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Principles of Project Management : Assignment

   

Added on  2020-09-08

25 Pages4701 Words334 Views
PROJECT MANAGEMENTIN BUSINESS

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Describe the background and principles of project management..........................................11.2 Appraise the viability of project with developing successive/failure criteria........................31.3 Explaining the principles behind project management system and procedure......................51.4 Explaining key element involved in terminating project & conducting post-project appraisal.......................................................................................................................................6TASK 2............................................................................................................................................72.1 Identifying the most appropriate organizational structure.....................................................72.2 Project controlling and coordination.....................................................................................92.3 Examining project leadership requirements and qualities.....................................................92.4 Planning and specifying human resource requirements......................................................10TASK 3..........................................................................................................................................113.1 Constructing project plan & establishing organization.......................................................113.2 Applying project scheduling and establishing cost controlling techniques.........................143.3 Analyzing methods to measure project performance..........................................................143.4 Explaining project change control procedure to examine finished project.........................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17APPENDIX....................................................................................................................................19Project plan................................................................................................................................19

Index of tablesTable 1 Calculation of net present value.........................................................................................4Index of FiguresFigure 1 Phases of hotel construction project..................................................................................2Figure 2 Functional structure of new hotel construction project.....................................................7

INTRODUCTIONNow-a-days, managers often involve in various business projects like engineering,construction, technological advancement, new software development and others so as to enhancetheir competitive strength in the globally competitive environment. Institute of ProjectManagement defined it as a thoroughly procedure of overlooking the planning, initiation,organizing, implementation, controlling and termination phases. Every project manager employthe best knowledge, techniques, methods and tools with the aim of achieving desired targets byfocusing on certain specific parameters i.e. quality, cost, time and others. The report here layemphasizes on demonstrating the understanding of PM principles and ways to effectively planthe human resource management. Moreover, various tools & techniques will be employed tomeet out the targets successfully. TASK 11.1 Describe the background and principles of project management Alay, Joy, Sudjat and Shab are running a restaurant in the form of partnership inBorehamwood inside London from the last 5 years and serving both the corporate clients andlocal consumers. In order to fulfill the business target to become a key player in the hospitalityindustry, in the long-term business strategy, managers have decided to plan a six storey hotelbuilding with swimming pool in Borehamwood. Thus, this is a hotel construction project forproviding accommodation, food and beverages and other entertainment facilities to the localcommunity as well as corporate clients. The project will comprise various phases which the hotelmanagers need to conduct to finish successfully the construction work at decided cost of £1.5million and within the targeted period, enumerated below:1

Figure 1 Phases of hotel construction project(Source: Cicmil and et.al., 2017)Initiation: This stage covers deciding project goals and objectives of the new hotelconstruction project by taking approval from the top authority that are hotel’s board of directors(Martinelli and Milosevic, 2016).Planning: It aims at designing the best plan to avoid unnecessary course of changes thateventually impact project’s success. Project Management Plan covers planning scheduling,objectives, time, cost, quality management and many others. Implementation: It covers procurement of required physical and human resource and itsproper management for execution (Cicmil and et.al., 2017). Managing team, maintainingcoordination and scope management plays an inevitable role for successful execution. 2

Monitoring and controlling: It comprises putting control over budget, quality, schedule,risks and change management practices for minimize the deviations and reach goals. Termination: It is the close out phase in which the final outcome is delivered to thecustomer for intended use. Principles of Project management:Role of project manager: PM of the new hotel construction will be accountable to makenecessary plan and schedule the work accordingly so as to finish it within decided duration. Hemakes sure that work is executed or implemented properly or not in accordance with the qualitystandard, time & cost (Drouin, Sankaran and Muller, 2016). He is responsible for all theadministrative work i.e. change management, controlling & successful execution along withcommunicating the status report timely to the Board. Integration: It is required to identify the requirement resources i.e. physical, human andtechnological resources and ensure its proper integration so as to derive the targeted outcome. External influence: Before beginning the project, it is important to examine the externalmarket conditions like competitor’s action, volatility in interest rate, availability of requiredresources, technologies and asses its potential impact on the project functioning (Corvello,Javernick-Will and Ratta, 2017).Project structure: It is necessary to design an appropriate structure which clearly presentsthe hierarchy so that everyone has knowledge to whom he or she will be report or monitor whichassist in better coordination. 1.2 Appraise the viability of project with developing successive/failure criteriaPlanning a new hotel and swimming pool project requires an initial investment worth£1.5 billion which will be satisfied through bank loan @10% interest rate. Successive criteria:To design the best hotel infrastructure with advanced technologies to accommodate finalusers3

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