Fundamentals of Project Management

This report provides an overview of the fundamentals of project management, focusing on the importance of iron triangle parameters, formulation of risk register, and other key aspects. It also includes a reflective essay on the challenges faced during project completion. Learn more at Desklib.

Fundamentals of Project
Management

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................3
PART A: AF PLC Case study.........................................................................................................4
Project definition/Parameters and Risks..........................................................................................4
A) Importance of different iron triangle parameters to set overall project objectives and its
inter-relation with each other......................................................................................................4
B) Formulation of the AF PLC risk register...............................................................................6
2. Cost and planning......................................................................................................................11
A) Creation of network diagram that demonstrate critical path and planned duration of project
...................................................................................................................................................11
B) Preparation of Gantt chart....................................................................................................12
.......................................................................................................................................................13
........................................................................................................................................................14
C) Detailing of overall project budget along with projected net profit.....................................15
3. Progress managing and spending...............................................................................................16
A) Use of Gantt chart for determine of planned progress about each task...............................16
B) To enter actual progress value for progress from revised table and producing of a revised
Gantt Chart to complete project with completion date ............................................................17
4. Earned Value Analysis and Acceleration .................................................................................18
A) Creation for earned value analysis table that show ACWP, BCWS and BCWP values for
each project task........................................................................................................................18
B) Creation of project completion date for entire project using estimate at completion
(schedule) method that derived from Earned Value Analysis..................................................19
C) Recommendation for the option should be accept or declined............................................20
PART B: Reflective Essay ............................................................................................................21
CONCLUSION .............................................................................................................................22
REFERENCES..............................................................................................................................23

EXECUTIVE SUMMARY
AF Plc is selected in the report and they undertake the railway project from one of the
clients and the time period to complete project is one year. One of the major consideration of
effective project management relates with the support of technology for completion of work in
an organised manner. The existing project report is based on two part that are project A and
project B. This all activities are covered under different aspect that undertakes network diagram,
risk register and Gantt chart. Moreover, the part B undertakes the reflection which consist of
various issue that relates with completion of project.

INTRODUCTION
The term project management refers to the policy and practices that are designed by
organisation for accomplishing all goals and objectives within minimum period of time. The
process of project management support organisation to work with leading performance by
completing all task and activities in an organised manner. This is more essential for organisation
to complete their work according to project as it helps to accomplish target in an effective
manner. With the fundamentals of project management that consists of planning, monitoring,
implementation and controlling of project with formative method. The existing report is divided
among two different sections that involve Part A and Part B (Mazzetto, 2018). The part A
consists about the importance of iron triangle which is used to manage project objectives. Risk
register creator which is organised and manage by AF while construction of project, formulation
of network diagram and its critical path which provide overall duration of project. In addition to
this Gantt chart, net profit and project budget will also undertake different task and
recommendation. In the last, Part B is based on reflective essay that undertake issue and
challenges that are considerate among the process with undertaking transparent personal
development goals.
PART A: AF PLC Case study
Project definition/Parameters and Risks
A) Importance of different iron triangle parameters to set overall project objectives and its inter-
relation with each other
The project manager perform different task and activities that helps in managing all the
relative aspect of project in order to complete task within a controlled manner. Project manager
utilise iron triangle because it is a vital concept and it assist different activities which is required
to perform in the future. Along with this iron triangle consist of different parameters that are
scope, quality, time and cost. This also leads project manager to gather and collect all
information as well as knowledge that helps in completion of activities according to decided time
limit (Poston and Richardson, 2019). This is also important for project manager to analyse and
understand all task because it ensure that all activities are processed accurately because it helps
in completion of activities according to decided strategy and policy. Project management and its

activities are also followed by all departments and manager of Automation future. This is
followed by manager by undertaking all in-depth analysis information because it helps to
interpret all data due to which it is easy to interlink with each other. Some aspects are defined as
below:
Cost- The cost aspect provide the in-depth knowledge about the related amount that is
used for measuring projected cost. This results all essential aspects of cost which is related with
complete of project is undertaken to prepare the budget and it also assign all activities through
which rate of deliverables and their probability is maintained to complete the project according
to decided activities. Fixed and variable both aspects of cost are undertaken by organisation for
evaluating the total cost of project (Zhou and et. al., 2018). This also results that all resources are
arranged by management of Automation future to complete their project with right rate of
occurrence. Along with this different prospect that are related with raw-materials, workforce,
technical equipments etc. are also collected by management to complete the project in a perfect
manner. It also helps in completion of project in decided budget or cost.
Time- The time aspect relates with the instance which helps to complete project in an
affordable manner by coordinating among all activities of project. In order to manage the project
time allotment is an essential attributes that helps for measuring all activities time period. So
with estimating time of all project actions. This is easy for the project manager to complete their
work done with the support of management and its limitations and it is used to complete project
activities according to decided time period. Automation future is responsible for making aspects
of project that support business action of organisation to work and perform their function in a
smooth manner. The responsibility of project manager relates with managing task with project
management tool such as Gantt chart and network diagram that is used to analyse and complete
all activities within right time period and it also ensure that organisation task are completed in a
perfect manner.
Scope- This is related with the deliverables which is linked with efforts of organisation
and it helps in completion of project properly. Scope parameters of the iron triangle provide
certain knowledge about effectiveness of project and it is also used by management to design
project and objectives in an effective manner (Heigermoser and et. al., 2019). Automation future
work with the aim of engaging technical engineering in automation plan. Along with this project
manager also perform their role for identifying selective aspects which helps to complete project

with decided budget and time in order to take first mover advantage for accomplish of
organisation opportunity.
Quality- The term quality parameters is based on the impact of certainty for delivering
the overall process of project. In the end, there are different project activities is included by the
management and all of them are focused towards finishing the project with evolving good quality
of project. According to the case of Automation future it is analysed that all challenges are
overlooked and it is also resolved within minimum time. It helps organisation for achieving more
profits of business by completing all task in a quality manner.
With the above analysis it is also accomplish that most of the constraints are parallel and
linked with each other (Hopkin, 2018). This is useful for management to deliver better
possibilities of the project with inter-acting by all projects. In the case, if project parameters are
not managed properly than it is complex to manage and operate project in an efficient manner.
B) Formulation of the AF PLC risk register
The risk register with the determinant are always important for business and it helps for
identifying attributes and nature of project activities. This is also critical or important for
Automation future plc it is linked with analysis and measuring of factors that aids results to make
desirable changes and modifications among project that is related with requirements of project.
In the present scenario, respective organisation is performing their work at wider platform. It also
leads management to face different risk aspects. So to measure all risk aspects organisation risk
is measured in fulfil and completion of project with company objectives. There are different risk
register which is associated with project risk and it is explain as follow:
Risk name Reason behind the
risk
Risk that occur in
future
Impact of risk on
project activities
Preventive
measure to
control risk
Insufficient
funds
The risk level on
project activities
relates with funding
level. It also not done
with effectiveness of
market (Too and
The possibility
for risk in future
is high.
There is higher
impact on the
concept of
operation and
functions of
organisation. This
Strategy which is
used to minimise
the fund relates
with different
sources.
Moreover, with

Weaver, 2014). In
context of this
research activities and
availability about
resources is not
managed which
creates less alignment
of activities.
also depend on
availability of
funds.
support of
strategy all funds
are managed in
controlled and
appropriate
manner.
Lack of raw-
materials
It is occurred
according to the
uncertain information
which is constrained
while working with
project. There are
different task need to
be consider because
there are different
reason raise that
occur certain amount
of contracts in
marketplace.
Probability to
face risk aspect is
high.
Their is huge
level of impact is
demonstrate on
the project
because without
the accessibility
of materials it is
complex to
complete work in
possible manner.
In order to reduce
the risk there is
lack of
possibilities is
determined
related with raw-
material. So to
deal with
challenge
enhancement
among
interrelationship
with suppliers is
focused that helps
in managing
better working
possibilities for
organisation
(Joslin and
Müller, 2015).
Neglect to
workforce
One of the vital
reason which is
In context of
neglect about
Their is a medium
impact is
The project
manager maintain

related with
occurrence of risk
associate with
neglecting of
employees. Working
gap and incapability
of employee's also
impacts on the
performance of
manager. Along with
this it also raise dis-
satisfaction among
employee's towards
working. This is also
because working
without monetary
amounts generate
complexity for
business.
workforce the
approach for
organisation is
moderate.
analysed on the
working and
completion of
project. It is also
diminished by
analysing skilled
and capable
workforce. This
also managed and
processed by
project manager.
continuous focus
and concern about
the guidelines that
helps to monitor
all different task
in an effective
time manner.
Lack of
communicatio
n
This is occurred by
the risk such as the
inappropriate
coordination between
organisational
activities (Hornstein,
2015). Along with
information which is
transferred are clear
and transparent.
Along with this
another reason
From the
perspective of
future
communication
risk is at
moderate
position.
Their is a medium
level of intensity
exists among the
project
management.
This refers that it
get delay only on
working process
by impacting on
company
performance.
This is essential
for project
manager that they
manage and focus
for arranging an
appropriate level
of
communication.
This leads
organisation to
complete their
work in an

associate with diverse
culture and it is
promoted by
business. Further, it is
complex for
employees to work in
collective manner due
to language barrier.
effective manner
by improvising
working ability
and the capacity
to improve
performance and
productiveness of
project.
Technical risk One of the suitable
reason that relates
with occurrence of
technical risk is based
on the issue that are
developed because of
using obsolete
technology. Along
with this
technological
engagement is raised
on constant period.
Along with this it also
provide appropriate
training and the
development to
employees. Further,
repetitive changes
within technical
machinery also used
to improve
productivity and
Technical risk for
organisation is at
medium level.
Organisation
undertakes
medium level of
intensity due to
which
performance rate
and working
speed is also
decrease
(Conforto and et.
al., 2014).
In context of this
risk organisation
require regular
training and
development that
is offered to
employee's. This
also increase
ability of
workforce for
working with new
technology.

costing.
Nature or
environment
calamity
One of the reason
behind the occurrence
of risk relates with
misshapenness that
are occurred due to
natural disaster.
Along with this there
is direct impact on
constant supply of
resources (Svejvig
and Andersen, 2015).
This results project
work is stopped.
The risk for
natural calamity
is too low.
It has the lower
impact because
natural calamities
not take place on
repetitive period.
Moreover, no one
is able to control
natural calamity.
Project manager
ensure there are
various aspect
related with
organisation
alternatives.
Performance and
promotion rate
also increase by
attaining natural
calamity.
Workers
strike
The occurrence
behind the
inappropriate
situations is
monitored by
employee's. It is
because of non-
fulfilment about
employees
requirement.
Probability of
employee's strike
is too low.
There is lower
impact monitored
on the
possibilities of
organisation
strike but if occur
than it impact on
overall project.
Project manager
is focused for
satisfying all
employee's and
this also helps
individual for
identifying
different solution
of workforce.
Ineffective
management
of time
The difference in
timescales occur if
organisation working
is not processed
according to accurate
time. This also
There is moderate
level of risk
related
probability exist.
The impact of
time risk directly
relates with
quality of
product. This also
determine work
Project manager
focus on all task,
action and
activities of
project. This leads
organisation to

disturb organisation
work. Further, it take
place due to lack
knowledge, funds and
times.
quality of
operational issue
changed at
random basis
(Niazi and et. al.,
2016). It also
increase
expenditure cost
for organisation.
complete their
project on time
basis.
2. Cost and planning
A) Creation of network diagram that demonstrate critical path and planned duration of project
The above stated diagram relates with Automation Future plc and it show different paths
that are basically relates with completion of task with more perfection (Floricel and et. al., 2014).
In the context of simple basis critical path not involves certain path for float but in context of this
project there is no difference between the completion of project with actual time and expected
time.

B) Preparation of Gantt chart

This is identified from the Gantt chart that project starts on the 8th July 2019 and it
completes on the 14th August 2020.

C) Detailing of overall project budget along with projected net profit
Working Note:
Bonus related with completion of project Amount in pounds
Days to complete project on early basis 42
Bonus in completion of project 50000
Total bonus 2100000
With the analysis of above activities it is identified that there are different TTF's projects
is developed to complete project within decided budget. This also consider about the cost that is
related with contract labour and it also leads management to complete their work under fixed
cost (Niazi and et. al., 2016). Therefore, with the assigned budget project that is about 13.85
million and vital task of this is to manufacture about automation equipments.

3. Progress managing and spending
A) Use of Gantt chart for determine of planned progress about each task
The below Gantt chart undertake only task and % column
Comparison table

B) To enter actual progress value for progress from revised table and producing of a revised
Gantt Chart to complete project with completion date
Task Task Name Duration Start Finish Predecessors %
Complete
Actual work
complete %
PI Project Initiation 1 wk
Mon
08-07-
19
Fri 12-
07-19 100% 100%
A Commission Design of
Factory 3 wks
Mon
15-07-
19
Fri 02-
08-19 1 100% 100%
B
Commission outline
Design of Automation
Equipment
2 wks
Mon
15-07-
19
Fri 26-
07-19 1 100% 100%
C
Commission outline
Design - Inverter
Product
1 wk
Mon
15-07-
19
Fri 19-
07-19 1 100% 100%
D Detailed design of
Factory 10 wks
Mon
05-08-
19
Fri 11-
10-19 2 100% 80%
E
Detailed design of
Automation Equipment
and Inverter Product
8 wks
Mon
29-07-
19
Fri 20-
09-19 3,4 100% 100%
F
Commission and
develop Software for
Automation equipment
and Inverter Product
17 wks
Mon
23-09-
19
Fri 17-
01-20 6 60% 35%
G Manufacture
Automation equipment 17 wks
Mon
23-09-
19
Fri 17-
01-20 6 60% 35%
H Manufacture Modular
Factory Units 10 wks
Mon
30-09-
19
Fri 06-
12-19 5,6 56% 50%
I
Transport and Construct
Modular Factory on site
in Germany
8 wks
Mon
09-12-
19
Fri 31-
01-20 9 0% 0%
J Test Automation
equipment 6 wks
Mon
20-01-
20
Fri 28-
02-20 7,8 0% 0%
K
Transport Automation
equipment to New
Factory
4 wks
Mon
02-03-
20
Fri 27-
03-20 11 0% 0%
L Install Automation 6 wks Mon Fri 08- 10,12 0% 0%

equipment in New
Factory
30-03-
20 05-20
M Install Software for
Automation equipment 4 wks
Mon
11-05-
20
Fri 05-
06-20 13 0% 0%
N Install software for
Inverter Product Line 5 wks
Mon
08-06-
20
Fri 10-
07-20 7,14 0% 0%
O Test Inverter Production
line 6 wks
Mon
13-07-
20
Fri 21-
08-20 14,15 0% 0%
P
Handover and Train
TTF engineers in
Automation process and
Product production
6 wks
Mon
24-08-
20
Fri 02-
10-20 16 0% 0%
PC Project Close out 0 wks Fri 02-
10-20
Fri 02-
10-20 17 0% 0%
With the consider of above activities there are is different task are managed and it impact
on the delay that are resulted towards shifting of working. This is also switched from the period
of 14/08/2020 to 02/10/2020. This also impacts on profitability that require for completion about
the requirements of projects (Zuo and et. al., 2018). It also helps to manage and complete task on
the 25th September.
4. Earned Value Analysis and Acceleration
A) Creation for earned value analysis table that show ACWP, BCWS and BCWP values for each
project task
The Earned value analysis table for Automation Future
Tasks % of work
completion
Budgeted Cost of Work
Performed (BCWP) or
Earned value (BCWS *
completion %)
Actual Cost of
Work Performed
(ACWP)
Budgeted Cost of
Work Scheduled
(BCWS)
PI 100 20 0.2 0.2
A 100 280 2.91 2.8
B 100 160 1.72 1.6
C 100 150 1.53 1.5

D 80 304 4.08 3.8
E 100 540 5.97 5.4
F 35 119 1.32 3.4
G 35 227.5 2.76 6.5
H 50 200 2.75 4
Total 2000.5 23.24 29.2 (BAC)
Cumulative
Planned
Value (PV)
Cumulative
Actual
Cost (AC)
Cumulative
Earned
Value (EV)
Cost
Variance
(EV - AC)
Schedule
Variance
(EV -
PV)
Cost
Performance
Index (CPI
= EV/AC)
Schedule
Performance
Index (SPI =
EV/PV)
200000 200000 200000 0 0 1 1
3000000 3110000 3000000 -110000 0 0.96 1
4600000 4830000 4600000 -230000 0 0.95 1
6100000 6360000 6100000 -260000 0 0.96 1
9900000 10440000 9140000 -1300000 -760000 0030.88 0.92
15300000 16410000 14540000 -1870000 -760000 0.89 0.95
18700000 17730000 15730000 -2000000 -
2970000 0.89 0.84
25200000 20490000 18005000 -2485000 -
7195000 0.88 0.71
29200000 23240000 20005000 -3235000 -
9195000 0.86 0.69
B) Creation of project completion date for entire project using estimate at completion (schedule)
method that derived from Earned Value Analysis
Completion of project date using EVA
ECD= ED + Start_date
8th July 2019 + ED
ECD = 02 October 2020
Project final spending by utilising 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
Comparison- One of the assign date relates with completion of project is 14th August
2020 and the estimation for completion of project 02/10/2020. In this the project was completed
25th September 2020. This organisation penalty has to bear about the £700k that relates with 7
days (Conforto and Amaral, 2016). Along with this fixed cost for project is about 46.7 million
pound and it incurred cost is 94.2 million pounds.
C) Recommendation for the option should be accept or declined
Their are five different options are considered by the Automation Future plc and it is
focused to minimise or reduce total expenditure and the amount which is spend for the
completion of different activities related with project. Along with this organisation option is also
focused for complete of different activities that are related with project. All the options are
defined as below that are based on the cost and their benefits. Some of them are mention as
below:
Task
Week
s
Cost
£'000
Cost/Week
(A)
Bonus
/Week
Total
bonus (B)
Total
benefit (A-
B)
F 3 200
66.6666666
7 250 750 550
G 3 105 35 250 750 645
I 2 75 37.5 250 500 425
N 1 25 25 250 250 225
P 2 35 17.5 250 500 465
All the codes which are calculated based on the total cost which is analysed according to
the weekly basis. In the context of automation future one of suitable option which is effective for
project P. The cost as per week for project is £ 17.5K and it is the minimum amount that relates
with other activities. In this the attached bonus for all activities relates with opening period of

time (Görög, 2016). Along with this it is also identified that maximum profitability that is £
645K is obtained from the G. Hence, the task G is selected for accelerating different options and
this also helps for performing task on time. So it is recommend the AF Plc go with task G to
complete project with profitable manner.
PART B: Reflective Essay
The project which is completed by me follow the purpose, objectives and activities that
leads me and my team worker to work with more energy. This is also utilised by the management
for reducing the wastage. This is also processed with parallel methods that includes applications,
skills, knowledge etc. it helps employees for completing project within certain details that
provides better direction, pathways and methods to complete project in an appropriate manner.
There are different challenges faced by me that is impacting on my performance and project.
Along with this different concepts are also learned by me from the completion of overall module
details. In the context of completing automation future case study there are various critical paths
faced by me and this results in completion of task with imperfect manner. Along with this it also
impacts on my operations as it is complex to manage software in an appropriate manner. I also
tried to learn and understand concept related with critical path but this is complex to select
certain path as it reduce effective outcomes. Along with this I also worked on budgeting that
helps me to understand more about utilisation of resources and costing of project. The negative
impacts of project generate challenges for me due to which working ability of my project is
reduced but it also me to identify areas that are reducing my performance. Management and
cognitive skills are lacked which minimise the efficiency for completing project. Thus, my
ability to complete work is uncertain and this is not effective because it not relates with different
factors of process. Moreover, the important perspective which is faced by me refers that to
enhance knowledge and gathering of information is more important and this also leads me to
improve personal skills. In context of this it is used by me for managing and completing project
with perspective of managing and improvising my personal skills because it leads me to improve
my skills that helps to work as a good project manager. With analyses of all important factors
which is related with me for boosting my skills are improvement in communication skill,
learning and managing conflicts. This all helps me to generate traits and areas which is used for
improving my overall performance. The main motive of this skills is to generate characteristic
that helps me to work with more passion and enthusiasm to complete project in an organised

manner. Furthermore, there are different aspects such as timescales, managing of project, skills
requirements etc. all are considered to complete project. It results all of this skills are improved
by me to manage and complete project which generates specific skills to complete project with
analyses of accumulating better results that supports in managing easy project. For undertaking
right direction of project it is essential for the individual and me also to select and analyse the
efforts which are input be me to complete project. So it helps me to identify the gap between my
skills and project results.
CONCLUSION
By going through with the above report it is concluded that project management is an
essential aspect for project. It helps to complete the project with in decided time period. Along
with this it also provides different opportunities that are used for completing different activities
by analysing and identifying aspect which helps to improve efficiency for organisation. This is
also essential for organisation to demonstrate different solutions which are utilised for
developing better plans. In the last, project manager also focus on all task and it ensure that all
projects are completed with decided budget and time. This also enhance accessibility for project
manager that leads to guide others and influence them for accomplishing desire project.

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