Fundamentals of Project Management: PM Consultancy Report

Fundamentals of Project
Management

Contents
EXECUTIVE SUMMARY.............................................................................................................3
INTRODUCTION...........................................................................................................................4
Part A - PM Consultancy Report.....................................................................................................4
Question 1........................................................................................................................................4
Role of the iron triangle parameters in setting the Overall Project objectives and inter relations
between these parameters............................................................................................................4
Risk register with ten risks..........................................................................................................6
Planning and costs (Question 2)......................................................................................................8
Preparing a network diagram with CPM.....................................................................................8
Preparing a Gantt chart and assessing finish date........................................................................9
Developing budget and computing net income.........................................................................11
Managing progress and spending (Question 3).............................................................................13
Comparison between the planned progresses against the actual progress using a Gantt chart. 13
Producing a revised Gantt chart and identifying the new completion date...............................13
Earned Value Analysis (EVA) and Acceleration (Question 4).....................................................17
Creating an EVA table...............................................................................................................17
Creating a projected completion date........................................................................................19
Recommendations..........................................................................................................................19
REFERENCES..............................................................................................................................21
Part B - Reflective Essay...............................................................................................................22

EXECUTIVE SUMMARY
The project report summarizes comprehensive details about various aspects of successful
project management. The whole project involves of an automation future (AF) PLC corporation.
It also explains in depth the issues and challenges of the project and the factors of the final
evaluation.

INTRODUCTION
Project management (PM) is a preparation and execution phase that must be managed and
successfully executed. This method is focused on a variety of objectives closely associated with
project completion (Heagney, 2016). This report primarily seeks to gain an overview of project
management and the various difficulties that may be encountered during project management. A
case scenario relating to a comprehensive project management task is chosen for this purpose.
The case study is based on an "Automation Futures" fictional organisation. The business is an
automation and innovative products-based application outsourcing and consultancy service. This
business aims to implement a scheme for the production of trains.
Part A is a consultancy project and Part B is a reflection report. This job will be split into two
parts. In Part A the selected company project will be handled with criteria of an iron triangle and
risk documents will be created. Cost of the project, along with the Gantt map and project budget
will also be prepared in this portion. Eventually, the valuation of the project also will be
determined in this portion. A review is established in the second portion of this report,
addressing difficulties facing a successful manager while undertaking Part A of the research.
Part A - PM Consultancy Report
Question 1
Role of the iron triangle parameters in setting the Overall Project objectives and inter relations
between these parameters
AF PLC is a big organization that aims to build a train manufacturer TTF design and automation
program. The various iron triangle criteria should be evaluated when determining the ultimate
project goals as a project manager for AF PLC. Scope, time, expense and price are such iron
triangle parameters. Through parameter or constraint contributes a key role in the management of
the project and its objectives (Pimentel and Barbosa, Mall, 2018). Many of these parameters and
their significance are discussed below:

Cost: The first iron triangle parameter is the cost. This parameter is known as the monetary
constraint of a project management related to the budget (Izmailova, Kornevab and
Kozhemiakinc, 2016). This cost parameter is connected to the services required for the project to
be completed. Both project workers and raw materials may use certain tools. Depending on the
complexity of the project, such costs will be contingent, semi-fixed and set. The AF Plc group. Is
related to the factory TTF built facility. As project manager with AF Plc., the risks incurred with
the execution of the project will be assessed.
The cost constraint is significant because it aims to limit the expenditure to complete the
project. This parameter often has the lowest and the largest potential values to pick from. It
further helps the monitoring of the project's expense variability.
Time: The projected period of time or timeline is the amount of time expected to finish the
project. This project management feature helps to insure that the project is finished either before
or after deadline (Nicholas and Steyn, 2017). As AF Plc's project manager. The management of
the TTF project is much more critical even though the TTF project does not perform at an
expected period than the AF Plc project. A penalty must be charged. Diagram methods for this
Gantt diagram and network are often used.
Scope: It is the third parameter of the project manager to describe the roles and
responsibilities of the project team. This parameter is critical for the project management, as it
helps to prioritize the mission and also to allow optimum use of the resources.
Quality: Quality is the fourth and primary parameter. Throughout the project management
cycle, it is essential to maintain promised quality. As project manager of AF Ltd., ensuring the

standard of the project is more critical than ever, because rectifying any faults would cost the
business extra.
All parameters above are closely interrelated (Izmailova, Kornevab and Kozhemiakinc, 2016).
As no other parameter may be done in the event of time elimination and no parameter is worth
having in the case of consistency elimination. Any restriction is therefore interrelated.
Risk register with ten risks
Risk Category of
the risk
Likelihood of
occurrence of
the risk (Out
of 5; 5 being
high likely
occurrence)
Impact of
the risk
(Out of 5;
5 being
high
impact)
Causes Mitigation
strategies
1 Higher rate of
labour
Financial 3 3 Changes in
government
labour wage
policy and
increases in
collective union
labour-rate.
Contract jobs
with an
uniform work
schedule
2 Higher
expense on raw
material;
Financial 3 3 Economic factors,
higher product
quality
competition and a
shortage of
market capital.
Keep in
warehouse all
essential raw
materials.
3 Higher
volume of
wastage of raw
material
Financial 1 2 Supervisor
negligence and
equipment
engineering
issues.
Make sure the
project's
monthly check.