Project Management and Risk Analysis

The provided assignment is a detailed analysis of project management, focusing on the crucial aspects of planning, monitoring, and controlling projects. It highlights the significance of risk management in achieving successful project outcomes. The document references several relevant books and journals on project management, including 'Project Management: A Systems Approach to Planning, Scheduling, and Controlling' by Kerzner, H.R., and 'Project Management in Practice' by Mantel, S.J. Additionally, it discusses the importance of cultural factors in project management deployment and explores various project life cycle stages. The document also provides a Gantt chart for a project and explains the concept of critical path in project management.

Managing projects

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.key characteristics of any project........................................................................................1
2. Scope statement for a project and roles of WBS in such statement. ................................1
3. Full project Gantt chart and critical path............................................................................1
................................................................................................................................................3
................................................................................................................................................3
4. Existing approaches to generate a budget for a specific budget project............................3
5. Project risk arise and various responses to risk within project management.....................3
6. Quality methods to ensure successful completion of project.............................................3

INTRODUCTION
Project management is analysed a framework of initiating development, execution and
the termination of a particular project with an aim of to achieve the business goals and
objectives. Present report have been classified within two tasks (Kerzner, 2013). First task on
analysis of characteristics of project and scope statement of project along with the role of work
break downs structure. The next task is based on analysis of important procedure that needs to
be accomplished on the basis of case study.
TASK 1
1.key characteristics of any project
Project is identified as great opportunity for organisation and individuals to achieve their
business and non business objectives more efficiently through implementation of change. They
key characteristics of project means that it has a finite start and end. The start is at the time when
the project has been initiated and concept has been developed (Burke, 2013). Every is
accomplished with an aim to produce deliverable that can be a product service or some another
result. Present case study provides understanding about the characteristics that needs to be
conquered by management of company. Along with this, project is required to be purposeful as
it has a rational and measurable purchase and it should be logical as it has a certain life cycle.
The structure as it has interdependencies between its tasks and activities. Project should be
limited by the available resources and continuous investigation as well as improvement become
available.
2. Scope statement for a project and roles of WBS in such statement.
The Project scope is primarily identified as an output of defining the project process.
Project manager in organization use the scope statement as written confirmation of results of
their project that will produce and constraints assumptions under the which they will work. It
usually involves product scope, project scope, deliverables, acceptance criteria of product, out of
the scope activities and constraints and consumptions (Meredith and Mantel Jr, 2011). All
project requires WBS as it shows the complete scope of project broken down in to manageable
deliverables. It takes the scope statement and subdivide the important project deliverables in to
smaller. Manageable packages of activities. WBS has been built around a hierarchy of
deliverables or tangible outcomes etc.
1

3. Full project Gantt chart and critical path
2

Task Mode Task
Name Duration Start Finish Predecessors Early Start Early
Finish Late Start Late
Finish
Total
Slack
Auto
Schedule
d
a 5 days Fri
5/25/18
Thu
5/31/18
Fri
5/25/18
Thu
5/31/18
Fri
5/25/18
Thu
5/31/18
0
day
s
Auto
Schedule
d
b 4 days Fri
6/1/18
Wed
6/6/18 1 Fri
6/1/18
Wed
6/6/18
Fri
6/1/18
Wed
6/6/18
0
day
s
Auto
Schedule
d
c 2 days Thu
6/7/18
Fri
6/8/18 2 Thu
6/7/18
Fri
6/8/18
Tue
6/12/18
Wed
6/13/18
3
day
s
Auto
Schedule
d
d 3 days Thu
6/7/18
Mon
6/11/18 2 Thu
6/7/18
Mon
6/11/18
Thu
6/7/18
Mon
6/11/18
0
day
s
Auto
Schedule
d
e 5 days Mon
6/11/18
Fri
6/15/18 3 Mon
6/11/18
Fri
6/15/18
Thu
6/14/18
Wed
6/20/18
3
day
s
Auto
Schedule
d
f 7 days Tue
6/12/18
Wed
6/20/18 4 Tue
6/12/18
Wed
6/20/18
Tue
6/12/18
Wed
6/20/18
0
day
s

T
able 1: Project Gantt chart
Text 1 critical path for project
4. Existing approaches to generate a budget for a specific budget project.
There are mainly two approaches which are used for generating a budget for specific
project such as top down approach and bottom up approach. The top down approach involves
analysis of direct costs, indirect costs, estimation of indirect costs and asking questions from
client for given project (Schwalbe, 2015). Further, the bottom up estimate is broadly similar to
organisation has already covered, instead of providing budget and asking whether project
manager can work within that a client many also come to organisation and ask. It mainly
between hourly rates and overall charges etc, simplification of business estimate and professional
experience.
5. Project risk arise and various responses to risk within project management.
Project that needs to be accomplished by managers contains different risk that needs to be
analysed and managed by organization through effective planning , monitoring and controlling.
In this project, main focus on the project planner is on successful acquisition DEF limited in
order to attain important stages , project life cycle and leadership (Wysocki, 2011). There are

various kinds of risk can be involves in project such as failure of project, resources problem,
shortage of labour, lack of meeting standards, change in scope, project activities and increase in
expenditure,
6. Quality methods to ensure successful completion of project.
For successful accomplishment of project, there are mainly three qualification methods
that needs to be achieved by management. Project evaluation is the systematic and objectives
assessment of continuous or completed project. Through this, manager will be able to determine
relevance and level of achievement of objectives, development, effectiveness, impact an
sustainability etc (Walker, 2015). By monitoring project, manager will be able to keep track of
all project activities related to metrics involving performance of team and task duration, finding
out potential problems and taking appropriate and corrective action necessary in order to ensure
that the project should be under scope and should the specified deadlines. While control method,
managers requires collecting data, management and analytical process which is used to predict,
analyse and creatively influence he time and outcomes of project.
Task 2
Background of study
In present business environment, organisation and pioneer of market requires high
quality output and they need to acquire high market and expansion of business through
acquisition of other organisation. Project management also plays an important role in
accomplishment of their business objectives. In competition, every business is required to attain
high growth and development through increasing customer's base and satisfaction (De Bakker
Boonstra and Wortmann, 2010). In accordance with this, the present task will provide support
in preparing the project management plan for ABC limited. In this, various skills and
competencies required by project manager will also be discussed. The process of project and its
life cycle has been investigated. Further, the leadership that is required for accomplishment of
project has also been discussed.
Key activities required to successfully managing the project
k Mode Task Name Duration Start Finish Predecessors Scheduled
Start
Scheduled
Finish
Finish
Slack
Auto Initiation 36 days Fri Fri Fri Fri 118

Scheduled phase 5/25/
18
7/13/1
8 5/25/18 7/13/18 days
Auto
Scheduled
Setting the
target goals for
the organization
12 days
Fri
5/25/
18
Mon
6/11/1
8
Fri
5/25/18
Mon
6/11/18 0 days
Auto
Scheduled
Finding out
possible risk 5 days
Tue
6/12/
18
Mon
6/18/1
8
2 Tue
6/12/18
Mon
6/18/18 0 days
Auto
Scheduled
Settling and
analysing
stakeholders
expectations
14 days
Tue
6/19/
18
Fri
7/6/18 3 Tue
6/19/18 Fri 7/6/18 0 days
Auto
Scheduled
Proper and
adequate
documentations,
contracts and
agreements
2 days
Mon
7/9/1
8
Tue
7/10/1
8
4 Mon
7/9/18
Tue
7/10/18 0 days
Auto
Scheduled
Communicating
the plan to
project team
3 days
Wed
7/11/
18
Fri
7/13/1
8
3,5 Wed
7/11/18
Fri
7/13/18
118
days
Auto
Scheduled Planning phase 30 days
Wed
7/11/
18
Tue
8/21/1
8
Wed
7/11/18
Tue
8/21/18 0 days
Auto
Scheduled
Setting
operational
plans and
policies
12 days
Wed
7/11/
18
Thu
7/26/1
8
5 Wed
7/11/18
Thu
7/26/18 0 days
Auto
Scheduled
Identification
of resource
13 days Fri
7/27/
Tue
8/14/1
8 Fri Tue 0 days

requirement i.e.
human sources,
funds and
equipments for
acquisition
18 8 7/27/18 8/14/18
Auto
Scheduled
Perceived risk
in acquiring the
company
8 days
Wed
7/11/
18
Fri
7/20/1
8
5 Wed
7/11/18
Fri
7/20/18
22
days
Auto
Scheduled
Deciding new
structure of the
new
organization
after acquisition
5 days
Wed
8/15/
18
Tue
8/21/1
8
9 Wed
8/15/18
Tue
8/21/18 0 days
Auto
Scheduled
Execution
phase 19 days
Wed
8/22/
18
Mon
9/17/1
8
Wed
8/22/18
Mon
9/17/18
72
days
Auto
Scheduled
Ensuring
collection of
funds
7 days
Wed
8/22/
18
Thu
8/30/1
8
10,11 Wed
8/22/18
Thu
8/30/18 0 days
Auto
Scheduled
Hiring project
team i.e.
financial
analyst, fund
manager, etc
6 days
Fri
8/31/
18
Fri
9/7/18 13 Fri
8/31/18 Fri 9/7/18 72
days
Auto
Scheduled
Purchasing
land and
building for
increased
strength of
human resource
3 days
Fri
8/31/
18
Tue
9/4/18 13 Fri
8/31/18
Tue
9/4/18 0 days

Auto
Scheduled
Assessing
perceived
profits
6 days
Mon
9/10/
18
Mon
9/17/1
8
14 Mon
9/10/18
Mon
9/17/18
72
days
Auto
Scheduled
Corrective
plan after
analysis
9 days
Wed
9/5/1
8
Mon
9/17/1
8
15 Wed
9/5/18
Mon
9/17/18 0 days
Auto
Scheduled
Monitoring
and controlling
phase
46 days
Tue
9/18/
18
Tue
11/20/
18
Tue
9/18/18
Tue
11/20/18 0 days
Auto
Scheduled
Continuous
monitoring of
system
functioning and
work execution
6 days
Tue
9/18/
18
Tue
9/25/1
8
17 Tue
9/18/18
Tue
9/25/18 0 days
Auto
Scheduled
Reporting
regularly 8 days
Wed
9/26/
18
Fri
10/5/1
8
19 Wed
9/26/18
Fri
10/5/18 0 days
Auto
Scheduled
Conduction of
meetings 9 days
Mon
10/8/
18
Thu
10/18/
18
20 Mon
10/8/18
Thu
10/18/18 0 days
Auto
Scheduled
Analysing of
potential risks 6 days
Fri
10/1
9/18
Fri
10/26/
18
20,21 Fri
10/19/18
Fri
10/26/18 0 days
Auto
Scheduled
Examining the
progress by
comparing the
performance
with the targets
8 days
Mon
10/2
9/18
Wed
11/7/1
8
22 Mon
10/29/18
Wed
11/7/18 0 days
Auto
Scheduled
Altering the
plan
9 days Thu
11/8/
Tue
11/20/
23 Thu Tue 0 days

18 18 11/8/18 11/20/18
Auto
Scheduled Closure phase 26 days
Wed
11/2
1/18
Wed
12/26/
18
Wed
11/21/18
Wed
12/26/18 0 days
Auto
Scheduled
Contract
closure 6 days
Wed
11/2
1/18
Wed
11/28/
18
24 Wed
11/21/18
Wed
11/28/18 0 days
Auto
Scheduled
Completing
all contractual
terms and
conditions
related to
agreement
5 days
Thu
11/2
9/18
Wed
12/5/1
8
26 Thu
11/29/18
Wed
12/5/18 0 days
Auto
Scheduled
Post-project
appraisal and
review
7 days
Thu
12/6/
18
Fri
12/14/
18
27 Thu
12/6/18
Fri
12/14/18 0 days
Auto
Scheduled
Submitting
final report to
project manager
8 days
Mon
12/1
7/18
Wed
12/26/
18
28 Mon
12/17/18
Wed
12/26/18 0 days
Skills and competencies are required by project manager
For accomplishment of goals and objectives for the important project of acquisition DEF
limited assigned to the John as project manager by ABC limited. It is essential for the manager
to achieve certain skills and competencies which is required to success manage the project of
merger and acquisition. Below given are key skills and competencies required in project manager
which are mentioned above:
Analytical thinking skills: These skills of project managers will provide support to him in
accomplishment of business project and resolution of various important problems effectively and
efficiently (Jun, Qiuzhen and Qingguo, 2011). For accomplishment of particular project of

acquiring new company, it is essential for project manager to possess important analytical skills
which provides support in resolving the business problems effectively.
Planning skills: It is the most important skills which implies to activities that needs to done for
completion and successful management of project. Highly technical activities are required to be
performed by project manager in order to resolve those problems. In present case of Acquisition
by ABC PLC of DEF, there are various activities have been required to accomplish for
successful accomplishment of project.
Leadership skills: Leadership skills assist project manager in order to guide, motivate and
influence his or hear team on the right direct and correct path. Moreover, for increasing the
effectiveness of the project, moreover the project manager needs to lead his or her team
effectively and precisely. With effective leadership , managers will be able to demonstrate the
correct path that is required for accomplishment of various important activities that needs to
accomplished by management.
Negotiation skills: In order to manage the project of Acquiring business unit, there are is
requirements of negotiation which implies to completion of project effectively for management
of project (Caniëls and Bakens, 2012). It is also essential skills that needs to be accomplished in
order to successfully manage the project that needs to completed for getting important
information for the project.
Technical skills: For management of specific project related to acquisition of business unit by
manager, it is essential for managers to attain knowledge and skills of working on project
management software which is required for development of Gantt charts and schedule for
accomplishment of project effectively. Moreover, project manager have various important skills
that needs to be effectively accomplished by management.
Communication skills: It is essential for the project manager to interact with clients , suppliers
as well as team members that needs to be accomplished by management for accomplishment of
given project effectively.
Process of project management
PMI determines the project management as the application of various knowledge, skills,
tool and effective techniques that applied to broad range of business activities in order to meet
the requirement of particular project. In present context, ABC is considering the acquisition of
DEF. It is well known high street frozen food retailer. DEF has its outlets in most of major

towns and cities around the UK (Artto, Kulvik, Poskela and Turkulainen, 2011). In this case,
board of company has decided to provide role of project manager of the acquisition. There is
need to accept responsibilities for all aspects of planning, implementation and termination of
acquired project. For successful accomplishment of project of acquisition there is major
requirement to follow all the stage of process which are mentioned above:
Project Initiation: This involves determination about description of the product, initial
documentation of important project objectives and the assignment of project manager. In this
context, description about the product that needs to be avoided by organisation for
accomplishment of business objectives.
Planning Phase: In this stage, manager of ABC Ltd will have to pay detailed attention on
activities which are needed to acquire a business. If the project management team get the wrong
step, there would some negative consequence during the next phase of the give project. Project
plan has been derived in order to address requirements of project such as retirement, scope,
budget and timelines (Wu and Low, 2010). Once the project management plan, has been derived
the project schedule has been developed.
Project Execution: It has been analysed as the project implementation stage, the activities which
are defined in the plan will be implemented in order to achieve successful results. Here the
project manager also formulate the business management and life cycle for development of
project. Here, I need to formulate an effective interaction with the team, motivating them ,
procurement of products and services and performing work.
Project termination: Project manager that need to be accomplished by manager that needs to be
accomplished by management.
Closure: it is analysed last stage of project management process through which the project get
accepted. In this, ABC lTD will review the project to analyse that whether the goals will be
accomplished effectively.
Project life cycle stages:

Conceptualization: It is analyse as initial stage of project life cycle in which there is requirement
to present the title of acquisition project through the effective goals and business objectives.
Moreover, the key stakeholder in the project for ABC PLC will be identified along with the
creation of project charter.
Project is able to acquire new company for ABC PLC Ltd for expansion of business in frozen
food retail sector.
Goals and objectives:
 There are various important goals and objectives of this acquisition project which are
mentioned below:
 To acquire important assets and financial resource to fulfil the statement which is made
to the project (Bredillet, Yatim and Ruiz, 2010).
 To install the various information system as well as communication technologies to
increase quality of acquired business.
 To develop an effective project management plan which helps in completion of
activities within specified time duration.
Text 2: Project life cycle stages

Organization: it is the stage at which managers tends to organise the activities which are stated
in the plan. ABC plc required the project that project should be accomplished effectively. At this
phase, the planned solution that has been approved is required to be implemented. This will may
off any business prospects that needs to be accomplished by management for accomplishment of
project effectively.
Development stage This is essential stage which clarifies that whether project is going as per the
planned output or not. If it is not on the right track, then corrective actions are required to be
taken in order to remove deviations in effective manner. This means that project manager is
required adjusting schedules so that goals may be achieved with much ease.
Implementation; At the stage, the project activities which are determined will be implemented
effectively in order to manage the project effective. Company is getting effective business
operations that needs to be accomplished by manager.
Evaluation: It is last stage, evaluation of activities will be accomplished with an aim of getting
highly effective skills and competencies that needs to be performed by management.
Leadership trait
Leadership has been required for successful accomplishment of business objectives in
effective manner. In this case, it is requirement that project manager in ABC PLC that task will
be accomplished in effective time duration. Leadership in the organisation is required to be
accomplished in effective manner so that he will be able to manage the team members in
organisation (Mantel, 2011). Further project manager in organisation should also posses effective
communication with employees and team members so that he will be able to assign them duties
effectively. Moreover, project leader of ABC PLC also needs to be accomplished in effective
manner. They should motivate employees in order to improve their productivity so that the goal
of project can be met effectively. Effective decision making and development of team is
analysed as another trait of business that needs to achieved which helps in acquire ABC to DEF
LTD. The activities which are targeted in project management will be accomplished effectively.
Project Administration
It is also required for organisation to achieve the activities within a particular time duration. It
also implies that project manager. It also provided understanding that the project manager
requires adequate framework that needs to be managed effectively (Bredillet, 2010). In present
case, managers are required to take advice and hire qualified professional so that project will

accomplish within specified time frame. Further, company has also decided to take in-house
experienced employees which is not worth to it. Further, project tends to provide effective
information to organisation for accomplishment of objectives In effective manner.
Project budget
Particulars Amount ( In GBP)
Taking software 1300
Documentation 2700
Purchase of Hardware 400
Acquiring tools and equipments 1800
Website designing 800
Management cost 1000
Human resource salary 2000
Total 10,000
Control
It is also analysed as important activity of the project which manager required to initate adequte
control if those activities are not in accordance with the stated objectives. Manager will be able
to control procedure when they will make comparison between budgeted output and actual work
accomplished (Patanakul, Iewwongcharoen and Milosevic, 2010). For improvement of those
eradications which occurs within business manaegers are required to take effective measure for
accomplishment of project. They will be able to manage the activities of team members so that
project will be within specified time duration. Manager will also focus improvement of
efficiency and productivity of employees so that will perform effectively for accomplishment of
objectives.
CONCLUSION
In this report, it has been concluded that proper procedure and plan are required to be
followed by manager to accomplish particular project. Project scope is primarily identified as an
output of defining the project process. Project is identified as great opportunity for organisation

and individuals to achieve their business and non business objectives more efficiently through
implementation of change. Project that needs to be accomplished by managers contains different
risk that needs to be analysed and managed by organization through effective planning ,
monitoring and controlling.

REFERENCES
Books and Journals
Kerzner, H.R., 2013. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Meredith, J.R. and Mantel Jr, S.J., 2011. Project management: a managerial approach. John
Wiley & Sons.
Schwalbe, K., 2015. Information technology project management. Cengage Learning.
Wysocki, R.K., 2011. Effective project management: traditional, agile, extreme. John Wiley &
Sons.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
De Bakker, K., Boonstra, A. and Wortmann, H., 2010. Does risk management contribute to IT
project success? A meta-analysis of empirical evidence. International Journal of Project
Management, 28(5), pp.493-503.
Jun, L., Qiuzhen, W. and Qingguo, M., 2011. The effects of project uncertainty and risk
management on IS development project performance: A vendor perspective. International
Journal of Project Management, 29(7), pp.923-933.
Caniëls, M.C. and Bakens, R.J., 2012. The effects of Project Management Information Systems
on decision making in a multi project environment.International Journal of Project
Management, 30(2), pp.162-175.
Artto, K., Kulvik, I., Poskela, J. and Turkulainen, V., 2011. The integrative role of the project
management office in the front end of innovation. International Journal of Project
Management, 29(4), pp.408-421.
Wu, P. and Low, S.P., 2010. Project management and green buildings: lessons from the rating
systems. Journal of Professional Issues in Engineering Education and Practice, 136(2),
pp.64-70.
Bredillet, C., Yatim, F. and Ruiz, P., 2010. Project management deployment: The role of
cultural factors. International Journal of Project Management,28(2), pp.183-193.