Project Management: Plan, Time, Cost, Risk Factors

PROJECT
MANAGEMENT

Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
CONCLUSION........................................................................................................................................15
REFERENCES........................................................................................................................................16

INTRODUCTION
In order to make a project successful, this is essential for manager of project to coordinate
and complete all activities in an effective manner. The term project management can be defined
as a process of managing overall tasks and activities so that project can be finished in less time
and cost (Lippi and Mattiuzzi, 2019). The report is based on an assumption based project of a
company that is XYZ plc. This company wants to update their business in IT infrastructure and
to build a new cloud based information system. For this objective a project handling company
has been assigned for project that is ABC limited. The report consists detailed information about
project management plan including time, cost, risk factors.
MAIN BODY
Overview of project- The project is related to launching advanced IT services and cloud based
information system in a business. In this project the client company is XYZ plc as they want to
update their business services and this company assigned the project to ABC limited. The
estimated cost for this project is around 50000 pounds. Along with client company gave a
deadline for this project to ABC limited that is of 6 months. Therefore, project needs to be
finished in such time period.
Project management plan: This can be defined as a form of document that contains all necessary
information for completing a project (Suopajärvi and Kantola, 2020). This plan is used by all
members of project because it is like a blue print of all activities of project. In the context of
above company’s project, a detailed plan is prepared below in such manner:
 Time: This one of the key element of a project management plan which states that
estimated time to complete a project. It becomes essential for a project manager to
complete the project in given time period (Fleming, 2019). Eventually, success of a
project depends on this component. Herein, it is important to know that this is not only
duty of project manager to complete the project in time but also each department
becomes liable to finish their own assigned activities in given time frame. In the context
of above XYZ plc’s project, estimated time is around 6 months. Therefore, it becomes

essential for project manager to complete this project in 6 months. Any delay in this, may
lead to serval obstacles for above company as well as for client too.
 Cost benefit analysis- Cost-benefit analysis is a method employed mainly by businesses
that measures the amount of the advantages of the activity, such as financial income, in
an operation against the disadvantages, or expenses. The method is often used when
attempting to determine a course of action, and often includes monetary values for
expected revenues as well as opportunity costs in its computations. In the context of
above project, a detailed analysis of estimated cost has been done in such manner:
Cost sheet for one unit:
Particulars
Unit/
hour
Cost per
unit/hou
r Total (£)
Project management
Project manager 400 15 6000
Team members 600 2.5 1500
Hardware
Printer 30 9.5 285
Desktop 50 24.5 1225
Storage 15 15 225
System
integration/Developme
nt
Designing 150 15 2250
Testing 200 20 4000
Programming 500 40 20000
Security 350 10 3500
Employee expenses
Salary 150 40 6000
Training 100 50 5000