finishing the TTF PLC project is
discussed underneath:
Projects are implemented on a fixed cost framework and deliverable adjustable. Throughout
this case AF PLC has to carry out prioritized analysis on a customer basis. Conducted in tiny
sections that need to be shipped on schedule, and monitored on schedule.
Fixed date: if customers want to execute a product within a fixed period, then the task needs
to be carried out in total order of market importance. Set period span is used to transfer finished
job (Ding, 2016).

Defined scope: Versatile where research has to be completed as specified and time and
expense for implementation is set. The Work is preserved in this condition which provides
higher results for the attainment of goals.
Fixed costs and effectiveness: In this situation, consistency is given to the date of
implementation where fixed costs and specific deliverables are required. Risk rises to reduce
unnecessary delays that are helpful in completing work on time.
Fixed cost and time: When the proposal is supposed to have constant time and cost,
otherwise the specified specifications are adaptive throughout this case (Quresh and Kang,2015).
Price and time for the company new project will become the restrictions.
Fixed period and scope: Where it is appropriate to have a specified collection of
deliverables in limited time and available. Therefore, the money paid on the design is not a
limitation. A plan is drawn out and consideration is taken to reduce and monitor unpredictable
expenses in the phase.
(b) Risk Register
Risk Management Register for XYZ Project
Identification of risk Assessment Response
Monitoring and
Control
Ref
eren
ce
Even
t Reason Effect
Pro
bab
ility
Ef
fec
t
P
x
L
Po
lic
y
Trigger Action
Resp
onsib
le
perso
n/s
Revi
ew
Freq
uenc
y
Date of
status
and
general
notes
1 Lack
of
finan
cial
sourc
es
Due to
lack of
goodwi
ll and
financi
al
recessi
on
Projec
t not
compl
eted
within
the
particu
lar
4 5 20 Mi
tig
ate
Main
reason
of lack
of
findings
is that
sponsors
of the
Manager
should be
conduct
another round
for collection
of funds from
various
source and
Proje
ct
Mana
ger,
Exec
utive
Spon
sor
Mon
thly
23.11.1
6
Registe
r
updated
.
Alternat
ive

period
and
change
s of
budgeta
ry
policies
.
time
period
project
are
unable
to
collect
funds
and
effective
ly
commun
icate
financial
instituti
on to
provide
them
funds
for the
project.
use effective
communicati
on technique
to attract their
stockholder
for fund
funding
sources
identifi
ed
2 Budg
et
proce
ss is
in
under
constr
uctio
n
Organi
zation
suffers
from
high
losses
due to
unexpe
cted
events.
Busine
ss
organi
zation
unable
to
genera
te
suffici
ent
profit
5 6 30 Go
od
est
im
ati
on
Project
manager
estimati
on was
incompe
tent
Manager use
environment
scanning
tools for
identifying
and estimate
future events
during the
project task.
Proje
ct
mana
ger
and
empl
oyees
.
Mon
thly
27/11/1
6

3 Time
perio
d
Busines
s
organiz
ation
unable
to
perfor
m their
task on
fixed
time
period ,
and it
will
effect
the
time
period
on
comple
tion of
the
project.
Manag
ers
cannot
achiev
ed
their
target .
6 4 24 An
aly
sis
Due to
lack of
experien
ce
manager
predict
wrong
forecasti
ng
related
to the
time
completi
on of
each
activity
of the
project.
Business
organization
need to verify
each task
after their
complition
and check it
with standard
time and
actual time
taken period
and formulate
polices to
reduce
difference.
Proje
ct
Mana
ger
After
com
pleti
on of
an
activ
ity
29/11/1
6
4 Happ
ening
of
unpla
nned
event
Unplan
ned
activite
s and
event
arrived
due to
lack of
Wasta
ge of
time,
workf
orce
get
destru
5 5 25 Mi
tig
ate
the
eff
ect
Manage
r of the
project
unable
to
predict
future
estimati
Formulate
effective
policies to
overcome
from the
negative
effect.
Proje
ct
mana
ger
and
team
mem
Whe
n
requi
red
02/12/1
6

researc
hing
skills
cted on bers
5 Lack
of
speci
alizati
on
Busines
s
organiz
ation
have
does
not
properl
y
formula
te plan
thus
they
did not
have
clear
vision
regardi
ng the
project.
Workf
orce
get de
motiva
ted
which
will
effect
on the
quality
of
their
skills
and
project
.
4 5 20 Fo
rm
ula
tin
g
ne
w
pr
oje
ct
fil
es
Manage
r of the
project
fails to
effective
ly plan
and
formulat
e
attractiv
e project
completi
on
strategy.
Analysis and
take revise
for each
activity to
reduce the
future
uncertainties
of these type
of events
Proje
ct
mana
geme
nt
team
With
each
activ
ity
02/12/1
6
6 Ignor
ance
Cannot
focus
on time
duratio
n of
comple
tion of
Projec
t
compl
etely
fail
5 4 20 Re
qu
ire
d
co
nsi
de
Team
member
of the
project
of this
business
organiza
Manager
needs to
focus on that
each project
task and
activites
should be
Team
mem
bers
of the
proje
ct
For
each
activ
ity
05/12/1
6

each
activity
rat
io
n
ne
ed
s
to
be
pr
ov
ide
d
tion can
not
provides
and
focus on
completi
on of
task.
completed on
time.
7 Issue
relate
d to
techn
ology
Due to
lack of
moneta
ry
resourc
e
compan
y
unable
to
purchas
e
technic
al
equipm
ent.
Effect
on
quality
of the
project
6 5 30 Ch
ec
ki
ng
tec
hn
ica
l
via
bil
ity
Manage
r of the
compan
y cannot
estimate
regardin
g these
technolo
gies.
Manager of
the
organization
should
formulates
strategies to
compete
project within
the given
time period
and uses of
available
resources
Risk
mana
ger
Mon
thly
07/12/1
6
8 High
cost
Unrequ
ited
Comp
any
4 4 16 Ac
cu
Manage
of the
Formulate
effective
Proje
ct
Quar
terly
15/12/1
6

activite
s and
expens
e
incurre
d on
wastag
e
activite
s.
requir
e more
financi
al
funds
to
compl
ete
project
and.
rac
y
entity
fails to
control
the
unethica
l
activites
and
expense
incurred
within
the
organiza
tion
policy and
work
according to
the estimated
fund.
Mana
ger
9 Lack
of
mana
gerial
skills
Compa
ny
unable
to
proper
make
plan
related
to
project
High
cost
incurr
ed in
compl
etion
of
project
rate of
profita
bility
is low.
6 5 30 M
an
agi
ng
ch
an
ge
Due to
lack of
expertis
e and
manager
ial skills
manager
unable
to
formulat
e
effective
project
plan..
Tale
suggestion
and guideline
before
starting of
project, hire
skilled
manager.
Mana
geme
nt
team
Mon
thly
25/12/1
6
10 Probl
em in
Manag
er not
Variati
on
5 5 25 Ef
fec
Manage
r of the
Take all
necessary
Mana
geme
At
each
25/12/1
6

com
muni
cation
establis
hes
effectiv
e
commu
nicatio
n
channel
betwee
n team
membe
r
betwe
en
actual
and
standa
rd
target,
conflic
ts
arises
due to
lack of
comm
unicati
on
tiv
e
co
m
m
un
ica
tio
n
ch
an
nel
organiza
tion
unable
to
formulat
e
effective
commun
ication
plan at
each
stage of
the
project.
action to
make
effective
plans and
tools used for
process.
nt
and
team
mem
bers
stage
of
the
proje
ct
Planning and costs
(a) Network Diagram
A network diagram is a schematic description about all the tasks which AF PLC must carry out
in the course of carrying out the project supported by TTF PLC. In this depiction roles and
project management are shared to various activities. This list is ready with sequence of boxes
where actions are characterized and described by means of arrows set where these operations
will be carried out (Crisp and Hosken 2016). Through this network diagram is defined the order
of stages which decide the minimum amount of time needed to complete the project.

(b) Gantt Chart
Gantt chart of that same project carried out for TTF PLC will determine the length of
time every exercise will took to complete. Thru this, this will assist to define the starting time as
intended or not to complete the project (Davies and Brady, 2016). S This engineering initiative
will be introduced by AF PLC on 8 July 2019 and concluded on 6 July 2020. The above project
has a deadline of 25 September 2020 and seems to be subsequently the real end date of
respective project. This enables to assess that company can achieve the project till its moment
and make some extra profitability as specified for the project in the shortest timeframe.

(c) Net profit of the contract
The sum of net operating expense of the venture is that in the estimation phase for the
allotted expenditure. Whenever the job is finished within the period allotted for delivery and so
creates some sum of incentive for AF PLC. When specified in the contractual agreement, when
the project is done past the end date, a sum of £50k a day would be charged as an incentive. As
AF PLC succeeds in finishing the project within the period allotted to the project and that this
brings higher than anticipated sums of money into the company. This incentive would be applied
as compensation in the course of determining the sum of net income produced for the project
(Emsley and Ghaffari, 2015). This is known for the measurement of net income that a total of
£13.85 million is received by finishing projects 81 days until the project delivery date as
specified in the deal. Earlier execution produces money of industry, and the investment creates
larger sums of income.
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
A) Gantt chart to determine the planned progress
Gantt maps are useful because they are simple to make, use and track. In the simplest form, a
chart is a time line that indicates how far the project will go along in the project management
process. The timetable has seen to be a tremendous benefit in preparing and organizing projects
(Vora, 2013). This enables project schedulers and project managers to determine how long a
project might involve, to identify the resources needed, to recognize the inter-task relationships
and to timetable the command in which each process will be achieved unless the entire operation
is to be completed quickly.Gantt graph updates constantly as project advances, indicating a
revised schedule timeline to keep everyone (teams, customers and stakeholders) informed of the
improvements. Gantt maps also cover sessions and improve more evidence of improvement. This
makes it much easy for managers to assess the success of the activities and address the problems
we might be facing (Pasian, Sankaran and Boydell 2012).
It was evaluated from the Table and Gantt Chart that Project PI, A, B, C and E were
finally finished after 17 weekly and Task D, F, G and H documented actual improvement in 80
percent, 35 percent and 50 percent collectively to date. Since project must be finished within 17
weeks according to expected estimates. This project delay has led to greater overall spending.
Here is a table of differences between real and expected cost sustained for each mission, as
follows:
Comparison Planned vs Actual
Task Description
Total Actual
Expenditure
incurred to date
(£ m)
Planned Total
Expenditure up to
date (£ m)
Variations
(£ m)
PI Project's Initiation 0.2 0.2 0

A
Commissioning Designing of
Factory 2.91 2.8 0.11
B
Commissioning outlining
Designing of Automation
Equipment 1.72 1.6 0.12
C
Commissioning outlining
Design-Inverter Product 1.53 1.5 0.03
D Detailed designing of Factory 4.08 3.8 0.28
E
Detailed design of Automation
Equipment and Inverter
Product 5.97 5.4 0.57
F
Commission and develop
Software for Automation
equipment and Inverter Product 1.32 3.4 -2.08
G
Manufacture Automation
equipment 2.76 6.5 -3.74
From the evaluation of the above comprehensive analysis in tabular format, it was
analysed that there was no deviation throughout the task of initiating the project, which implies
that perhaps the project was began with a scheduled cost of 0.2 million. There have been adverse
variations in Task F and Task G that represent that perhaps the scheduled expenses were below
the estimated total expenses, respectively 2.08 and 3.74. Although differences in Activities A, B,
C, D and E are well (respectively 0.11, 0.12, 0.03, 0.28 and 0.57), this is not really a favourable
indication.As this positive Variation meaning indicates, the projected estimates are smaller than
the real figures. The over spending of these expenses due to the existing strategy needs to be
rewritten that will give better results. Activities were not executed inside the expected estimates
which contribute to new project ineffectiveness. Project planners will prioritize certain projects
where the real costs and length surpassed the expected period and expenses (Poston and
Richardson, 2019).
(b.)Actual progress values

After adjustment of projections across the various tasks according to alternative provided,
overall project expenditure would hit 49.885 million dollars. Clearly this rise would impact the
total project income as this benefit would decrease by 1.185 million dollars. Below is the
updated table of programme functions and Gantt chart, as continues to follow:
Task Description
Duration
(weeks)
Fixed
costs £M
X Project Initiation 1 0.2
A Commission Design of Factory 3 2.8
B Commission outline Design of Automation Equipment 2 1.6
C Commission outline Design-Inverter Product 1 1.5
D Detailed design of Factory 8 3.8
E
Detailed design of Automation Equipment and Inverter
Product 8 5.4
F
Commission and develop Software for Automation
equipment and Inverter Product 13 3.6
G Manufacture Automation equipment 7 7.55
H Manufacture Modular Factory Units 9 4
I Transport and Construct Modular Factory on site in Germany 6 3.425
J Test Automation equipment. 6 2.2
K Transport Automation equipment to New Factory 4 2.5
L Install Automation equipment in New Factory 6 3.1
M Install Software for Automation equipment 4 2.2
N Install software for Inverter Product Line 4 2.675
O Test Inverter Production line 6 2.1
P
Handover and Train TTF engineers in Automation process
and Product production
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)
200
000
300
000
0
460
000
0
610
000
0
990000
0
153000
00
187000
00
252000
00
292000
00
Actual Cost and Earned Value
Cumulative Actual Cost
(AC)
200
000
311
000
0
483
000
0
636
000
0
104400
00
164100
00
177300
00
204900
00
232400
00
Cumulative Earned
Value (EV)
200
000
300
000
0
460
000
0
610
000
0
914000
0
145400
00
157300
00
180050
00
200050
00
Project Performance Metrics
Cost Variance (CV =
EV - AC)
0 -
110
-
230
-
260
-
130000
-
187000
-
200000
-
248500
-
323500

000 000 000 0 0 0 0 0
Schedule Variance (SV
= EV - PV) 0 0 0 0 -760000 -760000
-
297000
0
-
719500
0
-
919500
0
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
This has been calculated according to the above estimates that Consumer price index after PI
Function is below 1 and it is an undesirable indicator for cost viability of a project. Whereas the
plan output indicator or SPI is less than 1 in the cases of activities D, E, F, G and H, indicating
that the timetable for the project after task c is not the same shown in the figures. In fact,
projected project execution costs are constantly increasing, which is an indication of the need for
project update. Final review reveals this initiative is not as expected or anticipated (Ercan, and
Khan, 2017).
B) Projected completion date for the entire project
End date is 06/07/2020 centred on initially expected estimates and is sooner than the
estimated 25/09/2020 timetable. Business with current strategy will finish the whole project
inside the planned timeline, although the expense has been raised due to early project delivery,
which has resulted in project losses. However, before the organization can reduce operating
expenses and raise expected income estimates, there are some alternatives, but the delivery
deadline would also change to 14/08/2019 at the same period. This adjustment of completion of
the project will also result in the lack of incentives that can be received on early achievement
during most of the gap (Dawang, Othman and Chen, 2018).
Compare these values with the original contract
It was recommended here by assessment of different alternatives and original design that
the original project model will be feasible for the organization without contemplating
alternatives. As the end date will be 14 Aug 2020 following the implementation of the
alternatives, although the end date of the initial proposal is 6 July 2020. Important is that in the
project document there is a penalty provision line. Under it, the corporation AF PLC was obliged

to pay out TTF forced to sell compensation of 100k pound per day for full or portion day delay
in a venture that is beyond the delivery date i.e. 25/09/2020.
PART B
Reflective Essay
Project management mechanism is possible with various types of danger that are added to
them in course of carrying out the project's necessary tasks. As an AF PLC project leader and
working out the technology project alongside myself, I have faced a range of problems that pose
immense challenges in the system's phase of completion. Several of the problems I encountered
were lack of oversight because the project was launched with a large team and nobody was
explicitly available at each management level to be responsible for the project operations
(Takuma and Iwakami, 2019).Along with this, the shift in nature adds tremendous amount of
confusion in the project because there was no team leader present with precise definition for their
job results. High aspirations are the explanations I've felt about any bad circumstance when
running the project. Since AF PLC is among the biggest technology and engineering ventures
organisations, this puts heavy demand on the group to do more than best in any circumstance.
As a project engineer, I have to take account of most of the problems that occur when
carrying out the project and establish the requisite qualities as a successful project supervisor and
many of them are as pursues:
Efficient communication:Strong communication is important to begin the task such that
each job can be delegated to the relevant applicant. As coordination is necessary for job
distribution and this help in transmitting of the correct details to the correct person which lead to
discipline at manager level. Strong communication abilities will help determine issues between
many members of the team while going to work with AF PLC. This can also help inspire all
people to do well and to meet expectations raised (Heagney, 2016).
Effective decision maker: All actions related to the TTF PLC venture should be made by
me as a project engineer. If made on time, an action can be considered positive and offers the
correct approach to the problem involved. As a boss, in order to produce successful outcomes, I
need to build my capacity to take appropriate decisions by effective research.
Technical Skills: AF PLC is an agency that deals with engineering ventures and the
company's project manager will provide all the professional knowledge necessary.Most the

manager's judgments will be practical when possible with the necessary knowledge and have to
be made with knowledge and expertise in the process of finishing the specific project judgments.
Leadership skills: A project manager is a principal investigator who requires all the choice
for the programme and assigns all the operations in the achievement of focused goals. I need to
improve these communication qualities so that all project manager representatives obey my
orders and conduct the job they are supposed toperform. It will motivate in the directed
execution of the project and the organization's generosity is formed in the competitive
environment.
CONCLUSION
In the end, this has been demonstrated from the above report that Project Planning is
important because it guarantees the right execution strategy for an operational target is in effect.
This helps administrators to retain efficient influence of multiple projects as it includes detailed
mission specifics such as job summary, planned length, no. of workers engaging and the end date
for each assignment. Without proper project management, it is very challenging to establish
project execution dates and timelines that are over-ambitious or ignore equivalent project
performance estimates. It basically means all the projects are carried out late and over-budgeting.

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