Project Management Fundamentals and Case Study: AF PLC Report

This report provides a comprehensive analysis of project management fundamentals, using a case study of Automation Futures (AF PLC). The report begins with an executive summary and an introduction that highlights the significance of project management in achieving organizational objectives. Part A delves into project definition, exploring the iron triangle parameters of scope, time, and cost, along with risk management strategies. It includes a risk register and examines project planning, cost management, and the use of network diagrams and Gantt charts. The report also covers managing project progress and spending, including earned value analysis and acceleration techniques. Part B presents a reflective essay, discussing the challenges and lessons learned during the project. The conclusion summarizes the key findings and insights, and the report concludes with a list of references.

Fundamental of project management

EXECUTIVE SUMMARY
This report has been prepared on the basis of deep research of project management. It
includes the value of project management in operating managerial function as well as it
includes importance of various system, technique and tools of project management uses in
analysing cost, task, activities of fulfilling project within the organization. Automation
Futures has been taken for study of project management. On the basis of the case study of this
organization. Reflection has been written which describe all the problems, and issue faces
while completion of this project and things that learn through this report.

Contents
Fundamental of project management...................................................................................................1
EXECUTIVE SUMMARY...........................................................................................................................2
INTRODUCTION.....................................................................................................................................4
PART A...................................................................................................................................................4
Project Definition..............................................................................................................................4
Iron triangle parameters.....................................................................................................................4
Planning and costs.................................................................................................................................9
Managing progress and spending.....................................................................................................13
Earned Value Analysis and Acceleration..........................................................................................19
PART B.................................................................................................................................................22
Reflective Essay...............................................................................................................................22
CONCLUSION.......................................................................................................................................23
REFERENCES........................................................................................................................................24

INTRODUCTION
Project management is the process of organizing all activities, the operation aimed at achieving
client objective. This is a technique that captures reviews and monitors the actions of a specific basic
assignment. The company Automation Futures has launched a new project to enforce the concept of
project management that promotes the necessary objectives. The article addresses many of the
activities and behaviour undertaken throughout project management, how an administrator was
explicitly defined for decision-making process and collective experience evaluation in terms of
mission preparation and analysis risk procedures.
Throughout the project, in the sense of AF PLC and its customer company TTF PLC, criteria and
risk, preparation and costs, management of development and expenditure, and Earned Interest
Measurement and Acceleration are defined.
PART A
Project Definition
Iron triangle parameters
The iron triangle strategic planning technology is used by Automation Futures in the
meantime as part of the productive company. The productivity of the organization depends in large
part on how successfully they use their instruments to perform the job. There are some important
restrictions in the project triangle framework to characterize the current construction process for any
venture, as well as cost of constructing a project, process performance and time span. The first and
most successful care of the element of the research is achieved by methods and techniques to achieve
the goal of the project. The quality of the entire project can be maintained by developing the budget
schedule for this phase. Some constraints that can exist are listed below for the completion of the TTF
PLC venture:
A project was carried out on a fixed cost basis with flexible deliverables. AF PLC needs to
carry out customer-based targeted analyses in this scenario. Continued to carry out in small parts to be
delivered on time and tracked on deadline.
Fixed date: If consumers wish to conduct a transaction within a specified time, the function
must be executed in complete order and in margin requirement. The term is used for the transition of
completed jobs (Ding, 2016).
Identified scope: Flexible work needs to be performed as specified and period and budget set
for deployment. Job is maintained in this state and generates higher target accomplishment outcomes.

Fixed cost and efficiency: Continuity is provided to the implementation date once expenses
and different materials are needed. In this case the risk of unreasonable deadlines which enable to
complete work in time is rising.
Fixed cost and time: If the plan is to have continuous expense and time, then the criteria
listed are flexible throughout this case (Quresh and Kang, 2015). Cost and time would become the
constraints for the firm's latest project.
Fixed time and scope: In which a defined selection of deliverables will be accessible in a
period of time. The money paying for the concept is also no limitation. A strategy is formulated and is
called for minimizing and tracking unexpected costs in this process.
(b) Risk Register
Risk Management Register for XYZ Project
Identification of risk Assessment Response
Monitoring and
Control
Refe
renc
e
Event Reason Effect
Pro
babi
lity
Eff
ect
P x
L
Pol
icy Trigger Action
Respo
nsible
perso
n/s
Revie
w
Freq
uenc
y
Date of
status
and
general
notes
1 Shorta
ge of
financ
ial
fund
Organiz
ation
suffers
from
financial
fund
Project
task of
the
organiz
ation
will be
not
compe
ted on
specific
time
4 5 20 Mi
tig
ate
.Compan
y suffers
from the
shortage
of
financial
funds as
sponsors
of the
project
cannot
collect
In rode to
solve this
problem
manager
needs to start
the collection
round again a
take funds
from financial
institutions.
Projec
t
Mana
ger,
Execu
tive
Spons
or
Mont
hly
23.11.16
Register
updated
.
Alternati
ve
funding
sources
identifie
d

sufficient
fund at
the time
of
requirem
ent
2 The
proce
dure
of
budge
ts
makin
g is in
under
constr
uction
Compan
y faces
various
problem
s as
unexpec
ted
activites
and
events
come
during
the take
executio
n.
It will
directly
effect
on
profita
bility
rate of
the
organiz
ation
as
compa
ny
cannot
great
effect
profits
5 6 30 Go
od
es
tim
ati
on
Project
forecasti
ng goes
wrong.
Manager of
the
organization
use various
environment
scanning tools
in order to
formulate
policies and
forecasting it
Projec
t
mana
ger
and
emplo
yees.
Mont
hly
27/11/1
6
3 Period
of
time
Compan
y unable
to
compet
e their
task on
specific
time
It
directly
effect
on
employ
ers
moral
as they
cannot
compe
6 4 24 An
aly
sis
Problem
of time
arises as
manager
unable
to
estimate
correct
time,
.Manager of
the
organization
needs to verify
and check
each activity
on completion
of task and
compare it
with standard
Projec
t
Mana
ger
After
comp
letion
of an
activi
ty
29/11/1
6

te their
task on
time
time
4 Unpla
nned
activit
es
Workf
orce of
the
compa
ny get
disturb
and
district
ed
5 5 25 Mi
tig
ate
the
eff
ect
Preparation of
effective plans
and polices to
overcome
negative effect
of workers
Projec
t
mana
ger
and
team
memb
ers
Whe
n
requi
red
02/12/1
6
5 Lack
of
skills
Busines
s
organiza
tion
could
not
achieve
d their
goal .
Qualiti
es of
produc
t and
project
active
get
worse.
4 5 20 For
mu
lati
ng
ne
w
pr
oje
ct
file
s
Compan
y hire
unskilled
workforc
e
Business
organization
needs to
provide
training to
increase skills
and proved
technique
knowledge to
their
workforce
Projec
t
mana
geme
nt
team
With
each
activi
ty
02/12/1
6
6 Negle
ct
Busines
s
organiza
tion and
manage
r
neglecte
d the
time
Failure
of
project
5 4 20 Re
qui
re
d
co
nsi
de
ra
tio
Everyone
is liable
for
ignoranc
e of time
Company
needs to
making polices
in order to
focus on time
Team
memb
ers of
the
projec
t
For
each
activi
ty
05/12/1
6

duratio
n of
each
activity
n
ne
ed
s
to
be
pr
ovi
de
d
7 Proble
ms of
techn
ology
Organiz
ation ca
not
attain
equipm
ent of
recent
technol
ogy.
Effect
on
quality
of the
project
6 5 30 Ch
ec
kin
g
tec
hni
cal
via
bili
ty
Due to
lack of
financial
funds
manager
cannot
effort to
but
equipme
nt and
software
of
technolo
gy
Project
manager
require to
motivated
their
workforce in a
way threat
they can utilize
available
equipment in a
n effective
way.
Risk
mana
ger
Mont
hly
07/12/1
6
8 Value
of
cost
Unplann
ed and
unneces
sary
activites
task.
Busine
ss
organiz
ation
needs
funds
for
fulfillin
g each
4 4 16 Ac
cur
acy
Business
organiza
tion ca
not
control
unwante
d
activites
Execution of
polices in
order to
control cost
Projec
t
Mana
ger
Quar
terly
15/12/1
6

activity expense.
9 Lack
of
skills
of
mana
gers
Every
problem
arise in
organiza
tion is
te main
causes
of lack
of
manage
rial skills
Project
cannot
compe
te on
time,
cost
incurri
ng on
active
goes
high
and
profita
bility
rate of
the
project
goes
low
5 30 Ma
na
gin
g
ch
an
ge
Due to
lack of
expertise
and
manager
ial skills
manager
unable
to
formulat
e
effective
project
plan..
(Raff,
Seiler,
and
Apiou-
Sbirlea,
2017).
Hiring an
experience
manager.
Mana
geme
nt
team
Mont
hly
25/12/1
6
10 Comm
unica
tion
issue
Compan
y suffers
from
confirm
s and
issue of
betwee
n
employ
ee and
manage
r due to
Variati
on
betwe
en
actual
and
standa
rd
target,
conflict
s arises
due to
5 5 25 Eff
ec
tiv
e
co
m
mu
nic
ati
on
ch
an
Main
causes of
this, is
manager
cannot
convince
their
subordin
ates.
Essential
action and
activites has to
been taken
Mana
geme
nt and
team
memb
ers
At
each
stage
of
the
proje
ct
25/12/1
6

miss
commu
nication
lack of
comm
unicati
on
nel
Planning and costs
(a) Network Diagram
A network diagram is a graphical overview of all the functions AF PLC will perform during
the execution of the TTF PLC-supported project. Responsibilities as well as project management
are represented by various actions in this document. This list is complete with boxes with action
sequence identified with arrows placed where such activities take place (Crisp and Hosken 2016).
The sequence of steps to agree on the total time required to obtain the project is specified by this
network diagrams.
(b) Gantt Chart
Gantt graph of the same experiment done for TTF PLC would decide how long each
exercise would take to achieve. It will help to identify the start date as planned or not
expected to finish the project (Davies and Brady, 2016). S This innovation project will be

released by AF PLC on 8 July 2019, but will be completed on 6 July 2020. The above
proposal has a target of 25 September 2020, which consequently happens to be the same
project's actual end date. It allows the client to determine how well the project can be
accomplished and allow any excess profits in the smallest period as defined for the project. It
will help in providing graph in diagrammatical way through which manager can easily
evaluate the overall mechanism related to project and task.

Net profit of the contract
The amount of the project net operating cost was that of the allocated spending in the calculation
process. When the work is done during the timeframe allocated for completion and therefore provides
a bonus amount for AF PLC. As stated in the contracting arrangement, a total of £50k a day will be
paid as a reward, if the assignment is completed beyond the completion date. As AF PLC progresses
in finalizing the plan throughout the project allocated time and so results in the business larger than
expected amounts of revenue. The opportunity was used to balance the gross net revenue generated
for the project in the process of evaluating it (Emsley and Ghaffari, 2015). The calculation of net
profit is recognised for the fact that a sum of £13, 85 million is raised for the execution of contracts
within 81 days of the contract date of delivery. Previous operation generates manufacturing capital
and projects generate higher profits.
Calculation of Net profits
Particulars Amount in millions(£)
Budgeted price of the project 58.5
Profits through early completion of the project (81 days * 50k) 4.05
Total revenue 62.55
Less: Cost of the project 48.7
Net profit 13.85
Managing progress and spending
Gantt chart to determine the planned progress
Although Gantt charts are easy to construct, use and follow that help to draw meaningful
results. The best approach is to draw up a map that reveals how much the project throughout the