Fundamentals of Project Management

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