Fundamentals of Project Management and Iron Triangular Parameters

Foundation of project
management
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ABSTRACT
In this report it is discussed about fundamentals of project management and how iron
triangular parameters is useful in setting of goals and planning. Besides, the various risk which
can occur in PLC project is been described with help of risk register. Also, network diagram is
developed along with ghantt chart. Furthermore, earned value analysis is been done to calculate
various types of cost and resources. Furthermore, it has been described about some suggestion
which can be taken into consideration by project manager. At last reflection is written on
challenges faced during project.
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INTRODUCTION
A project management is process of planning, executing, organising, etc. of various
activities required in completing a project. There are several fundamentals of project
management which are followed in it. It is necessary to follow those so that project progress is
monitored and maintained (Dalcher, 2020). Also, it helps in doing proper planning and making
changes in it. Basically, fundamentals include, cost, time, scope, and other components.
Moreover, project goals and objectives have to be developed which gives insight to manager
about what has to be done. So, on basis of it, project is broken into various activities and
schedule is developed. There are many factors which can impact on project progress such as
time, cost, stakeholder requirements, etc. Along with this, preparing a ghantt chart represent flow
of sequence of project activities along with its starting and ending time in sequential manner.
Hence, team members get overview about what activity begin after the other (Khadartsev, 2018)
The report will discuss about an automation project to be installed in it. Besides that, it
will be described about how iron triangle parameter form goals. In addition, risk register and cost
of project is discussed as well.
PART A
1. Project definition
a). Discuss importance of iron triangular parameters in forming of project objective
A project requires to set proper goals and objectives so that it is easy to develop plans
accordingly. It is the most important part in project management as it shows successfulness of
project. Moreover, on basis of goals there are certain parameters which is based. However, the
purpose of using this concept is to do planning in effective way (Martens and Carvalho, 2016).
The iron triangular parameter shows the interrelationship between 3 common elements in
project. They are cost, time and scope. It state that any change in one of the factor will directly
affect the other. Thus, it is necessary to maintain balance between all these so that project goals
are achieved. Besides that, manager gets insight on how change in one constraint can affect the
other 2 so accordingly changes are done. The parameters are explained as:
Cost- as name depicts it includes all finance related elements in it. Cost include labour cost fixed,
variable, etc. hence, project manager prepare a budget on it and setting a target of how much
expenses incur. Moreover, manager is able to control cost through it. Along with it, when there
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