Fundamentals of Project Management: Case Study Analysis

This report provides a comprehensive analysis of project management principles, utilizing the Automation Futures case study to illustrate key concepts. It delves into the 'iron triangle' parameters, risk management strategies, and the importance of project planning. The report includes a detailed examination of planning tools such as network diagrams and Gantt charts, alongside cost analysis and earned value analysis techniques. The report further explores managing project progress and expenditures, with a reflection on the challenges and experiences encountered during the project's formulation. Overall, the report offers a practical understanding of project management methodologies and their application in a real-world business context, providing valuable insights into project success factors and potential pitfalls.

Fundamentals of Project
Management

EXECUTIVE SUMMARY: This report is comprises a deep study on project management
which covers all the essential aspect of project management and help in identified importance of
functions of project management in organization. This report is prepared on the basis of case
study of Automation Futures. On the other part this report included a reflection which describe
summary of experience and problem faces during formulation of this report.

Contents
Contents...........................................................................................................................................3
INTRODUCTION...........................................................................................................................5
TASK 1............................................................................................................................................5
1. Parameters and Risk of the company...........................................................................................5
(a) Iron Triangle Parameters.......................................................................................................5
2. Planning and Costs....................................................................................................................11
(a) Network Diagram.................................................................................................................11
(b) Gantt Chart...........................................................................................................................12
(c) Net profit of the contract......................................................................................................14
3. Managing progress and spending:.............................................................................................15
(a.)..............................................................................................................................................15
(b.)..............................................................................................................................................17
4. Earned Value Analysis and Acceleration:.................................................................................21
(a.)..............................................................................................................................................21
(b.)..............................................................................................................................................24
(c.)..............................................................................................................................................24
PART B.........................................................................................................................................24
Reflective Essay.........................................................................................................................24
CONCLUSION..............................................................................................................................25
REFRENCES...................................................................................................................................1
From books and journals.................................................................................................................1

INTRODUCTION
Project management is art of managing all the activites, task in order to achieve goal of
business organization. It is a process of implementing recording, analysing, and controlling
activities of particular definite task. In order to understand the concept of project
management Automation Futures has been taken, this company started new project. This
report covers all the function and activites taken during the management of project , how
managers deal with problem and analysis risk uses of project management technique for
decision making approach and reflection of overall experience has been define clearly.
TASK 1
1. Parameters and Risk of the company
(a) Iron Triangle Parameters
Automation Futures use iron triangle and project management triangle as a model for their
company. Success of an organization totally depends on well they use their resource in
managing projects activites. For statement new project of technology time, cost of
establishing project, quality of the project and time duration are some essential constraint
used in project triangle. It is necessary to use methods and technique to manage all theses
factor in an effectiveness way to achieve goal of the project. Quality of this project can be
maintain by formulating budget for this project.. For completing project of the TTF PLC
following are the constrains of this project:
Projects when initiated on fixed cost and flexible on deliverable basis. In this situation AF PLC
needs to perform work on consumer priority basis. Performed in small parts to be delivered on
time and monitoring needs to be performed on time.
Fixed time: when consumers ask to deliver project on specific time then work needs to
be performed in absolute business value order. Fixed time duration is accessed to push the work
with final date (Ding, 2016).
Fixed Scope: When work needs to be performed as mentioned and time and cost for the
delivery is set flexible. In this quality of the work is maintained.

Fixed cost and scope: When fixed cost and fixed set of deliverable are expected then in
that case flexibility is provided to date of delivery. Risk is increased to minimize the unexpected
delays.
Fixed cost and time: When fixed cost and time is expected for the project then in this
situation set features are set flexible (Quresh and Kang,2015). Price and time become constraints
for such projects.
Fixed time and Scope: When fixed set of deliverable needs to be provided in fixed time
and cost is set free. Then amount spent is not a constrained for the project. A schedule is
prepared and care is taken in the process to unexpected cost can be minimized and controlled.
Illustration 1: Iron Triangle Parameters, 2019
(b) Risk Register
Risk Management Register for XYZ Project
Risk Identification Assessment Response
Monitoring and
Control
Ref Even Cause Effect Pro Im P St Trigger Action Resp Revi Status

eren
ce t bab
ility
pa
ct
x
L
ra
te
gy
onsib
le
perso
n/s
ew
Freq
uenc
y
date
and
general
notes
1 Lack
of
fundi
ng
Budget
Constra
ints-
allocati
on in
doubt
or
subject
to
change
Projec
t
delaye
d
4 5 20 Mi
tig
ate
Project's
sponsors
fail to
ensure
secure
funding
level
when
the plan
is
presente
d
Conduct
another
funding
round,
seeking
support from
key
stakeholder
groups,
including the
executive
sponsor
Proje
ct
Mana
ger,
Exec
utive
Spon
sor
Mon
thly
23.11.1
6
Registe
r
updated
.
Alternat
ive
funding
sources
identifi
ed
2 Unde
r
budge
ting
Unfore
seen
situatio
ns
which
leads to
high
amount
of loss.
Low
amoun
t of
profit
or
may
cause
loss.
5 6 30 Go
od
est
im
ati
on
Project
manager
estimati
on was
incompe
tent
Effective
analysis and
scope of
variations.
Proje
ct
mana
ger
and
empl
oyees
.
Mon
thly
27/11/1
6
3 Time
estim
ation
Non
compil
ation of
task as
planned
Delay
in the
proces
s of
compl
6 4 24 An
aly
sis
Wrong
estimati
on is
made by
manager
Proper check
needs to be
made on each
activity to be
performed on
Proje
ct
Mana
ger
After
com
pleti
on of
an
29/11/1
6

and
expecte
d.
etion
of the
project
.
for
activity
completi
on.
time. activ
ity
4 Uncer
tain
event
s
Situatio
ns
which
is not
predict
ed
earlier
takes
place.
Distra
ction
of the
project
5 5 25 Mi
tig
ate
the
eff
ect
Project
manager
fails to
make
estimati
ons.
Take all the
corrective
actions to
minimise
negative
effect.
Proje
ct
mana
ger
and
team
mem
bers
Whe
n
requi
red
02/12/1
6
5 Uncle
ar
specif
icatio
ns
Becaus
e of
unclear
or
incorre
ct
project
intentio
n
Qualit
y of
work
is
compr
omise
d
4 5 20 De
vel
op
in
g
we
ll
sp
eci
fie
d
pr
oje
ct
Project
manager
fails to
develop
clear
specific
ations
for the
project
activitie
s.
Take review
at each stage
to reduce
such
circumstance
s.
Proje
ct
mana
geme
nt
team
With
each
activ
ity
02/12/1
6
6 Negli
gence
Lack of
time
for
Failur
e of
the
5 4 20 Re
qu
ire
Team
member
s do not
Each activity
needs to be
performed as
Team
mem
bers
For
each
activ
05/12/1
6

project
accomp
lishmen
t
project d
co
nsi
de
rat
io
n
ne
ed
s
to
be
pr
ov
ide
d
provide
a clear
concentr
ation on
their
activitie
s.
planned and
set targets.
of the
proje
ct
ity
7 Tech
nical
risk
Lack of
require
d
technol
ogy
Non
accom
plishm
ent or
enhan
cemen
t in
time
period
6 5 30 Ch
ec
ki
ng
tec
hn
ica
l
via
bil
ity
Risk
manager
of the
project
made
wrong
estimati
on for
technica
l risk
Completing
the project in
alternative
and possible
manner.
Risk
mana
ger
Mon
thly
07/12/1
6
8 Cost
mana
geme
Inaccur
ate cost
forecast
High
cost
and
4 4 16 Ac
cu
rac
Manger
of the
project
Ensure funds
are available
and minimise
Proje
ct
Mana
Quar
terly
15/12/1
6

nt s requir
ement
of
more
funds.
y fails to
develop
correct
analysis
over
budgeting
ger
9 Chan
ge
mana
geme
nt
Inaccur
ate
estimati
on for
the
project
High
amoun
t of
variati
ons
6 5 30 M
an
agi
ng
ch
an
ge
Manage
ment
team
fails to
work as
planned
because
of
wrong
estimati
ons.
Ensuring
estimations
on the basis
of plans.
Mana
geme
nt
team
Mon
thly
25/12/1
6
10 Com
muni
cation
Non
establis
hment
of
commu
nicatio
n
channel
Variati
ons in
actual
and
requir
ed
perfor
mance
5 5 25 Ef
fec
tiv
e
co
m
m
un
ica
tio
n
ch
an
nel
Manage
ment
fails to
establish
a clear
commun
ication
at each
stage of
project.
Take all
possible
actions to
make
effective
communicati
on network.
Mana
geme
nt
and
team
mem
bers
At
each
stage
of
the
proje
ct
25/12/1
6

2. Planning and Costs
(a) Network Diagram
A network diagram is a graphical representation of all the activities that AF PLC will
perform in the process of accomplishing the project provided by TTF PLC. Through this
representation responsibilities and work flow of the project is allocated among different
activities. This chart is prepared with series of boxes in which activities are defined and through
arrows series in which these activities will be performed is mentioned Crisp and Hosken 2016.).
Through this network diagram sequence of stages determining the minimum time taken for the
accomplishment of the project is determined.

(b) Gantt Chart
Gantt Chart of the project performed for TTF PLC will specify the time duration taken by
each activity to accomplish. Through this it will to identify that start period as targeted will help
in accomplishing the project on the deadline or not (Davies, and Brady, 2016). s this technical
project will be initiated on 8th July 2019 by AF PLC and it will be accomplished on 6th July 2020.
This project is provided with a completion date of 25th September 2020 and which is later then its
actual completion date. This helps to determine that business will accomplished the project
before its time and will earn extra profits for early completion as mentioned in the project clause.