(SIM335) -Managing Projects: Stages, Scope, AON Diagrams, Cost Appraisal, Risk Management, and Quality Audits

SIM 335 - MANAGING PROJECTS
Lecturer: Yannis Smirnis
Student: Nguyen Minh Sang

TABLE OF CONTENT
TASK 1. THEORIES 3
1. List and explain the four (4) stages of the Project Life Cycle, and discuss their
importance. 3
2. Describe and explain the importance of the project scope 3
a. What is the scope of a project and why is it essential 3
b. How would you define the scope of the concrete Masonery Corporation case
study? 4
3. Plot out an AON project network diagram for three projects and show their critical
paths and durations 4
a. Project A 4
b. Project B 4
c. Project C 5
4. Define the following cost appraisal methods and describe their benefits. 5
a. NPV 5
b. Payback 5
5. Identify three risks and how you would have assessed and managed these risks on
the Project in Task 2 6
6. Outline and explain the purpose of Quality audits. Identify the reasons why such
methods (Project evaluation, Monitoring and Control) would you introduce to ensure this
Task 2, ProjectProject (Concrete Masonry Corporation), is completed successfully 6
a. Quality audit 7
b. Project monitoring and evaluation (M&E) 7
TASK 2. CASE STUDY 8
1. Situation summary 8
a. Situation summary 8
b. Project life cycle 8
2. Conceptualization 9
a. Project scope 9
b. Project team's structure 9
c. Major milestones 10
3. Planning and execution 11
a. Project priorities and trade-offs 11
b. Work Breakdown Structure 12
c. Monitoring and control 13
Project monitoring 13
Project quality management 13
d. Cost appraisal 14
e. Risk management 15
4. Closure 16
REFERENCE 17
2

TASK 1. THEORIES
1. List and explain the four (4) stages of the Project Life Cycle, and
discuss their importance.
The project life cycle describes the stages in a project's life. It consists of 4 stages that are
usually known as (1) conceptualization, (2) planning, (3) execution, and (4) closure.
● Conceptualization: as the name suggests, this stage involves clarifying the aims and
basic requirements for a project. The project's scope, relevant resources (personnel,
budget, technologies, etc.), major milestones, and key stakeholders are defined.
● Planning: in this stage, the project's specifications, schematics, timelines, and other
detailed plans are generated. The project components are broken down to form work
packages, individual tasks are allocated, and the procedure all the way to completion
is explicitly defined.
● Execution: in this stage, the plan is executed and the work packages are done. The
project managers in this stage follow the process, tracking the completions of the
tasks, to ensure that they are in conformity with the plan.
● Closure: this stage happens when the completed project is given to the client, the
resources are released to their initial positions, and the project is closed. The project
managers also need to produce a report including justification of the results, the
lessons learned, and the recommendations for future projects.
Each stage of the project life cycle serves a different purpose with different importance. The
first stage allows the organization to make sure that a project is suitable and attainable. The
second and third stages create a scientific and systematic plan to control and follow the
project. Finally, the last stage ensures the project’s results are acceptable and provides
invaluable insights for future uses.
2. Describe and explain the importance of the project scope
a. What is the scope of a project and why is it essential
The project scope refers to every aspect of a project, including both work content and
outcomes to be achieved. Project Scope Management is the process to guarantee that the
project contains only the necessary work (PMI, 2017). It is important to note that the word
used here is “necessary”, meaning that there can be unforeseen situations and unplanned
work is required. Surprises occur, and project scope management manages scope
modifications to ensure that the project remains on schedule and within budget (PMI, n.d.).
Having a well-established scope brings many benefits to the project management team. One
of the most obvious benefits is that a good scope enhances project understanding through
visualization (Indeed, 2023). This visualization helps the team to engage, plan, control, and
track a project easier.
3

● Engage: a well-defined scope allows the project’s general understanding to every
team member. They would understand the workflow, their roles and contributions, and
the importance of their jobs, leading to higher engagement.
● Plan: a good scope also sets out clear result expectations and boundaries, thus making
planning easier. Project managers can base on the scope to design the plans that are
effective, in budget, measurable, attainable, and more.
● Control: with such a scope, project managers can always control projects easier by
comparing if any activity is out of boundary or does not meet requirements. They can
also based on the scope to make plans and execute necessary alterations.
● Track: finally, a good visualization of the project allows project managers to be fully
aware of the project progress. They will know what activities are on time and are late
so adjustments can be made.
b. How would you define the scope of the concrete Masonery Corporation case
study?
Please refer to the TASK 2: CASE STUDY of this report.
3. Plot out an AON project network diagram for three projects and
show their critical paths and durations
a. Project A
The duration of the project is 32 days, and the critical path is A - B - D - G - I - K - L
b. Project B
The duration of the project is 28 days, and the critical path is A - C - F - H - J - K - L
4