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Fundamentals of Project Management : Assignment

   

Added on  2021-05-25

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Programme: MSc ManagementModule: Fundamentals of Project ManagementCourseworkSubmission deadline: 23:59 hrs on 21th August 2020 Submission mode: Turnitin online access1
Fundamentals of Project Management : Assignment_1

Table of contentsExecutive Summary.....................................................................................4 Introduction...............................................................................................4Part A. AF PLC case study ............................................................................41. Project Definition and Risks........................................................................52. Planning and costs....................................................................................73 Managing progress and spending...................................................................124 Earned Value Analysis and Acceleration ..........................................................13Part B. Reflective Essay................................................................................14 References................................................................................................16List of Figures ..........................................................................................172
Fundamentals of Project Management : Assignment_2

Executive Summary The Automation futures Plc (AF) is an experienced software development company withextensive experience in technology and electronic projects.AF signed a contract with TTF Plc worth £58.5m, where AF committed to delivery of theinverter train engines to the customer no later than 18.09.2020.Planned day of start is 08.07.2018, and date of completion is 14.08.2020 (Table 1).However, the revised timeline estimates 28.08.2020due to lack of recourses (Table 6).Project evaluation shows that AF Plc will earn £3.41 m.The report recommends that the PM reduce working hours by using additional funds ifthey are less than £50K.The author of this study have expanded her knowledge of the Fundamentals of PMmodule, acquired skills while practicing on the Smartsheet platform to create GanttChart. The author found weaknesses that need to be developed, for example structural thinking,case study approach and review of lectures regarding Risk management.IntroductionThis work examines the contract between digital AF Plc (UK) and TTF Plc where AF Plc hascommitted to a turnkey project with delivery and installation of the final product in Germany.According to the case study, AF Plc undertakes to complete the specified amount of work nolater than 18.09.2020. A contract worth 58.5 m pounds is based on risk and reward.This study will examine the parameters of the Iron triangle and their assessment relative to theterms of the contract. Moreover, the report will illustrate the possible risks of the project andthe ways how to mitigate them, the project calendar (Gantt chart), and provide calculations ofprofit and budget expenditure during the Project.Part A. AF PLC case study1. Project Definition/Parameters and Risks 3
Fundamentals of Project Management : Assignment_3

Figure 1. The Iron Triangle of Project management (Source: BPP Business School, 2020).Figure 1 reflects the parameters that are set by the project to provide a specific product. Inaddition, there are other requirements for the project product. The iron triangle sets restrictions(budget, time, scope, quality) where changing one of these limits changes other parameters.In this case, the AF project is based on risk and reward, where clearly defined1)Budget of the project. The contract price is £58.5M, and the terms of the contractdefine a clear structure for calculating bonuses and penalties that directly affect AF'sinterest. This parameter is dependent variable since the project budget is limited bythe contract price and depends on scope of work and execution time. However, AFcan influence this indicator recruiting not expensive specialists at certain stages ofwork, optimizing certain stages of project, and not stretching the scope of project.Since the contract is based on a remuneration system, AF is interested in carefulbudget planning, competent use of resources. Given the fact that after starting the taskJ there is no task with free float, so the PM may need to(a)review the distribution of human resources. Perhaps some stages of the projectneed to be strengthened with labours where it is logical and effective. On theThe contract has penalty for delay £100K per day after 25.09.2020. In thisregard, the PM can assess the cost of possible labour costs and the need tostrengthen the staff at a certain stage and compare it with the amount of apossible penalty of £100K. Since amount of bonuses and penalties is fixedfigures it allows PM to make a calculation and forecast.(b)constantly monitor and control the implementation of milestones of project fortimely response and action.2) Schedule. AF has committed to complete the work no later than 25.09.2020. Thecontract is set to transparent deadlines. This is also a dependent variable parameterbecause the contract sets a deadline for the delivery of the product and its installation inGermany. Variable, since deadlines may change, but there are penalties for this. And the4
Fundamentals of Project Management : Assignment_4

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