Project Management Concepts and Tools

This assignment delves into fundamental project management principles and techniques. It examines the significance of planned value, scope management, and agility in project success. Students will analyze various tools used in project planning, including Gantt charts and network diagrams, to visualize project timelines and dependencies. The assignment encourages a comprehensive understanding of project management methodologies and their practical applications.

Managing Projects

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1. Key characteristics of project.............................................................................................1
2. Defining scope statement of project and explaining role of WBS ....................................2
3. Preparation of Gantt chart and identify critical path..........................................................2
4. Approaches to generate budget for project.........................................................................2
5. Discussing project risk and responses to risk.....................................................................3
6. Introducing quality methods for ensuring project is successful.........................................3
TASK 2............................................................................................................................................4
Preparation of report to top management...............................................................................4
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Project management is important to organisation so that it may provide goods and
services to society for upliftment. Present report deals with characteristics of project, risk related
to project, scope statement and many other aspect related to project. Furthermore, Gantt chart is
prepared which shows how much time project will take for its completion. In another part of this
report, ABC PLC is engaged in food retail business and as such, it is planning to acquire other
company named DEF Ltd which will help to produce more revenue. Thus, project life cycle
stages, processes are explained. Furthermore, skills and competencies required by the manager
are also discussed. Leadership and administration both are discussed as well.
TASK 1
1. Key characteristics of project
The different characteristics of project are as follows-
Temporary-
The main characteristic of any project is that it is meant to start and end at a specified
date. This means that every project has definite end period which marks completion of the same.
Thus, it is of temporary nature.
Deliverables-
Business evolves project idea in the dire need to provide or deliver something to the
society for earning profits. It may be product, services etc. Thus, need is effectively identified by
the organisation and as such, initiation of project takes place (Kerzner and Kerzner, 2017).
Lack of resources-
This is the main constraint for the company as resources are insufficient to meet
demands. Thus, it is required that expenses must be analysed and implementation of project
should be done.
Planned previously-
Project is planned previously in order to have clarity about costs and objectives that
would be met. For supporting this, a statement known as project scope statement is prepared for
attaining ultimate outcome of project.
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Correlated tasks-
Every task undertaken in project are interrelated with each other so that timely
completion may be achieved with much ease. Tasks include expenses of project, quality and
efficient performance etc.
2. Defining scope statement of project and explaining role of WBS
Scope statement implies that various information is listed in it consisting of objectives of
project, estimated output, justification, objectives related to expenditures, scheduling, scare
resources and assumptions as well. These points are considered in scope statement so that each
and every elements may be streamlined and successful completion may be attained. Furthermore,
WBS (Work Breakdown Structure) has effective role in project scope statement (Burek. 2011). It
is used as it defines scope of various activities in that manner by organising the same and thus,
total scope of work is defined with much ease. This is important so that project may be
completed within stipulated time. Furthermore, WBS help to eradicate complexion in activities
to define tasks in collaborative manner. Thus, tasks can be attained in accordance to scope
statement.
3. Preparation of Gantt chart and identify critical path
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4. Approaches to generate budget for project
There are many approaches which are to be considered while preparation of project
budget such as-
Top-down approach-
This approach for project budget is that actual work should be compared with previous
estimation for earlier completed projects. If no previous estimates are there, then financial
reports, history of purchased goods may be explored (Fleming and Koppelman, 2016).
Bottom-up approach-
It implies that project team should implement brainstorming so that new ideas can be
provided and discussion can be done with other personnels. This will help to estimate costs of
project in a better way.
Expert judgement-
Advices from experts is another useful approach for anticipating costs in order to
inculcate specialisation in the best possible manner. These experts provide clarity to purchase
equipments and machineries that are needed for completing project.
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Illustration 2: Network diagram
Illustration 1: Gantt chart

Simulation technique
Simulation was initiated by Monte Carlo to solve complex business problems in effective
way. This help company to apply solution to the problems that might not be resolved with much
ease.
5. Discussing project risk and responses to risk
Risk may be aroused if business utilises any new and untried technology and as such, it
may inculcate uncertainties to the company (Harrison and Lock, 2017). However, it should be
effectively handled because uncertainty could lead to attainment of objectives quite effectually.
Potential risk can be analysed and measures can be taken to achieve the same. In relation to this,
various responses to risk are listed below-
Avoid-
New strategies should be implemented in order to remove risk up to high extent. This
help business to drop existing strategy and initiate new one.
Transfer-
Risk should be transferred to third party so that risk may be eradicated. With regards to
this, insurance of the business can be done in order to transfer loss to the insurance company.
Thus, losses can be recovered when any incident takes place (Badewi, 2016).
Accept-
Acceptance to risk is another response by which organisation takes risk so that rewards
may be attained by accepting the same. Furthermore, risk can also be reduce to low level for
effectively overcoming it.
6. Introducing quality methods for ensuring project is successful
Project evaluation-
The assessment of project is done on the basis of elements such as sustainability of
project, effectiveness etc. Thus, evaluation is vital for producing relevant outcome.
Monitoring-
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This is required so that project may be monitored whether it is going as per schedule or
not. For overcoming this, Gantt chart is prepared for reviewing activities are done in desired way
or not.
Control-
Controlling means to compare budgeted target with actual work accomplished. Thus,
deviations if any are analysed and suitable corrective action is taken for improving upon the
same.
TASK 2
Preparation of report to top management
To,
Senior Management
ABC PLC
Subject: Achievement of business objectives
The project has been undertaken with management perspective of ABC PLC which is
planning to acquire DEF Ltd for maximising market share in the best possible manner. ABC
PLC is engaged in acquiring other businesses and is one of the largest food retailer situated in
UK. On the other hand, DEF Ltd is also successful high street frozen food retailer. ABC PLC
board has approached to the company for acquisition purpose so that more revenue may be
earned and as such, DEF Ltd has accepted the offer. Thus, it is required to accomplish stated
project in timely manner and that too within cost and budget (Layton and Ostermiller, 2017).
This will help company in attaining completion of acquisition project with much ease. In
relation to this, project manager is required to impart efficiency in terms of completing it so that
benefits may be extracted in the best possible manner. Costs and expenditures are required to be
assessed in effective way and as such, profits may be attained quite effectually. This is essential
so that costs may not exceed revenue in any way. Thus, various activities are needed to be
successfully accomplished manage new acquisition project of ABC PLC for ensuring
completion of the same within stated timeline. Hence, in-house expertise would be beneficial
for company to achieve goals.
Skills and Competencies
The skills are required by Project Manager in order to meet targeted objectives in the
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best possible manner. These skills are technical, personal and most important one management
skills. These skills help to achieve goals in effective way. Technical skills implies that customer
service should be provided by retail sector so that enhanced customer experience may be
imparted. This is in relation to ABC PLC which is engaged in retailing business and as such,
technical skills would help in achieving stated targets. Personal skills such as motivating
taskforce is an essence to inject work in streamlined way. Problems and issues are aroused by
employees and as such, it is duty of project manager that these are resolved by him for
increasing overall productivity of workers. Management skills are required for executing tasks
within timely manner and extracting better results (Samset and Volden, 2016).
Competencies are required to be possess by manager so that adequate decisions may be
made. It is required that project budget may be prepared and implemented in order to have
clarity regarding costs needed to be incurred for ensuring project completion. Furthermore,
various constraints should be imparted as well. Time management is another competency so
that ABC PLC may timely acquire DEF Ltd in effective manner. Communication skills should
be strong enough by which information can be provided to stakeholders. Moreover, market
conditions should be analysed and as such, strategies must be formulated and implemented.
Thus, these skills and competencies are required in manager for achieving targets with much
ease.
Processes of Project Management
The project management processes comprises five stages and are listed below-
 Planning: It is required that planning may be done and as such, objectives can be
described by which project would be accomplished and that too within time constraint.
All activities must be planned in accordance to scope statement of project and defined in
effective manner (Conforto and et.al, 2016).
 Executing: Next stage comes when activities are properly planned and it is required to
execute the same for carrying out benefits with much ease. Execution should be properly
made by Project Manager of ABC PLC so that project may be timely accomplished.
 Controlling: This is the stage when proper execution is made and as such, activities are
required to be monitored. Reviewing is vital so that deviations if any in the project may
be extracted and it can be removed by taking corrective action. Thus, controlling is
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helpful for eradicating errors that might ruin effectiveness of project.
 Initiating: This stage is based on directing project to the team so that stated objectives
can be met in effective manner. It is required in order to complete project within
stipulated time.
 Closing: It is the last stage of project management processes by which project is
accepted. If objectives are not met then, project itself ends. In the absence when project
is not attained with underlying goals, then it is closed and terminated. Thus, project is
ended as it has definite start and end period (Chen, Chen and Lin, 2016).
Project Life cycle
Project life cycle has five stages that are described below-
Initiation- It is the first stage when problem is identified and as such, idea is evolved which is
known as initiating stage. For overcoming the issue, feasibility analysis can be carried out by
which problem is resolved by posing solution. Thus, on approval of such solution, initiation is
done and as a result, project manager is designated.
Planning- This involves detail breakdown of tasks so that project planning may be made
effectively. Moreover, allocation of activities should be planned in order to attain clarity about
each tasks are structured from beginning to end. Furthermore, risk associated with completion
of project will also be carried out so that it may be projected in advance
Execution- Project management life cycle is required that proper execution of activities may be
done as most of the businesses fail at this stage. ABC PLC is required that project should be
executed in effective manner. At this phase, planned solution which has been approved is
required to be implemented. This will ease off any constraints or hurdles coming in execution of
project (Bresnen, 2016).
Control- 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.
Closure- This is the last stage in which manager is required to tweak little things so that project
may be bring to closure and it can be closed. This means that formal business report is prepared
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in which client approval is being obtained, project resources etc.
Leadership trait
Leadership is required for successful accomplishment of goals in the best possible
manner. Project manager of ABC PLC needed that project may be achieved within time and it
requires dedication of employees. Here, leadership plays important role as workers should be
motivated by the leader in order to attain goals with much ease. Particularly, this would enhance
their productivity which will help in achieving project within timely manner (Ekrot, Kock and
Gemünden, 2016). Project manager should posses effective communication with employees so
that duties may be assigned to them and adequate performance can be put forward by them.
Project leader of ABC PLC needs to motivate employees in order to enhance their productivity
and as such, goals can be met quite effectually. Thus, through strong communication, leader
may easily direct employees to achieve tasks.
Team building is another leadership trait which help team members to effectively
contribute towards goals. This will help ABC PLC to easily acquire DEF Ltd and as such,
targeted objectives may be accomplished. Furthermore, integrity is required and commitment as
well. This is essentially required so that organisation may be able to achieve goals in the best
possible manner. Moreover, enthusiastic leadership quality should be possessed by the leader so
that workers could be motivated in effective way. This injects positivity and good attitude in
employees and they begin to work for attaining collective goals.
Project leader should be competent and as such, he must guide workers so that goals can
be achieved by them. ABC PLC has experience in acquiring firms and as such, workers may be
motivated in effective way by the leader so that successful acquisition may be done within
stipulated time. Moreover, company may be able to achieve goals with collective efforts of
employees with much ease (Terlizzi, de Souza Meirelles and de Moraes, 2016).
Project Administration
Project administration is required in order to achieve project within time frame. It
implies that project manager, sponsors are needed to provide adequate framework within which
tasks are to be attained by the team members. Here, framework means processes, standards and
other interrelated tasks. These parties have thorough knowledge on how goals should be
accomplished. In relation to this, ABC PLC should take advice and employ these professionals
so that project can be achieved within adequate framework. These professionals are employed
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where large projects are to be accomplished. However, ABC PLC is taking in-house expertise,
then it is not worth to it. Thus, project administrator provides handful of information to
company regarding to accomplish goals in the best possible manner.
Role of project administrator is to effectively coordinate scarce resources so that they
may be fully utilised up to high extent (Olson and Wu, 2017). Moreover, he also has the role to
monitor whether work is going in accordance to the framework or not. Acquisition is part of
project management and together with this, final outcome should be delivered. Here comes
importance of scheduling of resources and as such, project may be completed within time
frame. Project plans are required to be monitored so that tasks should be achieved in accordance
to stated goals.
Project budget also plays important role and as such, project administrator is needed to
monitor and review so that costs may not exceed revenue. Control is required to be initiated and
as such, budgeted results can be matched with actual results. Thus, if any deviations exists then
corrective actions may be taken to remove the same with much ease. Furthermore, goals can be
achieved in the best possible manner and as such, ABC PLC can effectively acquire other firm
with much ease.
Control
Controlling is the main characteristic of the project and as such, firm requires to inititae
adequate control if activities are not in accordance to the stated goals. Controlling is done when
budgeted output does not match with actual work attained (Papke-Shields and Boyer-Wright,
2017). Thus, to effectively remove the same, it is required that improvement should be done by
implementing corrective actions in effectual way. This help to eradicate deviations up too much
extent. In relation to the case study, ABC PLC should initiate control on activities so that
variances if any can be effectively resolved with much ease.
Controlling issues may be injected when project takes time to get started and as such,
completion may be delayed as well. To overcome the unexpected delay in the project,
rescheduling is done so that project can be accomplished in timely manner. In this aspect,
critical path should be find out and as such, project delay can be reduced up to high extent.
Moreover, issues such as inadequate communication between stakeholder and management
prevails, then controlling problems may be aroused. Furthermore, such breakdown in
communication may led to project failure which company should not make and as such,
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communication should be strengthened to timely accomplish goals of project.
Project manager has the responsibility to manage activities of team members so that
project may be completed timely (Padalkar and Gopinath, 2016). This will enhance employee’s
productivity and they will be able to perform well as per the guidelines imparted by manager.
Moreover, meetings on weekly basis should be provided so that performance may be evaluated
and adequate results can be obtained with much ease. In relation to this, checklists should be
formulated by manager and as such, monitoring can be done with much ease. This will help
ABC PLC to effectively accomplish acquisition of DEF Ltd and as a result, project may be
accomplished quite effectually.
CONCLUSION
Hereby it can be concluded that project management plays crucial role in accomplishing
goals in the best possible manner. This help top personnels to take enhanced decisions with much
ease. Monitoring is another useful tool for reviewing performance of the employees and as such,
corrective actions may be taken in order to improve upon the same. Furthermore, it is required
that project budget should be properly prepared so that activities may be accomplished in stated
manner and costs may be effectively controlled. Apart from this, project manager should possess
leadership qualities so that he may be able to encourage employee’s and they may enhance their
productivity in effectual way. Thus, managing projects is important task to be accomplished by
manager so as to ensure that everything goes smoothly and project is completed within time
frame.
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REFERENCES
Books and Journals
Badewi, A., 2016. The impact of project management (PM) and benefits management (BM)
practices on project success: Towards developing a project benefits governance
framework.International Journal of Project Management. 34(4). pp.761-778.
Bresnen, M., 2016. Institutional development, divergence and change in the discipline of project
management. International journal of project management. 34(2). pp.328-338.
Chen, H. L., Chen, W. T. and Lin, Y. L., 2016. Earned value project management: Improving the
predictive power of planned value. International Journal of Project Management.34(1).
pp.22-29.
Conforto, E.C and et.al, 2016. The agility construct on project management theory. International
Journal of Project Management. 34(4). pp.660-674.
Ekrot, B., Kock, A. and Gemünden, H. G., 2016. Retaining project management competence—
Antecedents and consequences. International Journal of Project Management.34(2).
pp.145-157.
Fleming, Q. W. and Koppelman, J. M., 2016, December. Earned value project management.
Project Management Institute.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach.
Routledge.
Kerzner, H. and Kerzner, H. R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Layton, M. C. and Ostermiller, S. J., 2017. Agile project management for dummies. John Wiley
& Sons.
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Olson, D. L. and Wu, D. D., 2017. Data Mining Models and Enterprise Risk Management.
In Enterprise Risk Management Models (pp. 119-132). Springer, Berlin, Heidelberg.
Padalkar, M. and Gopinath, S., 2016. Are complexity and uncertainty distinct concepts in project
management? A taxonomical examination from literature. International Journal of Project
Management. 34(4). pp.688-700.
Papke-Shields, K. E. and Boyer-Wright, K. M., 2017. Strategic planning characteristics applied
to project management.International Journal of Project Management. 35(2). pp.169-179.
Samset, K. and Volden, G. H., 2016. Front-end definition of projects: Ten paradoxes and some
reflections regarding project management and project governance. International Journal of
Project Management. 34(2). pp.297-313.
Terlizzi, M. A., de Souza Meirelles, F. and de Moraes, H.R.O.C., 2016. Barriers to the use of an
IT project management methodology in a large financial institution.International Journal
of Project Management. 34(3). pp.467-479.
Online
Burek. 2011 Influence of the scope statement on the WBS [Online] Available Through:
<https://www.pmi.org/learning/library/work-breakdown-structure-leverage-techniques-6204>
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