Project Management: A Comprehensive Guide to Managing Projects

Managing Projects

Table of Contents
Task 1...............................................................................................................................................3
Task 2...............................................................................................................................................6

Task 1
1. Define the key characteristics of any project.
A project is temporary in nature and is typically made for the customer (Kerzner and Kerzner,
2017). Every project has unique features and requirements that need to be delivered within a
stipulated time. The key characteristics of the project are-
 A project serves a defined purpose or a result. This includes costs, schedules and
performance management.
 Every project is unique. A project is never repeated.
 A project is not a business and it can be cross-functional or cross-organization.
 A project always looks for improvements and as it is not repetitive, it involves unfamiliarity.
 A project is build to achieve a specific objective or goal.
2) What is the Scope Statement for a project? What role does the Work Breakdown
Structure (WBS) have in such a statement?
One of the essential components of a project is Scope Statement. Scope Statement is a written
document that confirms the results of the project undertaken. The manager produces the written
confirmation where the terms and the conditions are mentioned. Before the work of the project
begins, the team members as well as the person suggesting the project should agree with the
statements. A good scope statement includes description of the products, justification,
deliverables, constraints and assumptions.
A work Breakdown Structure is a key element of a scope statement as it maintains and manages
the teamwork. WBS defines and organizes the project work and thus assists in achieving the
objective of the project (Harrison and Lock, 2017).
3) Using the information below, plot out a full project Gantt chart and identify the critical
path. How many days does it take to complete the project?

Start
Wed
23-
05-
18
Finis
h
Mon
18-
06-
18
28
Ma
y
'18
04
Ju
n
'1
8
11
Ju
n
'1
8
18
Ju
n
'1
8
a
Wed 23-
05-18 -
Tue 29-
05-18
b
Wed 30-
05-18 -
Mon 04-
06-18
c
Tue
05-
06-
18 -
Wed
06-
06-
18
d
Tue 05-
06-18 -
Thu 07-
06-18
e
Thu 07-
06-18 -
Wed 13-
06-18
f
Fri 08-06-
18 - Mon
18-06-18
a
Wed 23-
05-18 -
Tue 29-
05-18
b
Wed 30-
05-18 -
Mon 04-
06-18
c
Tue
05-
06-
18 -
Wed
06-
06-
18
d
Tue 05-
06-18 -
Thu 07-
06-18
e
Thu 07-
06-18 -
Wed 13-
06-18
f
Fri 08-06-
18 - Mon
18-06-18
28
Ma
y
'18
04
Ju
n
'1
8
11
Ju
n
'1
8
18
Ju
n
'1
8
28
Ma
y
'18
04
Ju
n
'1
8
11
Ju
n
'1
8
18
Ju
n
'1
8
28
Ma
y
'18
04
Ju
n
'1
8
11
Ju
n
'1
8
18
Ju
n
'1
8
28
Ma
y
'18
04
Ju
n
'1
8
11
Ju
n
'1
8
18
Ju
n
'1
8
28
Ma
y
'18
04
Ju
n
'1
8
11
Ju
n
'1
8
18
Ju
n
'1
8
28
Ma
y
'18
04
Ju
n
'1
8
11
Ju
n
'1
8
18
Ju
n
'1
8
ID Task Name Duration
2 5 days
3 a 4 days
4 b 2 days
5 c 3 days
6 d 5 days
7 f 7 days
M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T
07 May '18 14 May '18 21 May '18 28 May '18 04 Jun '18 11 Jun '18 18 Jun '18
Figure 1: Gantt Chart
(Source: Created by the learner)
4) What approaches exist to generate a budget for a specific project budget?
It is difficult to estimate a cost of project at the beginning. Therefore, it is important to plan a
budget and there are various approaches to use it.
Top-down Approach- This approach helps to determine the entire cost of the project and the
amount is divided among various work packages.
Bottom-up approach- The lowest level work packages are estimated to get the total cost of the
project.
Expert Judgement- The cost of the project is decided by taking the opinions of subject-matter
experts.