Project Management: Tools, Documents, and Risk Management

This document provides a comprehensive guide to project management, covering topics such as project management tools, different types of documents, and the importance of risk management. It discusses various tools and techniques used in project management, including Gantt charts, logic networks, PERT charts, and work breakdown structures. It also explores the different types of documents and sources of information commonly used in project management, such as business cases, project charters, project communication plans, and project plans. Additionally, it explains the identification and importance of risk management in project management, along with the processes used for determining and managing risks. The document also provides insights into the organization's procedures for managing projects, including lines of authority and approvals, quality assurance, human resources, budgets and finance, recordkeeping, and reporting.

Running head: PROJECT MANAGEMENT
BSBPMG522 Undertake project work: Assignment 3: Knowledge Evidence
Name of the Student
Name of the University
Author’s Note

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Table of Contents
1. Project management tools and examples of tools that are used in project..................................2
2. Different types of documents and sources of information that commonly used.........................4
3. Identification as well as importance of risk management and processes that is used for
determining the risk.........................................................................................................................5
4. Explanation of the organization’s procedures for managing the project.....................................6
4.1 Lines of authority and approvals...........................................................................................6
4.2 Quality assurance...................................................................................................................7
4.3 Human resources...................................................................................................................7
4.4 Budgets and finance...............................................................................................................8
4.5 Recordkeeping.......................................................................................................................8
4.6 Reporting...............................................................................................................................8
Bibliography..................................................................................................................................10

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1. Project management tools and examples of tools that are used in project
The project management tools that are utilized within the project are generally reflected
below:
Gantt chart: Gantt chart is considered as one of the popular project management chart
that helps in tracking the project activities across the estimated time of the project. It is found
that Gantt chart does not helps in reflecting the relationships that exists between tasks but it has
become one of the common tool that is utilized for tracking time as well as dependencies of each
of the project tasks (Todorovic et al. 2015).
Logic Network: Logic network helps in indicating the sequence of various project
activities over time. It generally utilized for determining the project milestones and helps in
understanding the project dependencies, timescales as well as valuable information using the
technique.
PERT chart: The program evaluation and review technique is considered as one of the
method that is used for analyzing the tasks that are involved in the completion of the given
project that are generally needed for completing each of the project tasks as well as in
determining the minimum time that is required for completing the project successfully.
Work breakdown structure: A work breakdown structure is mainly a hierarchical
decomposition of the project deliverables that helps in breaking the project deliverables into
number of work packages which can be used be assigned within the project (Badewi 2016).
Moreover, it is found that a work breakdown structure is considered as one of the standard
project management tool that is used for planning the project.

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Product breakdown structure: Product breakdown structure is used for clarifying the
tasks that are needed to be delivered by the project which generally contribute within building
proper breakdown structure. As per the project management methodology, utilization of proper
product based planning helps in developing proper product breakdown structure.
The examples of the tools that are helpful in contributing within the project are generally
elaborated below:
Gantt chart: Gantt charts plays an important role in project by properly planning as well
as scheduling the project. They generally help in assessing the duration of the project as well as
helpful in determining the resources that are needed for completing the project tasks (Papke-
Shields and Boyer-Wright 2017). It is found that Gantt charts helps in improving
communication, avoiding resource overload, helps in measuring project progress as well as helps
in overlapping activities as well as dependencies of the project tasks.
PERT chart: PERT chart is one of the system that helps in scheduling as well as
coordinating a project. It is one of the statistical way for properly representing the milestone of
the project as a network diagram. It helps in predicting the project completion by considering the
uncertainty. Furthermore, it helps in allowing the project manager who generally takes the
responsibility of properly scheduling, coordinating complex project activities as well as tasks for
properly monitoring the project progress.
Work breakdown structure: The main purpose of work breakdown structure is to
properly reducing the complicated activities. This is considered to be quite important for the
project managers as they can be able to oversee the project tasks quite efficiently than the

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complex project activities. In addition to this, the WBS helps in tracking the progress of the
project schedule quite effectively (Kaiser, El Arbi and Ahlemann 2015).
Logic network: It is found that the logic network helps in presenting the various
sequence of project activities over time. It helps in reflecting the activities that are needed to do.
It is found that identification of project milestone is one of the important use of logic network.
Moreover, it also helps in reflecting the understanding about the task dependencies, timescales as
well as overall workflow of the project.
2. Different types of documents and sources of information that commonly
used
The types of documents as well as other sources of information that are commonly
utilized for defining the parameters of the project are listed below:
Business case: Business case is defined as one of the document that will helpful in
providing proper justification for properly investing the project. It is one of the kick off
document that helps in explaining the steps that are helpful in defining the project parameters
like project goals as well as project objectives (Serra and Kunc 2015).
Project charter: Project charter is considered as one of the important document of the
project that helps in reflecting on the scope of the project, its requirement as well as timeline of
the project. Thus, it is found that project charter is helpful in defining the parameters of the
project effectively.
Project communication plan: The communication plan that is developed for the project
so that the communication problem related with the project can be resolved. Furthermore, it
helps in defining the parameters of the project (De Carvalho et al. 2014).

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Project plan: Project management is one of the formal approved document that helps in
guiding the project execution as well as project control phase. Project plan is mainly utilized for
organizing different areas of the project including the project plans, workloads as well as
management of various teams as well as individuals.
3. Identification as well as importance of risk management and processes that
is used for determining the risk
It is found that effective identification as well as management of the project risks are
important for achieving success within the project. Utilization of effective risk management
strategies are generally helpful in determining the strengths, weaknesses, opportunities as well as
threats of the project (Conforto et al. 2016). It is found that by properly planning the unexpected
events, the project manager will be able to respond to the risks in order to mitigate them so that
the challenges related with the project can be minimized. Successful identification as well as
recognition of risk management is considered to be important as it generally helps in achieving
the goals of the project as per the planning, preparation as well as results that contributes within
the achievement of strategic goals of the project (Serra and Kunc 2015).
The steps that are mainly utilized for identifying the risks within the organization are
generally elaborated below:
Taking feedback from the employees: Seeking feedback from the employees by
conducting one on one interviews or group discussions, it is quite easy to get proper idea about
the issues and challenges that the employees of the organization faces or the risks that are
impacting the project negatively (Kivila, Martinsuo and Vuorinen 2017).

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Conducting external research: It is quite necessary to pay attention on the competitors
as well as companies that are quite similar to the organization in order to determine the risks as
well as challenges that are associated with the organization.
Analyzing the customer’s complaints: The complaints of the customers must be
effectively analyzed in order to determine the problems that are affecting the organization
negatively (Samset and Volden 2016). This helps in identifying the risks that are mainly
associated with the organization.
4. Explanation of the organization’s procedures for managing the project
It is found that there are a number of organization’s processes as well as procedures that
are helpful in managing the project successfully.
4.1 Lines of authority and approvals
The line of authority of the organization helps in establishing who is in charge of
providing orders in order to contribute to the efficient attainment of the entire objective of the
project. It is found that the line of authority helps in establishing proper chain of command that
generally reaches from top to bottom. It helps in eliminating confusion as well as helps in
creating proper accountability (Andersen 2016).
Approval from the organization is considered to be important for achieving success
within the entire project. It is found that the project sponsors as well as high level stakeholders
of the project generally provides approval after that the project manager can start with the work
of the project quite effectively.

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4.2 Quality assurance
Quality assurance is mainly defined as of the procedure that mainly reflects on the
processes that is utilized for effectively managing the quality of the project. It generally includes
proper meeting standards, progressive enhancing project as well as eliminating the defects that
are associated with the project (Padalkar and Gopinath 2016). It is found that proper quality
assurance plan helps in ensuring that the defects that are present associated with the quality will
be removed. The quality assurance procedure of the organization helps in maintaining proper
quality standards within the entire project so that entire project can get completed with proper
quality standards (Qazi et al. 2016). It is found that the project management team utilizes quality
management as well as control tools in discovering various types of ideas that are helpful in
making proper decisions as well as for prioritizing the issues that are associated with the project.
Proper maintenance of project quality is necessary for achieving the objectives of the project
effectively.
4.3 Human resources
Human resources are defined as the function of the organization that helps in dealing
with the various people as well as issues that are mainly associated with the project including
compensation, recruitment, performance, training and more. It is found that the human resource
concept of the organization is mainly used within the project in order to manage the human
resources that are associated with the project (Andersen 2016). The human resources that are
related with the project helps in reflecting processes that helps in organizing, managing as well
as leading the entire project team. The process of identification as well as well as documenting
the roles as well as responsibilities of the project helps in creating a staffing management plan.

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4.4 Budgets and finance
Budget is defined as one of the financial plan of the project that the organization needed
for its operation. The idea of budgeting as well as financing is mainly utilized within the project
in order to execute the activities of the project quite effectively so that the entire project can get
completed with the provided budget (Kerzner and Kerzner 2017). It is found that both budgeting
as well as financial forecasting helps in reflecting the cash flow, asset and risk management as
well as properly forecasting the budget of the project effectively. Budgeting and financing within
the project helps in providing detailed estimate about all the costs that are likely to be incurred
before the entire project gets completed successfully. Project budget helps in allowing the
managers of the project for determining how the project is likely to cost.
4.5 Recordkeeping
A recordkeeping system is mainly defined as one of the system that helps in capturing,
managing as well as providing access to records through time. Moreover, recordkeeping system
can either be electronic or paper based. The recordkeeping is used by the organization for
capturing all the records that are necessary for making the project successful (Padalkar and
Gopinath 2016). It is found that proper recordkeeping system that is used by the organization is
mainly utilized in the project in order to keep records of the various project activities. Proper
recordkeeping facilities are helpful in keeping the entire record associated with the project so that
any information related with the project can be achieved from the records at any time.
4.6 Reporting
The reporting structure of the entire business generally act as the chain of command that
is helpful on answering the supervisor. Organizing the entire reporting structure helps in setting
proper aspects of the company including different communication channels as well as decision

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making channels (Zheng et al. 2016). Proper reporting system is used by the organization for
reporting any information or decision to the upper level of the management. The organization’s
concept of reporting is mainly used in the project in order to report about the project related
information to the sponsor or higher level of management about the status of the project or
information about the risks or problems that are associated with the project.

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