Managing Project Report

This report provides a comprehensive overview of project management principles and practices. It covers key characteristics of projects, the importance of scope statements and work breakdown structures (WBS), and the use of Gantt charts and critical path analysis for project scheduling. The report also discusses budget preparation, risk management, and quality control methods. Additionally, it outlines project activities, project life cycle stages, and various business processes involved in project management. The report concludes by emphasizing the importance of leadership, administration, and problem-solving in project control, highlighting the need for effective project management to achieve desired outcomes.

MANAGING
PROJECT

INTRODUCTION
Risk is the biggest issue faced by ever business for which project management technique
has adopted in order to facilitate the desired needs of a project. Project manager input important
data into the system in order to consider each and every factors to facilitate its variety of clients
in achieving all the targets within a given span of time. Project's efficiency will be tested by an
individual by adopting variety of tools and technique as the desired aim of project manager is to
eliminate all kinds of costs attached with the project. Minimization of costs will decrease the
overall risk factor which in turn increases the sales and the revenue generated from a specific
project in a business concern. The current report emphasizes on building a project in resolving all
kinds of risks involved in a business. It focuses of attributes of different projects to be consider
while initiating a particular project. Work breakdown structure is used to allocate work duties
along personnel that helps in creating a good scope statement in order to facilitate variety of aim
of the particular project. Gantt chart and critical path will help an individual in determining the
project completion time. Risks will be assessed by an individual with the preparation of a project
management plan. Different phases of a particular project will be evaluated in order to identify
errors or risks lies in each and every segment.
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TASK 1
Key characteristics of project
Illustration 1: Project traits
(Source: Characteristics of project plans,2017)
Key factors play an important role in a particular project as these acts like important
parameters in order to improve the existing conditions of business (Turner, 2014). Efficiency of a
project will get increases with the help of various factors considers by an individual in its project
that helps in completing a project within a given span of time. There are various factors which
will be consider by a project manager is given as below:
Scope- This element is mentioned in every project that determines the future role of the current
project as future of a project has depended on the coverage various factors in a project.,
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Resources- Gantt chart is used to schedule all the activities in a systematical order along with the
allocation of variety of resources in a particular business project. Use of different plays a
significant role as this helps in increasing the chances of completing a particular project y
accomplishing all the aims and targets.
Time- Basic constraint of every project is the time as proper allocation of time is essential as this
facilitates an individual in meeting all its needs and expectations by saving the time of a
business.
Quality- Different tasks completed in a project will help an entity in order to maintain the
quality of all the resources kept in an entity for long period.
Risks- Negative aspects involved in the business that affects its existing performance is he risk
factor which will be identified in advance in safeguarding the current condition of an entity.
Scope statement and role of WBS in the similar statement
Illustration 2: Scope statement
(Source:Project scope statement,2017)
A scope statement is regarded as the written description of all the activities to be
conducted in a project that helps an individual all the desired goal and the objectives within a
given span of time (Kerzner, 2013). It acts like a guiding framework in which each and every
aspects will be covered by an individual in accomplishing its projects aims and targets. Several
characteristics of scope statement depicts its goodness hat also helps a project manager in
satisfying the needs of all the external market users are given as below:
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Description about activities- All the products or services offered by an entity will be displayed
in the project plan in order to attract wide number of customers toward its competencies.
Criteria- Conditions or acceptance criteria will be included in a business project that help an
individual in order to generate desired outcomes.
Deliverable- Final outcomes generated from the completion of project will be mentioned in the
scope statement itself in order to help all the users.
Constraints- Project milestones will be included initially that are inherent challenges attached
with a project will inspire the project manager to focus on all those areas appropriately.
Illustration 3: Work Breakdown Structure
(Source: Project management, 2009)
Work breakdown structure allocates all the duties related to a particular project as their
basic responsibility is to achieve all the targets within a given range. Inclusion of WBS in the
scope statement will help a project manager in order to estimate the overall time duration in
which a singular project get completed (Burke, 2013). Causes of delaying in a project will be
easily identified with the help of WBS in a project management plan.
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Prepare Gantt chart and critical path
Illustration 4: Gantt Chart
Illustration 5: Critical path
Critical path and Gantt chart used in the project management that displays various
projects activities in a systematical order to help project manager in achieving all the goals and
the objectives within a given span of time. Critical path of the above mention project shows the
actual time duration in which the project get completed by satisfying all needs and expectations
of different users of the current project.
Critical path of the current project helps in determining the time duration in which whole
project get completed within he desired deadline given by the external market users as their basic
aim is to complete all the objectives. Critical of the above project is 1+2+4+6 that is in total this
existing project requires 5+4+3+7 = 19 days required to complete the current project which
safeguards the time of an entity to be invested in some important projects in generating higher
results.
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Approaches used to prepare budget
Budget is important to be included in a particular project as it covers all important aspects
on which an entity need to be emphasize in achieving all the aims within the budget limit of a
business concern (Leach, 2014). Costs incurred on all the activities are properly allocated within
the budget limit as this would help an enterprise owner in arranging all the activities with the
help of costs prioritization. Budgets prepared in a business project are attached with the time as
costs will be decreases with the passage of time as this would directly affected on the existing
sales and the revenue of an entity.
Illustration 6: Project budget
(Source: Project budget, 2017)
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Risk management plan
Risks in a particular business project is required to be evaluated by a project manager as
this would affect an entity's overall performance within a given span of time. Risks identified in
project will be used as performance metric in order to stabilize the existing business conditions
of an entity owner (Heagney, 2016). Risks is the biggest issue faced by an enterprise owner that
will be identifies at every stage of business. Different kinds of risks incurred in a project such as
financial as well as non-financial risks incurred in the business concerns which will be removed
with the passage of time. Efficiency of risks will be assessed wit the help of different risk's
matrix that alerts top management about its existing business performance which in turn
increases its overall skill and the capabilities in order to brought change in the current business
systems. Danger in the business will be identifies in advance which helps in targeting sensitive
aspects of the concern that may exposed to external market in affecting thee current performance
of an enterprise.
Illustration 7: Risks matrix
(Source:Risk matrix, 2015)
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Quality methods are used to ensure successful completion of project
Quality of a project will be tested using three important measures such as project
evaluation, monitoring and controlling of a project. These three components are interrelated with
each other as one factor affects another factor (Meredith, Mantel Jr and Shafer, 2013).
Accomplishing all these three components will help an individual in order to accomplish the
desired outcomes of a particular project. Closure forms and checklist are used in the project
management plan in order to rectify all the mistakes committed in framing project management
plan as this helps in affecting the existing business performance of an entity within a particular
financial year.
TASK 2
Outline the activities in a project
Table 1: Activities of project
Activities Description Cost Time scale
Market research Basic requisite of
performing any kind
of research is to
conduct external
market research.
Trends and buying
patterns can be easily
traced with the help of
conducting market
research. Research
will be conducted by
an individual will be
helpful for a particular
project as this would
include all important
facts and figures in
order to achieve the
£500 7 days
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desired outcomes
within a given span of
time. There are two
important kinds of
research conducted by
the researcher that will
emphasizes on all
important aspects
which helps in
improving the existing
business conditions of
an individual whose
primary motive is to
target all important
facts to be included in
singular research.
Primary research will
be adopted by an
individual in which
data gathered for a
particular research
enhance the overall
quality of information.
Outcomes generated
out of primary
research are highly
accurate as the
researchers are
personally appointed
in order to conduct
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