Comprehensive Analysis of Project Management Fundamentals Report

This report provides a comprehensive analysis of project management fundamentals, focusing on a case study involving AF Plc. It begins with an introduction to project management principles, emphasizing the importance of the iron triangle (time, cost, and scope) in setting project objectives. The report then details the creation of a risk register, outlining potential risks and mitigation strategies. Planning aspects are addressed through the creation of a Gantt chart and budget presentation. The report further delves into managing project progress, including planned and actual progress values. It concludes with an earned value analysis, calculating key metrics such as ACWP, BCWP, BCWS, SPI, CPI, and a projected completion date. Finally, the report provides recommendations on whether to accept or decline specific project options. The report covers a wide array of topics, including the importance of time management, cost analysis, and scope management. The report uses various tools like Gantt charts and network diagrams for better project visualization and understanding.

Fundamentals of Project
management

Table of Contents
INTRODUCTION...........................................................................................................................2
PART A...........................................................................................................................................2
1. Project Definition/ Parameters and risk...................................................................................2
a. Importance of various iron triangles........................................................................................2
b. Risk register.............................................................................................................................3
2. Planning and cost.....................................................................................................................7
a) Network Diagram....................................................................................................................7
b) Gantt chart...............................................................................................................................9
c) Presenting the budget components that impact the point......................................................12
3. Managing Progress and Spending.........................................................................................13
a) Planned progress....................................................................................................................13
b) Actual progress values...........................................................................................................13
4. Earned value and Acceleration..................................................................................................15
a) Create an earned value analysis table....................................................................................15
b) Create a projected completion date for a project...................................................................16
c) Recommend which option should be accepted and which is decline....................................17
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Project Management is the practice of initiating, planning, executing and controlling and
closing the work in order to attain the define aim. Further, the current report is also based upon
AF Plc who designs variety of products by using technologies. Therefore, the report provide
importance of various iron triangles parameters in setting the project objectives and then create
risk register with its mitigation strategies. Further report will provide Gantt chart and describe
the budget which is needed in order to complete the project in better manner. Further, it also
determine the planned progress for each task and also assumes the progress and its completion
date as well. Further, revised gantt chart is also provided that helps to determine the effect on
profit and budget cost. Moreover, study provide the earned value analysis and acceleration that
helps to determine the value of ACWP, BCWP and BCWS, SPI, CPI and completion date.
PART A
1. Project Definition/ Parameters and risk
a. Importance of various iron triangles
The success of the project management is completely relies upon the iron triangle i.e.
time, cost and scope. In the same way, project manager of AF Plc, also comply with such key
component that helps to manage the work in better manner. These three component are also
completely interlinked with each other so that it will help the project manager to complete the
task and leads a project towards success. The detail description of iron triangles are as mention
below:
Time: It provide the schedule of the estimated amount of time allotted in order to
complete the project as well as producing the deliverables. For that gantt chart is also used that
visualize the project schedule for each task, and the task dependencies that is linked to task. For
the current project, the estimated starting time for the project is 8th July, 2019 and its deadline is
28th September, 2020. Through the time management, team member also perform the work in
better manner and project manager looks to get support from their team members through
collaborative time management tools (Meredith, Mantel Jr and Shafer, 2017).

Cost: One of the important key elements of the project in which project manager
completely relies upon. This is a financial commitment of the project which is dependent on the
several variables and there are many resources involved i.e. materials, human resource, technical
resource etc. Cost process includes cost estimating of the project and it is one of the more
complicated point in iron triangle (Heagney, 2016). For the current project, project manager also
require cost or budget in order to create a baseline of cost i.e. £58.50.
Scope: Another key component which deals with specific requirement in order to
complete the project. Thus, scope is important to manage the project in which different project
methodologies are describe that help to meet the project in better manner and within a budget
(Fleming and Koppelman, 2016). Through the scope, project manager is now able to assign and
prioritize the task and also involve all stakeholder, make sure that their define aim and objectives
are met or not. Using this, project manager also controlled time and quality of project.
All, scope, cost and time are inter- related to each other such that, cost is a function of
scope and time. If one changes, then other must also change in a define and predictable way.
Thus, this directly proportional relationship helps to meet all the define aim and objectives of the
project in better manner.
b. Risk register
Risk is referred to as the uncertainty of an event which may occur or may not occur in the
future (Cuong and et.al.,2019). For the success of the project it is very necessary for the project
manager or leader to timely assess all the risk which might impact the working of the company
or the project. This is majorly pertaining to the fact that these risks are related or are based on
some of the future or contingent happening of any event or activity. Hence, for the success of
project the management of risk is very necessary.
Hence, for this the project can make use of the risk register. The risk register is a crucial
and important document which is being prepared by the person involved in the project and under
this register they record the likelihood of the risk. It means that how much there is possibility for
the risk to occur (Qazi and et.al.,2016). This risk register also includes the impact of this risk
over the functioning of the project and its completion. Further the risk register also outlines the

various kinds of ways and methods which can be used by the company in managing or reducing
the risk.
Risk Likelihood Impact Mitigation measures Risk
factor
1=
low
5 =
high
Ineffective training to TTF
engineer. This is a risk because
the project has low training
facilities and options for the
employees of project.
2 3 Here the way of mitigating it to
take help of the expert and
professionals
Production of the product failure
and this is a risk because of not
having effective production
system and facilities.
3 3 Here the major mitigating strategy
is to first check and test all the
different types of production
system and then install it for
project completion.
Less labor can also be a risk as
if labor will not be there then the
working of project will suffer.
2 3 For this the major mitigating
strategy is to hire good labor so
that they do their work in
effective manner.
Product line issue and failure
and this is a risk because this
includes the use of machine and
this can result in technical fault
and delays.
3 4 Installation of software in order to
manage the product line will be a
helpful mitigating strategy.
Failure in software can also be a
risk because this can happen at
any time.
2 3 This risk can be mitigated by
timely checking for the software
and all the updates relating to the

software.
Failure or damages to the
automation instruments and
equipment as this can be broken
or stopped at any time(Zou,
Kiviniemi and Jones, 2017).
4 5 Here the way of mitigating the
risk is to properly ensure that the
equipment are transported in
effective and safe manner.
Installation failure and technical
failure which may result because
of use of technology.
3 4 For mitigating this risk the most
important thing is the proper
testing of machineries before
installing.
Project delay which can take
place because of any reason like
shortage of labor, resources and
many other factors.
2 3 For this risk mitigation, it is
required to make a proper
schedule of all the activities being
involved in the project
completion.
Limited and scarce resource is
also a risk as the competition is
high and resources are less. This
is a major risk because the
company operates in global
market and there are more
companies in dealing same
business. Hence, all these
companies require same
resources. But the resources are
very limited and scarce and this
reduces the availability of the
resources and because of this it
is a major risk.
2 3 For the mitigation of this risk the
most important thing is to have
proper allocation of resource and
proper maintenance of records as
to which activity the resource is
being allocated. Hence, this will
avoid duplication of allocation to
the same activity. Thus, this will
involve a lot of resource and the
same resource will be allocated
twice to the same activity. Hence,
proper recording of the resource
allocation is a good mitigating
strategy.

Cost increment can also be a
risk (Sadgrove, 2016). This is a
risk because if the cost increases
then this will reduce the
profitability of the project and
losses will increase.
4 5 This can be mitigated by way of
proper appropriation of the cost in
advance and to arrange for
sources of additional cost. This is
a mitigating strategy because if
the cost will be allocated by
keeping in mind all the different
activities then this will be helpful
for project in increasing its
profitability.
2. Planning and cost
a) Network Diagram
This is referred to as the graphical presentation and which is in proper and systematic
manner which is done for reflecting the whole project in proper manner. This network diagram
helps the viewer in easily assessing that what process is being followed as this network diagram
illustrate the diagram in the same manner in which the steps are being undertaken. Hence, just by
having a look at the network diagram the reader can access the fact that what steps will be
undertaken by the project manager in completion of the project. Also, this network diagram
assists the reader in easily understanding the sequence of the steps which are followed one after
the other.

The critical path is referred to as staged within the project which includes the minimum time to
complete the project. It is necessary to assess the critical path because there are many different
ways or path through which the project can be completed but some path take lot of time and
some include less time. Hence, the path which takes less time in comparison with the other
different path is referred to as critical path. The critical path in current project is two which are
listed below-
Critical path= 1+3+6+7+15+16+17+18
= 1+2+8+10+5+6+6+0
= 38 weeks
Another path is = 1+3+6+8+15+16+17+18
= 1+2+8+10+5+6+6+0
= 38 weeks
Therefore, this shows that the shorted distance through which project manager complete the
define task is within 38 weeks.
Flot for non-critical task= Late finish- early start
For A= 1-1= 0

For C= 2-2= 0
For D= 5-4= 1
For G= 10-10= 0
For H= 13-12=1
For I= 22-21= 1
For J= 26-26=0
For K= 30-30= 0
For L= 36-36=0
For M=40-40 = 0
Total Sum of all the non- critical flots = 3
b) Gantt chart
The Gantt chat is a horizontal bar chart which is designed and developed for the
production control tool and was developed by Henry L. Gantt in the year 1917. This Gantt chart
is most commonly used in project management and this is majorly because of the fact that this
tool helps in graphically presenting all the steps which are involved in completion of the project.
This presentation also includes depiction of the planning and coordination of all the activities
which they have with one another. This Gantt chart first breaks all the activities involved in
managing the project and divides them into smaller activities which are interconnected to one
another. After that the duration of time is listed in which the single activity will be completed
and this is measured either in days or in weeks. After that the start and finish dates are listed and
in the end the predecessors of the activities are listed. The predecessors are referred to as the last
activity on completion of which the other activity will start.
Task Name Duration Start Finish Predecessors
Project initiation 1 wk Mon 7/8/19 Fri 7/12/19
Commission of design of 3 wks Mon 7/15/19 Fri 8/2/19 1

factory
Commission of outline
design of automation
equipment
2 wks Mon 7/15/19 Fri 7/26/19 1
Commission outiline- design
inverter product 1 wk Mon 7/15/19 Fri 7/19/19 1
Detailed design of factory 8 wks Mon 8/5/19 Fri 9/27/19 2
Detailed design of
automation equipment and
inverter product
8 wks Mon 7/29/19 Fri 9/20/19 3,4
Commission and develop
software for automation
equipment and inverter
product
10 wks Mon 9/23/19 Fri 11/29/19 6
manufacture automatiton
equipment 10 wks Mon 9/23/19 Fri 11/29/19 6
manufacture modular factory
units 9 wks Mon 9/30/19 Fri 11/29/19 5,6
transport and construct
modular factory on site in
Germany
8 wks Mon 12/2/19 Fri 1/24/20 9
test automation equipment 6 wks Mon 12/2/19 Fri 1/10/20 7,8
transport automation
equipment to new factory 4 wks Mon 1/13/20 Fri 2/7/20 11
install automation in new
factory 6 wks Mon 2/10/20 Fri 3/20/20 9,12
install software for
automation equipment 4 wks Mon 3/23/20 Fri 4/17/20 13
install software for inverter 5 wks Mon 4/20/20 Fri 5/22/20 7,14

product line
test inverter product line 6 wks Mon 5/25/20 Fri 7/3/20 14,15
handovr and train TTf
engineer 6 wks Mon 7/6/20 Fri 8/14/20 16
project closure 0 wks Mon 8/17/20 Mon 8/17/20 17