Fundamental of Project Management

FUNDAMENTAL
OF
PROJECT
MANAGEMENT

EXECUTIVE SUMMARY
The report provides a comprehensive project management analysis that addresses all
important elements of project management and helps define the value of project management
activities within an enterprise. This report is drawn up on the basis of the Automation Futures
case study. At the other side, there is a reflection in this report which explains a description of
experience and issues in this aspect.

Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
1. Parameters and Risk of the company...........................................................................................4
(a) Iron Triangle Parameters.......................................................................................................4
2. Planning and Costs...................................................................................................................10
(a) Network Diagram...............................................................................................................10
(b) Gantt Chart..........................................................................................................................11
(c) Net profit of the contract...................................................................................................12
3. Managing progress and spending:..........................................................................................13
(a)...............................................................................................................................................13
(b)..............................................................................................................................................15
4. Earned Value Analysis and Acceleration:...............................................................................19
(a.)..............................................................................................................................................19
(b)..............................................................................................................................................22
(c)...............................................................................................................................................22
PART B.........................................................................................................................................22
Reflective Essay........................................................................................................................22
CONCLUSION................................................................................................................................22
REFERENCES..............................................................................................................................24

INTRODUCTION
Project management is a practice of coordinating different types of tasks to meet the
corporate organization’s goals (Samset and Volden, 2016). It is a method to enable, evaluate and
track the actions of a given mission. The project report is based on an organization which is
Automation Future; company began a new initiative in order to grasp the principle of project
management. This report deals with all the roles and tasks performed during the project
management and how administrators address the challenges and risk evaluation methods of the
project manager methodology for decision-making.
TASK 1
1. Parameters and Risk of the company
(a) Iron Triangle Parameters
Automation Futures use their business pattern iron triangles and project management
triangles. The success of an organization relies largely on the way it utilizes its money in the
management of programs (Padalkar and Gopinath, 2016). For announcements of digital
technology ventures, project size, project efficiency and length are several important constraints
for the triangle of ventures. Methods and strategies must be utilized to successfully implement all
theses in order to accomplish the project objective. By developing the budget for this project, the
quality of this project can be preserved. The constraints of this project TTF PLC are as follows:
Projects implemented at fixed and variable costs on a realistic basis. AF PLC will then carry out
testing on the basis of customer preference. It is carried out in small sections to be shipped on
time and must be tracked on schedule.
 Fixed time- When customers expect a product to be completed within a particular date,
tasks will be performed in an absolute sequence of business interest. Set period to pass
the job with an end date is reached (Muriana and Vizzini, 2017).
 Fixed Scope- When work is to be carried out as stated, time and costs are set flexibly for
production. This work standard is maintained.

 Fixed cost and scope- In these situations when flexibility is given to the date of
production where a fixed cost and fixed collection of deliverable is required. Increased
disruption is used to reduce unexpected delays (Lіubchenko, 2018).
 Fixed cost and time- When the project is anticipated to fixed expense and time, other
factors should be versatile in this case. To these projects, price and time are limited.
 Fixed time and Scope- When a fixed set of materials is to be made accessible in a
limited period and free of charge and the money paid on the project is not limited. A
schedule is drawn out and carefulness is taken to reduce and track unforeseen costs
(Zheng, Le, Hu, and Li, 2016).
(b) Risk Register
Risk Management Register for XYZ Project
Risk Identification Assessment Response Monitoring and Control
Ref
eren
ce
Even
t
Cause Effect Pro
bab
ility
Im
pa
ct
P
x
L
St
ra
te
Trigger Action Resp
onsib
le
Revi
ew
Freq
Status date and
general notes

gy perso
n/s
uenc
y
1 Lack
of
fundi
ng
Fund
Constra
ints-
allowan
ce in
case of
uncerta
inty or
shift
Projec
t
delaye
d
4 5 20 Mi
tig
ate
When
the
proposal
is
announc
ed, the
project
plan do
not
receive
the
amount
of
funding
Execute
another phase
of fundraising
to obtain
funding from
all parties
concerned,
including the
Executive
Sponsor.
Proje
ct
Mana
ger,
Exec
utive
Spon
sor
Mon
thly
23.11.16
Register updated.
Alternative
funding sources
identified
2 Unde
r
budge
ting
Unpred
ictable
conditi
ons
contrib
uting to
high
losses.
Low
amoun
t of
profit
or
may
cause
loss.
5 6 30 Go
od
est
im
ati
on
Estimate
s of the
project
manager
was
incompe
tent
Better
analysis and
scope of
factors.
Proje
ct
mana
ger
and
empl
oyee.
Mon
thly
27/11/16
3 Time
estim
ation
Task
not
compil
e as
planned
Lag in
the
project
finishi
ng
6 4 24 An
aly
sis
The
manager
makes
an
inaccura
Any activity
to be done on
time needs to
be properly
Proje
ct
Mana
ger
After
com
pleti
on of
an
29/11/16