SBM3307: Project Development and Optimization Report Analysis

This report delves into the core principles of project development and optimization, emphasizing the crucial role of sustainability in modern project management. It explores the various phases of project management, including initiation, planning, execution, monitoring, and closing, highlighting the responsibilities of a project manager in ensuring project success. The report discusses project optimization as a method to achieve efficient and cost-effective designs, considering constraints and prioritizing factors such as strength and productivity. The concept of sustainability, encompassing economic, social, and environmental aspects, is examined in the context of project decision-making. Furthermore, the report outlines essential project management principles, including defining project goals, budget management, estimation and scheduling, defining team responsibilities, defining milestones, managing business goals, ensuring responsibility and accountability, and conducting cost-benefit analysis. The report emphasizes the importance of these principles in achieving successful and sustainable project outcomes, with a focus on practical application and real-world examples to illustrate the concepts.

Running head: PROJECT DEVELOPMENT AND OPTIMISATION
Project Development and Optimization
Name of the Student
Name of the University
Author Note

1
PROJECT DEVELOPMENT AND OPTIMISATION
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Conclusion.......................................................................................................................................2
References........................................................................................................................................2

2
PROJECT DEVELOPMENT AND OPTIMISATION
Introduction
The project management is referred to as the exercise the initiation, planning, and
execution, controlling and closing of the work of a certain team for the achievement of some
specified goals and meeting specific criteria of success at a particular amount of time. The
challenging part of the project management is the achievement of all the specific goals of a
project within a certain amount of time along with the given amount of constraints (Fernandez et
al. 2015). The project management consists of five phases or stages. These five stages includes
the concept of initiating a project, planning of a project, execution of the project, continuous
monitoring of the performance of the particular project to the completion as well as closing of
the project. In addition to this, the manager of the project is responsible for failure rate or success
rate of a project (Jeang 2015). The duties of the manager of the project involves planning and
defining a project along with its advantages and benefits which can meet the needs of the
customer.
This also involves the construction of a work plan which will be comprehensive along
with the management of the budget. In context of project management, the management of the
budget is an important factor as the project needs to be managed at minimum costs possible.
This report aims to focus on the on the key concepts related to the optimization of the project
along with the sustainability concept (Klimek and Łebkowski 2013). The project optimization
plays an important role as a good product can be constructed with the minimal requirements and
will be able to meet the important needs of the customers.

3
PROJECT DEVELOPMENT AND OPTIMISATION
Discussion
Project optimization can be defined as the method of detecting the solution from all the
available substitutive choice with respect to the performance that is mostly effective in cost and
highly achievable under certain amount of constraints by the process of maximization of the
factors that are desired along with the minimization of the factors which are undesired (Costa et
al. 2013). The optimization of project is very important because it helps in achieving the best and
minimal designs possible with respect to a set of mentioned constraints or criteria which remain
prioritized. This involves the maximization of certain factors like strength, productivity,
efficiency, longevity and utilization to name a few (Balfe et al. 2017). The development of any
project is the method as well as the facility which consists of planning of the specific resources,
organization of the specific resources along with the coordination of the specified resources
along with the controlling of the certain resources for the accomplishment of the certain specified
goals.
The initiation part consists of the method of outlining the project along with obtaining of
the permission for beginning the project. The part of planning consists of the method of
development of the plan for the project management for reaching the goals of the particular
project. The part of the execution consists of the method of completion of the work according to
the plan of the project management (Menabde et al. 2018). The part of monitoring and
controlling consists of the method of the predetermined work being reviewed and its progress
being tracked at the time of accounting for the changes that are naturally unplanned.
A certain improvement of transportation is taken by the process of development of the
projects from the concepts with the help of method of construction. The whole process of making
the all the decisions regarding any kind of project is called as optimization of the project (Funke

4
PROJECT DEVELOPMENT AND OPTIMISATION
et al. 2016). The optimization of the project should be cost effective in nature so that it does not
affect the cost required for optimizing the project.
The word sustainability refers to the meeting of the present customer needs without
making any negotiation regarding the capability of the future generation for meeting their needs.
The sustainability concept consists of three categories. This categories under this are namely
economic, social and environmental. These are informally known as planets, people and profits.
Various businesses are encouraged by the sustainability for framing decisions with respect to the
years (Ferrucci et al. 2014). The sustainable needs of the companies can be achieved by the
companies by opting for various measures like lower utilization of energy, sourcing of products
from the organizations having fair trade etc.
The basic concepts of project management includes the defining the details of a project
along with the details of the operational work which is ongoing but the works related to the
project can end at a certain amount of time. It consists of several programs, portfolios which
consists of a bunch of several programs and several individual works or projects which are
implemented for achieving the certain specified strategies which are related and are important for
the accomplishments of the certain goals in the context of business (Grafen 2014). It also
includes several other phenomena like the initiation, planning, execution of the project. It also
involves the controlling, monitoring and closing of the projects. The knowledge areas with
respect to the various concepts of management of project involves scope, integration, quality,
time cost, and human resources management.
It also involves the management regarding communication, procurement, and risk
management along with the stakeholder management. The concepts of project management also
involves a project that can be described as an effort for the creation of a distinct service, product

5
PROJECT DEVELOPMENT AND OPTIMISATION
or output. A group of projects together is referred to as a program (Taleb and Musleh 2015). It
also involves organizational management of a project which can be described as the framework
where a program of portfolio along with all the projects faces integration with the enablers of the
organization for the achievement of certain strategic objectives.
There are various principles of project management. This includes management of formal
project, invested and engaged sponsors of project, clear objective goals and outcomes and the
roles and responsibilities that are documented. It also involves stronger change management
process, risk management, matured abilities of the value delivery (Larkins et al. 2014). It also
involves baseline of the performance management, plan of communication etc. In addition to
this, there are eight principles of project management which are as follows:
 Goals and objectives of the project: Understanding as well as determining the objectives
as well as goals of the particular project is very much important. These determined goals
should be measurable, specific, achievable, timely and relevant in nature. The objectives
of the particular project should be smarter. The outline of the project should be done for
the accomplishment of the projects (Ortiga et al. 2013). The determination of the
objectives plays an important role in estimating the completion of the deliverables which
is important for achieving the goals. A clear along with a clear direction is also very
important.
 Budget Management: The management of budget is a very important factor for managing
the project. When the objectives as well as the goals regarding the project is determined,
it is important to opt for the measures which in turn is helpful in accomplishing the
mission. At this step, various constraints will be discovered which in turn impacts on the
abilities that are related for the achievement of the planned project. One of these

6
PROJECT DEVELOPMENT AND OPTIMISATION
constraints becomes the budget (Malatji et al. 2013). The priorities of the project will be
considered once the budget related to the project gets approved. Several essential aspects
will be determined which contains the possibility of getting eliminated or reduced after
the approval of the budget for constantly reaching the desired goal.
 Estimation and scheduling: After budget, another constraint which is faced is the time
constraint. For this reason, the development of the estimation of the work along with the
calendar that is comprehensive is very much necessary. The timing of the activities
should be focused by the schedules. Certain factors like the commitments prior to that of
the project, vacations, bandwidths and the holidays should always be considered at the
time of estimating and scheduling. The development of all the schedule in a detailed way
becomes helpful for realizing the actual hours needed at the time of disposal (Shires
2013). The basic project management principle is necessary for determining that the team
does not overcommit for the completion of the tasks in a timeframe that is very
unrealistic in nature and which in turn is very vital for the particular project.
 Definition of the responsibilities of the team: The most important principle is defining all
the responsibilities of the team. The responsibilities of individuals working in a team
should be defined among the team. For performing this, a checklist related to the
responsibilities of the individuals working in a team should be created. The
responsibilities checklist can be present in an excel file, software designed for
management of the project and Gantt chart.
A complete view of all the small things is provided by mapping of all the tasks
which needs to be executed and in the order of the completion of the project which is a
very sensitive step. The deliverables which needs to get ready for commencing the work

7
PROJECT DEVELOPMENT AND OPTIMISATION
can be viewed by the process of outlining the roles of the individuals which makes it an
important step (Kerzner 2017). The constraints as well as the potential blockers can now
be identified at this stage instead in the middle of the project. The transformation of the
schedules gets involved in the solution of the potential problems.
 Definition of milestones: The defining of the milestones is a necessary factor which helps
in signifying the completion of certain portion of the project. A transparent way of
tracking of the progress is provided by the milestones. In addition to this, morale of the
team is increased by calling out the achievements of all the team members. It becomes a
beneficial factor at time of complex, long and very difficult projects.
 Management of business goals and transforming priorities: One of the various disruptions
that might be faced when the project is under construction or underway is the changing of
the goals of the business or changing of the priorities. The shifting of the priorities
becomes a serious issue that impacts the organization. This can be mastered by
maintaining the flexibility and changing of the plan of the project management. The
adaptability to the new changes helps in minimizing the impact and keeping the project
on track.
 Responsibility and accountability: This is essential for the team members and the project
manager as a specified set of skills is carried by the manager to run the team. The
members of the team should possess the ability to hold each other for accomplishment of
the certain goals. The process of communicating constantly helps in being successful.
 Cost benefit analysis: It is a practical tool that helps the organizations in analyzing the
systems, decisions and projects along with the determination of the intangibles and the
value. This is constructed by the identification of the benefits of the action and the costs

8
PROJECT DEVELOPMENT AND OPTIMISATION
associated with it by subtracting of the costs from the benefits. The cost benefit analysis
is important for the optimization of the protection of the risks under the several
constraints, one of which is the budget (Burke 2013.). The analysis is done by
brainstorming the benefits and costs and assigning monetary value to both and comparing
both with respect to the sustainability of the project. The project should be economic,
social and environmental. The project should be optimized in such a way that it can meet
the needs of the customers.
Conclusion
From the above report, it can be concluded that an important role is played by the
optimization of project. The cost benefit analysis is one of the important principles of the project
optimization which helps in providing required protection against dangerous risks under several
constraints one of which is the constraints related to the management of the budget of the project
(Burke 2013). The project should be sustainable i.e. It should be economic, social and
environmental and should be optimized in the best possible ways. The various concepts have
been discussed in the report and each one of them play a very important role.

9
PROJECT DEVELOPMENT AND OPTIMISATION
References
1. Fernandez, E., Gomez, C., Rivera, G. and Cruz-Reyes, L., 2015. Hybrid metaheuristic
approach for handling many objectives and decisions on partial support in project
portfolio optimisation. Information Sciences, 315, pp.102-122.
2. Jeang, A., 2015. Project management for uncertainty with multiple objectives
optimisation of time, cost and reliability. International Journal of Production Research,
53(5), pp.1503-1526.
3. Klimek, M. and Łebkowski, P., 2013. Robustness of schedules for project scheduling
problem with cash flow optimisation. Bulletin of the Polish Academy of Sciences:
Technical Sciences, 61(4), pp.1005-1015.
4. Costa, A., Keane, M.M., Torrens, J.I. and Corry, E., 2013. Building operation and energy
performance: Monitoring, analysis and optimisation toolkit. Applied Energy, 101, pp.310-
316.
5. Balfe, N., Leva, M.C., Ciarapica-Alunni, C. and O’Mahoney, S., 2017. Total project
planning: Integration of task analysis, safety analysis and optimisation techniques. Safety
science, 100, pp.216-224.
6. Menabde, M., Froyland, G., Stone, P. and Yeates, G.A., 2018. Mining schedule
optimisation for conditionally simulated orebodies. In Advances in applied strategic mine
planning (pp. 91-100). Springer, Cham.
7. Funke, S.W., Kramer, S.C. and Piggott, M.D., 2016. Design optimisation and resource
assessment for tidal-stream renewable energy farms using a new continuous turbine
approach. Renewable energy, 99, pp.1046-1061.
8. Ferrucci, F., Harman, M. and Sarro, F., 2014. Search-based software project
management. In Software Project Management in a Changing World (pp. 373-399).
Springer, Berlin, Heidelberg.
9. Grafen, A., 2014. The formal darwinism project in outline. Biology & Philosophy, 29(2),
pp.155-174.
10. Taleb, H. and Musleh, M.A., 2015. Applying urban parametric design optimisation
processes to a hot climate: Case study of the UAE. Sustainable Cities and Society, 14,
pp.236-253.
11. Larkins, E.C., Bull, S., Kaunga-Nyirenda, S., Helal, M.A., Vilokkinen, V., Uusimaa, P.,
Crump, P. and Erbert, G., 2014, September. Design optimisation of high-brightness laser
diodes for external cavity operation in the BRIDLE Project. In 2014 International
Semiconductor Laser Conference (pp. 21-22). IEEE.
12. Ortiga, J., Bruno, J.C. and Coronas, A., 2013. Operational optimisation of a complex
trigeneration system connected to a district heating and cooling network. Applied
Thermal Engineering, 50(2), pp.1536-1542.
13. Malatji, E.M., Zhang, J. and Xia, X., 2013. A multiple objective optimisation model for
building energy efficiency investment decision. Energy and Buildings, 61, pp.81-87.
14. Shires, A., 2013. Design optimisation of an offshore vertical axis wind turbine.
Proceedings of the ICE-Energy, 166(EN1), pp.7-18.
15. Kerzner, H., 2017. Project management: a systems approach to planning, scheduling,
and controlling. John Wiley & Sons.

10
PROJECT DEVELOPMENT AND OPTIMISATION
16. Burke, R., 2013. Project management: planning and control techniques. New Jersey,
USA, 26.