Fundamentals of Project Management 

Executive Summary

This report focuses on discussing fundamentals of project management. Different important aspects of project management are discussed and shown here in this study which includes iron triangle parameters, risk register, Gantt chart and network diagram. Proper budget analysis and calculations are done here in this study. The entire report is divided into different parts which include Project parameter’s definition, risks and planning. Costing for each planning phase is also shown in this study. Moreover, ways by which progress of project can be understood are also stated in detail. Proper earned value analysis and acceleration are discussed here in this part of the study. At the end, a reflective essay is also provided.

 

Part A

1. Project Definition/Parameters and Risks
Question (a) The project management triangle is known as the iron triangle, which is related to the success of the project in reference to the scope, time, cost, quality and many other factors. These are set as per the requirement of the project management. For this project, three parameters can be chosen from that, and this refers to the scope or features, resources that also includes a function as well as time or deadlines. Scope refers to the total amount of work that is to be handled, and resources refer to the sum of all expenditures and thereby setting the budgets. Time or deadline refers to the allotted time for delivery of the project. Changes in one constraint are related to change or delay of other constraints, and thus the triangle has been set up (Meredith et al. 2017). A fixed cost budget requires to be calculated before starting the work, and this refers to accounting all the expenditure and investment on the project. Also, all the necessary resources are to be acquired for the flexibility of the work. Thus, it remains possible for the project manager to set the time for the project and complete it within the stipulated time.
The triangle components are as follows.
Scope
● Designing as well as constructing the new factory requirements with automation equipment
● Designing as well as developing the automation plant that comprises of the production line software
● Designing the inverter product that consists of the control software
Resources
Installation of the automation equipment and financial investment of £58.50 m is required.

Time

8 July 2019 to 18 September 2020
These entire triangle components are interrelated to each other in the context that changes in one of the components is related to delay of others. The project should be started with proper planning as per the resources provided. Construction of the new automation plant requires setting up all the technical components. The project deliverables must be cross-checked as resources, and engaging the laborers are totally dependent on that. Assuming all the expenses, the budgets are to be prepared, and the project deliverable steps have to be appropriately aligned. It is supposed that the completion of the project should not be later than 18 September 2020, and the project management task is to be set as per. Thus, all of the components are interrelated to each other.

 

 

Part B

The first problem that has been encountered in doing this project is setting the project goals according to the project deliverables.TTF was responsible for manufacturing the inverter product from the production line and as they have acquired the site for the new factory. As a project manager at AF PLC, I was responsible for aligning the inverter manufacturing, designing and construct of the new factory and fitting out the automation equipment. I have also faced problems in sitting on the budget in the times of the contracts. In this project there were requirements of designing as well as developing the automation plant in the new factory and this required production Line software and inverter product required control software. Installing, developing as well as testing required more time that increased the overall project schedule time along with the fixed costs. Thus, one of the main challenges was managing the project within the stipulated time as per the budget. As can be seen from the project, the required time is higher than the target time and thus penalties have to be filled up. I have also faced issues in this case and thus accelerating the project has to be prepared by me which increases the overall project budget cost and this declines the amount of profit.

I have understood that personal development goals have to be set up by me in order to balance the success of the project in future days. The personal development goal must include the project initiation step from which I have started facing problems. Forecasting the project budget is also essential for me and I also need to prepare the budget planning for the project by considering additional damage and overtime costs. The number of laborers to be assigned should also be included in the planning process. There is also a need for proper monitoring of the project activities by me and this should be developed by working with other project managers and observing the monitoring process properly.

From this project I have categorized some successful project manager traits or characteristics that are highly essential to manage the overall project as well as delivering it within the stipulated time and cost. The states, as well as requirements of the project, should be discussed with the client to avoid any risk of increment of budget. The ability to organize as well as delegating the task is highly essential and I should acquire flexibility. I have also understood that a successful project manager should have the capability to balance the creativity and monitoring level of the project tasks and communication should be made with the employees each time. Here, a adoption of a particular leadership style is also required by me to inspire the engineers and technicians. Moreover, the experience should be increased by me by following other project managers’ tasks and it accordingly to the project deliverables.

 

Reference:

Books and Journals

Bhavsar, K., Shah, V. and Gopalan, S., 2019. Business Process Reengineering: A Scope of Automation in Software Project Management using Artificial Intelligence. International Journal of Engineering and Advanced Technology (IJEAT), 9(2), pp.3589-3595.
Demirkesen, S. and Ozorhon, B., 2017. Impact of integration management on construction project management performance. International Journal of Project Management, 35(8), pp.1639-1654.
Meredith, J.R., Shafer, S.M. and Mantel Jr, S.J., 2017. Project Management: A Strategic Managerial Approach. John Wiley & Sons.

 

 

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