Project Management: Delivering on Time and Budget

This assignment focuses on the project of Fisher Street car parking construction. The project was initially assumed to be completed within 3 years but due to scope creep, the schedule was extended by 1 month. The additional cost incurred for achieving the target is calculated as AUD 26,800. The assignment discusses steps for delivering a project on time, including aligning company goals, bridging strategy formulation and execution gaps, maintaining executive sponsorship, hiring right talent, and dedicating team members to work. A breakdown of the project plan into smaller workable plans also helps in managing the project effectively. The bibliography includes relevant studies and articles related to project management and benefits governance frameworks.

Running head: PROJECT MANAGEMENT
Project: Fisher Street Car Park Construction
Name of the Student
Name of the University
Author’s Note

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Abstract
The paper mainly focuses the project of Fisher Street car parking construction. It is identified
that the project is mainly undertaken in order to provide proper parking facility to the people. As
per the assumption, the project will be successfully completed within 3 years after
commencement. However, due to some problems, scope creep occurs within the project. In order
to allow the scope creep within the project the project manager extends the schedule of the
project by 1 year. In this paper, the cost that is incurred due to extension of project schedule by 1
year is reflected. It is identified that budget of around AUD 26800 is incurred in order to achieve
the target of the project.

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Table of Contents
Question 2 (b)..................................................................................................................................4
Outlining steps for delivering project on time.............................................................................4
Discuss additional cost that will be incurred to achieve the target..............................................6
Bibliography....................................................................................................................................8

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Question 2 (b)
Outlining steps for delivering project on time
The steps that must be undertaken in order to deliver the project on time are as follows:
Aligning the goal of the company: It is necessary to consider proper roadmap that will
be helpful in driving the initiative of the company (Svejvig and Andersen 2015). It is identified
that without this, the team of the project will be not capable of achieving the long-term
objectives as well as goals of the project. If the goal of the company is properly aligned with the
project then the project managers generally works on the project by focusing on the goals and
objectives of the project and thus they will be able to complete the entire project within the
assumed timeframe. It is identified that if goals of the company is not aligned with the project
then the project managers can face difficulty in completing the project due to absence of proper
project related information.
Bridging gap between strategy formulation and execution: The next thing that is
needed to be tackled in order to deliver the project on time will be possible by bridging the gap
that exists between strategy formulation and execution (Hornstein 2015). If the steps that are
required for executing the project strategies are known then it will be quite easy to deliver the
project on time. If the project managers have proper knowledge about the project steps that are
necessary for executing the project then they can easily work on the steps for delivering the
project within the assumed timeframe. However if a gap exists between strategy formulation as
well as project execution then it will be quite difficult for the project managers to execute the
within the proposed timeframe.

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Maintaining executive sponsorship: The main role of the executive sponsors is to
support different company related projects for establishing proper link between the goals of the
company and the project goals. They are engage in champion projects, reinforcing guidance as
well as assists in resolving conflicts. It is identified that maintenance of executive sponsorship
within the project helps in delivering the project within the assumed timeframe as the project
managers provides proper guidance as well as helps in resolving difficulty that the team
members of the project faces during the project progress. On the other hand, it is identified that if
proper executive sponsorship is not present within the project then due to lack of guidance as
well as arising issues the project team will invest their most of the time in resolving the
challenges rather focusing on the project and as a result the project will not be delivered on time.
Hiring right talent: It is found that projects can be successful if right people are present
within the project team (Joslin and Muller 2015). In addition to this, if right project members are
hired then it will be easy to complete the project within time so that it can be delivered within the
due date. Hiring right members who are generally experienced as well as have proper skills is
necessary for completing the entire project within the estimated timeframe. However, if the team
members of the project does not have proper skills or knowledge about the project then they will
face difficulty in progressing with the project. Thus, it is very much necessary to hire the right
talent within the project.
Dedication from the project team: If the project team members are dedicated towards
their work then it will be quite easy to deliver the project on the due date as per the assumption
(Chih and Zwikael 2015). Thus, in order to motivate the team members towards the project, it is
very much necessary to have proper communication with the team members of the project. If the
team members are dedicated towards the project work then the entire work will be completed

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successfully within the estimated time and budget. However, absence of proper dedication
towards work within the project team members generally does not allow the project work to be
completed within the assumed timeframe.
Break up the project plan: The chances of risk delays as well as missed deadlines can
be broke up into smaller workable plans so that the team members can easily understand as well
as complete the project (Badewi 2016). This generally helps in creating added benefit for
allowing the project team members to see project in various stages of completion. In order to
complete the project on time, the project manager of the project stays disciplined and does not
allow the smaller deadlines of the project to slide. Breaking the project plan in number of steps
helps in managing the project work quite effectively and thus the entire project can be easily
completed within the assumed timeframe but if the project work are required to be done in large
complex form then the project managers will face lot of difficulties during project progress.
Discuss additional cost that will be incurred to achieve the target
It is identified that earlier it was assumed that the entire project would be completed
within 3 years after commencement. However, in order to allow the scope creep within the
project, the project manager extends the schedule of the project by 1 month. It is identified that if
the project work will be completed within 3 years then the budget that is needed in around AUD
4,405,600.00 however due to extension in the project schedule, the budget of the project also
increases and thus the new project budget is around AUD 4,432,400.00. Thus, the additional cost
that is incurred in order to achieve the target is reflected below:
Budget that is needed in 3 yrs. of project = AUD 4,405,600.00
Budget that is needed including 1 month scope creep= AUD 4,432,400.00

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Additional cost that is incurred for achieving target= AUD 4,432,400- AUD
4,405,600==AUD 26800
Thus, AUD 26800 is the additional cost that is incurred in order to achieve the target.

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Bibliography
Badewi, A., 2016. The impact of project management (PM) and benefits management (BM)
practices on project success: Towards developing a project benefits governance
framework. International Journal of Project Management, 34(4), pp.761-778.
Chih, Y.Y. and Zwikael, O., 2015. Project benefit management: A conceptual framework of
target benefit formulation. International Journal of Project Management, 33(2), pp.352-362.
Hornstein, H.A., 2015. The integration of project management and organizational change
management is now a necessity. International Journal of Project Management, 33(2), pp.291-
298.
Joslin, R. and Müller, R., 2015. Relationships between a project management methodology and
project success in different project governance contexts. International Journal of Project
Management, 33(6), pp.1377-1392.
Svejvig, P. and Andersen, P., 2015. Rethinking project management: A structured literature
review with a critical look at the brave new world. International Journal of Project
Management, 33(2), pp.278-290.