Assignment Solution: Industrial Project Management (MECH 0015)

This assignment solution addresses key aspects of Industrial Project Management, focusing on risk assessment, project variables, and project scheduling. Answer A emphasizes the critical importance of identifying and managing risks throughout the project lifecycle, detailing tools and techniques for comprehensive risk analysis, including sources, categories, probability, impact, and timeframe. Answer B explores the interplay between time, quality, and cost in project management, highlighting the conflicts and compromises that arise, and the importance of managing these variables to meet defined benchmarks, with time often being the most critical factor. Answer C differentiates between project scheduling and project management, clarifying that scheduling details the project's tasks within the project plan, and management serves as a blueprint. The solution references relevant academic sources to support its claims and provides a practical approach to project execution.

QUESTION 4
ANSWER A: Assessing risk in any project is very vital and important. Risks are to be identified and deal with it as
early as possible.Throghout carrying the project, the risk is dealt with and identification is done at each stage of the
life cycle of the project. The special importance is placed on the key aspects of the project during the project period.
This is a vital topic in every meeting and while reporting the status of the project. Some risks are very much known to
the senior and team members, which are called as known risks. Few are the tools and techniques, which are used to
identify the assessed risk in a more discipline manner, which consider that no major risk is overlooked or ignored
which are depicted here in below:
 Sources of Risk
 Category of Risk
 Analysis of Risk
 Risk Occurrence probability.
 Impact of Risk
 Exposure of Risk
 Time frame of Risk occurrence
While framing about the overall project done until date and looking into the various objectives of the project,
the team members and senior assess the risk involved in the management of the project, which are sometimes
overlooked at the initial point in the project. These risks are very important to be considered at the initial stage
so that while carrying out the project it does not create a major loophole.
ANSWER B: in a project management, all the variables are very important and must be looked into it i.e time,
quality and cost. There is very much conflict among these variables. As when the team fast the project work than they
spend on huge resources which burden up the project cost. Many a times the quality of the project is also
compromised to get the project work back on the track. Sometimes the manager of the project try to control the
budget of the project through negotiating with various vendor which causes delay in the project. Management of
project in good manner aims at ensuring that variables will meet the defined benchmark in the estimated time period.
It ensures that all the variables need to be carefully looked, observed and planned. For instance in many big projects
cost is controlled very properly during the initiation of the plan. However, generally time runs away near the
completion of the project, the manager and the staff spends a lot of resources and time to get the project steady on
track .Sometimes many important item are skipped in the project when it is known that there is no time left to carry
out the project. (Mohanty, 2017)
Thus, we can conclude that managing all the variables together will not yield a better result. As it involves more
complexity and compromise throughout the project. At the end of the project, one can say that none of the variable is
properly managed or look after. However we can say that in the project execution time e is considered to be very
important as it controls the remaining two other variables. To manage the time it means to be good on the other part
of the variable also.
ANSWER C: Project scheduling and project management are entirely two different aspects. Each aspect plays its
own part in getting a project completion on time. The schedule of project details the tasks of the project within the
project plan. The management serves as a master blue print of the project and the schedule lays down the details of
the various activities in the plan of project. At start of project, planning is done first. The schedule of the project can
only put at a place after the entire concerned person in the company easily understands the planning of the project.
The schedule of the project is mainly concerned with the specific parameters and it is related to the date and time of
the assign task to be completed by individual member of the team within the assigned timeline .The project plan
consist of the series of the plan which includes the parameters devoted to quality, assessment of risk,
communication.This entire arc can be observed by using any easy and lucid documents with word program.

The schedule of project generally depend on the software used like Microsoft project .A very good and effect method
of project schedule is Gantt chart which is a bar chart depicting the start and finish date of the project period. (Cunha,
2019)
References:
Cunha, D., 2019. Difference Between Project Plan & Project Schedule. [Online]
Available at: https://smallbusiness.chron.com/difference-between-project-plan-amp-project-schedule-40217.html
[Accessed 9 April 2019].
Mohanty, S., 2017. What is more important in projects – Time, cost or quality?. [Online]
Available at: https://www.vectorconsulting.in/insights-publications/engineering-industry-insights/what-is-more-
important-in-projects-time-cost-or-quality/
[Accessed 4 April 2019].