Petroleum Project Management: Tools, Techniques and Strategies

Running head: PETROLEUM PROJECT MANAGEMENT
ECON6007 Petroleum Economics & Project Management Stream
Student Name:
University Name:

1PETROLEUM PROJECT MANAGEMENT
Table of Contents
Answer to Question 1......................................................................................................................2
Answer to Question 2......................................................................................................................3
Answer to Question 3......................................................................................................................4
a. Gantt chart for the project........................................................................................................4
b. Project activity network...........................................................................................................4
c. Computation of Early Start, Early Finish, Late Start, Late Finish, Free Float and Total float
for each activity...........................................................................................................................5
d. List of activities on critical path..............................................................................................5
e. Fast tracking of Activity G......................................................................................................5
Bibliography....................................................................................................................................6

2PETROLEUM PROJECT MANAGEMENT
Answer to Question 1
Every project is unique and has different criteria for execution hence, it is necessary to
implement appropriate tools and techniques for managing projects. The key tools and techniques
of project management that must be employed to ensure successful delivery of the project are
presented as below:
Development of scope statement: A document with scope statement have to be
developed to present the deliverables that will be included or excluded from the project. This
document will serve as the document for negotiation of objectives as well as deliverables
(Martinelli, Russ and Milosevic 2016).
Conduction of stakeholder analysis: The analysis of stakeholders is an essential element
to ensure successful delivery of projects. It is required to evaluate requirements of the various
associated people and the influence that they have over the project. Proper gathering of
requirements ensure successful accomplishment of project.
Establishment of communication plan: Communication plays an important role in the
project progress as well as completion (Cleden 2017). Hence, the development of suitable
communication plan effectively contributes towards successful delivery of a project.
Review of developed Work Breakdown Structure: The Work breakdown structure
developed for the project have to be reviewed for checking that the required activities are being
identified properly.