Fundamentals of Project Management

Fundamentals of Project
management

EXECUTIVE SUMMARY
AF Plc is considered in this report that they have get the railway project as from their
clients and that is of 1 year. They have mainly considers effective project management with
support of technicalities so as to complete the work. This project is based on two part i.e. A and
B as in part A it covers various activities as like network diagram, Gantt chart, risk register and
EVA. Furthermore, in part B it covers the reflection that consist of various challenges that is
faced as per the completion of project.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
PART A: AF PLC Case Study.........................................................................................................1
1. Project Definition/Parameters and Risks ....................................................................................1
(a) Discussing relative importance of the various iron triangle parameters and its interrelation
with between each other..............................................................................................................1
(b) Creation of risk register that AF PLC are face within a construction project.......................3
2. Planning and Costs.......................................................................................................................9
(a) Preparation of a network diagram that shows planned duration and critical path.................9
(b) Preparation of Gantt chart for the project .............................................................................9
(c) Detailing overall Project Budget and projected Net profit..................................................12
3. Managing progress and spending...............................................................................................13
(a) Use of Gantt chart to find conceived advancement of each task.........................................13
(b) Entering actual progress values for progress and producing of a revised Gantt chart........14
4. Earned Value Analysis and Acceleration..................................................................................15
(a) Creating of an EVA showing ACWP, BCWP and BCWS values for every task...............15
(b) Creating of a projected completion date using the Estimate at Completion (schedule)
method.......................................................................................................................................17
(c) Recommendation.................................................................................................................18
PART B: Reflective Essay.............................................................................................................18
CONCLUSION .............................................................................................................................20
REFERENCES..............................................................................................................................21

INTRODUCTION
The management of project is based on a practice through which an individual or team
attains all its objectives and goals within the stipulated period of time. It is a process that is based
on the leading performance which is accomplished as per the completion of all the different task
and activities in stratified manner. It is more essential that while working on any project its
different constraints has been completed as by maintaining its target with effectiveness.
Fundamentals of project management consist of planning, implementation, monitoring, closure
and adapting that is been used to manage and control the project in formative way (Allen, 2019).
In addition it is processed as with the involvement of various strategies, risk measurement,
financial analysis and stakeholder mapping.
The following report it based on two parts such as A and B in which part A consist of the
discussion about value of parameters of iron triangle which is used to mange project objectives,
risk register creator that is usually get faced by AF plc as while its construction, development of
network plot and its critical path that provide overall duration of task completion. In addition
Gantt chart, project budget, net profit that is estimated for profit, earned value analysis with
support of ACWP, BCWP and BCWS of all the task and with its recommendation. On the other
hand part B is based on reflective essay in which issues and challenges are considerate that is
processed with transparent personal development goals.
PART A: AF PLC Case Study
1. Project Definition/Parameters and Risks
(a) Discussing relative importance of the various iron triangle parameters and its interrelation
with between each other
The project manager has performed different work through which manage all the relative
aspect of project in controlled and effective manner. In this manager have uses the iron triangles
which is more vital concept as assist and control the different activities that is required to
perform in future (Anbari, 2018). The iron triangles consist of four parameters as like scope,
time, cost and quality with this project manager is able to collect and analyse all the respective
information and knowledge by which completion of different activities as per its associated time
limit is processed effectively. It is necessary for project manager to analyse all tasks as well as
ensure that each and every activities is processed under planning and with this more strategies
1

and policies are implemented that provide pathway to employee. It has been followed by the
manager and with this brief interpretation and interrelation in between all the task is processed
and have defined below as:
Cost: It is an aspect that provides the brief knowledge about the associated amount which
is used to measure the estimated cost that is required to absolute project. Project manager has
prepare the budget and with this tries to assign certain amount to all the activities by which the
rate of deliverables and its probability to accomplish the project is maintained. It also include the
total cost which consist of both fixed and variable cost that is required to analyse the utilised
resources and arrangements and its rate of occurrence (Dykstra, 2018). There are different
prospect which is relatable to raw materials, labourers, technical machinery and equipments and
that all collectively helps to complete the project not only with perfection but within timely
manner as well. It furthermore, helps to manage the different alternatives that is normally
required to considerate by a project manager and with this working potential is enhanced which
aid to make favourable changes as per the need and requirements so as to gain more profitable
outcomes.
Time: It is related to the instance that is required to complete the project with more
affordability of by balancing the different constraints. To manage the project time allotment is
most basic attributes as it help to measure that all the activities is completed within timely basis.
In this project manager ensure that working is done with the support of management of
limitations that used to fulfil all the desire of projects. In this case, new automation plan is
engineered within AF plc thus responsibility is taken by project manager to perform its working
with smoothness. In this Gantt chart, network diagram, timescales is being used to complete and
analyse the time period of all task. It is essential that work is managed in time by which
complexity is reduced and profit is gained with more perfection.
Scope: It is related to the deliverables that is linked with the working and efforts that is
done and induces so as to complete the project (Galli, 2018). It is the third parameters of iron
triangle and it provide certain knowledge about the effectiveness that is related to the attainment
of targets and objectives. AF plc works with the aim to induced technical engineering in the
automation plan thus project manager has performed its role and identifies all the selective
aspects through which project is completed within the assigned budget and time.
2

Quality: It is a parameters that is based on the impact of certainty of deliverables that is
processed as per the ending of project. It is the most prior aspect which is required to determine
while working on any project that its finishing must be produced more profitable aspects. As per
the case of AF plc, it is required that all the redundancies has been overlooked and resolved
within the particular period of time by which reliable and suitable outcomes is organised that is
profitable for business (Haq, 2018).
As per the above analysis it is accomplished that all the constraints are parallel related
with each other and with this the possibilities of project deliverables is increases. If these
parameters are not considered then it is hard to manage and operate the project with appropriate
efficiency.
(b) Creation of risk register that AF PLC are face within a construction project
The risk registry and its determinant is always be more important for the business as it
helps to identifies the nature and attributes of project. It is more critical for AF plc as it is linked
with the analysis and measurement of various factors that aid to result in the desirable changes
and modification as per the requirements of project (Heigermoser, 2019). The company is
working at wider platform as perform the TFF plc as where the probability of risk is measured in
adequate manner. Risk assessment used to measure various plans and prevention that is required
to implement as while focusing on to fulfil the desire of projects and its objectives. There are
several risk register that is associated with project risk and that is as explained below as:
Risk Name Reasons behind the
occurrence of risks
Probability of
risk
occurring in
future
Impacts of risks
over project
activities
Preventive
measures or
mitigation
strategies
Lack of funds The occurrence of
risk is based on the
funding level and its
distribution that is
not done with
ineffectiveness. In
this the market
High It has higher
impact on the
operational and
functional
concepts as it is
completely
depended on the
Strategy that is
used to mitigate
the fund related
risk is managed
by considering
different kind of
sources. With
3