Effective Project Management Strategies

This assignment delves into the crucial aspects of effective project management. It emphasizes understanding stakeholders, managing their expectations, and employing appropriate project planning and control techniques to ensure successful outcomes. The importance of addressing project complexities, identifying potential risks, and implementing problem-solving patterns are highlighted. Additionally, the assignment stresses the significance of continuous performance evaluation for long-term project success.

MANAGING PROJECT

Table of Contents
TASK 1........................................................................................................................................................................................................3
1. Important characteristics of a project.................................................................................................................................................3
2. Scope Statement of a project and role of Work Breakdown Structure(WBS) in this........................................................................3
3. Gantt chart..........................................................................................................................................................................................4
4.Approaches which exists to prepare a budget for a project.................................................................................................................5
5. Risks which can arise and what are the steps can be taken in project management to reduce the risk..............................................5
6. Quality method to ensure a project is completed successfully...........................................................................................................6
TASK 2........................................................................................................................................................................................................6
CONCLUSION.........................................................................................................................................................................................10
REFERENCES...........................................................................................................................................................................................12

INTRODUCTION
Managing Project defines the ways through which a project is handled by an individual or a company.
Depending upon the factor that what kind of organisation it is and what functions it carry out decides the
structure of the project. A project is the outline of the task, plans, goals and targets which the company or
individual wish to achieve. Resources available to the people should be utilized properly so that maximum
output can be obtained from them and for that a project needs to be prepared. The document will be
highlighting the scope, elements, schedule, quality and the cost of the resources. ABC Plc. Which is the UK's
one of the large company in food and drink retailer sector (Assudani and Kloppenborg, 2010). It is now
considering acquisition of DEF Ltd which is a know street frozen food retailer. As a project manager it is the
duty to successfully manage the project making sure that all the things are done on time and within budget.
TASK 1
1. Important characteristics of a project.
Project management is the process of managing the resources and the activities in business. The final
aim of the project is to come out with a product or output which has some value attached to it. A project can be
defined through their characteristics which are as follows:-
 Temporary:- This characteristics states that every project has a life span in which they have a starting
period and as well as ending period. Starting period of the project is the time when someone starts or
initiates the project. In this time they make plan & implement the project and the ending period come
when the goals and targets of the project is achieved.
 Unique Deliverable:- Every 0project produces or comes out with a product, service or nay other result.
It has some or other beneficial thing attached to it. Deliverable are helps the company or individual in
carrying o0ut their work more effectively.
 Progressive Elaboration:- When a project gets starts or in progress it is important to monitor and keep
an eye on its performance because through this if the individual finds any loophole it can be terminated
or can be improved.

2. Scope Statement of a project and role of Work Breakdown Structure(WBS) in this.
A scope statement is the tool to identify the assumptions and key success factors and in other words we
can say that it is the tool which define the boundaries of the project. This scope statement project states the
goals and target which they want to achieve or wish to complete in a particular time period (Azim, 2011). This
makes people know that in what condition they will work. A scope statement includes justification, product
scope description, criteria, deliverables, project exclusions, constraints and assumptions. Work breakdown
structure(WBS) is the way through which the work is distributed or break down into task so that the work can
be completed and can be managed. In project management it is a deliverable oriented breakdown of a project
into smaller tasks. If a team has lots of work load for a project so they should break the task and the distribute
among the team member (Basu, 2011). Deliverables are the product, services and the results which comes out
as the output of the project.
3. Gantt chart.

4.Approaches which exists to prepare a budget for a project.
Creating a budget is a important task for a business because this includes the planning which defines that
what amount of the money will be distributed or allocated for particular activity. There are various approaches

which exists to prepare a budget and normally they suggest why someone should prepare budget. The budget
makers aims that through the aim they want business success, what are the benefits in that, what to include in
the annual plan, a planning cycle is made and on the basis of it benefits of business budget are pen down in the
plan. After than budget is prepared and in that key steps are included for a budget which they have to complete
in a particular time. Budget will be use to review the performance of the project (Bourne, 2011).
5. Risks which can arise and what are the steps can be taken in project management to reduce the risk.
With the business activity their always come the risks which if didn't handled properly than it can cause
big damage to the industry and might bring the crisis with losses. There can be various risks which are attached
to the project6 like the scope risk which defines that whatever they required is not easy to get. The other risk is
schedule risk which says that according to the schedule which has been made risks can be there on those
schedule or following that schedule. The last and the final risk is resource risk which define that people and the
funds are the project's main resources so if the person is unskilled or not capable of handling the task than there
might be losses. But if someone wants to manage these risks than he can adopt different ways in managing the
risk. If a risk is arsing the owner can accept the risk and can implement a strategy to terminate it. The other way
is that he can avoid the risk, transferring the risk to some other side or area is one of the option available to the
individual.
6. Quality method to ensure a project is completed successfully.
Quality method is a way through which someone can ensure that he completes his project and gets good
results. Normally quality methods include project evaluation, monitoring and control. In project evaluation
someone looks at its core operation and try to understand what are the things which will effect the project and
monitoring means keeping track of the changes happening in the business (Burke, 2013). Through Monitoring
they can find the loopholes in that project and can control the activities which are creating loopholes and
weakening the aim of the project.
TASK 2
Project management is the process of starting, planning, executing, controlling and managing the things
so that they can specify the goals and meet the targets they have set. The aim of the project is to produce a
product or came out with a idea which bring new profits. A project has initial period at which it starts and has
ending period which normally end when the goals are achieved or when the managers think that the project
cannot be carried out further due to some problem arising in the master plan. It is the challenge for the ABC
PLC to carry out the task of acquisition with DEF plc so that they could increase their profits and work more

efficiently. How the acquisition will be done are represented or mentioned in the project through different ways.
The scope, time, quality and the budget need to be mentioned in the project and after that the secondary part
will include proper use of the allocations which has been given to the different departments.
Project Planning Activities are the activities which are carried out during the project planning task:-
Determining the project requirements:- When project goals and targets are defined they make sure
that the company has the required resources which will be used in the project planning process (Cavaleri,
Firestone and Reed 2012). To accomplish any task or achieve any goals there required some sort of resources
and elements so they should make pen down all those activities which will be carried out during the project
planningtask.
Determining the condition of the source files and databases:- Before going for acquisition the
company will make sure that all the files and databases of the other company is checked because any wrong or
misinterpretation of the data can lead to future trouble to the company. They should make sure that each and
every operation which the company has carried out in the past should be checked out. Does they qualify or pass
the legal rules and regulation made by the government because any organisation who are facing any legal issue
will make not be entitled with acquisition (Dey, 2010).
Determining or revise the cost estimates:- Any cost like the purchasing cost, maintenance, technology,
contractors, training or any other indirect cost associated with the business of both the companies should be
checked out. In the same they should also include time estimates because how much money should be included
or in what period of time.
Evaluate the risk assessment:- The managers should revise and evaluate the risk involved in the step
first that is business care assessment. They should review them according to their levels and they should rate
them on the numbers comparing each stage of the acquisition. They should rank them according to the factors
affecting the acquisition of both the companies like ABC PLC and DEF PLC.
Identify critical success factors:- This activity says that a critical success factors are the factors in
presence of those chances of success are more. So these factors should be encouraged and should be supported.
Factors like the proactive and very supportive business sponsor, full time involvement of business
representation, realistic budgets and schedules, realistic expectations, and a core team with the right skill set.
Preparation of project character:- This is same as the scope agreement or we could say that
memorandum of understanding signed by both the companies defining the roles, functions, shares, ownership
and requirements of both ABC PLC. And DEF PLC. But this not the 2 or 3 pages documents but this is the

more detailed overview of the project that consists information regarding the costs, resources and schedules,
realistic expectations and functions of the team with desired skills (Eskerod and Huemann, 2013).
Creating a high level project plan:- It is seen that projects are prepared in the from of Gantt chart
which shows activities, resources, dependencies and effort mapped out on a calender. Companies can also
prepare pie charts which is a graphical representation.
Launching of the project:- After the planning the project, assigning the roles, budget and training you
can implement them. This happens when both the teams of ABC PLC. And DEF PLC sits together and sign the
acquisition document. This also include the setting up the communication channels like the media includes
newsletters, emails and TV and etc.
Whenever company start new project then it is necessary for them to handle it properly. It is main duty
and responsibility of the project manager to manager it properly. There are various skills of project manager in
ABC plc are described as below:
Leadership: It is main obligation of the leader to handle the project effectively. If they inspire other with their
skills and abilities then employee of the company get motivated (Kelley and Lee, 2010). They can also solve
their problems efficiently.
Negotiation: if project manager has great skills of it then he or she may solve problems quickly. They also
follow the policy of win win.
Scheduling: It is an essential skill which will help in success of the project. If the schedule in properly managed
then work or task can be completed within the given time frame.
Cost control: Cost of the project is depend on its size. If the length of it is large then the cost is also high but if
its duration is not lengthy then it carry less cost. Manager of ABC plc also make budget to control it properly. It
is also essential to manage the finance which is related to product so that it can be completed within the time
limit.
Risk management: A good project manager always calculate the risk which is associated with its project so
that it can be controlled by them in an effective manner (Kendrick, 2015). He can also do his work in complex
and unique environment also. If it is managed properly then ABC plc can achieve effective outcomes.
Communication: In every company there must be an open conversation so that employee can easily share their
ideas and suggestions with their employer. They can also share their ideas by using various methods such as
newsletters, emails, meetings, conferences,internet etc.

Quality management: It is also essential to manage the quality of project. Employer can also provide training
to their workers so that they can perform their task more effectively. It will also help them in cost reduction. If it
is maintained properly then manager will provide better returns to their stakeholders.
Sense of humour: it is essential for any employer to has good sense because it will help them in better decision
making. If they have two or more alternatives then manager can opt best for their project.
There are also certain competencies in project manager which are mentioned as below:
Execution:
 It is necessary that every employee must have possess organisational skills and knowledge.
 They also manage the risk appropriately.
 Manager must manage or develop the budget and schedule which is related to their business.
 They can also decide scope for their project.
Decision making:
 Manger of the ABC plc can take judgement through facts and data.
 They can gather necessary information for this purpose also.
 It can also be based on the scenario analysis.
Strategy development:
 It is essential for each and every person to understand the project on overall basis.
 They can create track progress for their goals and objectives.
 Manager can determine those factors which can affect the development of project either directly or
indirectly (Polonsky and Waller, 2014).
Team management:
 It is main duty of manager to motivate its employees or workers.
 They can also lead them by giving them examples.
 It is essential to manage the conflict between team people.
Leadership:
 manager must take initiatives.
 It is the duty of employer to find out the changes and also evaluate the progress of project.
Critical thinking:
 It is essential to identify the validity of the project.
 They must have to manage the objectivity of project.

 They can also combine their project with objectives which are related to cross functions.
Technical competence: It is necessary for project manager to understand the tools and techniques which is
realed to their plan. They can apply necessary requisite in their project.
The project life cycle stages are the stages that are required for growth and development of an individual in the
organization. There are 4 stages of project life cycle
 The initiation phase refers to the phase in which every business problem is searched as an opportunity or
problem. The initiation phase includes the documentation process on the part of providing growth and
development process for an organization. The activities that are being used in this step are development
of business cases that will develop feasibility study along with identification of project vision and
objectives that are to be developed so that they will plan out all the activities.
 Planning Phase is the phase in which all the problems which can be developed are developed in detailed
process that all the objectives are achieved by the way of providing complete information at ground
level for successful evaluation. This step includes about project outline in the manner that those
activities that are required for meeting project objectives must be implemented in successful manner. It
will help in managing time, cost , quality and other resources of the organization in terms of proper
evaluation and implementation.
 Execution Phase refers to the phase in which every project of the company is evaluated for the
successful growth and implementation of individuals and company. This is the third step which
combines both planning and closure step (Saunders and Lewis, 2012). The planning step will help in
implementing the plan of action required for proper evaluation. While closure phase will help in
developing all the activities which will help in final preparation of all the steps necessary for successful
implementation of project activities. It will help in developing and implementing all the activities related
to work breakdown structure, quality improvements and so on.
 Closure Phase is the phase of all the activities that are required at the last stage of successful project
development and implemented at higher level of developing the path of organizational developmental
process (Turner, 2014). This is the most important part of project life cycle as it helps in closing all the
activities and if any step is misinterpreted or mistakenly chosen then all the steps which have been used
also needs to be changed from basic or initial phase to closure phase. This phase includes all the
activities like project control, direction, creation of effective and efficient analytical solutions and
providing feedback to all the employees based on their project evaluation score.

CONCLUSION
On the basis of above report it has been concluded that, ABC PLC is engaged in the business of providing
varieties of food materials to their customers and try to attract them as well. Staff member are responsible to
opted various types of process and methods in order to retain their target audiences and try to offer best quality
of goods and services to them. With the help of work breakdown structure companies are able to divide their
work into small groups and equally separate work among members. In the above report it has been discussed
that ABC acquired DEF Ltd. and try to attain their set of target and objectives as well. They used to frames
various types rules and regulation which help them to meet their goals and objectives. Through Gantt charts
companies are able to identify their own performance which is helpful for them in their long term process.

REFERENCES
Books and Journals
Assudani, R and Kloppenborg, T. J., 2010. Managing stakeholders for project management success: an
emergent model of stakeholders. Journal of General Management. 35(3).
Azim, S .W., 2011. Understanding and managing project complexity.
Basu, R., 2011. Managing project supply chains. Gower Publishing, Ltd.
Bourne, L., 2011. Advising upwards: managing the perceptions and expectations of senior management
stakeholders. Management Decision. 49(6). pp.1001-1023.
Burke, R., 2013. Project management: planning and control techniques. New Jersey. USA.
Cavaleri, S., Firestone, J and Reed, F., 2012. Managing project problem-solving patterns. International Journal
of Managing Projects in Business. 5(1). pp. 125-145.
Dey, P. K., 2010. Managing project risk using combined analytic hierarchy process and risk map. Applied Soft
Computing. 10(4). pp. 990-1000.
Eskerod, P and Huemann, M., 2013. Sustainable development and project stakeholder management: what
standards say. International Journal of Managing Projects in Business. 6(1). pp.36-50.
Kelley, D and Lee, H., 2010. Managing innovation champions: the impact of project characteristics on the direct
manager role. Journal of Product Innovation Management. 27(7). pp. 1007-1019.
Kendrick, T., 2015. Identifying and managing project risk: essential tools for failure-proofing your project.
AMACOM Div American Mgmt Assn.
Polonsky, M. J and Waller, D. S., 2014.Designing and managing a research project: A business student's guide.
Sage Publications.
Saunders, M. N and Lewis, P., 2012.Doing research in business & management: An essential guide to planning
your project. Pearson.
Turner, J. R., 2014. The handbook of project-based management (Vol. 92). New York, NY: McGraw-hill.
Online

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i10c.referrer=https%3A%2F%2Fwww.google.co.uk%2F>. [Accessed on 3rd June 2017].
What is project management. 2017. [Online]. Available through : <https://www.apm.org.uk/resources/what-is-
project-management/>. [Accessed on 3rd June 2017].