Assignment Sa

Introduction

Nowadays, project management is considered one of the key factors and aspects all over the globe. Project management is basically the process of directing a team of people to accomplish a set of objectives given a set of constraints. Project management is the use of a technique, a variety of skills, the power of knowledge, and a portion of experience to achieve all of the objectives in accordance with their inclusion criteria and well-defined parameters. The field of project management is large, and it may cover a wide range of industries and skill sets. Project management tactics can help you develop well-thought-out plans. The concept of project management refers to the act of identifying and managing various types of risk so that all processes may be completed on time. Project management encompasses the areas of resources, financing, crystal clear interaction, as well as stakeholder management.

Techniques of project management

The domain of project management is basically vast and it may be able to span a wider range of sectors and skill sets. Project management strategies have the ability to create well-constructed plans. The entire project will be easier, cheaper, and more efficient as a result of the use of project management. Tandem software has been utilized in the project management system. The majority of organizations are able to cut costs and time by using this software in the field of project management (S. and Ozorhon, 2017). There are several strategies accessible in the field of project management. With the use of such strategies, the entire project was able to determine the optimum method for constructing their project. For the establishment of the project, the required approaches and techniques are being described below.

• Work Breakdown Structure (WBS): Work breakdown structure, or WBS, is a method of organizing work to make it more manageable. The project management and work breakdown structure may execute the hierarchical portion of the task with the support of their team, according to the project management statement of work. Typically, the WBS is the element of the representation that will represent each project job (Kerzner, 2017). This structure will be used in project management to help specify the requirements. WBS has the capacity to assemble a whole team that will identify the major and minor deliverable pieces. The full procedure will establish the project’s overall job as well as its budget component. This approach was utilized by the firm “Health Tech Global Ltd” to determine their budget throughout the project management stage.
• Gantt chart structure: The Gantt chart is considered one of the most important techniques for project management and understanding the timeline of the project. The portion of the Gantt chart in which the project will be displayed is basically the methodology. A Gantt chart will also assist Health Tech Ltd in developing a better strategy. The planning process, scheduling component, various types of milestones, and the project timetable will all be tied to the Gantt chart in order to improve Health Tech Ltd (Munro et al. 2020).
• Project Evaluation Review Technique (PERT): PERT stands for “Project Evaluation Review Technique” and that is basically a project management term that refers to the evaluation phase of the project. This term refers to a review method and in the field of project management, this approach will also be used to assess project estimating. PERT is utilized to accomplish the job on schedule. The PERT process employs essay approaches of the static section, which will aid in the discovery of the activity’s interpretation and the identification of all existent matter.
• Critical Path Method (CPM): The critical path method is the foundation of project management methodology. The most important aspect of the project in this case is the building phase. This project management model has been combined with the work breakdown structure (WBS) and the dependencies of the project. The approach of CPM or the “Critical Path Method” is commonly utilized for the section of the algorithm that will be responsible for making decisions. There are certain particular data that will be included with the time of the project, length part, completion part, and other aspects are included in the CPM process. The practice of Fast-tracking is used to do this type of job in the field of project management. By improving the critical path’s work routine, the CPM process will also assist to reduce delays. The project management may visualize all of the dependencies that are necessary for the section of the priority using these strategies (Maksimović et al. 2020). All organizations are breaking down with the aid of the CPM as additional deliverable sequences are added. It has the ability to improve proficiency and assist in the calculating portion of the float in order to allocate all resources in a more effective manner.
• Kanban: This is also considered one of the most vital stages involved in the management of the project. The term Kanban is basically used at the project management phase for the objective of manufacturing, and it may also be used to depict the project management process. The Kansan approach is used in project management to track the progress of the project. Kanban is a strategy that helps prioritize tasks while also improving workflow. Project management techniques can also handle the collaborative aspect. Kanban is an approach that is well-suited to agile initiatives.

Improvement part of the market

By implementing project management, Health Tech Pvt Ltd has enhanced its marketing approach. To improve the project management aspect of Health Tech Pvt Ltd, various steps have been completed. The first step in making Health Tech Pvt Ltd more wonderful is for the organization to take more initiative in order to improve. The firm must express its aim in the section of the initiative (Chen et al. 2019). The area of objective will also have an influence on the business of the organization. When a corporation sets its objectives, the theory’s goal and the target should be explicit, effective, accurate, and more rational, with an attempt to assess with a more realistic approach. This organization will determine its priority area throughout the project management stage. In this particular stage of project management, priority is the primary thing and it will basically uplift the organization. The organization will find a better way to increase the efficiency of the business from the stage of the priority.

The planning section of the project manager is also the finest element for improving the performance of the organization. The planning portion of the market improvement will also be the greatest element of the market improvement. The most crucial elements to improve the business at this point are the appropriate equipment, funding, and talent. To improve the market, the synchronization strategy must also be connected in the functional area. The grade of the relationship is one of the most crucial factors in enhancing the market of the organization. The marketing will be successful if the relationships between the vendors and purchasers are strong. While the association will be more successful, the improvement portion of the market will be expanded. If all of the uncertainties are cleared, the firm may continue to run smoothly in the market. It will be more difficult to develop the market if there is no certainty (Armenia et al. 2019).

The project management approach is also utilized to improve the market for medication in the domain of project management. The agile methodology, which is a part of the project management technique, may also split the project into several types of stages. All aspects of engagement with stakeholders will be included in the Agile process. This process will also help the firm develop at each level. The agile methodology is basically included with the initial area of the team, beginnings, procedures, planning, and so on. In addition to several phases, the phase of the evaluation is also included in the particular part of the methodology. The project management is being focused on the organization with the help of the Prince Methodology. The collaborative part in the organization is being done with the help of this particular methodology (Sanchez et al. 2017).

Figure 1: Prince Methodology

(Source: https://monday.com)

The above figure displays the prince methodology that has been implemented by the organization for the purpose of project management. In this methodologies, various stages and phases can be seen in the project environment. The main phases that can be seen in this are the processes, themes, and principles. In the processes stage, there are several phases which are progress, risk, plans, organization, quality, business case, and change (Ahmed, 2018).

Cost control project management has been applied at the firm Health Tech Limited to acquire correct project costs. The spending of the organization may be calculated with the aid of the cost structure. The change control portion of project management will be aligned with the budget component, subtraction, addition, and trying to meet the deadline on time. When it comes to starting a new firm, Health Tech Pvt Ltd has the ability to examine the budget. The change control system is utilized to extract the budgeting idea. To improve the market, all of the necessary items are attached in the project management area (Chawla et al. 2018).

Critical evaluation

Project management plays a vital part in enhancing the success of a firm. With the support of a project management firm, they may estimate their cost-controlling portion. With the assistance of a project management business, they are able to meet their deadlines on time. All of the assets as well as resources, as well as the conflict aspect, will have an impact on the growth of the business. Organizations may lower their risk and project failures with the aid of project management. To improve the market, project management is the most effective instrument that the organization needs (Lee et al. 2018). The organization market may also do the cooperation part and set up the communication with the support of project management. All small and medium-sized enterprises can benefit from adopting a project management solution. The competitiveness of the market will also be enhanced through project management. With the market evaluation, project management is also capable of figuring out all of the needed adjustments, allowing them to follow the art of the performances and resolve any concerns. As individuals get more aware of the impending aspect of the business, the market will continue to develop at a quick pace.

Implementation of the key factor

There are several important factors in the area of project management that are to be used in the project management system of the organization. The vital factors are being described below.

• Capable people: To achieve the peak of success, the team members of the organization must also be capable. The project will also include a larger number of individuals and additional employees. As a result, team members must be extremely clever in order to meet all of the commitment components. To reach out to the organization’s success section, the complete staff must be really successful. Due to a scarcity of competent employees, the organization’s team members will have difficulty exercising leadership abilities (Borkovskaya, 2018). To accomplish a good job, project managers in the organization need to be allocated more efficient individuals.
• Extension planning: The most important aspect of the planning process is the detailed phase. The thoroughness of the strategy will also aid the team member in meeting the important deadline. The most profitable aspect of the business is smart planning. This planning process will also assist them in obtaining a precise estimate of costs and in producing clear paperwork of business milestones. Planning resources will be linked to their needs and will serve as a warning mechanism. It is critical to strengthen the standard planning comprehensiveness of the organization.
• Open communication: Communication is the primary thing of any job and it is also the most vital aspect. People can resolve their uncertainties with the aid of communication. If they are able to manage their uncertainties, it would be extremely beneficial to the organization as well. Generally from a business standpoint, communication is critical (Chan et al. 2019).
• Risk management: This is also considered one of the most important aspects of the management of the project. The known matter of the project is basically the domain of risk management. The risk element will also cause them to create a risk diary with a plan of action. The project manager ensured that all stakeholders were well-informed during the project management phase. The degree of confidence where clients may feel very safe and secure is also presented in the risk factor area (Thomas et al. 2019).
• Powerful project closure: The closure section of the project is critical in establishing a good close. In the field of project closure, the organization is also on the lookout for the project’s primary driver. The quality of the product, opportunities, time log, and advantageous portion of the business will all be tied to the project conclusion section.

The beneficial effect of customer

For the side of the client, the term project management will be more influenced. Employees will benefit more from project management at this point. Individuals may accomplish their own work more efficiently with the support of project management. Consumers can also lead themselves to the success phase of the competition and that is possible due to project management. Most individuals are able to improve their communication systems as a result of project management. If the communication is clear, all the individuals will be able to comprehend the reliability of the job and how they will do their own tasks. Project management may also help people become more aware of their surroundings (A. and Zraunig, 2018). They become aware of the organization’s risk element and become aware of the situation. The individuals are being able to mitigate their issues due to the project management.

Conclusion

Project management is critical to the success of the organization. Project management is utilized to make a organization more successful. The term project management is associated with the lifecycle of the project and risk management. If individuals want to keep their organization continuing, they may learn how to reduce all of the challenges that come with it with the aid of project management. In the outcome step, it will be concluded that project management is a critical component in making a firm more secure and safe. In the field of project management, there are many different types of project management. All of the needed items must be tied to the project manager, who should be well-versed, gentle, and cognizant of empathy. All of the enterprises are functioning smoothly and intelligently thanks to project management.

Part B

Project planning

The particular section describes the planning of the project of the organization that is based on the management of the project (S. and Ozorhon, 2017). The project planning section is also the most important component for increasing the performance of the organization. The market improvement’s planning section will also be the most important aspect of the market improvement. At this time, the most important aspects for improving the firm are the right equipment, cash, and people. The synchronization plan must also be integrated in the functional area to boost the market. One of the most important variables in increasing the market of the organization is the quality of the connection. For the project planning, the Gantt chart is being described below. For the planning of the project, various phases are being considered like analysis, design, development, testing and implementation.

Figure 2: Project planning for 3 months

(Source: Ms-project)

The above figure displays the three-month analytical phase. The analytical approach is broken into three stages in this planning process: onsite, stakeholder, and discussion. The on-site meeting’s analytical portions will last 5 days, while the stakeholder and discussion portions will only take 3 days. The design component of the project is focused on software development and interface design, both of which required only 40 days (R. and Kessels et al. 2018).

Figure 3: Project planning for 4 months

(Source: Ms-project)

The accompanying figure depicts the project’s planned area orientated in four months. MS-Project was used to produce this unique picture. The analysis, design, and development phases of development are depicted in this diagram. The analysis on site meetings is under progress, and onsite meetings will last five days. The assignment began on January tenth, two thousand twenty one, and ended on the same day. Stakeholder analysis is the second stage of the study. The analysis will take three days to complete. This stakeholder analysis began on the 8th of October and finished on the 12th of October (Sedikova et al. 2018). The design portion of this artwork took 40 days. It took twenty days to build the system and another twenty days to design the interface. It took thirty days to complete the development phase of this project.

Figure 4: Project planning for 4 months

(Source: Ms-project)

The figure depicts a portion of the testing and a portion of the implementation. It took five days to complete the testing, and it will take five days to complete the physical components. The implementation, on the other hand, will take about forty days. The implementation is split into two pieces as well. The first one is the physical implementation and the other one is the implementation of on-site. It can be seen that the physical implementation took about 20 days and the on-site implementation also took about 20 days (Davies et al. 2018).

Part C

Budget Allocation

The particular section describes and displays the creation of the budget. The yearly budget is being described below.

Figure 5: Budget creation (January-August)

(Source: Ms-excel)

This specific figure depicts the budgeting area of the project. MS-Excel was used to design the budget area. The budget is based on the income, which begins in January and ends in August. The expected budget for the months of January to August is about 66,000 INR, while the budget for the months of September to December is 67,250 (Noguera et al. 2018). This element of the estimation will also aid in determining the correctness of the expenditure.

Figure 6: Budget creation (September-December)

(Source: Ms-excel)

The budget of the organization is likewise depicted in the above figure. MS-Excel was also used to produce this image. From July through December, the budget will be estimated. The overall budget for the month is 792000, with an accuracy of 807000. This approach was performed in order to determine the correctness of the budget (Meredith et al. 2017).

Reference List

Journal

Ahmed, S., 2018. A review on using opportunities of augmented reality and virtual reality in construction project management. Organization, technology & management in construction: an international journal, 10(1), pp.1839-1852.

Al-Hajj, A. and Zraunig, M., 2018. The impact of project management implementation on the successful completion of projects in construction. International Journal of Innovation, Management and Technology, 9(1), pp.21-27.

Armenia, S., Dangelico, R.M., Nonino, F. and Pompei, A., 2019. Sustainable project management: A conceptualization-oriented review and a framework proposal for future studies. Sustainability, 11(9), p.2664.

Bondarenko, S., Lagodienko, V., Sedikova, I. and Kalaman, O., 2018. Application of project analysis software in project management in the pre-investment phase. Journal of Mechanical Engineering and Technology, 9(13), pp.676-684.

Borkovskaya, V., 2018. Project management risks in the sphere of housing and communal services. In MATEC Web of Conferences (Vol. 251, p. 06025). EDP Sciences.

Chawla, V., Chanda, A., Angra, S. and Chawla, G., 2018. The sustainable project management: A review and future possibilities. Journal of Project Management, 3(3), pp.157-170.

Chen, T., Fu, M., Liu, R., Xu, X., Zhou, S. and Liu, B., 2019. How do project management competencies change within the project management career model in large Chinese construction companies?. International Journal of Project Management, 37(3), pp.485-500.

Davies, A., Manning, S. and Söderlund, J., 2018. When neighboring disciplines fail to learn from each other: The case of innovation and project management research. Research Policy, 47(5), pp.965-979.

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.

Demirkesen, S. and Ozorhon, B., 2017. Measuring project management performance: Case of construction industry. Engineering Management Journal, 29(4), pp.258-277.

Farashah, A.D., Thomas, J. and Blomquist, T., 2019. Exploring the value of project management certification in selection and recruiting. International Journal of Project Management, 37(1), pp.14-26.

Ika, L.A., Söderlund, J., Munro, L.T. and Landoni, P., 2020. Cross-learning between project management and international development: Analysis and research agenda. International Journal of Project Management, 38(8), pp.548-558.

Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Lee, C.Y., Chong, H.Y., Liao, P.C. and Wang, X., 2018. Critical review of social network analysis applications in complex project management. Journal of Management in Engineering, 34(2), p.04017061.

Meredith, J.R., Shafer, S.M. and Mantel Jr, S.J., 2017. Project management: a strategic managerial approach. John Wiley & Sons.

Nijhuis, S., Vrijhoef, R. and Kessels, J., 2018. Tackling project management competence research. Project Management Journal, 49(3), pp.62-81.

Noguera, I., Guerrero-Roldán, A.E. and Masó, R., 2018. Collaborative agile learning in online environments: Strategies for improving team regulation and project management. Computers & Education, 116, pp.110-129.

Owusu, E.K., Chan, A.P., DeGraft, O.M., Ameyaw, E.E. and Robert, O.K., 2019. Contemporary review of anti-corruption measures in construction project management. Project Management Journal, 50(1), pp.40-56.

Puška, A., Stojanović, I., Maksimović, A. and Osmanović, N., 2020. Evaluation software of project management used measurement of alternatives and ranking according to compromise solution (MARCOS) method. Operational Research in Engineering Sciences: Theory and Applications, 3(1), pp.89-102.

Sanchez, O.P. and Terlizzi, M.A., 2017. Cost and time project management success factors for information systems development projects. International Journal of Project Management, 35(8), pp.1608-1626.

mple on Health Tech Global Project