Project Management: A Comprehensive Guide to Planning, Execution, and Risk Management

This comprehensive guide delves into the intricacies of project management, covering essential aspects like project planning, execution, and risk management. It explores the importance of quality and risk management plans, highlighting their role in achieving project success. The guide also provides a detailed analysis of the PRINCE2 methodology, its benefits, and limitations, offering valuable insights for project managers seeking to enhance their skills and optimize project outcomes.

Project management

TABLE OF CONTENTS
Introduction..................................................................................................................................................1
Sample Project Initialization Document......................................................................................................1
Risk registers................................................................................................................................................5
Project plan..................................................................................................................................................8
Report to project sponsor...........................................................................................................................11
Importance of the quality/risk management plans.................................................................................11
Prince 2 methodology............................................................................................................................12
Conclusion.................................................................................................................................................14
References..................................................................................................................................................15

List of tables
Table 1: Budget plan....................................................................................................................................3
Table 2: time scale.......................................................................................................................................3
Table 3: risk register....................................................................................................................................5
Table 4: Project management plan...............................................................................................................8

Introduction
The systematic execution and monitoring of the planned activities are the critical part of the project
management. However, a project planning also focuses on the resources, business capabilities and
constraints in term of time, cost and efforts, budget, skills and availability of the data. Presented project
document has detailed description of the project along with key stakeholder analysis, budget plan, work
breakdown structure and timeline. It will also provide the detailed risk register and description of the
prince 2 methodology. Importance of the quality and risk management plan will be discussed with
consideration on the business requirements with the project.
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Sample Project Initialization Document
Project scope
The project has scope to support the organization for the excellent learning environment and better
access to the latest technology. The project has to achieve the goals of the classroom refurbishment and
IT infrastructure improvements. With the help of the hardware and software components along with
network services, the project has scope to improve IT services in the organization. Also, furniture and
accessories can be installed to meet the new requirements of the classrooms for effective learning.
Aims
The aim of the project is to improve the IT infrastructure through the installation and configuration of
the components and refurbish the classrooms for the effective learning environment. The goal is to
integrate new technology and furniture to enhance the learning process.
Objectives
 To identify and use the hardware, software and network components those can be used to
improve the network infrastructure.
 To analyse the need of furniture and accessories to boost the learning in classrooms and
maximize the use of the space.
 To establish local IT support in the organization for effective control on the resources and assets.
Approach
The organization can make use of the project management approach in which the work can be
breakdown into the manageable modules and roles and responsibilities on the resources can be identified
to complete the project within the constraints. Also the budget plan, stakeholder analysis and internal
audit of the business can help to achieve the business goals and objectives. The project can use quality
control tools and techniques along with risk registers to keep the activities on the course and improve
the deliverables of the project (Kerzner and Kerzner, 2017). Also, internal analysis and communication
with stakeholders can help the organization to enhance the acceptance of the project deliverables.
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Budget and time plans can be prepared more reliability with the help of Gantt chart and determination of
the milestones.
Key staff and stakeholder analysis
Top management: The directors of the organization have expectations that the project can be completed
within the defined time and cost and there are no significant changes at workplace to add more
employees. Top management desires that the project can deliver a more robust and reliable IT system to
provide the communication and data sharing whereas classrooms are well furnished to hold effective
number of devices and students.
Employees: The organization wants to improve the labs and classrooms which can introduce the need of
more resources or rearrange the resources. Human resource management has need that the cost with new
resources and arrangements at workplace is acceptable (Eskerod and Jepsen, 2016). At other side,
accounting manager has to consider the financial flow in the activities to ensure that project is
considerable and can be completed within the constraints. Individual at workplace has demand of more
reliable infrastructure and classroom services.
Suppliers: The organization has to determine the potential set of the suppliers for various types of
requirements including furniture, hardware, software and other accessories required in computer labs
and classrooms. However, the suppliers are available to the organization in effective cost and can deliver
the products and services on time to meet the goal.
Government: The organization has influence of the governmental regulations and policies those are
required to ensure the data security and asset protection. For example, it is essential to consider the data
protection when sharing sample data to test the project or contracting the project within specific budget,
time and efforts (Eskerod et al, 2015). Governmental alignment is essential for the project to ensure the
lower risk and internal conflicts.
Budget plan
The project is expected to complete in $70,000 whereas 10% is reserved to recover from the delays and
risk occur in project. The budget of the project is well distributed and configured among the activities to
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ensure the resources are liable to optimize their task and roles to improve the productivity. Here are
fundamental requirements and resources of the project with estimated cost:
Table 1: Budget plan
Activity/ assets Estimated cost
Network infrastructure improvements
Router $50
Switches $350
Cables $500
Wireless router $450
NIC cards $250
Implementation charges $800
Software cost $2500
Expertise cost to configure and test $1200
New computer machines $30,000
Classroom furniture
Chairs $3,000
Tables $5,000
Projector $10,000
Internet connector $400
Computer resources $1500
Total $56,000
Timescale
The project is planned to complete within 2 months where it has further classified into manageable
activities. The timescale of the project is given below in which the organization has to achieve the
milestones on or before the defined time with high quality and performance.
Table 2: time scale
Project activities Starting date Ending date Duration Liable person Milestone
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Project planning 01-04-2018 10-04-2018 10 days Project manager -
Requirement
engineering
11-04-2018 25-04-2018 15 days Project team,
client
communicator
30-04-2018
including risk
factors
Furniture
designing
26-04-2018 05-05-2018 10 days Executors
Hardware and
software purchase
26-04-2018 15-05-2018 20 days IT team
member
Installation of IT
components
16-05-2018 20-05-2018 5 days System
administrator
20-05-2018
Asset arrangement
in classrooms
5-05-2018 15-05-2018 10 days Business
executors
20-05-2018
Testing of security 21-05-2018 25-05-2018 5 days System
administrator
Review and
change
management
26-05-2018 27-05-2018 2 days Quality
analyser
-
Training and
support
28-05-2018 31-05-2018 5 days Project manager 31-05-2018
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Risk registers
The project has significance of the risk registers to control the project activities and improve the return on the investment. The risk
register is important to understand the risk context and establish the solution to reduce the loss and manage the risk. It can help further
to optimize the resource utilization and improve the performance. For example, the risk of the finance or time to complete the project
can impact the outcomes and resource performance but the proper consideration of the capabilities of the organization and prioritized
action on risk management can reduce the impact. The risk register can help to identify and analyse the risk and map their influences
with the potential solutions.
Table 3: risk register
Name Category Impact Probability Rating Mitigation Owner Strategy Contingency Trigger New rating
New
furniture is
not as same
as older.
Design 2 20% 4 Review the
measurements
with the help of
standard scales
George T Provide
compatibility
Older
design is
outdated
2 (Impact:
2,
probability:
10%)
Installation
failure of
projector
Install 1 40% 3 Review the
connectivity
with internet
server, use
alternative
connection
Marks A Use wireless
connectivity
and connect
local
classroom
computer
Poor
strength of
signal in
classes
4 (Impact:
4,
probability:
5%)
Improper
shutdown
of
Install 2 30% 2 Review cooling
system,
rearrange
Marks A Use power
supply,
proper
Cooling is
not properly
working.
4 (Impact:
4,
probability:
5

machines
in
computing
lab
resources,
check power
supply
cooling
system
More heat
generate
from
devices
20%)
Users not
able to
access their
old files
Configura
tion
2 30% 1 Redefine file
permission,
user
management
and review the
data
management
practices. Cost
$400
Nick C Rent cloud
services
Higher load
on server,
poor
performanc
e and
permission
setting
Not
changed
New
system
differ from
legacy
interface
Install 3 50% 3 Hire expert to
code system as
in legacy
systems. Cost
$500
Nick T Provide
manual and
training
material to
introduce
interface
The user
has lack of
knowledge
for interface
3 (Impact:
3,
probability:
30%)
Financial
cost on
furniture
design
Design 1 20% 2 Optimize
designs and
install cost
George R Use standard
design and
save cost on
design, reuse
measurement
The cost is
on expertise
to design
furniture
4 (Impact:
4,
probability:
5%)
Quality
criteria
Test 4 10% 4 Redone the
modules of
Karl C Review
baseline,
The quality
standards not
Not
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project.
Cost: $400
quality
management
tools and
techniques
achieved or
implemented
changed
Poor
performanc
e of server
Test 3 20% 3 Review load,
number of
devices and
server
configuration
Nick A Monitor
traffic and
define
alternative
path
Higher load
on server,
poor and
bandwidth or
improper
resource
utilization
Not
changed
Delayed
installation
of devices
Install 2 30% 2 Optimize time
in upcoming
activities like
configuration
Nick A Optimize
schedule and
neglect
unwanted
operations
Poor
scheduling
and
monitoring
on
performance
2 (Impact:
4,
probability
: 15%)
Acceptance
risk
Closure 3 20% 5 Quality
parameters can
be reviewed
George A Improve
configuration
and
installation
Quality not
monitored
properly
5 (Impact:
5,
probability
: 15%)
 A- Acceptance, C-Reduction, T-Transfer, R-Avoidance
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Project plan
Table 4: Project management plan
Task name Starting
date
Ending date Duration Dependency Milestone
Project planning 01-04-2018 10-04-2018 10 days - 12-04-2018
Define scope 01-04-2018 5-04-2018 5 days -
Define capabilities
and constraints
06-04-2018 08-04-2018 3 days Define scope
Feasibility study
on project
09-04-2018 10-04-2018 2 days Define capabilities
and constraints
Requirement
engineering
11-04-2018 25-04-2018 15 days 30-04-2018
Communication to
stakeholders
11-04-2018 18-04-2018 08 days Define scope
Internal audit 19-04-2018 20-04-2018 02 days Define capabilities
and constraints
Project
documentation
21-04-2018 23-04-2018 03 days Communication to
stakeholders
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Requirement
specification
24-04-2018 25-04-2018 02 days Communication to
stakeholders
Design 26-04-2018 05-05-2018 10 days
Asset
measurement
26-04-2018 29-04-2018 04 days Requirement
specification
Design furniture
and network
structure
30-04-2018 4-05-2018 05 days Requirement
specification
Hardware and
software purchase
05-04-2018 05-05-2018 1 days Requirement
specification
Installation and
configuration
16-05-2018 22-05-2018 7 days 22-05-2018
Installation of
computers
16-05-2018 18-05-2018 3 days Hardware and
software purchase
Asset arrangement
in classrooms
16-05-2018 18-05-2018 3 days Design furniture
and network
structure
Network
component
installation
19-05-2018 22-05-2018 4 days Requirement
specification
Testing 21-05-2018 27-05-2018 7 days
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Computer testing 21-05-2018 23-05-2018 3 days Requirement
specification
Network security
and performance
testing
24-05-2018 25-05-2018 2 days Design furniture
and network
structure
-
Data security
testing
26-05-2018 27-05-2018 2 days Network
component
installation
-
Monitoring and
post-actions
28-05-2018 31-05-2018 4 days 31-05-2018
Bug fixing and
configuration
28-05-2018 29-05-2018 2 days Computer testing
Training and
development
28-05-2018 29-05-2018 2 days Bug fixing and
configuration
Documentation 29-05-2018 30-05-2018 2 days Bug fixing and
configuration
Project closure 31-05-2018 31-05-2018 1 day Documentation
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Report to project sponsor
Importance of the quality/risk management plans
Quality management can be defined as the process to ensure that the quality of the project is according
to the specification so that client requirements can be achieved. It has consideration of the cost, time,
resources and efforts to achieve the task effectively. Quality management is a continuous process during
the task or project to meet the deliverables. It has importance in the following manner:
Set standards: Quality management plan contains the information on the project scope, activities,
business constraints, capabilities and matrices those are planned and implemented by the project
manager. It has importance to define quality assurance practices and standards and helps to understand
the significance of audit, testing and peer reviews. It helps to set the standards for the employees so that
modules and activities can be completed according to the quality specified in the specification document
(Burke, 2013).
Smart benchmarking: Project quality plans include the benchmarks for the employees so that they can
manage the cost and time along with desired output to meet the quality. It helps to benchmark the efforts
and resource requirements and manage the consistent quality during the project.
Control cost: It is useful to control the cost as it specified the quality of project so that activities can be
aligned and monitored more effectively. The organization can use the quality control management to
achieve the effective cost distribution among the activities and manage the performance of the
individual.
Delegate the responsibilities: The organization has importance of the quality control plan as it can
distribute the responsibilities to the employees so that they can complete the work module with high
performance and quality. It is effective to delegate the responsibilities and improve the work
performance (Harrison and Lock, 2017).
The organization also has importance of the risk management plan which is used to overcome from the
risk or eliminate the risks at workplace. The project has risk of the resources, assets, natural actions and
the financial constraints. Risk management plan is significant to control and manage the risks. However,
in the absence of the risk management plan, overall quality of the project will be influenced and
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degraded. The organization can predetermine the activities and risk associated with them to understand
the potential solutions to reduce or mitigate the impacts.
An effective quality management plan and risk management plan can help the organization to achieve
the expected quality in the project. The project also can be completed with high performance and quality
whereas the overall resource and constraint utilization is also effective (Taylor et al,2014). The
organization can make most of the benefits with the limited number of the resources and deliver the
quality as expected in projects.
Prince 2 methodology
Prince2 is a Structured Project Management Methodology or it is a project based method for effective
management. Prince2 helps managers of any organisation to improve their project management skills as
it provides consistent approaches for all projects that help to achieve organisational objectives quickly
and assure that project will meet all the requirements of clients and also it review the performance at
different intervals to change the plan accordingly. This is the best methodology for those project
managers who don’t want to leave their position or workplace for long time. Prince2 methodology is
very helpful for individual as well as group of managers who work together on project to complete it
within specified time duration (Matos and Lopes, 2013). It taught all project managers that how to make
best use of their skills to satisfy the clients at the end of project in both the terms time as well as cost.
Benefits of Prince2
 It is widely recognised project management methodology which explanations are available in 19
languages. As it is globally recognised project management methodology so it expands the
network and demand of products and services.
 It has common vocabulary and over 150 public and private sector organisation make a virtual
committee that consult on Prince2.
 It is a flexible project management methodology as it doesn’t require any other software to run
Prince2 apart from an organisation prefers to use.
Limitation of Prince2: This methodology is inappropriate for little projects where some plan and
strategies have to change according to need and requirements of clients.
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From the discussion, it can be recommended that the organization can make use of the prince 2
methodologies in the project as it provides the client focused requirements with high reliability. Also it
is highly modularized with empower the critical resources of the organization to interact with the
project. For example, it is effective to engage the stakeholders in the business project and empower the
cross functional working among the team members. The organization can make use of the methodology
to focus on the business needs behind the project planning (Matos and Lopes, 2013). Also the
modularized structure of the methodology can help the organization to achieve the change management
in project in effective manner.
Various organizations also have used prince 2 methodology in their projects to achieve the effective
outcomes. For example, Hilton has used the approach during the new hotel opening in London where
furniture and interior is prepared. The organization has completed the project within the constraints and
achieved high satisfaction in outcomes. The organization got more values on money invested in the
project due to persistent improvement and easy risk management. Also, Barclays has used the approach
to renovate new branch with IT system and furniture where the organization has optimized cost and
enhanced communication among stakeholders (Jamali and Oveisi, 2016). Besides to all, the
methodology is also limited in several cases. For example, in little projects where the requirements are
changeable and has high dependency on the log books, records and reports, the organization might be
unable to map the activities with the methodology defined structure.
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Conclusion
Presented report has been discussed the project scope, aims, objectives, approaches and stakeholder
analysis in which it is determined that the project goals are smart and achievable. The organization can
continue the budget plan and timeline to complete the project and meet the desired outcomes. Also the
risk register has been prepared and populated with the risks according to their priorities. It has been
concluded that prince2 methodology is significant for the organization to meet the goals and objectives.
The methodology can help the organization to optimize the cost and time.
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References
Books and Journals
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Eskerod, P. and Jepsen, A.L., 2016. Project stakeholder management. Routledge.
Eskerod, P., Huemann, M. and Savage, G., 2015. Project stakeholder management—past and
present. Project Management Journal, 46(6), pp.6-14.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach. Routledge.
Jamali, G. and Oveisi, M., 2016. A Study on Project Management Based on PMBOK and
PRINCE2. Modern Applied Science, 10(6), p.142.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling,
and controlling. John Wiley & Sons.
Matos, S. and Lopes, E., 2013. Prince2 or PMBOK–a question of choice. Procedia Technology, 9,
pp.787-794.
Taylor, H., Artman, E. and Woelfer, J.P., 2012. Information technology project risk management:
bridging the gap between research and practice. Journal of Information Technology, 27(1), pp.17-34.
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