Fundamentals of Project Management

This report provides an overview of the fundamentals of project management, focusing on a case study of Automation Futures (AF) PLC. It covers topics such as project definition, risk management, planning, and cost estimation. The report also includes a reflective essay on the challenges faced during the project.

Fundamentals of
Project Management

EXECUTIVE SUMMARY
This report summarised the structured and detailed project management consult which
discusses important aspects of the project and associated topics. The entire research is focused on
potential case study of Automation (AF) PLC to help companies accomplish their strategic target
in a designed way. This article further includes an extensive summary of the difficulties and
obstacles faced by the project manager and they ensure that they will fulfil the assessment
criteria regarding the success of project.

EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
PART A...........................................................................................................................................1
1. Project definition and risk........................................................................................................1
2. Planning and cost.....................................................................................................................7
3. Managing progress and spending..........................................................................................10
4. Earned Value Analysis and Acceleration..............................................................................15
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20
Reflective Essay.........................................................................................................................21

INTRODUCTION
Project management depends on the cooperation and control of the assets of the company in
order to promote forward the execution of a specific project, task or work (Abyad, 2018). It
could be used for one time or continuing operation project which involving staff, budgets
allocation, facilities, that also devices for managing property rights. This is often associated with
the areas of architecture and building and, more specifically, health care and information security
(This), which typically involve a complicated range of tasks that need to be completed and
assembled in order to produce a functional object in a specified way. This report is based on the
case study of Automation Futures (AF) PLC, which is a organization focused on software and
hardware components and they partner with TTF Plc for manufacture energy communication
devices. This evaluation includes many issues such as project definition, cost of preparation, risk
log, budget of the project, control and management etc. In addition, this report also include the
reflective essay contain the overall analysis and challenges which encountered throughout this
assessment.
MAIN BODY
PART A
1. Project definition and risk
The project plan is intimately linked to the ability of a proposal to obey all potential
drawbacks (Anbari, 2018). Some of the drawbacks are iron triangles in the design process is the
time, expense and efficiency of the implementation project for the TTF PLC system. Immediate
steps must take place to complete a mission as per the plans. For example, the characterization of
the company determines company costs, time and usability. Cost, schedule, and complexity are
linked to achieving the project's TTF PLC limits. There are other things in the project that
needed fulfilment for the completion of the whole project to for the organization to accomplish
its goals. All the discussion is as below:
Fixed cost: Cost estimation will be made for available in a reasonable period to
accomplish project goal (Chandra, 2020). In the context of AF PLC, they must carry out a
customer-dependent preference test. Conducted activities in small bits to be registered and
distributed on schedule.
1

Fixed period: Time period must be fixed, the function must be carried out in the context
of consumer demand as consumers choose to launch a commodity. The time is used for passing
the job done.
Fixed scope: Research is to be done everywhere and anywhere, manufacturing time and
expense must be fixed and effectively. This is the situation for trying to achieve improved
results.
Fixed cost and scope: In context of organization, suppliers think that fixed costs and data
are sufficient. In the above example, there is more likelihood of unexpected circumstances.
Fixed expense and timeframe: The operations can also be updated in this situation if the
plan is to achieve a fixed time and cost. Such projects are constrained for both project time and
expense.
Fixed time and scope: A certain number of simulations should be made accessible
during only a specified amount of time, where it would be acceptable. In fact, neither is the
funding to cover for both of the projects really a restriction. Organization need to formulate
policies to reduce and evaluate unexpected system costs. The plan is developed to be
implemented.
Risk register:
It is a risk management database, and managers need to take actions for controlling risk.
The Risk Register is necessary for effective risk assessment (Dwyer, Liang and Thiessen, 2020).
These are agreed to sign onto the register since there are risks and action is implemented to
protect the risk. The table below provides 10 threats which can be recognized in this proposal
and these are discussed below:
Risk Assessment Response Monitoring & Control
Ris
k
Even
t Cause Effec
t
Pro
bab
ility
Imp
act
P
x
L
Strate
gy Trigger Action
Responsi
ble
person/s
Revi
ew
Freq
uenc
y
Status
date
and
genera
l notes
1 Lack Limite Plan 5 5 2 Attract Project Business Project Mon 23/11/1
2

of
finan
ces
d
funds
may
affect
the
execut
ion of
project
activiti
es
will
be
delay
ed
due to
insuff
icient
mone
y
5 investo
rs
financers
are still
unable
to
guarante
e
adequate
funding
till the
proposed
plan is
consider
ed.
should
find
another
source of
financial
services
for raising
funds or
enabling
them to
carry out
their task.
Taking the
views
even from
main
stakeholde
rs.
Manager thly
basis
6 revise
list.
2 Risk
relate
d to
budge
t
Requir
ed
effecti
ve
analysi
s at
large
scale
The
outco
me
may
be
affect
ed by
poor
pay or
inade
quate
figure
4 6 2
4
Estima
tion
need to
be
realisti
c
Budget
forecast
will be
done by
the
inexperi
ence
project
director
Estimation
should be
based
realistic
and logical
facts
Project
manager
On
mont
hly
basis
27/11/1
6
3

s.
3 Time
estim
ation
Not
the
sequen
ce of
planne
d and
awaite
d
progra
ms.
Finan
cial
crisis
in
projec
t
finish
ing
proce
ss.
5 4 2
0
Effecti
ve
analysi
s
The
planner
provides
false
estimate
s to be
done
project.
Every
procedure
needs to
be timely
and
accurately
checked.
Project
manager
At
end
of
proc
edur
e
29/11/1
6
4 Unfor
eseen
event
s
Situati
ons
usuall
y
aren't
expect
ed.
Diver
sion
of
projec
t
6 6 3
6
Minim
ise the
impact
Managin
g a
project
fails to
forecast.
Take
appropriat
e measures
to
minimize
any
adverse
consequen
ces.
Plan
planner,
and squad
members.
Whe
n
requi
red
02/12/1
6
5 Uncer
tain
claim
The
project
is
uncert
ain or
incom
plete.
Empl
oyme
nt
effici
ency
is
comp
romis
ed.
5 4 2
0
Perfor
m
highly
dedicat
ed
project
Director
has
difficulti
es when
it comes
to
determin
ing fair
project
specifica
Situation
required
immediate
updates
Team
control of
project
For
risin
g
oper
ation
02/12/1
6
4

tions.
6 Misc
onduc
t
Limite
d time
for
project
Impac
t
overal
l
projec
t
4 4 1
6
Immed
iate
action
require
d
These
staff
members
are not
focussin
g
immedia
tely on
their
roles.
Project
must be
conducted
in keeping
with the
timeline
and goals.
Project
manager
After
ever
y
task
05/12/1
6
7 Tech
nical
issues
Ineffic
ient
techno
logy.
Not
compl
eted
or
devel
oped
over
time.
6 5 3
0
Techni
cal
feasibi
lity
researc
h
The
project
planner
provides
inaccurat
e risk
control
for the
plan.
Planning
interventio
n quickly
and type
of
network.
Risk
manager
On
mont
hly
basis
07/12/1
6
8 Incre
ase in
cost
Poor
estima
tion
High
invest
ment
and
extra
funds
requir
ed.
6 4 2
4
Project
Qualit
y
The
manager
fails to
carry out
similar
assessme
nts.
Consider
sufficient
funding
and a
shared
handling
of the
budget.
Project
managem
ent
On
quart
erly
15/12/1
6
9 Imme
diate
Effecti
ve
Huge
varian
6 6 3 Imple
mentin
Leading
to
Make sure
that time
Project Mon
thly
25/12/1
5

chang
es
requir
e in
opera
tions
estima
tion
regardi
ng
time is
require
for
each
activit
y.
t
spectr
um.
6 g succ
ess and
develo
pment
strateg
y.
incorrect
forecast
the
executiv
e team is
not
functioni
ng as
intended
.
period
drives
prediction
s.
Leader basis 6
10 Risk
due
to
ineffe
ctive
com
muni
cation
Insuffi
cient
comm
unicati
on
channe
l.
Variat
ions
in the
actual
and
requir
ed
perfor
manc
e
5 4 2
0
Need
to use
effecti
ve
comm
unicati
on
channe
l
Software
does not
allow
any
point of
service
to
provide
direct
contact.
Take the
required
steps to
successfull
y complete
the
communic
ation
network.
Between
project
manager
and team
members
At
ever
y
stage
of
proje
ct
25/12/1
6
Above identified risk help the project manager to take necessary actions to mitigate the
potential risk and it will leads towards project failure (Galli, 2018). In addition, risk register are
used to identify high-risk behaviours, as well as prioritizing intervention or study actions. Instead
they are being used to indicate that appropriate steps are taken to track and retain control from
over danger established. Risk ratings as well help to decide which power structure to use when
trying to mitigate or attempting to control the risk, i.e. eliminating, replacing, isolating,
engineering or organizational. Managers should analyze and even re - examine the threat here,
incorporate external personnel, measures or adjustments, recognise current or ongoing patterns
and incentives for improvement, as well as delegate close-out or disciplinary steps.
6

2. Planning and cost
Network diagram:
It is graphic representation project which includes multiple set of activities that required
completing the tasks and further it helps in implementing the process effectively. This also
utilizes as a representation a series of arrows and pictures (Haq And et.al., 2018). The method
and task process of the project is planned, and its progress can be tracked and accomplished
during each involves step. The project spectrum of the network diagram could be drawn, since it
includes any specific project operation and real outcome. This shows the role of the AF Plc in
executing the initiative supported by TTF PLC. Program administrators should be involved in
different activities of delegation process. That graph includes a list of structures for defining and
listing events that use the designation set for such procedures. Inside this network diagram it is
possible to determine the range of tasks that determine the time required to complete a project.
Gantt chart:
This shows specifically the specifics of each operation that illustrates the whole function
of a project, and in an organized manner that shows the activities to a time scale. This provides
them with a simple overview of a schedule along with associated operations, including the time
taken to accomplish these tasks.
The period of time each phase will have to complete would be defined in the TTF PLC
process. In the end, this could help to determine the beginning date for or not completing the
endeavour, as AF PLC would begin the execution schedule on July 8, 2019 and July 6, 2020
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(Hargaden And et.al., 2019). That was also last day for this process of the meeting, which
arrives with a timetable of 25 September 2020 to pass. This seeks to assess if the work is done
within time specified that will include an early start incentive for progress. Below mentioned
Gantt chart shows each and every activity along with specified time to complete.
8

Net profit for the project:
Throughout the estimation techniques the overall operating costs of every task are
determined for the allocated costs. If the project is done during the contract periods, and then
bonuses are given to AF Plc. A sum of £ 50,000 will be spent on a regular basis and paid as
compensation as defined in the agreement, before the construction is finished just after end date
of project. AF Plc is no able to complete the work during the project life cycle, as these needs
much more than the estimated cash amounts for the corporation. That interest would be income-
related by calculating the current amount of revenue the project gets (Heigermoser And et.al.,
2019). This is accepted that by finishing the tasks in 81 days even before final project delivery
date specified in the contract, the calculation of a net income now to £13.85M. The subsequent
output increases profits for the companies and generates higher levels of performance.
Calculation:
Items Amount
Budgeted Project Cost £...58.5...
Profits before the completion the project deadline £...4.05...
Revenue £...62.55...
Less: Project Cost £...48.7...
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Net profit £...13.85...
3. Managing progress and spending
(a)Determining of planned progress:
Gantt charts are very useful tool which make the tasks more simple and convenient to create,
use and monitor. A Gantt chart provides a diagram of how far the strategy will go in condensed
project management form. The timeline can be used as a major asset in the organisation and
administration of the activities (Kerzner, 2018). This allows in project management to decide the
length of a particular task, define the appropriate tools, establish inter group connection and
establish the timetable with each task if the entire project is conducted on a time basis. To
support all the stakeholder groups such as teams members, customers, owners etc. this roadmap
is continuously being revised as the projects advance, showing a seamless change timeline. It
also includes conferences, which makes more layout improvements. It allows organization assess
the accomplishment of the job they are facing and the problems.
Tasks D, F, G, and H registered significant changes in PI table after 17 weeks and 80
percent, 35 percent and 50 percent respectively. Even so, the associated project is finished in 17
weeks according to the expected projections. Development from the scheme has also resulted in
high gross expenditure.
Comparison of actual or planned cost:
10

From the above mentioned study, it was found that there have been no improvements in
implementation of project, and the total estimated cost of the project is 0.2 million for its
successful operation (Meredith And et.al., 2020). Project Function F and G indicate positive
differences, suggesting that the estimated costs are 2.08 and 3.74 which is greater than the real
overall spending, accordingly. While the variations in events A, B, C, D and E are good, they are
not a suitable predictor such as 0.11, 0.12, 0.03, 0.28 and 0.57 respectively. The predicted
estimates are fewer than the real figures as suggests this positive interpretation of uncertainty.
Such over-spending measures require actualizing the current plan. Activities which contribute to
the current work incompetence are not carried out in the planned quantities. Project managers
need to prevent such operations during which their planned duration and costs surpassed the real
time and money span.
(b) Revised GANTT Chart:
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Task Description
Duration
(weeks)
Fixed
costs £M
X Project Initiation 1 0.2
A Commission Design of Factory 3 2.8
B Commission outline Design of Automation Equipment 2 1.6
C Commission outline Design-Inverter Product 1 1.5
D Detailed design of Factory 8 3.8
E
Detailed design of Automation Equipment and Inverter
Product 8 5.4
F
Commission and develop Software for Automation
equipment and Inverter Product 13 3.6
G Manufacture Automation equipment 7 7.55
H Manufacture Modular Factory Units 9 4
I Transport and Construct Modular Factory on site in Germany 6 3.425
J Test Automation equipment. 6 2.2
K Transport Automation equipment to New Factory 4 2.5
L Install Automation equipment in New Factory 6 3.1
M Install Software for Automation equipment 4 2.2
N Install software for Inverter Product Line 4 2.675
O Test Inverter Production line 6 2.1
P
Handover and Train TTF engineers in Automation process
and Product production
4 1.235
PC Project Close out 0 0
Total 49.885
12

13

4. Earned Value Analysis and Acceleration
(a)Earned Value Analysis table:
The EVM is the technique used by project management to evaluate project performance
and progress. The triangle of project management can be linked to: scale, time, and expense.
Current analyses of EVM have shown that its use has a significant impact on the areas of
planning and administration and also improves measurement of scale and evaluates of the overall
project production by way of approaches (Shirley, 2020). Recent results show that the EVM
values are positive predictors for the project's success. EVM has increased its prestige throughout
14

the last years since government recruitment and continued to improve its importance (e.g. new
DFARS rules), partially EVM will now reveal the contractual dispute and encourage it to justify
it.
Earned Value and its use in Cost Control.
TASK BCWS ACWP %Progress BCWP
Planned Value Actual Cost Earned Value
PI $2,00,000.00 $2,00,000.00 100% $2,00,000.00
A $28,00,000.00 $29,10,000.00 100% $28,00,000.00
B $16,00,000.00 $17,20,000.00 100% $16,00,000.00
C $15,00,000.00 $15,30,000.00 100% $15,00,000.00
D $38,00,000.00 $40,80,000.00 80% $30,40,000.00
E $54,00,000.00 $59,70,000.00 100% $54,00,000.00
F $34,00,000.00 $13,20,000.00 35% $11,90,000.00
G $65,00,000.00 $27,60,000.00 35% $22,75,000.00
H $40,00,000.00 $27,50,000.00 50% $20,00,000.00
BAC $2,92,00,000.00 $2,32,40,000.00 $2,00,05,000.00
ACWP : Actual Cost of Work Performed
BCWP : Budgeted cost of Work Performed
BAC : Budget At Completion
15

16

According to certain figures, the CPI or market efficiency gains index was estimated far
below 1, which is counterproductive to the economic feasibility of a project (Sipes, 2019).
Where as different activities such as D, E, F, G and H the system output index or the SPI would
be less than 1 the specific project Tables were not as for task (c) expected. The projected
maintenance costs continue to increase, indicating modernization of the network. The final
review shows that neither goals nor requirements will accompany this plan.
(b) Projected completion date for the entire project:
The closing deadline is 06/07/2020 focused on an previously scheduled 25/09/2020
deadline, sooner than planned. The entire project would be completed using the new strategy,
though costs will be raised due to early conclusion of the job and the project costs will be
applied. There are several approaches, though, so that the company will minimize operating costs
and increase projected sales numbers, but the transfer date will also shift to 14/08/2019 in the
same period. The timetable change is lack of a incentive and can be early earned in the gap.
Recommendation:
17

This is liable for different types of emissions penalty. There are a variety of solutions which
present difficulties and advantages (Tereso, Ribeiro and Cardoso, 2018). A decision for travel
may be proposed based on the above discussed analysis. As it will save 75,000 Euros and
they should reflect on the solution above. For cases where the above-mentioned company that is
AF Plc, this alternative makes it successful. Some of them mentioned below:
 Low cost: The strategies have lowered manufacturing costs and make it much easier for
over-average businesses to cut operating expenses. It reduces costs over performance.
Nevertheless, there are also other solutions, but none are particularly powerful and could
save additional money.
 Suitable: This judgment also has an optimal impact on the earlier-mentioned plan, in
order to determine the value of the chosen option above. People will find that choice, too.
Examination of multiple alternatives or key strategies showed that without considering
choices, the whole project concept would be viable for the organisation. If the alternatives are
introduced the end deadline should be 14 August 2020, while the beginning deadline will be 6
July 2020. Clearly there was a portion on cost allocation in the budget agreement. In this way,
AF Plc was required to repay TTF for compensation of 100,000 pounds every day after the date
of completing for a full day break, including 25/09/2020. So if the job was implement knowledge
on the delivery day a buyer would get a £ 50,000 bonus per day. The company will be
encouraged to finish the venture earlier and if the enterprise meets the initial schedule the
customer would be able to finish the work early (Tonchia, Tonchia and Mahagaonkar, 2018). So
if the job was completed early on the shipping day a buyer will get a £ 50,000 bonus per day.
The company will be encouraged to finish the venture earlier and if the enterprise meets the
initial schedule the customer would be able to deliver the project soon. Therefore the project
manager of Automation Futures (AF) PLC should make some significant suggestions. Thus they
would benefit from increased sales and a better outcome of the business. When the necessary
elements are not implemented AF plc will find it difficult to execute the project effectively.
CONCLUSION
On the basis of above decision, it has been observed that project manager is responsible for
implementing the right execution plan to meet corporate goals. In the lack of successful project
management that will make it impossible for administrators to meet project goal on schedule and
expense constrained. This lets administrators maintain good control over various tasks by
18

including comprehensive project details such as a task description, planned duration, staff
members and a work closing date. Without adequate project management, creation of highly
optimistic goals and schedules, or neglecting specific project success forecasts, is very difficult.
By definition, that implies the completion of over-budgeting and tardy plans.
19

REFERENCES
Books & Journals
Abyad, A., 2018. Project management, motivation theories and process management. Middle
East Journal of Business. 13(4). pp.18-22.
Anbari, F. T., 2018. Innovation, project management, and Six Sigma method. Current Topics in
Management: Volume 10.
Chandra, P., 2020. Fundamentals of Financial Management|. McGraw-Hill Education.
Dwyer, J., Liang, Z. and Thiessen, V., 2020. Project Management in Health and Community
Services: Getting good ideas to work. Routledge.
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.
Hargaden, V. And et.al., 2019, June. The role of blockchain technologies in construction
engineering project management. In 2019 IEEE International Conference on Engineering,
Technology and Innovation (ICE/ITMC) (pp. 1-6). IEEE.
Heigermoser, D. And et.al., 2019. BIM-based Last Planner System tool for improving
construction project management. Automation in Construction. 104. pp.246-254.
Kerzner, H., 2018. Project management best practices: Achieving global excellence. John Wiley
& Sons.
Meredith, J. R. And et.al., 2020. Project management in practice. John Wiley & Sons.
Shirley, D., 2020. Project management for healthcare. CRC Press.
Sipes, C., 2019. Project Management for the Advanced Practice Nurse Second Edition. Springer
Publishing Company.
Tereso, A., Ribeiro, P. and Cardoso, M., 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.
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PART B
Reflective Essay
With the help of above discussion of report, it was observed that individual share their life-
long experiences is a reflective way. It includes the discussion that how individual perceptions
and experience evolved for the person's grown or established. The framework of a reflection
essay can vary dramatically, based on the circumstances. There are several essential components
to a typical reflective essay, explanation, body and conclusion. Reflective essay of this report is
mentioned below:
Challenges encountered all through the Module: The technique of managing large risks
in the proposal can be used to work out on those activities which required. The media is on hand
to handle operation where as a project manager of Automation Futures PLC, I was addressed
with a host of technological issues during the implementation of the work. I had many major
problems as a broad team started the assignment because nobody was willing to take
responsibility especially for the current projects at a managerial level. The major aspirations are
the justifications I get during the management of project for the terrible case. As Automation
Futures PLC is a top manufacturer company, employees in rising situation are more accountable
than ever.
Challenges identified in the assessment: All through the evaluation process, I experienced
a few obstacles that helped to lead emotional discomfort at the moment. I really don't know the
capabilities of my staff members. I am working as as project manager and have to assign
several tasks successfully to the other team members and evaluate the performance growth of
each team member. Yet I learned several lessons regarding how to cope up or corporate with
such problems along with staff members. Perhaps these challenges would help me to deal with
certain aspects of better managing projects in the near future.
Clear personal development goals: I had also defined specific key personal preferences
relying with my own understanding in managing projects following the end of the AF Plc
proposal. In this sense the preceding professional growth goals are as follows. Like, as a project
manager of this proposal will required that is should inspire other team members and need to
focus on resource management for optimum utilization of resources to minimise production cost
and increase the overall profit margin. Frome the overall analysis, i observed that i am unable to
manage time which causes several problems, so need to work on my time management skills,
21

communication and problem solving skills. I have no previous experience of dealing with foreign
clients which leads the issues which earlier discussed in this report.
As a project manager of Automation Futures (AF) Plc, I will resolve all of the issues which
involved in executing the task and required the necessary skills and capabilities for a
effective project manager.
Excellence Communication: Good communication is the exchange of thoughts, perception,
knowledge and factual information that best represents the willingness or target. In simple
language, opinion on one person can be expressed to another way by using communication mode
which is far better or it helps in minimising confusion which can impact the overall
performance. All throughout beginning of the project, it is essential that team members should
required strong coordination to select the best possible person for each work. Even though
activities have to be organized and understanding transported at an increasing extent of planning.
Throughout the entire AF PLC cycle, effective management is required to used and identify
the problems which team member’s faces
Effective decision maker: A productive decision maker needs to take actions that offer
them high returns and others as well. Remain optimism do not enable everyone’s own stroke to
influence their decision making process. Since taking a look at alternatives and realizing the
impacts, individuals can make choices rationally. As project leader concerning the AF PLC TTF
project, I will make important choices. If a measurement is chosen to take in due time, the
problem will be handled as beneficial and responded better.
Technical skill: It is also very essential skill which should be in a project manager. It helps
the organization or person to perform their task effectively. Since AF PLC is a technology
consultancy firm, it is essential that the project manager has organization technical expertise.
Management techniques are possible since they are helped make realistic with the right resources
and technological expertise is important in the construction of the program.
Leadership skill: A project manager is a team who decides and managing several activities
and fulfils the duties to achieve the goals. This management capability should be implemented to
ensure that my orders and responsibilities as representatives are obeyed by all project team
leaders. It is especially helpful in that the initiative builds the reputation of the company in the
competitive market.
22