Fundamentals of Project Management

This report focuses on the fundamentals of project management, including the importance of iron triangle parameters in setting project objectives. It covers topics such as risk management, planning, and costs. The report also includes a network diagram and Gantt chart for project planning.

Fundamentals of Project
Management

EXECUTIVE SUMMARY
The project analysis focuses on different facets of successful issues of project management.
The whole report is based on a business that is an enterprise named as automation future
(AF). In addition, this report provides a detailed summary of the concerns and needs for the
overall evaluation of the project. Further part of report summarizes that a project manager
needs to have all the characteristics which can contribute to achieve overall goals of a
project in an effective manner. In the absence of contribution of a project manager, a project
cannot be successful.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Part A - Project Management Consultancy Report..........................................................................4
Project Definition/Parameters and Risks (Question 1)....................................................................4
Importance 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)......................................................................................................9
Preparing a network diagram showing the critical path and planned duration of the project
along with computing the float on the non-critical tasks............................................................9
Preparing a Gantt chart and determining the planned completion date....................................10
Developing overall Project Budget and calculating projected Net profit for the contract........12
Managing progress and spending (Question 3).............................................................................14
Comparison between the planned progresses against the actual progress using a Gantt chart. 14
Producing a revised Gantt chart and identifying the new completion date...............................14
Earned Value Analysis and Acceleration (Question 4).................................................................18
Creating an Earned Value Analysis table..................................................................................18
Creating a projected completion date........................................................................................19
Recommendations..........................................................................................................................20
Part B - Reflective Essay ..............................................................................................................21
CONCLUSION..............................................................................................................................23
REFERENCES..............................................................................................................................24

INTRODUCTION
The word project management may be regarded as a formalized mechanism for tracking
the various forms of project tasks. The principal aim of the project management is to attain a
present target for available resources. In case of absence of proper and effective management of
the varying tasks of project, there may be different types of obstructions, like the malfunction of
a project. The primary purpose of the project report is to pay attention on detailed and
comprehensive process of project management and also on issues that arise during the
completion of a specific project (Sipes, 2019). The study-report is aligned with company's study
case named "Automation Futures". The company doesn't really exist in true life; this is a
corporation premised on assumptions that operates in the development and designing of various
types of software as well as advanced computing technologies. According to this case study data,
the corporation's project concerns manufacturing of trains.
The project study-report is focused on 2 major tasks named A and B. Multiple forms of
tasks are contained herein task A, like the planned method of development and
production, fiscal plan and the estimation of value of entire project earned. While on other hand,
Task B is entirely focused on a reflective review wherein information is given on problems
facing project manager and also on learning outcomes.
MAIN BODY
Part A - Project Management Consultancy Report
Project Definition/Parameters and Risks (Question 1)
Importance of the iron triangle parameters in setting the Overall Project objectives and inter
relations between these parameters.
AF plc mentioned in case study is a multinational corporation that performs a wide
variety of operations, including technology outsourcing, consultancy, software
development/design and much more. Iron triangle criteria/parameter or variables are quite
important when it comes to determining overall project goals. That's because, with the aid of
these guidelines, it is simpler for project's managers to evaluate the results of project in a much

more successful and productive manner. Each variable is connected to one another. Below
is discussion about significance of these variables, as follows:
 Cost- It is perceived to be one main criteria to develop a better project. It's the duty
of project managers to understand how more can be done to accomplish a project goals.
A thorough estimate of potential costs needs to be made for this reason (Poston and
Richardson, 2019). As for the above-mentioned organization project, this is required for
executives to create an estimate of the total costs that might arise and to also concentrate
on certain activities whose costs are high or rising. In case of effective absence of a
reasonable cost forecast, it will be impossible for manager of respective organization to
maintain project costs lower than projected cost.
 Time- Almost every project does have a target date to accomplish and it is essential for
the project leader to undertake all tasks within a prescribed period (Belack, Di Filippo
and Di Filippo, 2019). If a project is not finished within a specific deadline, it may
contribute to a variety of hurdles. As with the context of AF plc's project case, this is
necessary for their executives to monitor the progression of every task in aspects of
timing. This can be achieved by splitting all duties or operations of project in simple tasks
and giving time with each activity. This makes it convenient for management to have an
additional focus on the progression of each task in attempt to assess whether it will have
done within a specified time span.
 Scope- The particular scope of a project requires to be translucent, precise and
sustainable. That's because each person in the team will be informed of the overall aim of
the project with the aid of this. Like if scope and nature of a project is transparent, it
would be simpler for project leaders to convey important knowledge easily to others. As
with AF plc project mentioned above, it's also essential for project managers to convey
the general scope of this project with all those involved with such project.
 Quality- This one is last consideration relevant to controlling the overall output of project
(Stamatis, 2019). That's critical that if project will be completed/accomplished
with quality standards and in an efficient way, it is regarded an excellent project. As with
the aforementioned organization project, it's also crucial for project leader to preserve the
quality standards of project so that they'll get more project back again from client.

Interrelation: All variables or criteria are interconnected. That's because overlooking one
variable will result to a failing of the project (Shirley, 2020). Manager could not rely
heavily on a single aspect, like costs and time, which are interconnected. It's because a
lag in finishing the project will turn to higher costs. Range and consistency variables are
both connected to one another. Because when project team people are informed of
actual scope of project, it'll be fairly easy to preserve quality of project. Which means that
all variables are related to one another.
Risk register with ten risks
A risk registry is a database that is utilized as a risk control device which satisfies regulatory
requirements and serves as a record for all known threats that provides detailed details on and
risk, such as risk intent, guide and controller, mitigating steps. Users may display it as a scatter
plot or as a chart (Zachko, Golovatyi and Kobylkin, 2019).
A risk register has the primary purpose of serving as the dataset for specific risks. Such threats
may be health hazards, business risks, financial risks, environmental risks and more-so anyone
could have different records for each form of danger-or combine more than one practical danger
into a common project management risk registry (Dotsenko, Chumachenko, 2019). The risk
registry requires a project manager or organization to mention all actual or future threats in rows,
and then define and describe critical components of such threats in the columns linked. Through
a project, the intent of a risk registry often changes slightly. The aim at the beginning of a project
is to include a thought process where project leaders and other relevant stakeholders may come
together and discuss 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
Increased Financial 4 4 The trigger of This risk could

expenses of
labours
such risk is the
transitions in Un
ited Kingdom's
labour/worker
union.
be managed by
recruiting
labour on a
fixed wages
policy for the
overall project.
Increased
expenses for
raw material
Financial 4 4 This form of risk
may emerge as a
result of
increased
demand as well
as a lowered
supply
of necessary mat
erials required
in market.
Risk may be
lowered by
enforcing the
pre-availability
of any and all
forms of
material and
resources
required.
Ineffective
utilization of
resources
Financial 2 4 The absence of
monitoring
function by
workers, and
also any
structural failure
in machines,
may also
contribute to
such risk.
It could be
eliminated or
regulated by
careful
oversight of all
activities and
key resources
utilized.
Adverse cost
variance
Financial 3 5 It may increase
as a result of
increased usage
of water,
electricity or
It can be
managed by
planning emer
gency financia
l budget for

some other
essential resourc
es.
these concerns.
Labour strike Operational 2 5 This risk may
emerge owing to
the strength and
influential power
of union leaders
(Betta and Iwko,
2019).
This can be
managed by
recruiting
employees
based
on contract
policies.
Layoffs Operational 2 5 Alterations or
variations in
political
circumstances
and events can
be key reason for
such a risk.
This can be
regulated by
the
authorisation
of regulatory
authorities to
operate the
project.
Accident on
site
Human
resource
1 5 This risk may
usually happen
as a result of any
mechanical
malfunction of
equipment or
due to unskilled
workers.
This risk could
also be
decreased by
having health
coverage for
workers, and
also careful
supervision.
Higher
employee
turnover
Human
resource
2 5 This can
increase due to
adverse, unfavou
rable, unsatisfact
ory working
This can be
regulated by
upgrading
workplace
practices and

conditions. also providing
comfortable
and motivating
working envir
onment.
Improper
communication
Technical 3.5 2.5 Divergent
workforce or
low skilled
workers may be
the cause for
such a risk.
This can be
resolved by
recruiting local
instead of
immigrant
workers.
Issues in
automation
Technical 4 2 This may be
increased by
recruiting less
knowledgeable
working personn
el.
It can be
handled by
employing
staff members
in tune with
the
requirements
of the project
(Ambrose,
Harris and
Ball, 2019).
From all the discussed risks, it has been noted that the most of these risks are linked to
communications. Nevertheless, their effect on the ultimate objective of project is negligible.
Along with problems relevant to the division of human resources, they have a huge influence on
the project. Therefore, above all, the project managers of the organization require to concentrate
on such risks whose impact is stronger on the success of the project.

Planning and costs (Question 2)
Preparing a network diagram showing the critical path and planned duration of the project along
with computing the float on the non-critical tasks
A network diagram/structure is a form of analysis that relates to the estimation of the
length of project (the line-up). A network diagram enables to determine which tasks are
necessary and how long project will take (Petroutsatou, 2019). With assistance of this diagram, it
is easier for leaders to identify objectives in multiple ways in activities and duties. This is likely
that, within this system, the important tasks are illustrated in a specific colour to making it easier
for project managers to effectively complete the project. This diagram can be developed
by project manager of in respective project as stated below:
Tasks that encircle above graph in red colour are crucial indicators which together establish
project's critical path. The prolonged distance among starting stage and ending phase is critical
direction of this project. Estimation of critical path is significant for a company as it determines
the overall timeline which will be needed to complete the project. Tasks 1 to 18 covers the
critical path/route of this project of company AF Plc. It will take around 92 weeks for carry out
almost all the tasks they 're planning to bring on. Phase 2 with 3-week float, phase 4 has a 1-
week glide, cycle with 8-week float, shift nine with 9-week float then phase ten with an 8-week
flows are several non-critical activities. Such float amount is determined by subtracting the
approximate length of the entire project from start time frame.
Preparing a Gantt chart and determining the planned completion date.
A Gantt chart implies to method through which projects or activities are tracked over
time. Each type of graph contains the date of begin and the date of finish (Mozhei and Lukianov,

2019). The graph shows the basic beginning and the end date information for each specified
feature or service. With this support, it is easier for managers to find out which activities can be
difficult and the activities can be completed in much less time-duration. The very first phase of
such project, as is shown in Gantt chart following, is completion of entire project, which is
expected to begin on the 8th July 2019 and therefore will require one week to complete. Before
this phase, numerous activities are required to take place one after the other. as demonstrated
in project's Gantt chart below, TTF project would be completed by 6th July 2020.

Developing overall Project Budget and calculating projected Net profit for the contract.
The project spending plan or fiscal budget is an overview of all expenditures which the
corporation wants to spend on the execution of a project (Становськаs and Колеснікова, 2019).
AF Plc does have at minimum GBP 58.5 million to complete TTF Automation Factory. The net
costing as shown in the estimate below is around 48.7 million. When project is finished on
25th September, the corporation will receive around 13.85 revenue, also according to projected
schedule, employing Gantt's regular schedule, this project will be finished 81-days earlier,
leading in an additional revenue of 4.05 million.

Managing progress and spending (Question 3)
Comparison between the planned progresses against the actual progress using a Gantt chart.
A progress plan has been conducted in AF Plc after 17 weeks of the process to manage
the inconsistency between the scheduled aspects and the finished one. Considering actual
progress in a project prior to the 17th week, a table is constructed to calculate the current project
percent status and expected percentage change.
Tasks Planned progress (%) Actual progress (%)
PI 100 100
A 100 100
B 100 100
C 100 100
D 100 80
E 100 100
F 60 35
G 60 35
H 55.55 50
From above table this can be assed that, tasks PI, A, B, C, D and E were performed as expected.
Nevertheless, the following aspects are under performed: F, G, and H. During the 17th week,
Project F was expected to be carried out progress by 60%, but in actual this was of just 35%,
almost half of the forecasts were achieved. This repeated the same situation with the task of G
with 55.55 % of success. The "H" tasks’ actual progress was of 50 percent by week 17. The
reason of this poor performance may be because of any external cause or due to lack of internal
power.
Producing a revised Gantt chart and identifying the new completion date.
The actual project layout is used to create a modified model of the Gantt. A description of the
updated running period together with the Gantt map and network diagram below is:

The Gantt chart mentioned above states that project will fully over in 144 weeks. This divided
tasks will impact the AF Ltd team members, because they are not prepared to gain higher rate of
success.

Earned Value Analysis and Acceleration (Question 4)
Creating an Earned Value Analysis table
EVA is a project planning methodology and essentially for an evaluation of the current and
planned features of scheduled operations (Chandra, 2020). Estimates of both BCWP and ACWP
activities have already been provided for AF Plc. For the estimation of both these variables, the
consolidated amount and the estimated working / work cost shall be determined. The AF Plc has
paid charges on the operating expenses and the estimated costs of the work / work scheduled to
occur.
Tasks
Work
completion
(percentage)
Budgeted/planned Costs
of Work-Performed
(BCWP) [Earned value]
Actual incurred
Costs of Work-
Performed i.e.
ACWP
Budgeted Costs 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
Tota
l 2000.5 23.24 29.2 (BAC)
Costs Variance (CV = EV - AC) -$32,35,000.00
Costs Performance Index (CPI = EV/AC) 0.86
Schedule Variance (SV = EV - PV) $1,95,05,000.00
Schedule-Performance Index (SPI = EV/PV) 40.01

Cumulative Planned
Value (PV)
$20
000
0
$30
000
00
$46
000
00
$61
000
00
$99000
00
$15300
000
$18700
000
$25200
000
$29200
000
Actual
Cost
and
Earned
Value
Cumulative Actual Cost
(AC)
$20
000
0
$31
100
00
$48
300
00
$63
600
00
$10440
000
$16410
000
$17730
000
$20490
000
$23240
000
Cumulative Earned
Value (EV)
$20
000
0
$30
000
00
$46
000
00
$61
000
00
$91400
00
$14540
000
$15730
000
$18005
000
$20005
000
Project
Perfor
mance
Metrics
Cost Variance (CV =
EV - AC) 0
-
$11
000
0
-
$23
000
0
-
$26
000
0
-
$13000
00
-
$18700
00
-
$20000
00
-
$24850
00
-
$32350
00
Schedule Variance (SV
= EV - PV) 0 0 0 0
-
$76000
0
-
$76000
0
-
$29700
00
-
$71950
00
-
$91950
00
Cost Performance Index
(CPI = EV/AC) 1.00 0.96 0.95 0.96 0.88 0.89 0.89 0.88 0.86

Schedule Performance
Index (SPI = EV/PV) 1.00 1.00 1.00 1.00 0.92 0.95 0.84 0.71 0.69
The variability of such a project's cost is calculated by the value received and the actual costs
projected at 32, 35,000. In relation to uncertainty the SP and CP numbers are also determined.
The cost-efficiency ratio here is calculated at about 0.86, which is the actual relative cost profit.
Thus the schedule index of the Plan is around 40.01. This is determined by valuing the whole
enterprise, including the one scheduled.
Creating a projected completion date.
During completion of the project, the process or method for estimating a project's completion
date and cost is determined (Cakmakci, 2019). The completion deadline for such a project has
been revised to 14 August 2020, as a consequence of the 17th weekly project analysis. As a
result, this ambiguity will impact the Project 's earnings as AF Plc. Their early attempts did not
give them an expected opportunity. The real expense estimates for the project are calculated by
the estimate of execution. For the previous budget the spending was projected at 48.7 million.
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
Costs for operations PI to H will be worked out using the estimation form of $942642.24.
According to real costs, it was found that the projected / anticipated costs are 25.2 million for
PI's H operations, while the current expense here is around $942642.24 more than the costs
previously reported. Reduce the risk of higher expenditures. AF Ltd will maintain resources in
this scenario to avoid risk turning the expected profits of this company into losses.

Recommendations
There are various approaches accessible to reducing the penalty costs. There are multiple
challenges and drawbacks across styles of choices. Based on this analysis it may be
recommended that the alternative carrier be selected. That is because saving 75,000 pounds on
cost will be beneficial. They will also depend on the alternative set out above. If this alternative
is rendered by the above company, the productivity would have a beneficial effect:
Lower cost- This alternative has lower production costs which will make it easier to reduce the
extra costs for the above project. And if the rates will lower than the production, that would be
easier. However, other options are also acceptable, but none are highly productive and can
reduce higher prices.
Suitable- In addition to the above-mentioned importance of the preferred alternative, having this
choice in the sense of the business project will be suitable as it is linked to reducing cost.
Since these results indicate that if they follow this approach, they inevitably lead to success in
the sector. Examination of possible options and core projects indicated that the whole project
process remained viable for the organization until the approaches were addressed. The
completion date is set for 14 Aug 2020, starting from 6 July 2020, with the introduction of the
choices. This is evident because the policy system includes a component of expense control.
By the completion of the year, i.e. 25/09/2020, the AF PLC had to reimburse the TTF and had to
return 100 K pounds per day for the remainder of the day. The consumer gets a £ 50 K bonus
early on the day of delivery. The customer is unable to complete the product before the
supplementary option is offered and if the organization follows the original solution the customer
will complete this project soon.
And these are the main guidelines which the project manager of the above-mentioned company
will follow. By doing so, higher profits and better work results will be good for them. AF plc
would find it easy to handle the project efficiently, owing to the availability of integration of the
necessary elements.

Part B - Reflective Essay
Difficulties experienced during the Unit- as the AF PLC's Project Director, I met several
difficulties throughout the design phase that posed significant issues at the project's completion.
Since the plan was carried out by a small team, I have faced many problems and none is very
involved in the project management process. Such changes in configuration also led to
substantial confusion within the community, since no team member has clear location criteria.
The reason for this is that such concerns have become the main goals in my position as project
leader. Because AF PLC is a well-known company, the staff are more responsible than ever
under every situation. Difficulties producing the assessment- I identified several problems in the
evaluation which culminated in mental illness. I primarily discussed the problem of defining
tasks and obligations to the different team members. That's why I couldn't even know my
workers' potential. Another problem for me was the planned assembly of workers, as I could not
carry out the work within a defined date and expense due to an uncertain implementation of the
position. Here are some of the main preoccupations across the study. Nonetheless, it is my
responsibility to delegate tasks to all colleagues correctly and to determine the success of each
team member. However, I also managed to learn some additional insight from those topics on
how to cope with a difficult situation. Such hurdles will surely encourage me to handle the
different aspects of project management in next few years.
Clear personal development goals- I described certain key personal priorities at the end of AF
Plc 's project centred on my knowledge as project manager. Technical development goals are as
follows:
I'm starting to operate on time management. It is mainly that a group leader wants to be
courteous and gracious enough to encourage all of the team leaders. I was ignorant of the time of
administration during the project which led to a variety of issues.
I will also concentrate on building up my personal skills. Since I don't know how to better
interact with fresher men. Due to that, I faced complications during the later process.
Characteristics of a Good Project Manager- A good project manager must have sufficient
expertise and qualifications to enable effective implementation of projects. Underneath is part of
a good manager's main features:
 Better communication skills- Consistent coordination at the start of the project is essential
for the group to make the correct decision. The distinct types of project operations will

become easier to understand because of strong teamwork. Therefore, possessing good
interpersonal capabilities is important for a project manager. Good collaboration abilities
between team leaders can help recognize problems at AF PLC. In fact, as project
manager, I would work frankly and effectively with other team leaders to accomplish the
end objective with less time and money.
 Good decision maker- As project manager, I need to proactively follow certain measures
and make choices at the AF PLC project. The question is regarded as successful, and
whether an action is performed on schedule is treated accordingly. Technical role as a
project manager would reinforce my capacity to take reasonable action and make
advancement towards to the ultimate objective.
 Technical Expertise- As AF PLC is a consulting firm, a qualified project manager must
be accessible to the organisation. Business activities will be easily achieved if managers
are facilitated with the right information and the path to achieve an objective is advanced
technologies-how. I should prepare myself fully trained for a project manager as to the
technical expertise.
 Leadership skills- An executive leader of a project is accountable for the task and aims to
accomplish the goals. Proactive procedures of this aspect must be improved so that
project team members can function together as stakeholders of my guidance and
responsibilities. It is one of the important step to take the lead to create credibility for the
company in the competitive environment.
CONCLUSION
The above study shows that project management is highly critical as it means that
appropriate competitive assessment goals are completed in motion. It helps administrators to
maintain efficient leverage of different tasks by incorporating detailed standardized task
detail such as study summary, working time and quantities and the date by which each
assignment is accomplished. The report concludes that timetables and plans for finalisation,
overly ambitious or over-regarding related activities unless the programs are well prepared,
cannot be specified completely. The second part of report is related to reflective statement of
project manager as well as key features of a good manager are also concluded in this part.

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