BSBPMG522 Project Work: Definitions & Importance in Project Management

This assignment for BSBPMG522 Diploma of Business focuses on defining and explaining the importance of various project management terms. It covers scope, stakeholders, delegating authorities, project parameters, timelines, roles and responsibilities, project management tools, risk management planning, budget development, consultation approvals, support for project team members, required record keeping, risk management implementation, completed financial record keeping, reassignment of roles, sign-offs, and outcome and project review. Each term is defined, and its significance in successful project management is discussed, highlighting how these elements contribute to effective planning, execution, monitoring, and finalization of projects. The assignment emphasizes the importance of stakeholder management, risk mitigation, and team support in achieving project goals.

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Assessment Task
BSB50215 Diploma of Business
BSBPMG522 Undertake Project Work
BSBPMG522 Undertake Project Work
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Lonsdale Institute PTY LTD
Assessment Task
BSB50215 Diploma of Business
BSBPMG522 Undertake Project Work
Assessment Task
Explain the meaning of the below project management terms and give reasons as to why they are
important to project management. Reference your sources of information and use your own
words
Meaning (definition) Why it’s important to
project management
Section A
Project Definitions
Scope Scope of the project is generally
considered to be a part of
project planning process which
helps in the determination and
documentation of the list of
goals, tasks, deliverables, costs
and deadlines of a project.
Importance of Defining a project
scope includes the following:
 Helps in articulating the
things that the project
entails and this is done in
order make the
stakeholders understand
what are the things that are
involved;
 Associated with providing a
roadmap which can be used
by the project managers so
as to assign the tasks,
schedule the work as well
as the budget in an
appropriate way;
 Provides help in making the
team members focus upon
common objectives; and
lastly
 Helps in preventing the
projects, particularly
complex ones, from
expanding beyond the
established vision
Stakeholders
Stakeholders generally includes
those who are having any type
of interest in the outcomes of
the project. Typically it can be
stated that the project
stakeholders mainly includes
the project team, project
managers, the project sponsors,
the users, the customers and
the project executives.
Stakeholders are the people
who are invested in a project
 Different levels of duties and
authorities are assigned to
the Stakeholders while they
make contributions to the
project and this levels
generally differs as the
project proceeds forward.
 Identification of the key
Stakeholder is considered to
be a crucial factor and
needs to be done all
through the project life
cycle. Identification and
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Assessment Task
BSB50215 Diploma of Business
BSBPMG522 Undertake Project Work
and also those who would be
affected by the project at any
point of time all along the ways
and the input of the
stakeholders have a direct
impact upon the outcome.
understanding the effect of
the stakeholders in a project
and meeting their demands
acts as an essential
success factor for any
project.
 The stakeholders can have
a negative or a positive
upon the objectives of the
project and in a similar way
the project can also be
perceived as having a
negative or positive result
by the stakeholders.
Delegating Authorities
Project Parameters
Project parameters are
generally considered to be the
containers of information that is
defined previously and is then
added to multiple categories of
elements present in the project.
Project parameters are very
much specific for a project and
cannot be shared with any other
project. This project parameters
can be used in multi-category or
in single category schedules.
The four important project
parameters include the time,
cost, quality and quantity.
The projects parameters are
very important for a project as
kind of problem in defining the
parameters would eb having an
adverse effect upon the project.
For example, the time
parameter needs to be defined
in a proper way so as to
understand eth starting and
ending time of the project.
Another parameter is the cost
and it is very important to as this
helps in determination of the
budget that is required for eth
project. The other two
parameters are also important
for a project.
SECTION B – Planning the
Project
 Timelines A project timeline is generally
considered to be the heart beat
of each and every project and
this is associated with capturing
the essence of the what are the
things that are going to be
accomplished by the project and
the process by which this would
be done.
This is developed by the project
managers at the early stages of
the project and by building an
accurate timeline the project
would move towards success.
 Roles and
responsibilities
Distribution Of the roles and
responsibilities acts as key
factor for the success of any
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Assessment Task
BSB50215 Diploma of Business
BSBPMG522 Undertake Project Work
type of project. The role and
responsibilities of each member
of the project is different and
these roles are distributed
amongst them so as to clearly
set the expectations and for
understanding the
responsibilities. All type of roles
are used in all projects whereas
in some projects the roles might
also be combined.
 Project management
tools
Project management tools are
the aids used for the purpose of
assisting a particular individual
or a team for the purpose of
effectively organizing the work
and for eth purpose of
managing the projects and
tasks.
Project management tools plays
a very important role in
managing the projects of
different types. They play a vital
role in the planning, executing
and controlling all the aspects of
the project management
processes. Besides this the
usage of eth project
management tools helps in
ensuring the fact that each and
every task of the project is
completed within the assigned
time along with balancing the
workload of all the staffs so as
to have optimal management of
time. The major reason lying
behind this is that the project
management tool is associated
with enhancing the efficiency of
the resources along with
ensuring the project scope.
 Risk management
planning
Risk management plan is
considered to be the design that
is used for the purpose of
eliminating the impact of any
kind of risk events or for eth
purpose of minimizing the
events and this is mainly done
because the this type of events
have a negative impact upon
the projects.
Risk management planning is
important for a project because
it helps in many ways some of
those includes eth following:
 Helps in avoiding any kind
of big disasters due to
different risks.
 Associated with enhancing
the revenue by means of
saving the extra expenses
 Provides metal satisfaction
 Ensure the fact that the
project is completed
successfully
 Provides a competitive
advantage
 Increase sense of
responsibility and
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Assessment Task
BSB50215 Diploma of Business
BSBPMG522 Undertake Project Work
accountability
 New opportunities are
explored.
 Budget development A project budget is generally the
estimated financial plan that is
needed by a specific project
which needs funding.
This is important as this includes
the expenses that are
anticipated for a specific time
period along with the income
that is earned or the financial
input that is generated during
the project. Besides this the
project also acts as the core
component of any kind of project
proposal. A budget which is well
written is associated with
enhancing the funders
understand the implementation
of the project.
 Consultation
Approvals
This is the the approval that is
to be received from the project
managers as well as from the
customers and other
stakeholders who are involved
in a project.
The project needs to be
approved by the general
contractors and the customers
who would be receiving the
renovation and after a thorough
review of the plan produced and
the samples of the materials all
the adjustments would eb
tracked by the general
contractor. This would only be
completed after the customer
signs off officially.
 SECTION C –
Administration and
Monitoring
 Support for project
team members Team members of a particular
project re supported by the
project managers and by other
individuals associated with the
project. Besides this the team
members also supports each
other so as to conduct a work
effectively.
Supporting the team members is
essential as this helps in the
completion of the project in a
more effective way. Working
with one another would be
helping in achieving the
common objectives and
responsibilities so as to obtain a
specific result.
 Required record
keeping
 Risk management
implementation
This is the process of making
plans so as to avoid any kind
A risk management plan is
important as this helps in
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Assessment Task
BSB50215 Diploma of Business
BSBPMG522 Undertake Project Work
of unnecessary incidents. keeping the project on the
right track and within the
safety boundaries as well
making sure of eth fact that
the renovation of eth
kitchen is done is done in a
correct way. besides this it
would also be prohibiting
the future issues as well for
the customers. besides this
the risk management helps
in keeping the workers and
contractors safe all through
the project.
 SECTION D -
Finalisation and
Review.
 Completed
financial record
keeping
 Reassignment of
roles
Reassignment of roles is
important according to the skills
is to be done.
This is important as this helps in
achieving success of eth project
by making use of the skills of the
peoples who are assigned with
as specific role.
 Sign offs This is to be done by the
customers once the project is
completed.
This is important as this ensures
the end of eth project.
 Outcome and
project review
This is the process of reviewing
the final outcomes of the project
after completion.
This is important as this helps in
determination of the quality of
the final outcome.
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LA102 PP Assessment Management (SNR1.8) (ESOS 14.2) May 2018
Lonsdale Institute Pty Ltd
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