Project Management: Planning and Control

L6 Project Management

Table of Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
REFERENCES........................................................................................................................................11

INTRODUCTION
Project management involves planning and distributing a group's resources to move a specific
mission, event, or role towards completion (Heagney, 2016). One-off or ongoing activities can
be incorporated, and the funds have taken care of the inclusion of personnel, spending plans,
foundations and innovation under protection. Project management is also related to architecture
and manufacturing fields and, most recently, healthcare and information systems (IT), which
usually include a complex collection of parts that need to be completed and installed to produce a
working product in a set manner. The report is based on a project which is to produce an electric
car that can be used to save fuel and oil.
MAIN BODY
Project initiation: One of the most significant components of project planning, that forms the
basis for an organization project, is a Project Initiation Paper (PID). During the whole process, it
is a starting point, both for the customer and for the project team (Meredith, Shafer and Mantel
Jr, 2017). Furthermore, the Project Initiation Plan is a decision-making document which is the
foundation for the execution of the directive. In a Prince2 managed climate, the Project Initiation
Document packages the knowledge gathered from beginning a project and interventions from a
project phase. The Project Initiation Document is a principle of Prince2; a form of project
management that relies on the requirements of performance and failure within such a project. In
accordance of above project, below detailed analysis of PID has been done in such manner:
Trigger of project: The plan is linked to the introduction of an electric vehicle that will reduce
gasoline and oil reliance (Kerzner, 2017). In addition, this initiative would also aim to reduce air
emissions. In the business sector, there are many kinds of individuals and all of them have
special products and services with different outlooks. Introducing electric vehicles has been
identified as leading to the reduction of atmospheric CO2 emissions. In fundamental terms, the
release of electric vehicles can be shown to have a broad positive effect on the environment.

Establishing management team:
Stakeholder Role or importance
Project manager In the dimension of the above project,
the position of project manager is too
important. As a project manager, a set
of responsibilities and duties are
available to coordinate a venture.
Mechanic The position of such a project leader is
also important since the project above
will only be effective if the mechanic
uses total expertise to prepare the
vehicle.
Customers Such stakeholders are also critical for
the progress of the project described
above. This is how they will order more
vehicles if buyers are happy with
electric cars.
Labor The work force is also critical to the
performance of the aforementioned
project so it would be easier to perform
all project activities if labor is highly
educated.
Risk management: The method of evaluating, minimizing and reducing risks is risk control.
This refers to both investing and business (Young, 2016). In order to reduce or successfully
control risk, businesses and investors often use financial instruments, such as options and futures,
and techniques such as portfolio and fund diversification.