Managing Projects

MANAGING PROJECTS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
TASK 1............................................................................................................................................3
Key characteristics.......................................................................................................................3
Importance of integration management.......................................................................................3
Scope statement and role of WBS...............................................................................................3
Approach for generating a specific project budget......................................................................3
Project risks and responses..........................................................................................................4
Quality methods used for project evaluation...............................................................................4
Gantt chart and critical path.........................................................................................................5
TASK 2............................................................................................................................................5
Project Management Report........................................................................................................5
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Project management is an exhaustive process that often requires too much time and
resources management (Burns, 2016). In the report, two different tasks will be discussed related
to the project management and a plan will be prepared for a specific case study as well.
MAIN BODY
TASK 1
Key characteristics
The key characteristics of a project are that:
 It is performed with one definable goal or end item.
 Projects are not permanent activities and are bound to get closed or completed one day.
 Every project is unique i.e. different from one another.
 Organisations usually put something at stake when they undertake any project.
Importance of integration management
Integration management is mainly the collection of the different processes and activities
that are required to be performed in order to coordinate and complete the different elements in a
project management (Sadgrove, 2016). Therefore the integration management helps in
integrating i.e. coordinating the activities throughout the project life cycle so that the objectives
of the project can be achieved satisfactorily.
Scope statement and role of WBS
The scope statement is basically developed in order to ascertain the activities that will be
covered in the entire project and the key deliverables that are desired for the potential investors
and stakeholders. It further specifies the limit or the area of operation beyond which the project
will not function and the list of all the affected parties is prepared comprehensively.
The WBS structure basically helps in defining the scope of the entire project as it divides the
project into different activities or categorise which are further divided into even smaller activities
(Meredith, Mantel Jr. and Shafer, 2017). This categorisation helps in increasing the applicability
and the overall manageability of the different tasks that are to be performed.
Approach for generating a specific project budget
There are two broad approaches that can be used in order to create a comprehensive budget
i.e. a top- down budged and the bottom up approach. The top down approach is adopted by
allocating the respective amount for each of the work activity or category of costs that the project
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might incur and then total up the budget collectively to ascertain the final amount (Mousaei and
Javdani, 2018). This is referred as the top down approach because the budget is moving from
upwards to downwards. The bottom up approach is exactly the opposite of the top down
approach where the total amount is already fixed and has been ascertained beforehand. All the
activities are allocated costs or budget based on the availability of the total funds and the
importance of the activities or the cruciality of the resource. Here the constraint in the form of
budget is present.
Project risks and responses
There are a variety of project risks that can occur in the project such as:
Scheduling risk: This arises when the project and its activities does not go according to the
schedule that has been developed for the project collectively (Flemin. and Koppelman, 2016).
This causes delay in the overall completion of the project.
Scope Risk: The scope risk arises when the project is not clearly defined i.e. the set of activities
that are required to be performed and the objectives that are to be achieved must be understood
very clearly so that this risk can be avoided.
Resource Risk: The resource risk basically signifies the shortage of resources that might occur
due to inappropriate distribution, allocation or consumption in the different activities that are
performed under a single project.
Technology Risk: This kind of risk arises when there are defects in the equipment or systems or
machineries that are being used in the completion of the project currently undertaken.
The responses that can be used for the two risk i.e. schedule and resource are:
 Schedule risk: In order to minimise this risk, the estimated time should be ascertained based
on the previous experience, historical data or by using different software and techniques
(Ng, 2018).
 Resource risk: This can be avoided by constantly comparing the actual costs and the
standard costs where the variations that are identified can be tried to minimised or avoided
so that this risk does not incurs.
Quality methods used for project evaluation
Benchmarking technique, control charts, costs of quality etc. are some of the most
commonly used quality methods (Kerzner, 2017). The control charts is the preferred method as it
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