Managing Projects: Characteristics, Stakeholder Analysis, Project Initiation Document, Feasibility Study, Knowledge Areas, Project Manager Attributes, Benefits of Network Diagram

Managing projects
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CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1. a) Main characteristics of project............................................................................................3
1. b.) Stakeholder and the main purpose of analysis of stakeholders and its importance...........4
2. Project Initiation Document (PID) purpose and the item found in the PID............................4
3) Purpose of feasibility study and discussion of its significance in terms of administration
decision making...........................................................................................................................4
4) Knowledge areas associated with Project Management and explanation of importance of
two among them..........................................................................................................................5
5) Characteristics or attributes of project manager and discussion of why it is significant to
close projects properly.................................................................................................................5
6) Benefits of network diagram and development of network diagram for activities given and
calculation of the critical path......................................................................................................6
TASK 2............................................................................................................................................6
Activities required to successfully manage the project...............................................................6
Project management process and Life Cycle stages of Project...................................................8
Control problems connected to handling the life cycle of project.............................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Project Management is referred as in structured approach to plan and control projects. It is
treated as the execution of tools, knowledge, attributes, techniques and skills to activities of
project (Aloini, Dulmin, and Mininno, 2012). It is crucial for the manager of project to clearly
define responsibilities and roles of each member within the project so as to ensure its successful
completion. This project is based on "The Euro Centre" project which is a new conference centre
that is to be constructed in Docklands area of London. As the construction specification part, a
contract has been given to Hughes Communication Limited to install and commission
information technology and communication infrastructure in "The New Euro Centre".
This project consists of two tasks, the first task covers project characteristics, stakeholder
and purpose of stakeholder analysis, purpose of project initiation document, feasibility purpose
and its significance in administration decision making as well as knowledge areas of
management of project and its significance. Apart from this, it covers attributes of project
manager and significance of closing project properly along with the benefits of network diagram.
The another task of the project covers activities needed to successfully manage a project within
time and budget (Castro-Nova, Gad, and Gransberg, 2017). It also covers actions and systems
that ensure successful completion of project including life cycle stages of project, leadership and
administration, processes and elements within nine areas of knowledge and control issues
associated with managing project life cycle.
TASK 1
1. a) Main characteristics of project
A project means a particular finite activity which develops observable and measurable
outcomes under precise predetermined requirements. Project has several characteristics out of
which some are defined below:
• Project develops ability to accomplish a service.
• It's nature is temporary as it has specific starting and ending point.
• It always established in periods and it carrying on with additions.
• It forms particular deliverables, which are services and products or results.
• Project involves unfamiliarity and uncertainty.
• The project is cross functional.
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The deliverables which are unique are generated by project that is important in enhancing
revenues and profitability of company (da Rocha, Kemmer, and Meneses, 2016). A progressive
amplification of a project is significant as its outcome leads in the formation of more productive
solutions for development and advancement of projects.
1. b.) Stakeholder and the main purpose of analysis of stakeholders and its importance
Stakeholder is referred as the member of independent party without whose support the
company would cease to exist. They have interest in the organisation and can either influence or
be influenced by business. The key stakeholders of the firm include directors, government,
suppliers, creditors, employees, community etc. The process of analysis of stakeholder is utilised
to identify the main stakeholders of the firm who have interest and concern project. Its main
purpose is to create a strategic view of institutional and human landscape along with the
relationship between the distinct stakeholders as well as issues they have vested interest in.
Stakeholder analysis is imperative as it eliminates different builders in understanding the
progression of project and also eliminates roadblocks in the project.
2. Project Initiation Document (PID) purpose and the item found in the PID
Project initiation document can be referred as the critical element of project that formulae
basis of a project of company. It is the report on the foundation of which conclusions are taken
and implemented. The foremost aim of Project Initiation Document is gain and record all types
of basic information associated with project which are needed to precisely define and to plan a
project. The 3 items are required in the initiation of project document are communication plan,
project plan and business case. PID shows a detailed class of initiation document along with
proper justification (de Oliveira, and Rabechini Jr, 2019).
3) Purpose of feasibility study and discussion of its significance in terms of administration
decision making
Feasibility study is referred as the analysis of realism of proposed system or project. It
aims to uncover the weak areas and strength of a proposed or existing project, threats and
opportunities available in natural environment, resources needed to carry through and prospects
for success in rational and objective way. Its main purpose is to determine the viability of Idea.
Feasibility study significant in terms of decision making of management as it helps them in
determining whether the idea is value the investment or not. It helps them in appraising potential
of project and assist in taking appropriate decisions (Ershadi, Edrisabadi, and Shakouri, 2019).
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