Business Project Work: Project Planning, Execution, and Finalization

This assignment delves into the core principles and practices of project management within a business context. It begins with an overview of project management tools, including scope definition, governance, work breakdown structures, scheduling, and budgeting. The document then explores the crucial aspects of clarifying project scope through documentation and stakeholder engagement, emphasizing the importance of risk assessment and identification. Detailed procedures for managing projects are outlined, covering lines of authority, quality assurance, human resources, and financial management, including budgeting and cost estimation. The assignment further examines legislative and regulatory expectations, resource allocation, and the development of comprehensive project plans. It concludes with a focus on project finalization, including documentation, sign-offs, reporting, and the benefits of team involvement in the review process, highlighting the significance of conducting project reviews and documenting outcomes. The assignment emphasizes practical application and provides a structured approach to managing projects from inception to completion.

BUSINESS PROJECT WORK

TABLE OF CONTENTS
QUESTIONS...................................................................................................................................1
1. Following are project management tools/knowledge..............................................................1
2. What types of documents and information do you need to clarify the scope of your project?
.....................................................................................................................................................2
3. Risk assessment of your project/s is a necessary part of a project. How do you identify the
risk for your project?...................................................................................................................3
4. How missions and goals of the operation are relevant to the project goal’s that you took
over?............................................................................................................................................3
5. How will you set below the process and procedures to manage your project?.......................4
5.1 Lines of authority and approvals.......................................................................................4
5.2 Quality assurance...............................................................................................................4
5.3 Human Resources..............................................................................................................4
5.4 Budgets and finance...........................................................................................................5
5.5 Record keeping and reporting............................................................................................6
6. What are the legislative and regulatory expectations in respect to your project in Australia?6
7. What is ‘project scope’?..........................................................................................................7
8. Who are ‘project stakeholders’? Why is it important to consult with stakeholders when
preparing a project plan? Provide at least four areas for consultation.........................................8
9. Why do you need their clarification and confirmation of project scope elements?................9
10. If it is necessary for you as project manager to define and affirm your line of reporting and
responsibilities, who should confirm this?................................................................................10
11. What are the questions you can ask when identifying interrelated projects within an
organisation?..............................................................................................................................10
12. There are many types of resources required when proceeding with a project. List three
common resources.....................................................................................................................11
13. How do you develop a plan in line with project parameters?..............................................12
14. When considering risk in your project, why is it important and why it is relevant to Work,
Health Safety requirements in Australia?..................................................................................12
15. How do you develop a project budget?...............................................................................13
16. Who do you consult with when developing and confirming your project plans?...............13

17. How do you finalise the completed plan? Who should approve it?...................................14
18. How do you allocate activities to the team members?........................................................14
19. After allocating the roles and responsibilities to team members, how do you support them
to achieve their activities?.........................................................................................................14
20. What monitoring plans would you put in action?................................................................14
21. Upon achieving project deliverables, what activities would you carry out to finalise the
project? How does your team members involved in this phase?...............................................15
22. What project documentations must be delivered and signed off upon project completion?
...................................................................................................................................................15
23. At the last stage of the project, it is important to finalise the project including
documentation, sign-offs and reporting review and document the project outcomes...............16
What process is involved in finalising a report?....................................................................16
b. List the individuals and/ or groups who may need to provide final sign-off on a project
OR what information do you generally need to have signed off? Explain............................17
c. What are the main advantages of involving the project team in the final review process?
...............................................................................................................................................17
d. Explain the benefits of conducting a project review and documenting outcomes............17
REFERENCES..............................................................................................................................19

QUESTIONS
1. Following are project management tools/knowledge.
 Scope
 Governance
 Activities list /Work break down structure (WBS)
 Scheduling
 Budgeting and cost estimation
 Gantt and bar charts
 Critical path method
How do project management tools contribute to a project?
Write the name of a project management tool which matches the description on the right column
of the table below.
How does each project management tool contribute? Project management
tool.
It is the definition of project, by saying who is in charge and
investor, what is the goal, how long will it take to deliver it, what
would be the cost and for what quality.
Gantt cart
It is the process of identifying the organizational chart and line
of power and responsibilities including those who are internal
and those who are external powers.
Governance
Defines the work that is required in order to produce the product
or deliverables. It is represented as a hierarchical subdivision of
a project into work areas with the lowest generally being a work
package or sometimes even an activity.
WBS
It is the allocation of time for accomplishing each task/ activity Scheduling
It is developed as a horizontal graph or chart. This chart gives
you an illustrated project plan that can be used for reviewing
your progress and tracking your performance. This technique
Gantt chart and bar
chart
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illustrates actions against time and the interaction between tasks.
It is allocation cost for each task/ activity Budgeting and cost
estimation
It is a diagram consisting of numbered rectangles that represent
events or milestones in the project. These are linked by labelled
directional lines (called vectors), which represent tasks in the
project. The direction of the arrows on the lines indicates the
sequence of tasks, showing the dependencies and highlighting
the intended schedule or critical pathway.
Critical path method
2. What types of documents and information do you need to clarify the scope of your project?
It is very much important that project manager that they are defining their scope and
methodology of their project so that they could start their project with goal or allocation their
project resources. They also need to define what is the need for first step in way of establishing
their project timeline and allocating all sort of resources as well. With this it is also essential to
collect and store different type of documents and information so that it could be easy for them to
develop and start their project on time and with specified budget. This is only done at time when
they project manager is defining their scope, budget, time, cost and objective of their project
before starting (Larson and Gray, 2015). So there will be number of documentations that are
required for clarification of scope of the project including scope documents that are serving bases
for the all stakeholder of project. Other than these things like that of available resources, team
requirements and expectations are also included into this. Stakeholder list is essential which will
be helping firm to analyses who all in terms of human resource would be required for completing
project.
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3. Risk assessment of your project/s is a necessary part of a project. How do you identify the risk
for your project?
Risk assessment is that process which help the employee or project manager to recognise what
are the prevailing risk, uncertainty and defaults which could lead to hazard are there into
workplace. As per the Health and Safety rule it is important that every workplace in UK are
regulating the safety and health of its workers and allowing them to freely work. The kind of
good risk assessment will be always preventing the chance of accidents, illness and potential
threats to life (Nicholas and Steyn, 2017). So risk assessment will be that process which is
helping project manager in identifying the potential risk, severity of that risk, frequency of
exposure to hazards and then making strategies for minimising it so that it could avoid the harm.
So risk assessment is very much necessary part of project while there are specified steps for
following or identification of these risk within project which are as follows:
 Active participation of whole project team so that they could share their thought and
experience within
 Identification risk must be taken from suggestions of all the employees or members of
project so that participation is there from all employees
 If any potential risk is identified by any of the team member then it must be recorded
regardless if the other one is not considering it.
4. How missions and goals of the operation are relevant to the project goal’s that you took over?
The mission of project will be timely delivery of project with given technology, resources,
human interference and under cost. This must be accomplished so that they are determining the
success and development of project. The goal of project will be timely delivery of project which
should be also of higher quality (Marchewka, 2014). While the operation goal and mission will
be related to having well and higher service quality so that company could able to meet up
expectation and demand of customers and their client as well. The goal and mission of operation
of company will be certainly to greater extent be relevant to that of goal of project. It is very
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much important that project manager is keeping similar goal and mission as that of their
operations.
5. How will you set below the process and procedures to manage your project?
5.1 Lines of authority and approvals
Line of authority has the power to delegate the job responsibility related to the specific
project. For the approval of project it is required to take permission from the high authority
and provide information about the project and related benchmark for accomplishing the
project (Turner, 2014). Project management need to take approval from high authorities
before accepting or rejecting the project.
5.2 Quality assurance
It includes that quality management technique that are required to produce effective projects.
Quality assurance is a process of meeting the standards of quality and continuously
monitoring the project to complete the project in time by achieving the target with set quality
material (Turner, 2014). It helps in improving the process of project by help of DMAIC
strategy that is defined, measure, analyse, improve and control to provide better results.
5.3 Human Resources
Human resource management organise, manage and lead the project team to complete the
project in specified time limit (Alias and et.al.,2014). The process and procedure of human
resource include identifying the project team members to complete the various projects. It
also assists in developing the project team for increasing their skills and knowledge by
providing proper training to them.
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5.4 Budgets and finance
The formal type of budget will mean and consist of work budget that is also known to as
allocated budget that is the accumulation of all the expected cost. It is also noted that all the
expected item within budget will be allocated to specified cost account only. It is very much
important for project manager that they are concerned with the planning and then monitoring or
controlling of budget that they are making. There will be certain activities which are to be
included within this planning and monitoring activity which are like that of budgeting, planning,
estimating, monitoring and then controlling as well (Fleming and Koppelman, 2016). As it is
very much important that company is working according to the approval which must be taken
from director of company before starting the project. Whole cost and budgets management will
be including complete life cycle of project from starting the initial planning phase within the
measuring of actual cost performance. The steps are as under of managing the budgets and
finance:
Resource planning- This will be the starting phrase of methods included within planning
process which means each activity need to be defined and resource allocation should be
done. For this purpose WBS is made and all sort of historical information need to be
compared that would be used in way of defining resources that are to be needed. There are
many type of resources which are needed for preparing or monitoring these are required
time, material, labour and equipment as well.
Estimating- There are many methods with the help of which budget or allocation of cost
will be done so that estimation could be taken out which will be giving total cost and budget
based on per activities.
Budgeting- This budgeting includes estimation of project schedule for input for the
budgeting that is giving overview of periodic and the total cost of the project as well.
Budgeting involves the starting point of cost baseline within approved time phased budget
which is been used for initiating and measuring the actual performance of progress.
Controlling- This called to as measuring up of variance from the cost baseline that is
effectively taking the corrective actions in way of achieving minimum amount of cost or
budgets.
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5.5 Record keeping and reporting
A record is that document which is stored in either electronic format or based on traditional
paper based format. While within the case of project record management it is that type of
systematic process which will be allowing project manager in way of retaining records for the
future use of it. Thus it would mainly outlining the details that are all relevant for project. so it is
very much required and important for managing whole record within project that allow project
manager to take up possible sets into use of project management (Eskerod and Jepsen, 2016).
There is specified process of the project record management which is described to as follows:
Input- This is all essential information that need to be included or recorded for the project is
defined to as input of record keeping and reporting.
Resources- These will be specified systems, software, communication tools that are required for
analysing and making the project record keeping and reporting as well. Resources will be very
much required for analysing how project manager will be conserving with management of
project in easy manner.
Guidelines- It becomes very much important and essential to look for guidelines of managing
and recording of record related to project which is to be undertaken. As there are specified
guidelines, management policies, documents standard, filing up of procedures and specified laws
for keeping up record for project.
Output- This means that what is the required output and end results of the document that was
included into input section output includes like that of files, record sheet and files as well.
6. What are the legislative and regulatory expectations in respect to your project in Australia?
There will be International standard which is providing guidance and concepts related to project
management which is very much important and then having influence on project completion as
well. For this ISO 21500:2012 is that standard which is related to guidance for project
management which is as per the international standard build up for developing easy management
of projects. Apart from this the project management policy will be clearly setting out
responsibilities and roles for easily managing the projects. For this Australian Institute of Project
Management (AIPM) is bee appointed which is responsible that would be project management
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(Heagney, 2016). Thus this will be showing compliance with all competent management
methodologies that is expected to be or work according to expectation including like that of:
 Planning and managing scope
 Planning and managing time
 Managing cost of project
 Managing and planning quality
 Managing and planning human resources of project
 Managing and planning communication
 Managing and planning risk of project
 Managing and planning procurement of project
 Managing the application for integrated project management process
7. What is ‘project scope’?
Project scope is that essential part of planning for project which is involving the listing out of
specified things like that of cost, delivery, task and cost of project. The project scope will be that
document which is including certain things like that of terms of reference, statement of work,
and scope statement within the boundary of project. This is also establishing roles and
responsibilities of project team that is as per provided guidelines in way of taking decisions in
way of changes (Kerzner, 2018). The scope statement will also be providing the team of project
in way of taking any sort of changes with policy formulation and is different charter which is
simply document where project is stored.
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8. Who are ‘project stakeholders’? Why is it important to consult with stakeholders when
preparing a project plan? Provide at least four areas for consultation.
As per the Project Management Institute (PMI) stakeholders refer to that individual or group of
individuals who would be impacting or could impact onto the decision making process to certain
or greater extent as well. So in short manner they are those entities who are having interest into
given project who could be either from inside or outside the organisation. Like those of sponsor
of the project, those who would be gaining interest upon successful completion of that project
and further to those who could either negatively or positively influencing process of completion
of the project (Heagney, 2016). There are number of stakeholder who would be having specified
impact on the project its completion and starting as well and they are also having interest onto
project. It becomes very much important to consult on these stakeholders at time of preparing up
project plan so that they could be giving specified advice based upon it. These include the
following with their consultation areas:
Stakeholders Description Consultation areas
Project leader They are the main person who
are related to whole project who
are responsible for making
decisions, deciding over the
planning and resourcing process
and tracking out all activities
which are important to be
undertaken
The consultation area
which project manager is
concerned with is taking
out decision for each
activity. As they are
responsible for focusing on
each task which they
would be instructing it to
others. So their main
consultation area is related
to planning and monitoring
of project
Resources manager They are responsible for
planning and allocating all
different types of resources like
human, funds and other
It is important to consult
them based on each and
every resources that are
required for successfully
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equipment and software. The
lack of these resources could be
regarded to as constraint on the
completion of project.
completion of projects. So
they would be concerned
with resource allocation in
this area their consultation
must be taken.
Project testers They are concerned with testing
up of performance, process and
products which will be end
result or output. It is very much
essential that a software
manager will be checking out
performance of project which is
carried on (Leach, 2014). As
they are not only responsible for
testing up of software but also
into testing up of end results or
output of project which could be
a product as well.
They are consulted with
the monitoring and
controlling of products so
that their quality could be
tested by project testers. So
their consultation is very
much compulsory who
would help in looking for
whether the project is
working according to
quality or not.
Consultants of project They are the one who would
consulting project manager
about what is working well and
where improvement would be
required. The consultation could
be based on any of the work or
any part of project.
They are to be taken
consultation on each and
every part of project so
that proper planning and
execution could be done
easily based on each
activity of project.
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