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

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