Project Management Report: University Project, Semester 2

This project management report provides a comprehensive analysis of key aspects involved in successful project execution. It begins with project plan development, including work breakdown structures, network diagrams, and the application of lags for schedule compression. The report then delves into risk management, detailing the risk management process, identification of various risks, and approaches for risk response, including the use of contingency reserves and change control. Leadership qualities of an effective project manager are discussed, emphasizing relationship management and the importance of building trust. The report also covers the management of project teams, exploring high-performance team characteristics, the impact of situational factors, and strategies for encouraging functional conflict. Furthermore, it addresses scheduling resources and costs, including time and resource constraints, and methods for reducing project duration, such as crashing activities. The report concludes with a discussion of progress and performance measurement, including earned value and project reporting systems, and finally, project closure, including the importance of project audits and performance reviews.

Running head: PROJECT MANAGEMENT
Project management
Name of the Student
Name of the University
Author’s Note

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Table of Contents
1. Project plan development............................................................................................................2
1.1 WBS and network diagram....................................................................................................2
1.2 Network diagram using AON methods.................................................................................3
1.3 Early, late and slack activity..................................................................................................4
1.4 Application of lags in compressing project...........................................................................5
1.5 Framework for time and cost estimation...............................................................................5
1.6 Importance of slack in scheduling project.............................................................................5
2. Risk management.........................................................................................................................5
2.1 Risk management process......................................................................................................5
2.2 Identification of various kinds of risks..................................................................................6
2.3 Illustration of approaches for risk identification, analysis as well as assessment.................6
2.4 Approaches for responding risks...........................................................................................7
2.5 Use of contingency reserve....................................................................................................8
2.5 Need for change control for any type of project....................................................................8
3. Leadership for being an effective project manager.....................................................................8
3.1 Awareness about the relationship management.....................................................................8
3.2 Currencies used for influencing others..................................................................................9
3.3 Importance of maintaining positive relationship with sponsors............................................9
3.4 Discussion on the significance of building trust for project success.....................................9
3.5 Qualities of effective project manager...................................................................................9
4. Management of project teams....................................................................................................10
4.1 Key characteristics of high-performance project team........................................................10
4.2 Impact of situational factors on project team......................................................................10
4.3 Development of strategies for high performance team........................................................11
4.4 Building skills for encouraging functional conflict.............................................................11
4.5 Challenges of managing virtual team..................................................................................11
4.6 Project management behaviour in team performance.........................................................12
5. Scheduling resources and costs.................................................................................................12
5.1 Contrast between time and resources..................................................................................12
5.2 Implications of managing time and resource constraint......................................................12

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5.3 Heuristic method for scheduling resources constrained project..........................................12
5.4 Potential of hidden critical path...........................................................................................13
5.5 Responsibility Matrixes use for assigning individuals........................................................13
5.6 Project cost baseline............................................................................................................13
5.7 Time phase baseline.............................................................................................................14
6. Reduction of project duration....................................................................................................14
6.1 Importance of critical path in reducing duration.................................................................14
6.2 Alternative methods of crashing activities..........................................................................15
6.3 Risks related with compressing and crashing......................................................................15
6.4 Time when project manager tries optimum cost duration...................................................15
7. Progress and performance measurement and evaluation...........................................................15
7.1 Ways of tracking project performance................................................................................15
7.2 Significance of earned value................................................................................................16
7.3 Calculation of project performance indexes........................................................................16
7.4 Project reporting system for ensuring project control.........................................................17
8. Project closure...........................................................................................................................17
8.1 Importance of engaging in project audit..............................................................................17
8.2 Identification of major elements of project audit................................................................17
8.3 Key issues that surrounds project closure............................................................................17
8.4 Useful advice for conducting performance review of project members..............................18
References......................................................................................................................................19

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1. Project plan development
1.1 WBS and network diagram
Openining of a resturant
Project initiation phase
Development of
business case
Undertaking
feasiability study
Project charter
estabilishment
Team members
appointment
Milestone 1:
Initiation phase
completion
Project planning phase
Development of
project plan
Development of
resource plan
Creating fianancial
plan
Development of
quality plan
Development of risk
management plan
Creating
procurement
planning
Development of
communication
planb
Milestone
2:Completion of
project planning
phase
Project execution phase
Starting the
resturant business
plan
Identyfying menu for
the resturant
Exploration of
different location
Competitive market
identification
Local laws and rules
consideration
Exploration og
resturant options
Business structure
estabilishment
Exploring different
types of dining items
Exploring health
department
regulations
Milestone 3:
Execution phase
completion
Project development
phase
Exploring point to
slae system
Determining the
quality of materials
which are supplied
Providing training to
the workers
Proper understnding
about the unique
sales proposition
Milestone
4:Devepment phase
completion
Project closure phase
Reviewing project
Stakeholder sign off
Documentation
Milestone 5:
Completion of
closure phase
Figure 1: Work breakdown structure
(Source: Created by Author)
Figure 2: Network diagram
(Source: Created by Author)

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1.2 Network diagram using AON methods
1
Openining of a
resturant
1.1
Project initiation
phase
1.1.1
Development of
business case
1.1.2
Undertaking
feasiability study
1.1.3
Project charter
estabilishment
1.1.4
Team members
appointment
1.1.5
Milestone 1: Initiation
phase completion
1.2
Project planning
phase
1.2.1
Development of
project plan
1.2.2
Development of
resource plan
1.2.3
Creating fianancial
plan
1.2.4
Development of
quality plan
1.2.5
Development of risk
management plan
1.2.6
Creating procurement
planning
1.2.7
Development of
communication planb
1.2.8
Milestone 2:Completion
of project planning
phase
1.3
Project execution
phase
1.3.1
Starting the resturant
business plan
1.3.2
Identyfying menu for
the resturant
1.3.3
Exploration of different
location
1.3.4
Competitive market
identification
1.3.5
Local laws and rules
consideration
1.3.6
Exploration og
resturant options
1.3.7
Business structure
estabilishment
1.3.8
Exploring different
types of dining items
1.3.9
Exploring health
department regulations
1.3.10
Milestone 3: Execution
phase completion
1.4
Project development
phase
1.4.1
Exploring point to slae
system
1.4.2
Determining the quality
of materials which are
supplied
1.4.3
Providing training to
the workers
1.4.4
Proper understnding
about the unique sales
proposition
1.4.5
Milestone
4:Devepment phase
completion
1.5
Project closure phase
1.5.1
Reviewing project
1.5.2
Stakeholder sign off
1.5.3
Documentation
1.5.4
Milestone 5:
Completion of closure
phase
1
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Figure 3: Network diagram with proper detail
(Source: Created by Author)

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1.3 Early, late and slack activity
Figure 4: Early, late and slack activities
(Source: Created by Author)

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1.4 Application of lags in compressing project
The application of both lags as well as leads are quire important for the project schedule
as the project dependencies can be change by properly applying the leads as well as lags which
further helps in allowing the project managers to properly determine the various tasks that
generally starts in parallel with the various active tasks that are put in hold until the existing
projects tasks gets completed.
1.5 Framework for time and cost estimation
It is found that in order to estimate the time and cost of the project, Gantt chart is mainly
utilized. With the help of the Gantt chart, time for each of the activities are estimated and the
person who are responsible for the project activities are assigned (Kerzner 2017). In addition to
this, the cost that is mainly required for each of the project activities can also be estimated.
1.6 Importance of slack in scheduling project
Slack time in the project is considered to be important as it helps in keeping the entire
project on time and within the budget. Moreover, the stack helps in allowing an individual to
respond to various unexpected project events and helps in reorganize for removing the
blockages.
2. Risk management
2.1 Risk management process
The procedure of risk management in setting up the restaurant are generally listed below:
 Identification of the risk: In this step, the risks which are associated with the set-up of
the restaurant are generally uncovered such that it might not affect the outcomes of the
project.

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 Analysis of risk: After the risks are identified, one need to properly determine the
consequence as well as likelihood of each of the project risk (Harrison and Lock 2017).
 Evaluating the risk: After the evaluation as well as ranking of the risk, one needs to
properly determine the risk magnitude which is considered as the combination of
consequence and likelihood.
 Treating the risk: In this particular step, one need to assess the highest ranked risks by
setting proper plan or by making modifications for achieving acceptable level of risks.
 Monitoring risk: Within this step, risk register is mainly created for properly
monitoring, tracking as well as reviewing the project risks (Marchewka 2016).
2.2 Identification of various kinds of risks
The various kinds of risks which are linked with the setting up of a restaurant are mainly
listed below:
 Schedule slippage
 Overshoot budget
 Lack of market analysis
 Unskilled employees
 High market competition
 Lack of material delivery on time
2.3 Illustration of approaches for risk identification, analysis as well as assessment
The four different approaches which cam be used for the identification, analysis as well
as assessment of project risks are elaborated below:
 Brainstorming and interviewing

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 Creating impact and probability matrix for risk screening
 Failure mode as well as effect analysis
2.4 Approaches for responding risks
The risks that are related with the opening of a fine dining restaurant can be responded in
ways which are reflected in the below table.
Risk ID Risks Methods of risk response
1 Overshoot budget The problem of budget
overshoot can be avoided by
using the resources properly
that avoids over expenditure
on the project.
2 Lack of market analysis The market analysis risk can
be avoided by assigning
experienced marketing
manager who will be able to
undertake proper analysis of
the market cost that are needed
for opening a fine dine
restaurant.
3 Unskilled employees The risks can be mitigated by
arranging proper facilities of
training for the employees
5 Lack of material delivery on time The risks can be mitigated by

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assigning deadline for each of
the supply that is required for
the project.
2.5 Use of contingency reserve
The concept of contingency reserve generally refers to the amount of funds as well as
other financial resources which are required for opening of a fine dine restaurant and it is found
that it is quite important for developing the proper project budget. The amount that is kept as
contingency reserve for opening of a fine dine restaurant will be around $126,920.
2.5 Need for change control for any type of project
The change control procedure is mainly needed within project of any size for reducing
the chances of unauthorized alterations, disruptions as well as errors within the system. It is
found that the change control is mainly practiced when a project is not properly progressing as
per the initial planning (Binder 2016). Furthermore, it is found to be mandatory within the size of
any project to create formal document for creating the change request and for reviewing the
project in order to keep control.
3. Leadership for being an effective project manager
3.1 Awareness about the relationship management
It is found in order to aware the team members for keeping good relation with the project
managers can be done by using methods that are as follows:
 By arranging meetings
 By providing information about the significance of relationship management
 Proper self-awareness as well as self-regulation

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3.2 Currencies used for influencing others
It is found that relationship related currencies as well as task related currencies are mainly
used for opening a fine dine restaurant in order to influence others. It is found that the task
related currencies are mainly associated with money, supplies as well as other material good and
the way in which cooperation is made for managing the resources (Joslin and Muller 2015).
However, relationship related currencies help in conveying proper cooperation that helps in
offering proper possibilities of networking.
3.3 Importance of maintaining positive relationship with sponsors
It is found that if positive relationship with the sponsors of the project is created then the
sponsor will provide money for opening of a fine dine restaurant. In addition to this, if any type
of budget shortage occurs then the problem can be resolved effectively by providing additional
amount of money for the project.
3.4 Discussion on the significance of building trust for project success
Creating trust among the various project team members are found to be important for
achieving success regardless of the scope, duration as well as nature. With proper trust on project
managers, the team members can ask more questions and can be able to contribute for the
achievement of the project in order to achieve right result that helps in achieving success in the
project (Hornstein 2015).
3.5 Qualities of effective project manager
The different qualities that is required within a project manager are mainly illustrated
below:

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PROJECT MANAGEMENT
 Effective skills of communication
 Strong leadership skills
 Good decision maker
 Have good technical and negotiation skills
 Competent
4. Management of project teams
4.1 Key characteristics of high-performance project team
The various characteristics of a team that is performing properly within the project are
listed below:
 Recognition of various types of individual strengths in the project
 Proper focus on hitting the goals of the project
 Proper skills of decision making
 Leadership skills
4.2 Impact of situational factors on project team
The various situational factors that is present within the project team are helpful for the
following purpose which are elaborated below:
 Helps in increasing the performance of the team members
 Assists in building the entire project team
 They generally help in resolving various types of conflicts that mainly emerges within the
project team (Ul Musawir et al. 2017).
 They generally help in managing proper reward system which encourages the teamwork
effectively.

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4.3 Development of strategies for high performance team
The strategies which ate helpful as well as beneficial in developing proper high-
performance team of the project are listed below:
 In the 1st step, it is necessary to get the proper composition of the project team
 In the second step, it is quite important to focus on various team dynamics properly
 Thirdly, it is necessary to be a source of inspiration for creating both energy as well as
enthusiasm within the team (Todorovic et al. 2015).
 Building positive relationship is helpful in increasing trust within the project.
4.4 Building skills for encouraging functional conflict
The skills which are mainly required for encouraging functional conflict in the project work
are listed below:
 Providing awareness about the various types of challenges
 By successfully improving the entire work condition due to achieving the results
 Properly solving the challenges by successfully improving the morale
 Making different types of improvement as well as innovations in the organization
4.5 Challenges of managing virtual team
The challenges which are experienced while managing the virtual team within the project
are listed below:
 Poor communication
 Improper social interaction within the team
 Lack of trust as well as multicultural project team

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 Loss of morale as well as team spirit
4.6 Project management behaviour in team performance
The behaviour of the project manager plays an important role in shaping the way in
which the team perform. If the team leaders behave properly then they do not face conflict while
communicating with the team members and as a result can be able to get better idea about the
project.
5. Scheduling resources and costs
5.1 Contrast between time and resources
It is found that the project with very much strict deadline is mainly known as the time
constraint whereas successfully completing the entire project by utilizing the resources that are
mainly assigned within the project are generally known as the resource constraint (Badewi
2016).
5.2 Implications of managing time and resource constraint
It is found that if the project is time constraint then it is the responsibility of the project
manager to finish the project within the deadline by avoiding issues and challenges that can
occur due to delay in the project. Whereas if the project is resource constraint then the project
manager completes the project by using the resources which are assigned in the project and no
extra money is used for additional resources.
5.3 Heuristic method for scheduling resources constrained project
It is found that resource constrained scheduling problem is mainly proposed within the
project which is one of the techniques that helps in scheduling the resources of the project in a
resource constraint project.

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PROJECT MANAGEMENT
5.4 Potential of hidden critical path
It is one of the unique algorithm approaches that is helpful in analyzing the schedule of
the project effectively and it generally helps in revealing different types of critical aspects of any
type of project schedule that helps in locating opportunities in order to properly shorten the
schedule. In addition to this, it helps in reflecting the hidden challenges un the schedule (Svejvig
and Andersen 2015).
5.5 Responsibility Matrixes use for assigning individuals
Responsibility assignment matrix generally helps in elaborating the participation of
different people of the organization and their role in finishing the project tasks as well as
deliverables. Furthermore, it is used for properly clarifying the roles as well as responsibilities of
the various functional team within the project.
5.6 Project cost baseline
September 2019 October 2019 November 2019 December 2019
$0.00
$20,000.00
$40,000.00
$60,000.00
$80,000.00
$100,000.00
$120,000.00
$140,000.00
Cost baseline
Cumulative Cost
Figure 5: Cost baseline
(Source: Created by Author)

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PROJECT MANAGEMENT
5.7 Time phase baseline
Figure 6: Time-phase baseline
(Source: Created by Author)
6. Reduction of project duration
6.1 Importance of critical path in reducing duration
Critical path is considered as one of the methods that helps in determining the significant
sequence of the project tasks and they generally utilizes such information for reducing project
delays by properly optimizing the work that is associated with the critical path.

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PROJECT MANAGEMENT
6.2 Alternative methods of crashing activities
The alternative method with which the project activities can be crashed include:
 Fast tracking crashing
 Project crashing using critical path method
6.3 Risks related with compressing and crashing
It is found that during crashing, more resources are generally added within the critical
path that mainly needs more money that that it gets increased when the risk of over budgeting
also get minimized due to the effectiveness of the resources which are present (Serra and Kunc
2015).
6.4 Time when project manager tries optimum cost duration
It is found that during the progress of the project that deals with the opening of a fine
dine restaurant in project, the project manager generally tries optimum cost duration.
7. Progress and performance measurement and evaluation
7.1 Ways of tracking project performance
The different types of steps which are mainly utilized in order to properly track the
performance of the project are listed below:
 Prioritizing the work of the project effectively
 By setting proper measurable targets within the project
 Reporting to the stakeholders of the project
 By analyzing the weekly progress report of the project
 Recommendations about actions which are used for improvement

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PROJECT MANAGEMENT
7.2 Significance of earned value
Earned value of the project is considered to be useful as it helps in reflecting the value of
money which is mainly earned from the money which is mainly invested on the project.
7.3 Calculation of project performance indexes
Figure 7: Performance indices
(Source: Created by Author)

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PROJECT MANAGEMENT
7.4 Project reporting system for ensuring project control
It is found that project manager creates project plan report in order to keep control on the
project activities. It is found that the project manager needs to manage the scope, quality, time as
well as budget for opening up a fine dine restaurant as per the project plan document and they
cannot make changes within the project beyond the document and thus the document is helpful
in controlling the project (De Carvalho et al. 2015).
8. Project closure
8.1 Importance of engaging in project audit
Due to engagement within project audit, it is found that the audit can be helpful in
improving the performance of the project, helps in increasing customers as well as assist in
enhancing the satisfaction of the customers (Ramazani and Jergeas 2015).
8.2 Identification of major elements of project audit
The five different elements of project audits are listed below:
 Proper research on the area of audit
 Maintenance of proper communication in the planning procedure
 Conducting the procedure of walk through
 Mapping risks within the organization, processes as well as functions
 Results of improved audit plan
8.3 Key issues that surrounds project closure
The different key issues which can surround the closure of the project are mainly listed
below:
 Improper management of project

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PROJECT MANAGEMENT
 Lack of budget
 Improper resources
 Improper scheduling
8.4 Useful advice for conducting performance review of project members
The advices which are helpful in conducting the performance review on the team
members are listed below:
 Preparation of feedback from the project staffs
 Open positively as well as discussion on the performance of the staffs
 Providing remedies as well as rewards to the team (Martens and Carvalho 2017).
 Getting clarification on the next steps of the project
 Keeping records about the project discussion

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PROJECT MANAGEMENT
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across borders. Routledge.
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Joslin, R. and Müller, R., 2015. Relationships between a project management methodology and
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Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
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