Managing Projects: Key Characteristics, Scope Statement, Budgeting, Risk Minimization, Quality Methods, and Gantt Chart

This document provides an overview of project management, including key characteristics of projects, the importance of integration management, scope statement and the role of the Work Breakdown Structure (WBS), approaches to generate a project budget, ways to minimize risks, quality methods for successful project completion, and the use of a Gantt chart. The document also includes a case study on refurbishing a university library and lecture theatres.

Managing projects

Contents
Introduction.................................................................................................................................................3
Main Body...................................................................................................................................................3
Task 1......................................................................................................................................................3
1. Key characteristics of any project....................................................................................................3
2. What is the Scope Statement for a project? What role does the Work Breakdown Structure (WBS)
have in such a statement?........................................................................................................................4
3. Which approaches exist to generate a budget for a specific project budget?........................................4
4. Four types of risks and way to minimize risks.....................................................................................5
5. Quality methods to ensure that project are successfully completed?...................................................5
6. Gantt chart...........................................................................................................................................6
Task 2..........................................................................................................................................................7
Conclusion.................................................................................................................................................15
References.................................................................................................................................................17

Introduction
Project management is considered to be a process composed of a number of components,
such as start-up, preparation, implementation, and supervision and ultimately the evaluation of
whether or not the final goal is met (Shirley, 2020). Here, the primary goal of a project
management is to accomplish certain goals and priorities, in order to attain targets under certain
limitations within a particular project. The objective of the report is to understand key concepts
of project including feature of project, role of integration management. The primary part of
report gives an overview about theoretical concept of project management while the secondary
part of report is based on a case study under which different stages of project management such
as initiation, planning, time scale etc. are explained in detailed manner.
Main Body
Task 1
1. Key characteristics of any project.
Project- A project is a set of different types of tasks, activities which are directed towards
a common goal. Project has below mentioned characteristics such as:
 Temporary- This key feature means that each and every project has a finite
beginning and a final end.
 Unique deliverable- Each project is intended to produce a good, facility, or other
outcome that may be deliverable. Deliverables can fix an issue or need to be
evaluated before beginning a project.
 Progressive elaboration- With project progress, continual work and enhancement
are possible and all this allows more detailed and thorough proposals to be made.
This key feature ensures that subsequent preparation cycles contribute to more
successful change and project growth approaches.
B. The importance of integration management in Project Management setting.

Management of project integration is the cooperation of all project activities. In relation
to controlling disputes among different parts of the project, making trade-offs between
contending applications and determine the values, this includes coordination of tasks, raw
materials, interested parties, and any other project elements (Fleming, 2019).
Importance:
 Managing and organizing both projects and procedures in the context of a
project's life-cycle.
 Carrying out an entire project, so that each process results systemically.
2. What is the Scope Statement for a project? What role does the Work Breakdown Structure
(WBS) have in such a statement?
Scope Statement for a project- The scope statement describes the whole mission,
including any deliverables and their characteristics and mentions the stakeholders to be involved.
These should also contain the main project priorities, outcomes and targets for evaluating
progress
Importance of WBS in such statement:
The primary role of WBS in the statement is that it helps more precisely along with
explicitly in the organization of the entire context of a particular project (Pollard, 2019). The
most common method to do this is by using a topographical map. Work breaks down the
framework that is the key part of the project that organized the company's efforts as per the
management segments. It provides a hierarchical decomposition of the work to the executed
project team.
3. Which approaches exist to generate a budget for a specific project budget?
The firm's plan is known to be a budget and therefore, in other words, it is a set of
financial and operational pronouncements. It contains various scheduling approaches, as well as
the different profits and expenses of the organizational units. The budget is a monitoring and
scheduling tool, starting with the period and finishing with the proper plan framework. There are

different types of appraisal techniques such as Net present value, payback period, accounting rate
of return and internal rate of return. Below suitable method for project is mentioned:
 Payback period method- The time taken to recoup the funds expended on expenditure, or
to achieve a violation of equivalence, is the payback period for capital budgeting. By help
of this method, an estimated time period can be concluded that may occur to return
invested cost of project.
4. Four types of risks and way to minimize risks.
In the project management, there can be a range of risks that can affect overall
performance. Below some risks are mentioned such as:
 Financial risk- It is a risk which occurs due to lack of funds to execute different tasks.
 Schedule risk- This risk occurs when a project does not complete on given time frame.
 Performance risk- It is a risk which is related to failure of expected outcome of project.
 Resource risk- It occurs due to scarcity of resources for completing a project.
Types of risk Way to overcome from risk
Financial risk Implementation of effective strategies to
allocation of financial resources in an effective
manner.
Resources Hiring skilled employees so that available
resources can be used and risk can be avoided.
5. Quality methods to ensure that project are successfully completed?
There are different types of methods to assure quality of a project and some of them are
mentioned below in such manner:
 Project Evaluation- Project evaluation is a deliberate and rational evaluation of a project
that is either underway or finished (Owusu, Chan and Shan, 2019). It includes gathering
and analyzing information about the activities, character traits and results of the project.
Its main goal is to analyze the project in order to identify its efficacy, usefulness, effect
and sustainable development. Project review includes both quantitative and qualitative
assessment of a task or a research paper.

 Project monitoring and control- The monitoring and managing process monitors all
appropriate actions and steps such that the developed and funded proposal remains within
the context of reach, time and expenditure, so as to reduce risk to the project. The project
is continuously monitored and controlled during the whole life of the project. It is a
suitable method to assure quality of project.
6. Gantt chart.

Task 2
Overview of project- The project is based on a university that wants to refurbish their library and
lecture theatres from the ground to second floor. The project is assigned to a company that is
Project-Xperts-20. The main objective of the project is to overcome from noise pollution due to
DLR trains. Underneath different aspects of project is mentioned:
Project life cycle stages: The life cycle of project management is usually divided into five
sections: initiation, planning, implementation, control and in-depth. These stages are the path that
the management requires from start to finish. Project-Xperts-20 is the corporation that has been
awarded the contract to renovate classrooms, theaters and libraries. With the help of this project,
project leaders perform their tasks or start from having to ask to close the project by identifying
specific or the whole team performance. These steps are addressed below:
Initiation: At this stage, the organization originally needs to determine the business
requirements. Essentially, the project manager needs to identify a business need, challenge or
potential, and the team's brain storm ideas can meet some of the needs, address this issue, or
influence the chance. During this stage, the business must recognize the goal of the project,
determine whether the project is feasible and determine the key results of the project (Rendon
and Snider, 2019). In this case, 20 new workstations have been required to be installed and 5
new workstations have been added to the existing one in the library. This phase contains a
thorough discussion of what further the project manager needs to do to accomplish the targets
and objectives of the project. Each phase entails the expenditure of the whole project and it is
anticipated that the University of Sunderland London (UoSiL) Campus will accept a sum of £ 8
million and will conclude the project within 2 years.
Stakeholders have also been recognized at this phase because they are an important part of the
company and should be aware of it. As per this project, students, teachers, university staff,
parents, educational institutions, sponsors, etc. are the key stakeholders. These people understand
every change that has taken place in the collage to enhance students' educational experience. In
the initial stage, the project manager must start preparing the document, which involves a depth

discussion of the project and how it will be implemented in order to accomplish the required
achievement.
Planning- At this stage, project executives constructing a project plan to identify the timeframe
of the project, such as the semi-activities of the project, must complete the activities within their
limitations. They should ensure that team members specifically acknowledge their role in the
project. Estimating the spending and developing the plan using the cost prediction and deciding
how much to devote on the project, in this case, the UoSiL Campus is planning to refurbish
classrooms, libraries and theaters. In relation, the period for redevelopment is two years. Classes
are supposed to be revamped so that students can hear new studying, as the passage of the DLR
train really close to the campus creates disruption which disturbs the studying cycle.
Objective:
• To set up 20 new workstations on the first mat of the collage roof and 5 in the library after
replacing old ones.
• Refurbished lecture halls and theaters where individuals experience digital learning that
improves their knowledge, interest and quality of study.
• This program enables the collage to gain more admittance during the new season due to such
adjustments at the university.
• Build intelligent class rooms for research and include smart boards or gadgets to communicate
with each other.
Timescale- This demonstrates the duration of each task in order to achieve their project goals
and objectives (Goodman, 2019). Time management is the most crucial aspect because if a
project is not completed on time then this may lead to various issues. While if project is running
as per the schedule then it may enhance the enhances effectiveness and competitiveness. Project
manager handles the project and ensures that all operations are carried out before the time limit.
Refurbishment of classes and library needed to be completed on time until classes start.
Budget- This is the calculation of each of the estimates that had to be planned before investing in
different activities. For starters, Project-Xperts-20 has a project to renovate classrooms and

literature, or to make this position more fun for students to study. The UoSiL Campus is
investing £8 million to execute each of these projects. This contains a range of sub-activities that
needed capital, and these are as follows:
Activities Amount (£ million)
Online Promotion 1
Raw material 2
Salary 1
Transportation exposes 1
Advertisements & Marketing 1
Recruitment expenses 1
Training expenses 1
Total 8
This table is showing that total cost of different operations of project is 8 million pound and
project manager should try to keep this cost lower below this estimation.
Approaches- At the time of project preparation, administrators should use an effective strategy
that aims to attain project priorities and objectives (Brunet, 2019). Campus UoSiL renovates its
classes so that students can know and know more, as a result of advanced learning while using
technology.
Key staff- The Sunderland London Campus Project Manager needs a proper team to accomplish
this mission. In order to do this, they need to recruit experts as well and ensure that they have
adequate training to enhance their results. When hiring candidates for this case, the project
manager describes some of the qualities that the applicant will demonstrate in order to fulfill his
or her job successfully or to obtain desirable outcomes. The staff should have range of skills like
leading skills, creativity and many more. Both are important for recruits, in fact administrators
need to offer instruction to the leaders of the team that they give sufficient detail on the mission
and on the roles of each participant.

Execution- in this process, the project manager is approved by the higher power to execute the
event plan. The project managers have many duties as their whole team must be handled as well
as overall activities and operations must be completed in accordance of schedule of project (de
Oliveira and Rabechini, Derakhshan, 2019). Each team member will be guided by Project
Manager Project-Xperts-20 about their position and obligation to achieve the desired goals and
objectives. Upon supplying the team members with sufficient guidance, the project manager will
contact them periodically to review the overall results. Interaction helps to increase the
performance of staff, because they can share issues or concerns with each other, if they confront
some types of issues with one another.
Work break structure- This is the process through which project managers prepare and
categorize any activity that can be identified or performed by others. Each task is organized in
the Work Breakdown Structure so that responsibilities and objectives can be achieved on time.
The Project Manager organizes or manages the whole project within the organizational context
in which students or parents know of the redesign of the classes that provides advanced learning
atmosphere for their students. The project manager designed WBS to perform this task
efficiently. WBS is developed by the project manager who lists the different phases of the project
life cycle.

Control- The project manager reviews the results during this project cycle process which is
important because certain changes can be made. Executives need to establish plans to strengthen
the project after each task has been tracked (Myers, 2020). As project managers, financial
planning is also important and every business expenditure is monitored because the total funding
task and quality are needed for each activity. In this context, managers must prepare Risk
Management registry to define the possible risk that might impact the tasks or impede the
organization from effectively implementing the plan or carrying out the task. The whole project
will face up to the refurnished classrooms and workspaces of the University.
Risk- Risk is the unexplained financial failure that concerns the company. That may occur when
an organization is unable to execute its activities within a given timeline in order to achieve its
goals and objectives (Berggren, 2019). Project managers must assess the risk will have an
impact on management strategies or procedures before starting any project or case. In order to
reduce the danger, they must identify any dangers that will impact the case and disclose the need
for further analysis in a reasonable manner. Construction manager analyzes all threats relevant to
revamped school, library and theater spaces in the sense of the university. The review below
helps to assess and manage the vulnerability register:

Descripti
on of
risk
Likelihoo
d
Impact Owner Mitigation Contingency Pre
actio
n
weig
hting
score
Post
actio
n
weig
hting
score
Inadequat
e value of
the funds
due to
unanticip
ated costs
Moderate Low Sponsor Reserve a
certain sum
of money to
deal with
unforeseen
costs.
It can affect the
event's success
by causing a
lack of
funding.
7 out
of 10
8 out
of 10
Risk of
enhanced
time
usage in
the
execution
of
operation
s owing
to the
inadequat
e control
of both
tasks.
Low High Project
manager
Formulate
and pick the
best of
multiple
action plans
to execute
when the
threat
arises.
It can extend
the entire event
timeline and
also contribute
to operating
costs for the
event.
7 out
of 10
6 out
of 10
Risk
associate
High Low Operatio
nal
Maintain
up-to - date
With visitors
and students in
6 out
of 10
8 out
of 10

d with
lack of
student
satisfacti
on due to
modern
and
advanced
education
al
technolog
y.
director news
stories.
mind, the bad
image of the
university can
be formed.
Absence
of
employee
s to
handle
visitors to
the event.
High Moderat
e
Project
manager
This risk
can be
alleviated
by advance
planning in
order to
provide
adequate
physical
resource for
all
activities.
Lack of human
resources can
affect the
effectiveness of
the case.
8 out
of 10
7 out
of 10
Operatio
nal risk
due to
problems
with
different
tasks
Moderate High Operatio
nal
director
Proper and
timely
planning is
required to
manage all
administrati
ve tasks.
Specific event
actions
improper
implementation
.
5 out
of 10
8 out
of 10

Risk of
variabilit
y in
governm
ent
regulatio
ns
High Moderat
e
Managin
g director
Event
managers
are required
to maintain
detailed
information
on potential
changes in
policies
Any legal
authorities,
who are unable
to comply with
all regulations,
can take tough
action toward
college.
6 out
of 10
7 out
of 10
Risk for
suppliers
who can
vary the
commodi
ty cost.
High High Project
manager
Make a
good deal
with the
manufactur
er to lower
the price.
This may lead
to a lack of
financial
capital for all
other activities.
7 out
of 10
8 out
of 10
Health
and
security
threats
that may
affect an
activity.
High Moderat
e
Project
manager
Set up
highly
protected
security
systems for
visitors and
societies.
Due to low
security
personnel, this
can influence
the
performance of
the activity.
8 out
of 10
9 out
of 10
Risk that
may
occur
because
students
believe
that it is
not for
them
Low Moderat
e
Project
manager
Conference
managers
should help
the
attendees
connect and
address
their
problems
Unsatisfied
guests and
interested
students.
4 out
of 10
7 out
of 10

because
of a low
conversat
ion rate.
with the
students.
The above mentioned table shows types of risk that may occur during project as well as reason of
risk and impacts on project is also mentioned under the table.
Closure- It is the final stage of the project life cycle in which it is time to unlock the tools used
by the organization. In this scenario, the University contracts to renovate the library or the
classrooms that provide the students with a modern learning environment. This also helps to
assess the overall success of the company (Müller, Drouin and Sankaran, 2019). Alternatively, if
the project is not successful at this point, the causes for ‘the project failure and the respective
components must be identified’. In addition, project managers must measure overall success by
assessing whether or not their project priorities and objectives are met. During project
compilation process this is not fixed that each task can be completed on time or not this is so
because it is the fundamental factors that make the organization more risky. They also need to
determine the success of each team member and the consistency of their work. In order to get
closer to the project, all the aspects that take into account when measuring performance are to be
guaranteed.
Conclusion
From this discussion, it can be stated that project management is important to allow the
organization to achieve its planned goals and priorities. In order to do so efficiently, companies
must review initiation records for further analysis. The Project Manager develops plan to prepare
the program for work breakdown, including all the operations. It helps supervisors and key
workers to understand how to achieve every mission within a brief period of time. Subsequently,
the risk associated with the accident needs to be determined, which would further affect the
reputation of the organization. To better define the progress of the case, methods must be
thoroughly evaluated and a succinct overview must be further elaborated.

References
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