Project Management: Analysis for Mega Fun Company (BUS 101)

This report provides a comprehensive analysis of project management principles, focusing on their application within Mega Fun Company, a firm promoting large events in the Caribbean. The report begins with an introduction to project management, outlining key principles such as commitment, success, communication, life cycle, and cultural environment. It then assesses project viability, including time constraints, quality, scope, and cost structure, using a Net Present Value (NPV) analysis to compare project options. The report further examines the principles behind project management, emphasizing the importance of selecting worthy projects, understanding buyer requirements, and establishing clear roles and responsibilities. It delves into organizational structure, highlighting the roles of project managers, team members, sponsors, and executive sponsors. The report also discusses project control and coordination, emphasizing the need for effective communication and resource management. Furthermore, it addresses leadership qualities in project assessment and explores key elements in terminating projects and conducting post-project appraisals. The conclusion summarizes the importance of effective project management for achieving organizational goals.

Project Management for
Business

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
1.1 Background and principles of project management..............................................................1
1.2 Viability of project. ..............................................................................................................2
1.3 Principles behind project management.................................................................................3
1.4 Key elements under terminating projects and developing post project appraisals. .............4
Task 2...............................................................................................................................................5
2.1 Identification of organisational structure and roles or responsibilities of project
participants..................................................................................................................................5
2.2 Control and coordinate a project...........................................................................................6
2.3 leadership qualities under assessment of projects.................................................................6
2.4 Planning human resources and project requirements............................................................8
Task 3...............................................................................................................................................8
3.1 preparation of project plans to establish project organisation...............................................8
3.2 Cost control techniques.........................................................................................................9
3.3 Methods of measuring project performances......................................................................10
3.4 Project control procedure....................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Ideal starting of every project is determined under companies by adopting project
management function. This research is undertaken by highlighting Mega Fun Company; which
aids in promoting large event in Caribbean and desires to achieve long term success of its event.
However, it has been identified that project manager must set principles and goals which can
easily determine risk and uncertain factors that might affect the success of event. It further
showcases that step by step process of control management enables the project manager to
prepare the best effective plans with effective communication and coordination between team
members which benefits in attaining success of the cited event.
Task 1
1.1 Background and principles of project management.
Planning, organizing, staffing and controlling of available resources in the best possible
way to achieve desired objectives of MegaFun Company (Badewi and Shehab, 2016). For
example- developing or designing of a new project. This firm desires to promote its events at
larger areas of Caribbean to generate recognition and reputation among potential buyers. Their
main aid is to undertake project on time within allocated resources and formulated budget with
timely delivery. Principles of project management are:-
 Commitment principle: - Project sponsor of MegaFun and its team must assure mutually
about the tasks and resources that need to be determine before starting up the project.
Project sponsor develops creative ideas and opportunities to undertake effective
management of events or projects. Further, those plans are described among their
qualified team members of cited organization to undertake the assignment in effective
manner. Hence, they cite an agreement to mutually achieve projects goals (Marten and
Carvalho, 2016).
 Success principle: - Mainly aids in achieving success of conducted event. By optimizing
resources and available budgeted funds they develop a fruitful project.
 Primary communication channel principle: - All discussions that are made among
sponsor and its team members are performed under single channel to enhance discussions
related to event. This principle desires to create effective commitment among team
members.
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 Life cycle principle: - Planning and then going further is essential process which need to
be adopted by every project manager. Such activity develops project life cycle which
determines every aspect right from the start of project towards its end with effective
control among every activity.
 Cultural environment principle: - For executing the best project work, sound cultural
environment is necessary to be developed. Further, this benefits team members in
enabling best planned work on specified time (Swain and Lightfoot, 2016).
1.2 Viability of project.
Before undertaking any project managers first determine its viability. It is very crucial
aspect because it benefits in determining feasibility and even helps sponsor in enhancing their
knowledge regarding starting up the project. To analyze the difficulties and obstacles every
manager must develop management triangle (Conforto, Amaral and Kamikawachi, 2016). All
projects contain difficulties and risk factors under its execution. However, they identify three
elements of triangle management which benefits them in overcoming those uncertainties.
 Time constraint: - Controlling time to undertake liable projects is the crucial part to be
effectively managed under management of project. All activities are undertaken in
different time span; however, it is the duty of project manager to schedule it accordingly.
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Illustration 1: Principles of project management
(Source: Principles of project management, 2017)

 Quality of project: - Feasibility or life of project can only be achieved if it would contain
good quality products or services. Scope of projects is also determined through its quality
(Badewi and Shehab, 2016).
 Scope of project: - It should be timely determined because any fluctuation or changes
among this project can create negative impact over its cost and time. Scope must be well
defined to achieve desired quality.
 Cost structure to be planned: - To undertake a project its sponsor or manager must
crucially develop budget plans. Costs of executing projects are incurred under capitals,
agendas, equipment, expertise of employees etc.
Thus, above factors determine feasibility or success/failure of project. As an illustration, the
viability of two projects: A& B is judged underneath through adoption of Net present value
technique.
Table 1: Calculation of Net Present Value
Cash Flows
- Project A
PV
Factor
@10%
Present
Value -
Project A
Cash flows-
Project B
PV Factor
@10%
Present Value
- Project B
Initial
investment -220000.00 1.00
-
220000.00 -220000.00 1.00 -220000.00
1 56000.00 0.91 50909.09 59000.00 0.91 53636.36
2 64000.00 0.83 52892.56 69000.00 0.83 57024.79
3 60000.00 0.75 45078.89 65000.00 0.75 48835.46
4 69000.00 0.68 47127.93 76000.00 0.68 51909.02
5 75000.00 0.62 46569.10 85000.00 0.62 52778.31
Net Present Value 22577.57 Net Present Value 44183.95
As per the calculation presented above, it can be said that Project – B is a viable option for
investment since it has comparatively higher net present value.
1.3 Principles behind project management
Construction of project under MegaFun Company resulted as pyramids which contains
factors that must be determined by project manager (Hoda and Murugesan, 2016). These factors
are accountable in attaining development, organization or employees and development of
pyramid in a planned manner. Project managers determine principles that begins the project with
effective manner such as:-
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 Selection of project which is worthy for organization by recognizing its commercials.
Mainly they undergo the finest practices delivering the best exclusive outcomes.
 Understanding requirements and necessities of buyers to develop documents which can
build effective control and identify obstacles that are coming during its execution.
 Further, feasible report or plan is prepared to follow up projects accordingly (Aaron,
Blackwell and Burnard, 2016).
 Clear rights are constructed that determine faith and responsibilities among coworkers.
Such activities enhance morale and efficiency under them which benefits in developing
excellence under their work.
 Evaluations and developments must be timely tracked by managers to enhance
improvement wherever needed. It also benefits in identifying hurdles that are prevailing
while undergoing the project.
 Effective control is measured under the executed project to determine planned budgets
and even measures its growth and complexities.
 Project manager undergo test plans which is beneficial in recording consistency among
communications, difficulties faced under controlling and eliminates every repetitive
method to produce quality outputs (Sindhu, Choi, Lavy and Li, 2017).
 Provide guarantee among potential consumers and satisfy them completely by initiating
them with desired needs and preferences.
 Proactive approaches are prepared in advance to eradicate every damage and
cooperatively confront or address project menaces.
1.4 Key elements under terminating projects and developing post project appraisals.
If projects are ended or terminated due to specific reasons than it comes under the phase
of closing down which is also a crucial part of project management under MegaFun Company.
Signing off is done by the owner or sponsors of project depending on its type (Löhr, Löhr, Graef
and Sieber, 2017). Formal notices are even prescribed among its participants to make them learn
about its termination or stoppage.
Evaluation of such projects need to be presented among these elements:-
 Title of project.
 Persons or members involved under project.
 Objectives determined under this project and
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 Its achievements are determined including- resources, time and budget.
Review is even generated which showcase the actions or plans that are formulated among
project team members. It even assesses wrong decisions or criteria that has been followed under
execution. Recognition of benefits are derived among those members who has performed well
among others. Moreover, those assessments which are prepared under cited project must be kept
carefully to undertake their future projections. Lastly, success of executed project is celebrated
among individuals or groups who were involved under large event of MegaFun organisation
Task 2
2.1 Identification of organisational structure and roles or responsibilities of project participants
Managing human resources and assigned projects can be undertaken by appropriately
designing structure of Mega Fun Company. Every participants or members under project team
follows separate roles and responsibilities that coordinate or control qualities and requirements
(Winnick and Porretta, 2016). Elements or factors that are involved under organizational
structure can be differentiated among complexities and sizes. Mega Fun Company mostly
follows up internal projects that establish improvement within staffs to achieve company's goals.
Cited organization consists of 1 general manager, 2 regional managers, 8 event
organizers, 4 sales persons and 3 administrative assistants. Every person derives significant role
as per their roles under projects. Though as a project manager it's my crucial responsibility to
understand their capacity and responsibilities to undertake the projected event in well-organized
manner.
 Roles and responsibility of project manager: - Aids in establishing success of project
and possess primary role under project team. They ensure whether project is timely
undertaken within specified framework and formulation of budgets (Monteiro and
Partidário, 2017). Project manager under cited firms must adequately determine
allocation assessment of resources and maintaining relations among stakeholders and
contributors.
 Roles and responsibility of team members: - Role is to undertake work within one or
more stages for project execution. It can be either- external or internal consultants
depending on their working hours. Their responsibility is to actively contribute among
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project work and establish business needs with desires to fulfill them (Dwivedula,
Bredillet and Müller, 2016).
 Roles and responsibility of project sponsor: - They act as an in-house champion or driver
under Mega Fun event. They are part of senior management and aids in achieving high
level firm’s productivity. They are responsible in formulating effective decisions and
optimize available resources to achieve success of event. Executive sponsor: - He acts as a decision maker and enable scope for changes at every
level of Mega Fun event execution. They are responsible in approving project
deliverable, adopt frequent changes as desired by potential buyers. Similarly, they
possess ultimate responsibility under cited project.
2.2 Control and coordinate a project.
Project manager under Mega Fun Company is required to assess or develop relevant
scheduled plan as well as execution of project under determined manner. He is further liable to
coordinate and control projections until their end phase. Project managers maintains healthy
relations among stakeholders to deliver them with best desired services.
While its execution if there will be any lack of technical skills or resources it might affect
its consistency and liability (Shek, Yu and Chai, 2017). Control and coordination are the most
important aspects that needs to be effectively adopted to enhance project activities which can
contribute in attaining promotion among large sectors. Further, effective communication,
interaction, integration etc. would enable project managers in enhancing their coordination and
control within team members or prevailing event actions.
For managing or motivating human resources under cited company project manager has
adopted numerous tools and techniques. If there would be inadequacy in identifying, defining or
planning under projections than it would establish financial disasters under Event Company.
Therefore, project managers must focus in every activities and undertakings that are prevailing
within its execution (Harris-Keith, 2016). Strategic business goals and objectives need to be
typically involved in taking business decisions which ought to be affect overall efficiency or
growth of Mega fun company.
Hence, it is recommended for cited firms’ project manager to effectively control and
coordinate activities which are undertaking under their event activities.
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2.3 Leadership qualities under assessment of projects
From past few years it has been noticed that managing of project is a challenge that is
frequently faced under event companies. Therefore, project manager of Mega Fun Company
must adopt leadership qualities in developing effectiveness in conducting events. Further, project
manager must possess quality of leaders such as:- Good communicator: - For delivering effective information's or data from sponsors to
their team members must be clearly generated without any biases (McEvoy, Brady and
Munck, 2016). Such actions can be availed only if there would be good communication
skills among managers. For achieving desired goals and objectives they must be clearly
communicated among employees which eliminates every possible conflicts and obstacles. Enthusiasm: - positive behavior and attitude of a leader enables them in achieving
organizational goals and can further, acquire team building ability. Negative perceptions
of leader’s infrequence stress and negativity with group members which might affect
managing of their projects or events. Similarly, it has been determined that enthusiasm is
contagious which is required to be developed under effective leaders. Competence: - To enhance technical abilities under project manager competence skills
are necessary to be adopted. Events are usually undertaken as per desires and preferences
of potential consumers (Aga, Noorderhaven and Vallejo, 2016). However, it is crucial to
recognize every possible change that is occurring under cultural environment which may
influence buyer’s behavior. Thus, ability to accept challenges may be developed underb
leaders who possess competence quality among them.
 Team building skills: - To achieve desired objectives of Mega Fun company collective
team work is the most crucial aspect. Leaders must possess team building quality to
enhance dynamics among different team members and further motivates them in creating
friendly relations among coworkers. This eliminates every conflict between them and
therefore develop team building activity which is beneficial in attaining success of
conducted events.
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2.4 Planning human resources and project requirements
For execution of every projects or events human resources are required under each level.
They can be either skilled, semi-skilled or highly skilled. However, project manager formulates
team by hiring required members as per the project type. Mega Fun Company is sponsoring huge
event under Caribbean which required skilled as well as semi-skilled workers for undertaking
effective execution of projects (Floricel, Michela and Piperca, 2016). Skilled personnel help in
providing with innovative ideas to attract more consumers towards that event whereas semi-
skilled persons are desired to undertake proper arrangements for the cited company.
Project manager of cited company is further enacted in planning, identifying, locating and
arranging human resources as per the requirements. This benefits manager in achieving huge
success of the firm which in turn increase company's growth and profit. They prepare plan for
human resources reporting with different roles, abilities and responsibilities. Additionally, are
even allocated with training sessions or seminars to enhance their knowledge in undertaking
events activities. In order to gain long term success and recognition of event project management
plans are also developed by project manager of cited company.
Task 3
3.1 Preparation of project plans to establish project organisation
All projects are prepared with a desire to achieve their timely goals and deliverable. Thus,
benefits in developing effective details related to planning and managing of allotted project. Step
by step scope and objectives are defined by establishing effective project plans (Nabelsi, Gagnon
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Illustration 2: Leadership qualities
(Source: Leadership qualities under project manager, 2017)

and Brochot, 2017). Such activities benefit project manager of Mega Fun Company in achieving
its goals and objectives.
Scope and objectives are determined while preparation of project management plan.
Gantt charts are usually developed by project manager to communicate effectively among
stakeholders. To enable productivity under business organization, projected plans are prepared
among managers by adopting different stages:-
Step 1: - Value and scope of projects must be determined.
Step 2: - Extensive research is conducted.
Step 3: - Complex questions are asked or determined.
Step 4: - Outlining of project plans.
Step 5: - Discussion is undertaken among team members.
Step 6: - Project plan is written by its manager.
Step 7: - Execution of plan is done under Gantt charts.
Step 8: - Prepared plan is published.
Step 9: - Prepared plan is shared among team members and are clearly instructed to read it before
execution.
Step 10: - Continuation under planning process.
Standard plans are utilized by project manager to develop structured organization project
by identifying every hurdles and risk factors that may affect its execution. By analyzing roles and
responsibilities as well as behavior of team members effective planning of events can be done by
project manager with a desire to attain long term business goals.
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