Project Management- Theory and Practice

Project Management- Theory
and Practice

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
a. Role of Project Manager in the Project Management..............................................................3
b. Performance, Time, Cost and Scope’ requirements can help or adversely affect any project 4
C. planning and scheduling of a project work will help in its successful implementation..........5
d. WBS dictionary and Identify the deliverables and organizational units responsible..............8
e. Risk Assessment and evaluation control of risks...................................................................10
f. Role of Process Improvement................................................................................................18
g. Significance of Project management Practices......................................................................19
h. Conclusion and Recommendations........................................................................................21
REFERENCES..............................................................................................................................22

INTRODUCTION
Project Management deals in the various processes including the planning and organising
the resources of company to perform a specific task or event for its completion. The project
management can be of the project which is one time or can be about and ongoing activity
(Saittakari, 2018). The resources used in this include finances, personnel, technology and the
intellectual property. Every project has its goal which is to be achieved after performing all the
phases of project management which are initiation, planning, execution, monitoring and closure.
Every project uses different methodology for carrying out the project such as waterfall,
traditional, agile, lean etc. This can be used in every industry whether it is engineering,
construction or IT companies.
a. Role of Project Manager in the Project Management
This project is based on Eagle Eye firm which is based in US. The company is the global
leader dealing in threat detection and screening technologies for transportation, military,
resilience and security applications. The aim of the company is relocating their current
headquarters from New York, US to Vancouver, Canada (Eagle Eye, 2021). The major reason
for doing this project is identifying the large client base in Canada and also the stakeholders of
the company also agreed with the fact that this relocation can help the company in performing
the operations of business more efficiently and effectively. This is why, the time for the project
completion including all the phases of the project management is from July 1st, 2019 to 31st
December, 2019 which is approximately 6 months. The approximate budget for the complete
project including each and everything is 10 million USD (Li and et.al., 2019). This was also
decided in the project that if the project gets completed before one month then the project
manager will get a handsome amount as incentive and also 3 million USD under budget.
The main role in the project is of the project managers, they are responsible for playing the
lead role in all the phases of the project. The project manager is accountable for the entire scope,
team, resources, success or failure of the entire project (Saittakari, 2018). The project manager in
this case of managing the project of Eagle Eye firm will be responsible for carrying out various
roles and responsibilities. These include setting the goal, feasibility test, planning the activities
for closing the headquarters in New York, research and development in Canada, relocating the
numerous operations including accounting, customer service, finance etc. The project manager
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will also ensure that the staff in the current headquarters is retained and do not leave the
company as they are well trained, experienced and aware of the policies and rules of the
company. Also, there will be a need to rehire some new personnel in Vancouver. This is why;
these responsibilities lie in the hands of project manager. The project manager will also work
efficiently with the key personnel, client and the stakeholders for establishing a collaborative
team. This can help in assessing the challenges, issues and the legal requirements so that
execution can be expedited. The schedule of all the activities will also be decided by the project
manager. Risks will also be assessed and will be tried to be mitigated. In this case of relocation
project of Eagle Eye, project manager will perform thorough research regarding the market in
Vancouver, Canada because shifting of headquarter is the major task which needs lot of research.
This is why; the project manager’s major responsibility is to carry out the research. Also, the
project manager needs to set an appropriate budget for all the activities and resources because if
there is cost overrun then this can lead to a major loss for the company as well as the manager
(Chen, Yan and Yang, 2020). The project manager also needs to communicate with the
stakeholders who have a major interest in the company because in case of any withdrawal of
stakeholder, the company can be at major risk. This is how; the project manager plays a major
role in this project management of relocation of headquarters of Eagle Eye firm.
b. Performance, Time, Cost and Scope’ requirements can help or adversely affect any project
Performance:
Performance is the vital element in the projects. As after the completion of the project
performance is measured to find out that project has completed successfully or not. There are
many things which affects the outcomes of the project. Some of them are project management
culture, organisational culture and project manager (Anantatmula and Rad, 2018). Organisational
culture comprises of determinants which includes artifacts, leadership, values, beliefs etc. In
project management culture there are some elements which are project methodology,
communication system, project learning, management support, shareholders etc. Elements in
project manager are capability, leadership method, competencies etc.
Time:
Time is the important aspect and when it comes to project then completing project on time is the
big success. In this project, management has said that if the project will be completed before 1
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month then project manager will get goof incentives. The estimated time for the project
completion is 6 months. So handsome incentive will the project manager gets only if the project
will be completed in 5 months. If the project is not completed on time then it can delay business
activities or business also have to face loss if it is not completed on time.
Cost:
Cost is the another important element of the project. Cost refers to the amount in which the
project will be completed. The estimated cost of completing this project is 10 million USD.
Company’s board told the project manager that if the project has completed 3 million USD under
budget then company will give handsome incentive to them. It is very important that proper cost
should have been allocated to each activity of the project. If project manager will not allocate
cost before only then there is the tendency that the project will go out of budget.
Scope:
Scope helps to make difference about what is included in the project and controls what should be
eliminated at the time of execution. Scope management states control factors which are used for
addressing the aspects for making changes during project lifecycle. The scope of this project is
more as eagle eye got great customer base in Canada. And the stakeholders of the company have
also accepted that this plan of relocation is best because it will help the business to perform
effectively and efficiently. If the scope is not decided early then to measure the success of the
project will not be possible. As this project is all about relocation of the company’s headquarters
to United States to Canada, the planning is done accordingly.
After the research which is done by the expert R&D department of the company they has found
that company will make profit more and achieve more success if they will reallocate their
headquarter from US to Canada. Although company have to rehire staff while working in
Canada but there is one advantage that in Canada they will get employees at low income rate
(Garwood and Poole, 2018). If company will get skilled employees on less pay scale then it will
increase profit of the company.
C. planning and scheduling of a project work will help in its successful implementation
Planning is the most important thing and it should be done before every project whether
the project is big or small. As without proper planning no project can be successfully
implemented. As in the planning process project manager will decide that what is the objective
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of this project because it is very important to finalise its objective so that success can be
measured. At the time p planning only manager will evaluate sources that from where funds will
be collected for the project. Fund collection is the another important part of the project. As
without fund project activities cannot be undertaken as every activity needs some budget so that
they can be completed. At this stage only data collection is done. For the eagle eye reallocation
project data collection is the important part as through collecting data only they can find out that
there is benefit for relocating to Canada or not.
Company has done research and studied market trends and after that they had came to the
conclusion that if they reallocate to Canada their the efficiency of their business operations can
be increased. At the planning stage only finalisation of research methods are done. It is again
important part of the project to decide that research will be conducted by using which method.
Along with planning, scheduling of the project is also important. Scheduling of the project is
listing the activities, milestones and deliverables of the project. Schedule also involves project
starting and finish data and the resources which has given to every activity so that it can be
successfully completed (Jaber and et.al., 2018). Effecting project scheduling is the main element
of effective time management. Project schedule also include master project schedule, it is the
schedule which make complex task simple within the given timeline.
Milestone schedule, this schedule is helpful in tracking the milestone and the deliverables,
the schedule also explains that one must not take every task for project completion. As to
complete the project, every task is not needed. Another schedule is detailed project schedule, it
is the in depth schedule because it is helpful in tracking every activities of the project. This
schedule is required when one have big, complex and lengthy project so that everything can be
kept in track. This relocation project is required detailed project schedule because it is the
complex project as it require shifting of the headquarter from one country to the other which is
not easy thing. As when to shift to other country then company have to follow legal rules and
regulations of that country and which is not easy. Eagle eye is relocating to Canada so they have
to follow legal guidelines of the Canadian government. Gantt chart is the project schedule and
which is used by many projects (Burghate, 2018). This project will also use Gantt chart so that
milestone and detailed project scheduling can be done.
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