Project Management | Assignment | Answers

Running head: PROJECT MANAGEMENT
Project management
Name of the Student
Name of the University
Author’s Note

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PROJECT MANAGEMENT
Table of Contents
Question no 1:............................................................................................................................2
Question no 2:............................................................................................................................2
Question no 3:............................................................................................................................3
Question no 4:............................................................................................................................3
Question no 5:............................................................................................................................3
Question no 6:............................................................................................................................4
Question no 7:............................................................................................................................4
Question no 8:............................................................................................................................4
Question no 9:............................................................................................................................4
Question no 10:..........................................................................................................................5
Question no 11:..........................................................................................................................5
References..................................................................................................................................6

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Question no 1:
A variety of tools are existing within project management for which the performance
of any project can be effective. The list of the project management related tools are as
follows:
Gantt chart – Gantt chart is considered as an essential tool which is utilized for tracking the
project activities across the timeline (Aven 2014). It describes how much time is required for
each of project activities. Within this chart, the phases of any project are clearly clarified and
the actions take place within those phases.
Pert Chart – Similar as Gantt chart, the pert chart is also considered as a project management
tool which is utilized for scheduling, organizing as well as coordinating the project activities
within a certain timeframe of the project (Aven 2016). In general sense, it is a methodology
using to analyse the project activities. This chart displays the minimum time required for
finishing the overall project.
Work Break down Structure – The work break down structure is also referred as a vital
project management tool which helps to organize all of the actions of any project among the
team members (Braglia and Frosolini 2014). The PMBOK outlines the WBS structure as the
hierarchical decomposition of the actions by which the progress of the project can be clearly
identified.
Question no 2:
According to the project management, the Gantt chart is deliberated as an essential
tool in which all of the project activities are clearly defined (McNeil, Frey and Embrechts
2015). Within the Gantt chart, the project is divided within a number of project phases and
also the phases are dived into a set of smaller activities. It also displays how the overall time

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period is spent among the project activities (Meredith, Mantel Jr and Shafer 2017). Also,
within each of the project activities, various project members are assigned and for that, within
this chart, it deliberates the cost of the project.
Question no 3:
PERT chart is also a project management oriented tool by which all of the tasks can
be easily scheduling as well as organizing and also coordinating. Sometimes, this per chart is
also called as pert diagram. However, this chart shows the graphical representation of the
project’s timeframe which allows the project supervisor for breaking down the project within
a number of smaller actions.
This pert chart utilizes a number of nodes by which all of the events or milestones can
be represented through the overall project. These nodes are linked each other with the lines or
vectors which represents various actions that are required to be finished.
Question no 4:
The work break down structure helps to decompose the project activities within a
hierarchy (Müller et al. 2014). With the help of this structure, the detailed version of cost as
well as timeframe are clearly defined and also provides a direction of the schedule
development of any project. Basically this structure helps to divide the overall task into
smaller tasks and subtasks so that it helps to complete the project within a scheduled
timeframe.
Question no 5:
The critical path is considered as a resource utilization related algorithm which is used
to schedule a set of the project actions. With the help of this method it can be clarified about
the dependencies of the project tasks (Nicholas and Steyn 2017). It helps to measure the

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project tasks from tyhe4 starting point to ending point. It also helps to define the original
project scope for accomplishing the project target.
Question no 6:
There are so many documents that are used to define the parameters of any project
and these are such as: project charter, communication plan and also risk management plan.
Question no 7:
Risks are treated as obstacles of the project management and for that it requires to
identify the risks within the progress of the project management. In this case, the planning
process is required to identify the project risks for running the performance of the project
within a smooth way (Pritchard and PMP 2014). Thus, to get the project within the smooth
way, it is required to identify the risks within the project.
The processes are such as:
 Delphi technique
 Root cause analysis
 Checklist analysis
Question no 8:
The risk management is outlined as an effective way which is used to allow the
project’s strengths as well as weaknesses, opportunities and also threats. The identification of
these factors ensures the success of the project and also identify the potential risks to avoid
issues within the projects. Moreover, it helps to determine the potentials risks for reducing
their likelihood and also providing better decision making for avoiding the risks.

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Question no 9:
The risk avoidance is considered as the elimination of the hazards as well as activities
and also helps to determine the negative effect on the project’s assets. However, the actual
aim of this risk avoidance is to control the potential damages or the financial consequences of
the threatening of the risks. It helps to avoid the compromising events.
Question no 10:
For eliminating as well as reducing and also controlling the impact of the risks, the
risk mitigation strategies are clearly designed. Moreover, this strategies are used to clarify the
potential risks which may cause the failures of the project. This strategies provide such ways
by which the risks can be mitigated from the project.
Question no 11:
The risk acceptance is considered as the fact by which it can help to accept the
identified risks and those risks do not take any action. Therefore, the project can accept those
identified risks. Most of the times, the risks are too much smaller in size and for that they do
not reflect any impact on the project or the project does not impacted by these risks. At this
moment, these kinds of risks are accepted within the progress of the project by risk
acceptance method.

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References
Aven, T., 2014. Risk, surprises and black swans: fundamental ideas and concepts in risk
assessment and risk management. Routledge.
Aven, T., 2016. Risk assessment and risk management: Review of recent advances on their
foundation. European Journal of Operational Research, 253(1), pp.1-13.
Braglia, M. and Frosolini, M., 2014. An integrated approach to implement project
management information systems within the extended enterprise. International Journal of
Project Management, 32(1), pp.18-29.
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative risk management: concepts,
techniques and tools-revised edition. Princeton university press.
Meredith, J.R., Mantel Jr, S.J. and Shafer, S.M., 2017. Project management: a managerial
approach. John Wiley & Sons.
Müller, R., Rolstadås, A., Tommelein, I., Schiefloe, P.M. and Ballard, G., 2014.
Understanding project success through analysis of project management
approach. International journal of managing projects in business.
Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and
technology. Routledge.
Pritchard, C.L. and PMP, P.R., 2014. Risk management: concepts and guidance. Auerbach
Publications.