Project Management: Tools, Documents, and Risk Management

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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PROJECT MANAGEMENT
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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PROJECT MANAGEMENT
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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PROJECT MANAGEMENT
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