Fundamental of Project Management: Role of Iron Triangular Parameters and Risk Register

Fundamental of project
management
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ABSTRACT
The report is based on project management and undertaking of PLC project. It has been
described about role of iron triangular parameter in forming goals. Also, certain risks like
increase is budget, delay in completion etc has been mentioned in risk register along with some
mitigation measures. Besides, that it is explained about network diagram and Gantt chart of
entire project. The budget of project is calculated that is 2602500. Furthermore, progress of
project and its comparison has been done after 17 week and there is delay of 7 -8 weeks. Also,
earned value analysis of project is done which is BCWS is 23.33 and BCWP is 13.90. and EAC
of project is £9.73.
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Table of Contents
ABSTRACT.....................................................................................................................................2
INTRODUCTION...........................................................................................................................4
PART A...........................................................................................................................................4
1. Project definition..........................................................................................................................4
a). Importance of iron triangular parameters in project objective...............................................4
b) Risk register.............................................................................................................................5
2. Planning and cost ........................................................................................................................7
a) Network diagram ....................................................................................................................7
Ghantt chart..................................................................................................................................8
c) Budget of project ..................................................................................................................10
3. Managing progress and spending...............................................................................................10
a) Determine the planned progress after 17 weeks ..................................................................11
b) Actual progress values of project from revised table............................................................11
4 Earned value analysis and acceleration.......................................................................................13
A) Earned value.........................................................................................................................13
Acceleration...............................................................................................................................14
PART B..........................................................................................................................................14
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................16
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INTRODUCTION
Project management is process of planning, organising, initiating, completion, etc of specific
tasks and objectives to attain particular goals and objectives. A project needs to be broken down
into various activities so that it becomes easy to plan and organize things. However, for every
small and large project this concept is followed. Also, it depends on project manager as well that
how this concept is applied into it. For manager it is essential to monitor progress so that project
goes in right direction and also the impact of risk is mitigated as well. However, there are some
Factor which affects on project such as stakeholders expectations, environment, etc (Klemt-
Albert, Hagedorn, and Pullmann, 2018)
In this it wll be discussed about role of iron triangular parameter in forming goals. Also, it will
be mentioned risk register of PLC project along with some mitigation measures. Besides, that it
will be explained about network diagram and Gantt chart of entire project. The budget of project
will be calculated as well. Furthermore, progress of project and its comparison will be done after
17 weeks. Also, earned value analysis of project will be done.
PART A
1. Project definition
a). Importance of iron triangular parameters in project objective
In every project there are basically 3 components which is essential in it. They are cost,
time and scope. So, the project manager has to defined these all in effective way so that project is
successfully completed. However, on basis of goals and objectives project scope is defined.
Along with it, there are several parameters which is followed in it (Coccia, 2017). They help in
proper planning and organising of activities in efficient way. Usually, the iron triangular
parameters defines interrelationship between cost, time and scope. This makes it easy for project
manager to find out that how change in any one of them will impact on another. Besides, by
understanding relationship between them manager tries to maintain balance between it. Also, it
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