Fundamentals of Project Management

This report discusses the fundamentals of project management, focusing on AF PLC's case study. It covers the importance of iron triangle parameters, creation of a risk register, network diagram, Gantt chart, project budget, and earned value analysis. The report also includes a reflective essay on challenges faced in project management. Subject: Project Management, Course Code: PM101, College/University: Not mentioned

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
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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.
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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
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research and
availability of
resources is not
managed that creates
the non-alignment of
different activities
and funds by which
redundancies get
increases (Hopkin,
2018).
availability and
flow of funds .
support of
strategy all the as-
certainty of funds
is controlled in
adequate manner.
Lack of raw
materials
It has been occurred
as per the uncertain
information that is
constrained while
working in project as
the various task and
activities that is
needed to consider
will get disbursed.
The differ reason that
raises the occurrence
is certain amount of
contracts which is
limited in the
marketplace as like
accessibility of raw
material.
High It has huge level
of impact over the
project processing
as without any
accessibility of
required materials
the working is not
being possible.
In order to
prevent the
lacking of raw
material the
project manager
has maintain
direct focus on
the enhancement
of
interrelationship
with the suppliers
by which the
working
possibilities is
processed in
effective manner.
Negligence of
employees
The vital reason
about the occurrence
Medium It has medium
impact on the
In this the project
manager must
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of risk that is
associated with
negligence of
employees inability
and working gap in
between the
employee and
manager. It is arises
as per the dis-
satisfaction of
employees towards
their working as like
they didn't get
suitable appraisal or
not able to perform
its duties by which
complexities is
increases on
continuous basis.
working and
completion of
project as it could
be diminished as
per the selection
of skilled and
talented
workforce and
that is been
processed by the
project manager.
have maintained
continuous focus
and concern about
to provide certain
guidelines and
monitoring of
various task
within timely
manner (Kerzner,
2018).
Lack of
communication
It has been occurred
with the risk such as
inappropriate
coordination and
interaction through
which the
information and data
is not transferred in
clear and transparent
manner. The other
reason is associated
with the diverse
Medium It has medium
level of intensity
within project
management as it
only get delayed
the working
process only that
has affected the
performance.
It is more
necessary that
project manager
maintained its
focus to arrange
the appropriate
level of
communication
by which
effectiveness is
processed. It help
to improvise the
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culture that is
promoted by the
business but with this
different individual
of various culture
worked all together
but it is difficult for
them to work
collectively as
language is the
biggest barrier of
communication
(Luiz, 2019).
working ability
and capacity by
which rate of
performance and
productiveness is
developed.
Technical risk The suitable reason
behind the
occurrence of
technical risk is
based on the issues
that is developed due
to the usage of
obsolete
technologies. As the
technological
advancement is being
raised on continuous
basis and with this it
is required to provide
appropriate training
and development to
their employees. The
repetitive changes in
Medium It has medium
level of intensity
as it reduces the
performance rate
by which working
speed also get
decreases.
In this it is
required that
timely and
continuous
training and
development is
provided to the
employees by
which the ability
of employee to
work with new
technology is
increases.
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technical machinery
and equipments used
to improvise the
productivity and
costing.
Natural calamity The reason backside
of the occurrence of
this risk is the
misshapenness that is
occurred from natural
disasters and it has
direct as well as
negative impact on
the continuous
supply of resources
by which the project
work is getting
stopped.
Low It has lower
impact as it is not
happened on
repetitive mode it
is there is no
control of anyone
towards these
calamities.
The project
manager ensure
that different
alternatives are
always be
presented and
with this team
work is promoted
and performance
rate also
continuously
increases.
Labourers strike Occurrence behind
this is an
inappropriate
situations that is
faced by employees
as their basic
facilities are not
fulfilled.
Low It has lower
impact as the
possibilities of
strike is very less
and it it occurred
than it has
significant
impacts on
project (Mall,
2018).
Project manager
tries to satisfies
all the employees
and also identifies
their problem
along with this
provide adequate
solution to the
employees.
Accident at site It has been occurred
if certain precaution
Low It has lower
intensity as
The project
manager provides
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are not taken and by
taking lack of care. If
the project manager
didn't provide
adequate guidance
than also this risk get
raised.
probability of
getting any
accident also be
quite less and
project working is
processed with
the support of
first aid.
all the detailing to
employees and
with this
appropriate policy
and strategies are
processed by
which employee
has aware about
the usage of
different
equipments and
machinery.
Lack of time It has been occurred
if the working is not
processed within
timely basis along
with this work also
not get distributed in
effective manner. It
is also processed as
per the lacking of
knowledge,
resources,
experiences, funds
etc.
Medium It has medium
level of impact as
lack of time
reduces the
quality working
by which
operational issues
also get generated
on random basis
by which
expenditure cost
also get increases
(Zhou, 2018).
The project
manager must
have maintain
focus on each and
every task and
always keep
alternative
concept to fulfil
the task on time.
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2. Planning and Costs
(a) Preparation of a network diagram that shows planned duration and critical path
It is a diagram of AF plc that shows the various paths which is basically get used to
processed the working with more perfection (Mazzetto, 2018). In a general basis the critical path
doesn't have any certain path to float but in this case it is as no sameness in betwixt the early
finishing and late instance.
(b) Preparation of Gantt chart for the project
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It is reflected that project get started on 8 july 2019 and ends up at 14 august 2020
(Tonchia, 2018).
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(c) Detailing overall Project Budget and projected Net profit
Working notes:
The above action has been used by TTF's project so as to develop the budget as it consist
of all the relatable disbursement. It is assumed that cost of contract labor and outside teams is
considerate under fixed cost (Poston, 2019). Thus the assigned budget of this project is about
13.85 million and the vital task of this is to manufactured the automation equipments.
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3. Managing progress and spending
(a) Use of Gantt chart to find conceived advancement of each task
Gantt chart consist of only tasks and percentage of overall file:
Comparison table:
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(b) Entering actual progress values for progress and producing of a revised Gantt chart
14

As by considering the above activities there are some delays that resulted in the shifting of
working as it is switched from 14/8/2020 to 2/10/2020. It has vital impact on the profitability as
it has been required to completed on time but get compete on 25 of September.
4. Earned Value Analysis and Acceleration
(a) Creating of an EVA showing ACWP, BCWP and BCWS values for every task
EVA table:
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(b) Creating of a projected completion date using the Estimate at Completion (schedule) method
Projected completion date using EVA:
ECD = start _ date + ED
8th July 2019 + ED
ECD = 02 October 20
Projected final spend using EVA:
Estimate at completion (EAC) = Actual cost (AC) + ((Budget at completion (BAC) – Earned
value (EV)) / (Cost performance index (CPI) * Schedule performance index (SPI)))
Estimate at completion (EAC) = 2,32,40,000 + (2,92,00,000 - 2,00,05,000) / 0.86 * 40.01
2,32,40,000 + 9195000/ 0.86 * 40.01
32435000 / 0.86 * 40.01
32435000 / 34.4086
= 942642.24
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Comparison: The assigned date of maneuver of project is about 14 August 2020 and the
estimation date is about 2 October 2020 but it completed on 25 September 2020 thus company
have to bear the penalty of about £700k of 7 days. The assigned fixed cost is 46.7 million pound
and the incurred cost is 94.2 million pounds (Sipes, 2019).
(c) Recommendation
There are five derivative and by considering these AF plc has tries to reduces total time
period as by reducing the total expenditure and amount of money that is spend on the completion
of different activities of project. These options are defines below and on the basis of that all the
cost and its benefits are managed which is as explained below as:
These are codes that are calculated as by considering the total cost per week and for that
the most suitable option is P as the associated cost of about £ 17.5K per week that is minimum as
compared to all the other activities. In this the attached bonus of all the activities at opening
period of time will not get ignored that amusement that task G provide the maximal amount of
profitableness such as £ 645K (Tereso, 2018). Thus task G is getting selected to get accelerate
the different options by which project is accomplished before time thus it is recommended AF
plc chooses task G in order to absolute project.
PART B: Reflective Essay
The project is completed as by following of purpose and objectives that aid to team
worker to perform its functions with more enthusiasm and in parallel reduces the wastage. It has
been processed with the parallel applications of methods, skills, knowledge, experience etc.
which helps the employee to complete the project detailing by following of certain direction or
pathway. I have faced some numerous challenges as by the processing of project and with this
there are various concepts that I have learned on from the overall module. I felt quite confused as
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while selecting the critical path through which imperfection is getting enhanced and I am also
not able to manage the software appropriately. I have tried more about the learning and
understanding of various concept of critical path but it is quite more confusing to select the
certain path that has induce effective outcomes. I have to work more on budgeting and tries to
keep understand more about the different resources and the costing which is associated with the
project. It has generate negative impact by which the working ability get reduces and it shows
that I have lack of management and basic cognitive skills. Thus the ability of mine to complete
the project is very uncertain thus as per consideration of all the different factors I have analysed
that knowledge gain is more important and I have to improvise the personal skills of mine. In
addition I have tries to work on the enhancement of my skills that helps to accomplish the project
on time and to become a good project manager I have to improvise communication,
management, conflicts, learning and other set of skills. I must have developed other traits as well
like passion, innovation, creativity, honesty, trust that helps to process the work in appropriate
direction that make easy while completing the project.
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CONCLUSION
from the above report it has been concluded that the management of project is most
essential aspect as it helps to complete project within the stipulated period of instance. It provide
the better opportunities as in this all the different activities has been analysed and identified with
better efficiency thus with this it is easy for the company to present alternative solutions that
assist to make better planning. The project manager must have maintained focus on all the task
and guarantee that task is realized inside budget and time. It enhance accessibility of project
manager with this they have easily guide other and aid to fulfil all the desire of project.
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REFERENCES
Books and Journals
Allen, E. and Iano, J., 2019. Fundamentals of building construction: materials and methods.
John Wiley & Sons.
Anbari, F.T., 2018. Innovation, project management, and Six Sigma method. Current Topics in
Management: Volume 10.
Dykstra, A., 2018. Construction project management: A complete introduction. Kirshner
Publishing Company.
Galli, B.J., 2018. Can project management help improve lean six sigma?. IEEE Engineering
Management Review. 46(2). pp.55-64.
Haq, S.U. And et. al., 2018. Project governance, project performance, and the mediating role of
project quality and project management risk: an agency theory perspective. Engineering
Management Journal. 30(4). pp.274-292.
Heigermoser, D. and et. al., 2019. BIM-based Last Planner System tool for improving
construction project management. Automation in Construction. 104. pp.246-254.
Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.
Kerzner, H., 2018. Project management best practices: Achieving global excellence. John Wiley
& Sons.
Luiz, O.R. And et. al., 2019. Linking the critical chain project management literature.
International Journal of Managing Projects in Business.
Mall, R., 2018. Fundamentals of software engineering. PHI Learning Pvt. Ltd..
Mazzetto, S., 2018. Multidisciplinary collaboration in project management education: Practical
approach. Journal of professional issues in engineering education and practice. 144(4).
p.05018014.
Poston, R.S. and Richardson, S.M., 2019. Designing an academic project management program:
A collaboration between a university and a PMI chapter. Journal of Information
Systems Education. 22(1), p.6.
Sipes, C., 2019. Project Management for the Advanced Practice Nurse Second Edition. Springer
Publishing Company.
Tereso, A. and et. al., 2018. An automated framework for the integration between EVM and risk
management. Journal of Information Systems Engineering and Management. 3(1). p.03.
Tonchia, S., Tonchia and Mahagaonkar, 2018. Industrial project management. Springer.
Zhou, Z. and et. al., 2018. A multidimensional framework for unmanned aerial system
applications in construction project management. Journal of Management in
Engineering. 34(3). p.04018004.
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