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
Contents...........................................................................................................................................3
INTRODUCTION...........................................................................................................................5
TASK 1............................................................................................................................................5
1. Parameters and Risk of the company...........................................................................................5
(a) Iron Triangle Parameters.......................................................................................................5
2. Planning and Costs....................................................................................................................11
(a) Network Diagram.................................................................................................................11
(b) Gantt Chart...........................................................................................................................12
(c) Net profit of the contract......................................................................................................14
3. Managing progress and spending:.............................................................................................15
(a.)..............................................................................................................................................15
(b.)..............................................................................................................................................17
4. Earned Value Analysis and Acceleration:.................................................................................21
(a.)..............................................................................................................................................21
(b.)..............................................................................................................................................24
(c.)..............................................................................................................................................24
PART B.........................................................................................................................................24
Reflective Essay.........................................................................................................................24
CONCLUSION..............................................................................................................................25
REFRENCES...................................................................................................................................1
From books and journals.................................................................................................................1

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) Iron Triangle Parameters
Automation Futures use iron triangle and project management triangle as a model for their
company. Success of an organization totally depends on well they use their resource in
managing projects activites. 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:
Projects when initiated on fixed cost and flexible on deliverable basis. In this situation AF PLC
needs to perform work on consumer priority basis. Performed in small parts to be delivered on
time and monitoring needs to be performed on time.
Fixed time: when consumers ask to deliver project on specific time then work needs to
be performed in absolute business value order. Fixed time duration is accessed to push the work
with final date (Ding, 2016).
Fixed Scope: When work needs to be performed as mentioned and time and cost for the
delivery is set flexible. In this quality of the work is maintained.

Fixed cost and scope: When fixed cost and fixed set of deliverable are expected then in
that case flexibility is provided to date of delivery. Risk is increased to minimize the unexpected
delays.
Fixed cost and time: When fixed cost and time is expected for the project then in this
situation set features are set flexible (Quresh and Kang,2015). Price and time become constraints
for such projects.
Fixed time and Scope: When fixed set of deliverable needs to be provided in fixed time
and cost is set free. Then amount spent is not a constrained for the project. A schedule is
prepared and care is taken in the process to unexpected cost can be minimized and controlled.
Illustration 1: Iron Triangle Parameters, 2019
(b) Risk Register
Risk Management Register for XYZ Project
Risk Identification Assessment Response
Monitoring and
Control
Ref Even Cause Effect Pro Im P St Trigger Action Resp Revi Status

eren
ce t bab
ility
pa
ct
x
L
ra
te
gy
onsib
le
perso
n/s
ew
Freq
uenc
y
date
and
general
notes
1 Lack
of
fundi
ng
Budget
Constra
ints-
allocati
on in
doubt
or
subject
to
change
Projec
t
delaye
d
4 5 20 Mi
tig
ate
Project's
sponsors
fail to
ensure
secure
funding
level
when
the plan
is
presente
d
Conduct
another
funding
round,
seeking
support from
key
stakeholder
groups,
including the
executive
sponsor
Proje
ct
Mana
ger,
Exec
utive
Spon
sor
Mon
thly
23.11.1
6
Registe
r
updated
.
Alternat
ive
funding
sources
identifi
ed
2 Unde
r
budge
ting
Unfore
seen
situatio
ns
which
leads to
high
amount
of loss.
Low
amoun
t of
profit
or
may
cause
loss.
5 6 30 Go
od
est
im
ati
on
Project
manager
estimati
on was
incompe
tent
Effective
analysis and
scope of
variations.
Proje
ct
mana
ger
and
empl
oyees
.
Mon
thly
27/11/1
6
3 Time
estim
ation
Non
compil
ation of
task as
planned
Delay
in the
proces
s of
compl
6 4 24 An
aly
sis
Wrong
estimati
on is
made by
manager
Proper check
needs to be
made on each
activity to be
performed on
Proje
ct
Mana
ger
After
com
pleti
on of
an
29/11/1
6