Project Work: Analysis of Biodegradable Waste Recycling Project

This project work comprehensively analyzes a biodegradable waste recycling project, encompassing various aspects of project management. It begins with an introduction to project concepts, including scope and stakeholder analysis, and then delves into risk identification and management. The assignment covers key elements of a risk management model, project parameters, and the importance of a project budget. Further, it explores project requirements and strategies for monitoring project finances and resources. The project includes a project initiation document, minutes of a meeting, and updated project records, including milestones achieved, issues reported, and risk assessments. The analysis also includes a budget comparison, highlighting variances and their causes. In conclusion, the project emphasizes the importance of organized project planning, the use of appropriate tools and techniques, and comprehensive risk assessment to mitigate potential issues and ensure project success.

Undertake Project
Work

INTRODUCTION
A project is an activity of unlocking great opportunities for an organization or individual
to achieve their goals or objectives by incorporating changes. It minimizes the probability of
failure and help in making desired changes. It is specific and limited activity to create observable
outcomes under certain requirements.
TASK 1
Question 1
Project scope and scope statement
Project planning involves project scope which is about establishing a list of definite goals
of a project, tasks, budget and allotted time. It is presented in a document form which outline
various required actions that needs to be done.
Project scope statement contains particular needs along with reasons, assumptions, core
factors, along with constraints. It is a well organized and written statement defining boundaries
of a project. It may help in planning in depth on complex projects.
Question 2.
1 a. Definition of project stakeholder.
According to Project Management Institute, project stakeholder is “ an individual,
group or organization that is actively involved in the project, anyone who may affect, be affected
by, or perceive itself to be affected by a decision, activity, product or any types of outcome of the
project.
Question 3
c. Explain analogous and parametric estimating
Analogous estimating is a technique in which estimation about a project is done on the
basis of similar projects from the past. It measures the cost, budget, scope and other related
elements of a project. On the other hand, parametric estimating is used to measure key service
of a project. It uses statistical relationship which is present between historical data and a
particular set of constants or variables.
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Question 4.
1 a. What is a deliverable in a project management context?
Project deliverables can be defined as a physical or non-physical good or service
delivered by a project in a way that could meet customer's expectations. It could be prepared in a
report, document or even as a software or any other other suitable form. Further, it may have
many smaller deliverables. All the deliverables must be analysed to know the nature for
successful results. It is the final result is presented in which technical design is prepared.
Question 5
1 a. What is work breakdown structure (WBS)?
Work Breakdown Structure refers to a hierarchical tree structure chart which provide
major deliverable that divides work into sections that can be handled and control. Further, the
chunks are further sub-divided into smaller tasks. It is prepared by project management team to
help in predicting various outcomes so that appropriate changes can be made for getting
maximum results.
Question 6
Define PERT, Critical path, Gantt Charts
Program evaluation and review technique (PERT) is adopted to assess and represent
activities in a project and to show the time that will be required to complete a task within
specified time. Critical path is a series of activities which must be finished before the deadline
of the project. It is useful in estimating the shortest time within whch project canb be finished.
Gantt Chart is the most popular and effective tool that shows the status or progress of a project.
Further, it can be used for tracking usage of resources in the project. These tools and strategies
can contribute in may way such as it reduces confusions about completion, a clear relationship
between various tasks. Further, a detailed and organised framework is provided for efficient and
effective resource allocation.
Question 7.
Explain risk identification process.
Risk identification process identifies probable risks that can affect the delivery of
project in a significant way. It is the most important step for keeping record of risks involved. It
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is divided into various steps which should be take into account continuously within the duration
of a project.
Question 8
Five key elements of Risk Management model
The five elements of Risk Management Model are as follows:
 Risk identification- The potential risks are identified to prevent their effects.
 Risk evaluation- The outcomes of risk analysis are compared with standard.
 Risk Control- Methods are adopted to minimise or eliminate risks.
 Risk Financing- Estimation of cost that will be required for paying loss.
 Risk monitoring- The steps are monitored to know the effective level of strategies taken
for risks.
Question 9
Four main project parameters
The four key parameters of a project are as follows:
 Time: It is the prime parameter which which provide time deadline for completion.
 Cost: The allocation of budget is done under this.
 Quantity: It gives quantity of products that are to be produced with project.
 Quality: The quality standard and criteria must be met.
Question 11
a. what is project budget?
The tool is used to estimate budget or total cost of a particular project. A bifurcated and
detailed costs that will be incurred to complete it are recorded.
Question 14
What are project requirement?
A project has many requirements which are necessary for its speedy completion. The
following are common requirements for all the projects:
 Expert judgment
 Data gathering
 Data analysis
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 decision making
 context design
 Budget
 Machinery
Question 17
The strategies that can be effectively implemented to monitor plans for managing project
finances and resources
Actual cost in which cost of work performed shows the amount spent.
Cost variance estimated project cost must be within the standard
Earned value approved budget for the tasks so assigned within a particular time frame.
Planned value is the estimated cost of project activities schedules on the reporting date.
Question 18
Explain:
(a). Status summary report: It is document about the updates in the project and it is
provided to key parties involved.
(b). Issue log: It a spreadsheet that helps manager in tracking and keeping record of the
problems arise in a project along with appropriate justification.
(c). Resource reports: It describes allocation, availability and usage of resources.
TASK 2
Part A
Project Initiation Document
Project Details
Project: Recycling of biodegradable household waste
Project Sponsor: $100,000
Project Manager: Ms. Rose Globe
Start date: 1st December, 2018
Completion date: 7th December, 2018
Document details:
Version Modifications Author Date
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No. 1. Budget allocation Finance manager 20th November, 2018
No. 2. Change in collection
process
Project manager 22nd November, 2018
Approvals:
Name Role Date Version
Mr. Richard Smith Finance manager 5th December, 2018 No. 1.
Ms. Rose Globe Project manager 1st December, 2018 No. 2.
Distribution:
Name Role Date of issue Version
Mr. Garry Cook Assistant finance
manager
7th December, 2018 No. 1.
Mr. Thomas Paul Vice project manager 7th December, 2018 No. 2
Purpose of project: Efficient removal of all biodegradable household, and industrial waste.
Vision: to clean every location in Australia.
Relevant stakeholders: CEO, Finance manager, project manager, customers and investors along
with team members involved in the project.
TASK 3
Minutes of Meeting
Meeting objective: Roles and responsibilities of parties involved in cleaning suburbs to avoid
conflicts in future.
Attendees: 15
Venue: Floor 12th, Block- A, St. Partick St., Buckingham, EC1N 8TC, United Kingdom
Date: 21st December, 2018
S.no. Action Point Responsibility Target Date
1 To form clear distinction of roles and
responsibilities between team members
HR manager 20th January, 2019
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and contractor
2 To mention expected quality and
expected outcomes along with deadline.
Production manger 6th January, 2019
Part b
Project Name: Re-cycle of biodegradable
waste
Date: 17th January, 2019
Project manager: Ms. Rose Globe Project Completion Date: 15th February,
2019
List of updated project records:
1. Delay in work which was 10% over the
allotted time.
2. the delays was due to delays in input from
Sales department.
3. Work will be rescheduled to be completed
in a parallel way in order to make the loss of
8%.
4. 5% error in pamphlets generated due to
substandard quality.
List of all the milestones achieved with date
of completion:
1. Saving cost so incurred.
2. Effective management of supplies so that
input can be delivered on time.
3. Better co-ordination is formed between all
the departments to make it a successful
project.
List issues reported:
1. Difficulty in cash flow in work processes
going simultaneously.
Risk Assessment and Management:
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Risk No. Risk Description Risk Priority Risk Mitigation
Strategy
1EVM2019 Hazardous substance and
emission due to hazardous wastes
and non biodegradable wastes.
9 Avoidance: in this the
effects of risks are
avoided to prevent all
the potential risks.
Part C
S. No. Budgeted Amount Actual Amount Reasons for variances
1 $20,000 $20,200 The existing problems
which cause delay in
the collection.
2 $ 15,000 $15,500 The sales department
caused difficulty in
supplies which delayed
the process.
CONCLUSION
From the above report, it has been concluded that, project should be framed in a well
organised way to limit all the potential risks. Further, tools and techniques that will provide
accurate results should be used. Along with this, the cost involved must be highlighted.
Furthermore, the risk assessment must be done to analyse potential risks and to prevent their
impact on the porject.
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