Project Management Analysis and Risk Assessment: Automation Futures

This report provides a comprehensive analysis of project management principles, focusing on the Automation Futures (AF) case study. It begins with an introduction to project management, emphasizing its role in achieving organizational goals. The report then delves into project definition, exploring parameters and risks using the Iron Triangle framework, and includes a detailed risk register. Planning aspects are discussed, including the use of Gantt charts and network diagrams for task sequencing and time management. The report also covers cost management, including net profit calculations and the impact of early project completion. The analysis extends to managing progress and spending, with a focus on Earned Value Analysis and acceleration strategies. The document showcases how AF PLC manages projects, assesses risks, plans resources, and monitors progress within the context of its client, TTF PLC, providing a well-rounded understanding of practical project management techniques.

Fundamentals of Project
Management

Abstract
This document provides a comprehensive project management analysis that addresses all the
basic elements and seeks to define the significance of project management roles in the
achievement of enterprise goals. This study is based on the framework of an Automation
Futures case study. In the other side, this article contained a review explaining the
description of observations and identities of challenges through this study's creation. The
entire project help to define the in depth understanding about different useful component of
project management such as Gantt chart, network diagram etc.

Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
CONCLUSION................................................................................................................................3
REEFRENCES................................................................................................................................4

INTRODUCTION
Project management is the practice of coordinating all tasks, activity to accomplish company
target. It is a method of capturing, reviewing and monitoring actions of a specified basic
mission. Automation Futures organization has begun new venture to realize the principle of
project management which support in reaching the desired goals. The article discusses all the
tasks and actions performed during project management, how management have been
specifically described in terms of task planning and research risk applications of project
management methodology for decision-making method and cumulative knowledge reflection.
In this project, parameter and risk, planning and costs, managing progress and spending and
Earned Value Analysis and Acceleration are disused in the context of AF PLC and its client
company TTF PLC.
PART A
Project Definition/Parameters and Risks
A) Iron triangle parameters
Automation Futures employs iron triangle project management technique as a framework for
the successful business in the meanwhile. The firm's effectiveness relies largely on how
effectively they employ their tools to handle project operation. The expense of developing a
project, design efficiency and period length are several basic constraints used throughout project
triangle model to describe modern development design for any project. Tools and methodology
will be utilized to handle most the theses aspect efficiently in order to accomplish the project's
target. The standard of the whole project will be ensured by constructing this project's
expenditure plan. Some constrains that may arise are for finishing the TTF PLC project is
discussed underneath:
Projects are implemented on a fixed cost framework and deliverable adjustable. Throughout
this case AF PLC has to carry out prioritized analysis on a customer basis. Conducted in tiny
sections that need to be shipped on schedule, and monitored on schedule.
Fixed date: if customers want to execute a product within a fixed period, then the task needs
to be carried out in total order of market importance. Set period span is used to transfer finished
job (Ding, 2016).

Defined scope: Versatile where research has to be completed as specified and time and
expense for implementation is set. The Work is preserved in this condition which provides
higher results for the attainment of goals.
Fixed costs and effectiveness: In this situation, consistency is given to the date of
implementation where fixed costs and specific deliverables are required. Risk rises to reduce
unnecessary delays that are helpful in completing work on time.
Fixed cost and time: When the proposal is supposed to have constant time and cost,
otherwise the specified specifications are adaptive throughout this case (Quresh and Kang,2015).
Price and time for the company new project will become the restrictions.
Fixed period and scope: Where it is appropriate to have a specified collection of
deliverables in limited time and available. Therefore, the money paid on the design is not a
limitation. A plan is drawn out and consideration is taken to reduce and monitor unpredictable
expenses in the phase.
(b) Risk Register
Risk Management Register for XYZ Project
Identification of risk Assessment Response
Monitoring and
Control
Ref
eren
ce
Even
t Reason Effect
Pro
bab
ility
Ef
fec
t
P
x
L
Po
lic
y
Trigger Action
Resp
onsib
le
perso
n/s
Revi
ew
Freq
uenc
y
Date of
status
and
general
notes
1 Lack
of
finan
cial
sourc
es
Due to
lack of
goodwi
ll and
financi
al
recessi
on
Projec
t not
compl
eted
within
the
particu
lar
4 5 20 Mi
tig
ate
Main
reason
of lack
of
findings
is that
sponsors
of the
Manager
should be
conduct
another round
for collection
of funds from
various
source and
Proje
ct
Mana
ger,
Exec
utive
Spon
sor
Mon
thly
23.11.1
6
Registe
r
updated
.
Alternat
ive

period
and
change
s of
budgeta
ry
policies
.
time
period
project
are
unable
to
collect
funds
and
effective
ly
commun
icate
financial
instituti
on to
provide
them
funds
for the
project.
use effective
communicati
on technique
to attract their
stockholder
for fund
funding
sources
identifi
ed
2 Budg
et
proce
ss is
in
under
constr
uctio
n
Organi
zation
suffers
from
high
losses
due to
unexpe
cted
events.
Busine
ss
organi
zation
unable
to
genera
te
suffici
ent
profit
5 6 30 Go
od
est
im
ati
on
Project
manager
estimati
on was
incompe
tent
Manager use
environment
scanning
tools for
identifying
and estimate
future events
during the
project task.
Proje
ct
mana
ger
and
empl
oyees
.
Mon
thly
27/11/1
6

3 Time
perio
d
Busines
s
organiz
ation
unable
to
perfor
m their
task on
fixed
time
period ,
and it
will
effect
the
time
period
on
comple
tion of
the
project.
Manag
ers
cannot
achiev
ed
their
target .
6 4 24 An
aly
sis
Due to
lack of
experien
ce
manager
predict
wrong
forecasti
ng
related
to the
time
completi
on of
each
activity
of the
project.
Business
organization
need to verify
each task
after their
complition
and check it
with standard
time and
actual time
taken period
and formulate
polices to
reduce
difference.
Proje
ct
Mana
ger
After
com
pleti
on of
an
activ
ity
29/11/1
6
4 Happ
ening
of
unpla
nned
event
Unplan
ned
activite
s and
event
arrived
due to
lack of
Wasta
ge of
time,
workf
orce
get
destru
5 5 25 Mi
tig
ate
the
eff
ect
Manage
r of the
project
unable
to
predict
future
estimati
Formulate
effective
policies to
overcome
from the
negative
effect.
Proje
ct
mana
ger
and
team
mem
Whe
n
requi
red
02/12/1
6

researc
hing
skills
cted on bers
5 Lack
of
speci
alizati
on
Busines
s
organiz
ation
have
does
not
properl
y
formula
te plan
thus
they
did not
have
clear
vision
regardi
ng the
project.
Workf
orce
get de
motiva
ted
which
will
effect
on the
quality
of
their
skills
and
project
.
4 5 20 Fo
rm
ula
tin
g
ne
w
pr
oje
ct
fil
es
Manage
r of the
project
fails to
effective
ly plan
and
formulat
e
attractiv
e project
completi
on
strategy.
Analysis and
take revise
for each
activity to
reduce the
future
uncertainties
of these type
of events
Proje
ct
mana
geme
nt
team
With
each
activ
ity
02/12/1
6
6 Ignor
ance
Cannot
focus
on time
duratio
n of
comple
tion of
Projec
t
compl
etely
fail
5 4 20 Re
qu
ire
d
co
nsi
de
Team
member
of the
project
of this
business
organiza
Manager
needs to
focus on that
each project
task and
activites
should be
Team
mem
bers
of the
proje
ct
For
each
activ
ity
05/12/1
6

each
activity
rat
io
n
ne
ed
s
to
be
pr
ov
ide
d
tion can
not
provides
and
focus on
completi
on of
task.
completed on
time.
7 Issue
relate
d to
techn
ology
Due to
lack of
moneta
ry
resourc
e
compan
y
unable
to
purchas
e
technic
al
equipm
ent.
Effect
on
quality
of the
project
6 5 30 Ch
ec
ki
ng
tec
hn
ica
l
via
bil
ity
Manage
r of the
compan
y cannot
estimate
regardin
g these
technolo
gies.
Manager of
the
organization
should
formulates
strategies to
compete
project within
the given
time period
and uses of
available
resources
Risk
mana
ger
Mon
thly
07/12/1
6
8 High
cost
Unrequ
ited
Comp
any
4 4 16 Ac
cu
Manage
of the
Formulate
effective
Proje
ct
Quar
terly
15/12/1
6

activite
s and
expens
e
incurre
d on
wastag
e
activite
s.
requir
e more
financi
al
funds
to
compl
ete
project
and.
rac
y
entity
fails to
control
the
unethica
l
activites
and
expense
incurred
within
the
organiza
tion
policy and
work
according to
the estimated
fund.
Mana
ger
9 Lack
of
mana
gerial
skills
Compa
ny
unable
to
proper
make
plan
related
to
project
High
cost
incurr
ed in
compl
etion
of
project
rate of
profita
bility
is low.
6 5 30 M
an
agi
ng
ch
an
ge
Due to
lack of
expertis
e and
manager
ial skills
manager
unable
to
formulat
e
effective
project
plan..
Tale
suggestion
and guideline
before
starting of
project, hire
skilled
manager.
Mana
geme
nt
team
Mon
thly
25/12/1
6
10 Probl
em in
Manag
er not
Variati
on
5 5 25 Ef
fec
Manage
r of the
Take all
necessary
Mana
geme
At
each
25/12/1
6

com
muni
cation
establis
hes
effectiv
e
commu
nicatio
n
channel
betwee
n team
membe
r
betwe
en
actual
and
standa
rd
target,
conflic
ts
arises
due to
lack of
comm
unicati
on
tiv
e
co
m
m
un
ica
tio
n
ch
an
nel
organiza
tion
unable
to
formulat
e
effective
commun
ication
plan at
each
stage of
the
project.
action to
make
effective
plans and
tools used for
process.
nt
and
team
mem
bers
stage
of
the
proje
ct
Planning and costs
(a) Network Diagram
A network diagram is a schematic description about all the tasks which AF PLC must carry out
in the course of carrying out the project supported by TTF PLC. In this depiction roles and
project management are shared to various activities. This list is ready with sequence of boxes
where actions are characterized and described by means of arrows set where these operations
will be carried out (Crisp and Hosken 2016). Through this network diagram is defined the order
of stages which decide the minimum amount of time needed to complete the project.