Assignment on Project Management Sample
Added on 2020-07-23
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Project Management
Table of ContentsTASK-1............................................................................................................................................11. Characteristics of a project.................................................................................................12. The meaning of work breakdown structure and its importance.........................................13. Plotting of Gantt chart........................................................................................................24. Alternative technique of investment appraisal...................................................................25. Risk management plan.......................................................................................................36. The main aspects of monitoring quality of project.............................................................3TASK 2............................................................................................................................................32.1 Introduction......................................................................................................................32.2 Skills and competencies required by the project manager...............................................42.3 Process of project management........................................................................................52.4 Project life cycle stages....................................................................................................52.5 Project manager leadership skills...................................................................................11CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
TASK-11. Characteristics of a project A project provides a great opportunity to both the organisation and individuals in order toachieve objectives of business by implementing a change. With the help of projects, the desiredchanges can be brought in the organisation in an organised manner. The key characteristics ofany project can be as follows-:Temporary – This implies that each and every project has a finite start and a finite end. The timewhen the project is initiated is the start time. When all the objectives of the project have been set,then it is the end time of the project (Addis, 2012).Unique deliverable – Some of deliverable is being produced by any project that can be a product,service, or some another result. The problem needs to be analysed by the deliverable.Progressive elaboration – Continuous investigation and improvement becomes available withprogress of a project and all this allows producing more correct and comprehensive plans. To theprogress and development of the project the successive iteration if planing phase result indevelopment of more effective solutions (De Bruijn and Ten Heuvelhof, 2010).2. The meaning of work breakdown structure and its importanceA Work Breakdown Structure (WBS) is a key project deliverable that organises the workof the team in the manageable sections. The subdivision of the efforts that is needed to achievethe objective of a project is shown by the work breakdown structure. The importance of work breakdown structure in the project is that it makes thedeliverable more accurate and precise so that team working in a project knows exactly what hasto be achieved within each deliverable. In order to estimate cost, risk and time, the betterestimation can be made. In order to track progress in the project schedule, WBS is importantbecause the tasks of WBS clearly defines limit (Dykstra, 2011).3. Plotting of Gantt chart Task NameDurationStartFinishPredecessorsTotal SlackA3 daysMon 3/19/18Wed 3/21/180 daysB2 daysThu 3/22/18Fri 3/23/1810 daysC3 daysMon 3/26/18Wed 3/28/1820 daysD1 dayMon 3/26/18Mon 3/26/18214 daysE5 daysThu 3/29/18Wed 4/4/1839 daysF8 daysThu 3/29/18Mon 4/9/1830 daysG2 daysTue 3/27/18Wed 3/28/18414 days1
H6 daysTue 4/10/18Tue 4/17/1860 daysGantt chart A + B + C + F + H= 3 + 2 + 3 + 8 + 6 = 22 Critical path Critical path: 2
It is being found in above chart that three tasks are every essential in this project and itcannot be skipped. In addition, about 22 days will be required in order to complete this project.All the tasks need to be done on the days that are being specified for the tasks.4. Alternative technique of investment appraisalIn order to recognise the attractiveness of an investment, one can make use of investmentappraisal. The viability of the project is being assessed by the investment appraisal. Thefinancial, legal, environmental etc. are some factors that can form a part of an appraisal (Fox,2015). The most quantifiable approach is the financial appraisal but it can only be applied tobenefit that produce financial returns. The payback method is the simplest financial appraisaltechnique. The time value of money is not being taken by these methods and also it does not takein to consideration the earning after the initial investment that is recouped. The revenues and costof a project are estimated in the Net present value methods and with the initial investment, it isthen discounted and compared (Fleming and Koppelman, 2016). In comparison with otherproposal techniques such as IRR and payback methods, NPV is the most reliable technique tosupport investment appraisal decisions.The same concept of NPV is followed in the discount rate. On the number of approachessuch as the social rate of time preferences the calculation can be based in the discount rate.5. Risk management planIn order to foresee risks, estimate impact and define reason to the issue a riskmanagement plan is a document that is being prepared by the project manager. A risk assessmentmatrix is also contained in it. The uncertain events or condition that place in a project is knownas a risk and on the objectives of a project, it may have a positive or negative impact. The fivesteps can be followed in the risk management process that is identification of risk, analysis of therisk, evaluation or ranking of the risk, treating the risk and monitoring and revision the risk(Griffith, Stephenson and Watson, 2014).6. The main aspects of monitoring quality of projectBy using the concept of project quality management, all the processes and activities canbe determined which will help in the achievement of high-project quality.In order to deliver a high quality project, the two key quality management concepts can behelpful. They are as follows-:3
Customer satisfaction – In order to deliver a high-quality project, all the needs of the customersregarding the project need to be fulfil then only, the project will be of high-quality (Hallowelland Wehle, 2013).Continuous improvement – To improve the products, services or produces over time, continuousimprovement can be helpful. In other projects, it will help to prevent the same mistakes.TASK 22.1 IntroductionIn today the modern world business prefer outputs with high quality but also lees timeand amount effectively. The role to fill such desires is for project management which isimportant for this. In this world, every business tries to achieve the higher position which will bedone by ensuring customer’s satisfaction level and base efficiently. This will help business toimprove the position in the market. In addition to this, the client requested to change theheadquarters of PM Solutions from UK (Griffith, Stephenson and Watson, 2014). This willinclude closing of all existing headquarters, relocating and retaining all employees, relocation ofaccounts and finance, development and research laboratories and operational activities such ascustomer services. The project management plan for PM solutions will be discussed in this reportand project life cycle will be investigated. In addition to this, leadership skills of project managerwill be discussed (Fleming and Koppelman, 2016).2.2 Skills and competencies required by the project managerIt is important for the project manager to possess certain skills and competencies in orderto achieve the desired goals and objectives of PM solutions. There are many skills andcompetencies required by a project manager to assess the situation and work accordingly. Theseare described below:Leadership skills: Leadership skills will help project manager to motivate and guide hisemployees or team on the right direction in order to accomplish the objectives and goals of PMSolutions. The project manager must lead the team and employees adequately and precisely inorder to increase the project effectiveness.Analytical thinking skills: Skills such as analytical thinking will help project manager to solvethe complex problems and issues arise within the project effectively and efficiently. In order toshift PM Solutions from UK to any other location, it is important for the project manager toanalyse all the aspects such as accounts and finance, development and research laboratories and4
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