Project Management Integration Report

This report discusses various aspects of project management integration, including risk analysis, budgeting, benchmarking, earned value management, and project scheduling. It emphasizes the importance of these elements in ensuring successful project execution and stakeholder satisfaction. The report also highlights techniques for managing project costs and timelines effectively.

Running head: POJECT MANAGEMENT INTEGRATION
Project management integration
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Table of Contents
Question 1........................................................................................................................................2
Question 2........................................................................................................................................2
Question 3........................................................................................................................................3
Question 4........................................................................................................................................4
Question 5........................................................................................................................................5
Question 6........................................................................................................................................6
References........................................................................................................................................7

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Question 1
Risk analysis and budgeting are two related terms in the field of the marketing and
management. There are several risk factors which can be also harmful for the organisational
safety. There are several types of risk factors like corporate risk, stand-alone risk, competitive
risk, market risk, project specific risk and industry specific risk. The primary features of this
discussion are to put emphasis on the concept about the possible significance of budgeting in the
risk management (Brones et al., 2014). There are several reasons behind the risk factors like
inability of the decision makers. The financial risk can also be happened due to lack of proper
planning related to the financial budgeting. In case of a project management scenario the
budgeting is the primary and most important element of financial planning. Proper budgeting can
allocate the proper amount and type of employees and the proper duration to every task and that
is given in terms of the amount of the money. The primary advantage of using proper budgeting
lead to the proper execution of the project and that automatically decreases the amount of the
possible risks which can be occurred during the project (Fleming, & Koppelman, 2016). There
are many aspects of using the budgeting by restricting the expenditure and by utilising the
quality of the products in the project. The risk related to lack of planning from the employees and
the related to the over amount of the expenditure can decrease the risk fact ors to a greater
amount.
Question 2
The implementation of benchmarking in project management is important from the point
of view of applying the knowledge extracted from the competitive analysis of several projects
and business processes (Hornstein, 2015). Benchmarking is a concept related to the comparison
of one’s business processes and performance matrices to the processes and practices of the

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industry’s best organisations. The primary parameters which are compared are the time, cost and
quality. In case of benchmarking the management of the organisation chooses the best
organisation or company in the particular industry, the main advantage of benchmarking is that it
is utilised to find out several kinds of gaps between one’s company and the best company in that
sector, the main thing in case of benchmarking is the data which are collected from several
analysis from the comparison between the company and the organisations. From the data
collected from the analysis of the organisation is that it can make the system more advantageous
in terms of understanding the proper way of performing the projects, planning and understanding
the ways of achieving the targets (Kerzner, 2013). The data collected from this benchmarking
analysis is very important from the point of view of achieving the best solutions of some issues
related to the organisation. This process is also a continuous process. The primary advantage of
using this system is that it can make the project successful by implementing the critical success
factors which can also be useful in proper executi0on of the projects (Naber, 2017). The data
related to the benchmarking process can be collected through several processes like surveys,
questionnaire and many more. The process should be utilised in legal way.
Question 3
The earned value management generally uses the dollars in case of managing the
schedule performance. The primary advantage of using the system in a more advanced way is to
implement the earned value management for better management of the cost and the amount of
the expenditure (Leach, 2014). The basic concept related to the earned value management is
regarding the cost control technique of an organisation. This concept is actually used in order to
monitor the project costs and it will set an alarming tone when the amount of cost exceeds the
planned amount of the work. The project cost and the schedule performance should not differ

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and considered as integrated elements of the system. If those differ then it should be understood
that the process is not going in the proper direction. The main concept behind the application of
the earned value management (EVM) is that it can solve this problem by showing the actual
image of the spending with respect to the baseline plan. There are mainly three information
based on which the EVM technique is used. Those are the amount of the work, the amount of
spending on the work and the pre planned baseline budget. There are some formulae related to
the EVM system. Schedule variance is the difference between the earned value and the plan
value. Cost variance is the difference between the earned value and the cost variance. Dollars are
used as the standard currency as this is used mostly in international transaction and as a standards
the use of the dollars are noted.
Question 4
The project management has several stages of managing a project. Project scheduling is
one of the important stages of the project management process. The primary advantage of
making the project schedule is to make the mechanism for asking the requirements for the
completion of the project (Mubarak, 2015). A project schedule is the concept of making the
planning for the utility of the company resources and to restrict the amount of the time for the
completion of the steps regarding the project. The project manager is the main person who
designs all the stages related to the project management. He is responsible for the proper
implementation and execution of the timings and costs given for the project. The basic idea
related to the system of the project management is to design all the outline of the execution of the
processes and an important part of making the project management stages is the project
scheduling. That is why the project manager should be concerned about the project scheduling
and the main responsibility of the project manager is to define the features of the project

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management method. There are three main features of the project scheduling and those are the
person who is responsible for the specific task, the duration of the task and the things to be done
in the task (Nicholas & Steyn, 2017). The primary objective of making the system is to do the
project in such a manner so that all these three features are well maintained and to observe that is
the main responsibility of the project manager.
Question 5
The project manager is the responsible person for managing the project management
techniques and as the project schedule is one of the most important stage of the project
management process it is important to create the outline for manipulating the project schedule.
The another important thing of making the project scheduling more advanced in nature is to
compress the project scheduling part. The project manager mainly put emphasis in defining the
required activities to complete the project and the project manager also create the sequence of
executing the project (Phillips, 2013). Another important step is to estimate the required
resources and the time for each activity. The execution should also be done in the estimated time
limit. Schedule compression is done in order to shorten the schedule by not affecting the scope of
the project. Project compression is used to make the project management system more compact
but it also maintains the constraints, imposed dates and other schedule objective. The project
manager can implement two methods which are crashing and fast tracking for the schedule
compressing (Tian & Demeulemeester, 2014). In crashing the steps are related to getting the
resources from the projects as loan and paying extra for fast shipment purchased material and it
trades off the cost and duration. In case fast tracking the sequences are converted in terms of
parallel tasks in order to compress the project scheduling. Schedule compression leads to
possibilities of increment of cost and risk to some extent.

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Question 6
The primary need of compressing a project scheduling is to cooperate with the need of
the stakeholders. Generally the project management is done remembering that all the steps
regarding the project should be done within the deadline of both time and cost. There is some
amount of margin is kept in the amount of the time and the cost as the project execution is given
with the highest priority (Schwalbe, 2015). The primary need for the cost and time scheduling is
that the estimation should be in a proper way and the project should not collapse due to the lack
of time or cost. But in some cases the stakeholder requires the project to be done before the
deadline. In that case the project scheduling compression is done. In that case the possibilities of
the risk and the cost are increased but that is done only to manage the requirements of the
stakeholders. In that case sometimes reworks can be done in order to overcome the errors.
This will actually be decided by the project manager who is responsible for the
scheduling of the project. The primary decisions and the scheduling are done by the decisions
and estimation done by the project manager (Walker, 2015). The project manager is also
responsible to the stakeholders in case of replying to any errors.

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References
Brones, F., de Carvalho, M. M., & de Senzi Zancul, E. (2014). Ecodesign in project
management: a missing link for the integration of sustainability in product development?.
Journal of Cleaner Production, 80, 106-118.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.
Hornstein, H. A. (2015). The integration of project management and organizational change
management is now a necessity. International Journal of Project Management, 33(2),
291-298.
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Leach, L. P. (2014). Critical chain project management. Artech House.
Mubarak, S. A. (2015). Construction project scheduling and control. John Wiley & Sons.
Naber, A. (2017). Resource-constrained project scheduling with flexible resource profiles in
continuous time. Computers & Operations Research, 84, 33-45.
Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and
technology. Taylor & Francis.
Phillips, J. (2013). PMP, Project Management Professional (Certification Study Guides).
McGraw-Hill Osborne Media.

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Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Tian, W., & Demeulemeester, E. (2014). Railway scheduling reduces the expected project
makespan over roadrunner scheduling in a multi-mode project scheduling environment.
Annals of Operations Research, 213(1), 271-291.
Walker, A. (2015). Project management in construction. John Wiley & Sons.