Managing Projects

Managing Projects

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1. Description of the key characteristics related to a project.......................................................1
1b. Discussion of the importance regarding the use of integration management within project
management setting.....................................................................................................................3
2. Description about the scope statement for a project and the role played by WBS in
formulation of a scope statement.................................................................................................3
3. Description about the approaches which are exists to generate the budget for a specific
project budget..............................................................................................................................4
4. Identification of the four types of different risks and outlining of the various responses to
overcome from the two identified risks.......................................................................................4
5. Description of the quality methods which are needed to use for the purpose of completing
project successfully......................................................................................................................5
6. Formulation of Gantt chart along with critical path................................................................6
TASK 2............................................................................................................................................6
Project Initiation..........................................................................................................................6
Project Planning...........................................................................................................................7
Project Execution.........................................................................................................................9
Project Closure...........................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Project management is necessary task for the purpose of completing projects on time. It is
the typical exercise that includes the performance of various stages such as project initiation,
planning, execution and controlling. All these stages have their own role behind the
successfulness of project. The stage which has largest importance among all is planning. This
will not only help in determination of the aspects which are needed to do for competing the
project but also provide the opportunity to build the strategies or identify the mitigating measures
that improves future performances (Project Management, 2020). There are large number of
benefits associated with the activity of project management where it helps the project manager to
complete the work on time and within the provided financial resources. This also has importance
in direction of improving work quality through reduction of wastages and optimum utilisation of
resources. The main aim of this report is also to understand about the concept of project
management along with ascertaining associated benefits relating to the completion of a specific
project.
The report has two different tasks. Task 1 covers about key characteristics of any project,
importance of integration management in Project Management setting, Scope Statement for a
project, role of Work Breakdown Structure (WBS) in such a statement, approaches exist to
generate a budget for a specific project budget, four types of project risks and outlining various
responses that help to overcome from these two, quality methods (project evaluation, monitoring
and control) to ensure a project is successfully completed and formulation of Gantt chart along
with critical path. On the other hand, Task 2 covers about application of project life cycle stages
for the completion of specific project as given under the case study.
TASK 1
1. Description of the key characteristics related to a project
Project
A Project is characterized as 'a non-schedule, non-dreary irregular endeavour typically
with—discrete time, money related and specialized execution objectives.' The definition is
expressive and, in view of the unending assortment of activities, the greater part of the
definitions is of this nature (Artto, Ahola and Vartiainen, 2016).
1