Fundamentals of Project Management

Fundamentals of Project
management

Table of Contents
INTRODUCTION...........................................................................................................................2
PART A...........................................................................................................................................2
1. Project Definition/ Parameters and risk...................................................................................2
a. Importance of various iron triangles........................................................................................2
b. Risk register.............................................................................................................................3
2. Planning and cost.....................................................................................................................7
a) Network Diagram....................................................................................................................7
b) Gantt chart...............................................................................................................................9
c) Presenting the budget components that impact the point......................................................12
3. Managing Progress and Spending.........................................................................................13
a) Planned progress....................................................................................................................13
b) Actual progress values...........................................................................................................13
4. Earned value and Acceleration..................................................................................................15
a) Create an earned value analysis table....................................................................................15
b) Create a projected completion date for a project...................................................................16
c) Recommend which option should be accepted and which is decline....................................17
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Project Management is the practice of initiating, planning, executing and controlling and
closing the work in order to attain the define aim. Further, the current report is also based upon
AF Plc who designs variety of products by using technologies. Therefore, the report provide
importance of various iron triangles parameters in setting the project objectives and then create
risk register with its mitigation strategies. Further report will provide Gantt chart and describe
the budget which is needed in order to complete the project in better manner. Further, it also
determine the planned progress for each task and also assumes the progress and its completion
date as well. Further, revised gantt chart is also provided that helps to determine the effect on
profit and budget cost. Moreover, study provide the earned value analysis and acceleration that
helps to determine the value of ACWP, BCWP and BCWS, SPI, CPI and completion date.
PART A
1. Project Definition/ Parameters and risk
a. Importance of various iron triangles
The success of the project management is completely relies upon the iron triangle i.e.
time, cost and scope. In the same way, project manager of AF Plc, also comply with such key
component that helps to manage the work in better manner. These three component are also
completely interlinked with each other so that it will help the project manager to complete the
task and leads a project towards success. The detail description of iron triangles are as mention
below:
Time: It provide the schedule of the estimated amount of time allotted in order to
complete the project as well as producing the deliverables. For that gantt chart is also used that
visualize the project schedule for each task, and the task dependencies that is linked to task. For
the current project, the estimated starting time for the project is 8th July, 2019 and its deadline is
28th September, 2020. Through the time management, team member also perform the work in
better manner and project manager looks to get support from their team members through
collaborative time management tools (Meredith, Mantel Jr and Shafer, 2017).