BT7073 Fundamentals of Project Management

 Assignment Sample BT7073 Fundamentals of Project Management

Introduction

Project management focuses primarily on the planning, and managing of the organization along with the specified resources needed. Each of the activities that will be part of the project management process is to successfully direct the project manager across all phases of the project’s execution.

Such activities involve the identification and efficient management of a life cycle of a project as well as the implementation of the plan into a proper cycle (Sipes, 2019).http://BT7073 Fundamentals of Project Management

This review will reinforce the fundamentals of the research project identified mostly during the implementation of the project. The article is always about examining the characteristics of long-term atomization of the PLC Company. Fundamentally, the methodology is among the implementation process for this shape of the proposal.

It will implement any location or magnitude of the present project. Each proposal must be managed and carried out in a future approach (Pokrop, 2017).http://BT7073 Fundamentals of Project Management There have been certain requirements that will be met by the project manager assigned to comply with the approved plans. Not only is that but the success of both the tasks is always held in view.

Project Description

To execute any kind of project it is important to make proper logical strategies. However, any strategy related to any kind of project should be attempted in advance and the outcomes should be calculated. There can be some errors and faults that should be rectified before executing in a large area. Specific rules and regulations should be kept in mind while administrating the project.

A project leader should look after the possible outcomes and he or she should follow the guidelines in order to execute a successful project. In the case study, AF PLC is a famous construction company that is famous for its developing, promising, conspiring, making software and software-related products. AF PLC is famous for producing electronics and technology-related products (Radujkovic and Sjekavica, 2017). http://BT7073 Fundamentals of Project Management

The automation company, Automation Futures PLC is famous for making new products related to automation and hence they got the offer to work with the reputed company TTF PLC. Automation Futures PLC was trying hard to get a chance to manufacture parts of the trains and thus once a train manufacturing company approach them for producing products for the construction of trains.

Automation Futures PLC accepted the proposal in collaboration with TTF PLC. With help of a responsible project director, Automation Futures PLC was able to implement the project and was successful in manufacturing the products.

From the case study, it was found that Automation Futures PLC recruited a project designer, who was responsible enough to look after the project in a rational way. The role of the Project director is important in this review. A project director is a person who has knowledge about the fundamentals of project management and has the capability to solve the problems related to the project. He should know the rules and regulations while implementing the project.

The strategies made by the project director should be rational enough to compete with other companies both in the field of production and in gaining revenue. In this review, the factors which are responsible for the improvement and prosperity of the project have been discussed. According to Radujkovic and Sjekavica, 2017, to learn about the fundamentals of project management, the project manager should learn about the concept of the iron triangle.

In this Part A, the review will outline the budget, planning, cost, scope, and development in management. Different topics related to the project have been discussed in the later part of the review which focuses on components of the budget, networking, diagram related to networking, and the Gantt chart.

The characteristics of EVA and the gross value received during the execution of the project have been analyzed and discussed in this part. While in Part B of this review, a reflective essay has been intricate from the viewpoint of a responsive project leader. The following part focuses on the behavior and receptiveness of a good project director.

The reflective essay portraits the challenges and struggles a good project director has faced during the execution of the project and how the project direction has tolerated and made decisions for the welfare of the project. The project leader is responsible to take rational steps while he faces challenges during the implementation of the project and he should look after to dedicate most of his quality time and dedication to completing the project before the deadline. The project leader is responsible for the execution of every successful project.

 

1 A) Throughout this circumstance, a case study was performed on a company that has been generating, constructing, engaging in contract management, consulting implementations, and raw materials, which is often focused on computerized, electronic research, and production projects. By finishing this review, it can be inferred that the importance of carrying out the project is also quite important for the successful execution of the project. It is therefore extremely important to ensure successful project management while a large activity is determined and is needed by the skilled team member (Kuzmynykh et al., 2020).

Iron Triangle

The principles of project management can be understood by the concept of the iron triangle. The framework of the project is a section of informative data that is necessary to share with the project leader and the team members related to the specific project. For the implementation of a rational project, it is necessary to follow a planned strategy and the theories related to the fundamentals of project management should be followed. The guidelines that are functional in the execution of any kind of project include scope, resources, quality, time, and risk. From these functional parameters, only scope, resources, and time are necessary for the execution of a successful project. These three parameters are important to learning the concept of the iron triangle. The iron triangle focuses on only these three parameters that are time, resources a scope. These three parameters will help to execute any kind of project under the leadership of a good leader. During the execution of this project, the project director of Automation Futures PLC followed the concept of the iron triangle. To balance the project, the project director must balance the ongoing project between the time taken to execute the project and the time given to deliver the project; a project leader must take the help of the iron triangle. The iron triangle has a great impact on balancing the project for successful implementation. The other name for the iron triangle is a flexible matrix as it gives the flexibility to balance the project. According to Bjorvatn and Wald, 2018, all the parameters of the iron triangle should be followed with the fundamentals of project management. This process will help to implement the project with fewer challenges and struggles.

Fundamentals-of-Project-Management-BT-7073

Figure 1: Iron triangle for project management

By referring to the above image, the name iron triangle can be acknowledged. From the image, the three key features of the iron triangle can be understood.

According to the iron triangle, the word scope refers to the features and functions of the project management, the word time refers to the time required to finish the project before the deadline, and the time given by each and every individual of the team, including the project leader, and the word resource refers to the planned budget for the execution of the project.

  1. Scope- According to the iron triangle, the parameter ‘scope’ is very necessary for the execution of the project. Scope includes all the necessary work that is required to accomplish the target of the project. It refers to the standard of the task that can help to achieve the goal of the project.The way the project can be conveyed depends upon the scope of the project. According to Silvius, 2017, the scope should be supervised under the proper condition as if the scope is not controlled it can hamper the structure of the project and its impacts can be seen on other features that are time and resources.

In an example given by Conforto et al 2016, he said that if a person works for ten hours to complete the task but then the stakeholder orders him to work overtime for the completion of the given task. This condition in which the time has been increased will hamper the resources and scope because now both the resources and scope need to be increased.

Therefore, it is necessary to supervise the scope before executing the project. This will help to monitor time and resources and there will be controlled use of time and resources. A project leader should control the scope for the implementation of the project and should work in a team so that there will not be any increase in scope. The scope of this project is to design and build a new engineering plant automation plat for the main train manufacturing client TTF PLC.

  1. Time- In the execution of a particular project, time plays a key role. Time has the ability to make the project a grand hit or can make the project unsuccessful. The time should be managed to reach the goal, the time should be maintained. If the time is not controlled then the desired target cannot be achieved.To solve the challenges related to time, it is mandatory to make small units that will have a few numbers of individuals and the task can be divided into these groups. This will help in controlling the time and the work pressure can also be reduced.

    The project leader should work on giving the task. He should look after the time that may be required to complete the task and on that basis, he should assign his team members. The project leader can assign the task to his team member by following the guidelines of PMBOK:

  • It is necessary to make strategies based on the amount of task which has to be assigned.
  • The task which is required to be done by an individual should be properly studied.
  • The right series of a task should be maintained.
  • The resources that are necessary to complete the task should be calculated.
  • If a particular task needs extra time, then that time must be calculated with regard to the amount of scope and resources.
  • The project leader should monitor the task from the beginning of the project, he should notice whether the project is working according to the strategy or not.
  • This project will require a time schedule of minimum of 17 weeks that can be used in the generation of internal management for the construction. The project began on 8th July 2019.
  1. Cost – According to the fundamentals of project management, the most important parameter is the cost of the project. The budget of the project can decide whether the implementation of the project will be successful or not. Disturbance in the budget of the project can hamper the structure of the project.This will lead to face a huge loss in the development of the project. All the external factors like the employees of the project, the resources, and the materials required to make products will get affected.

    Some projects have the ability to control the cost of the project; they have a fixed budget that cannot be changed. To reduce the workload and enhance the work of the project, the project leader should look after the budget of the project. The project leader has to maintain a proper budget that will not hamper the raw materials required to make products related to the project.

    The project director should follow a certain guidelines in controlling the budget of the project:

  • The budget for buying raw materials should be not too low or too high.
  • The project leader should look after the previous work in order to make a proper budget list.
  • The project leader should be capable of foreshadowing the increased or decrease in the budget.
  • The project manager should be able to acknowledge the average of the budget.

The estimated cost for the development of an engineering plant for TTF PLC is evaluated to be Euro 145,539,220.

  1. Quality – According to the iron triangle, quality plays the important role in the execution of a project. The quality of the project refers to the raw material responsible for the production of the parts of the train. The items which are responsible for enhancing the scope, time, and resources of the project. The quality is responsible to make the project workable.The quality should not be changed in order to balance other features of the iron triangle. For example, if a customer asked to use maple wood for the manufacture of a chair then the manufacturer should use maple wood only, he should not change the quality of the product.

    However, if the customer demands an increase in quality by increasing the budget then the manufacturer can change the quality; this phenomenon is called quality tolerance. Quality tolerance refers to the change in quality with the permission of the client. Therefore, to execute a successful project, quality cannot be compromised unless and until the clients demand the compromise.

 

From the above iron triangle, the balancing nature of the concept of the iron triangle can be well understood. The project manager should focus on these three parameters to accomplish the project without changing the quality of the project and the project manager should look after the budget of the project.

The project leader should look after the time provided by the stalk holder in order to complete the task before the deadline. According to Rowe, 2020, it is necessary to provide time and increase the budget of the project if the team members cannot accomplish the project within the deadline.

The project leader should also maintain a good relationship with his employees as miscommunication can lead to the failure of the project.

HOW THE THREE PARAMETERS ARE INTERRELATED?

From the above iron triangle, it has been understood that all three parameters are important in the implementation of a project. All these three factors are interrelated and co-related with the quality of the product. If the budget is not handled then all the other factors will get hampered.

In the same way, if the scope of the project is not managed by the project leader, then all three factors need to be changed. Moreover, the scope of the project is the first thing that needs to be looked at at the initial stage of the project by the project director.

And finally, the time of the project should also be managed in order to balance all three parameters. In such a manner all three parameters are interrelated to each other with the fundamentals of project management. In the given case study, the reputed construction company Automation Futures PLC recruited a responsible project director, who followed the concept of the iron triangle and managed to balance all three parameters in order to execute a successful project.

The project leader was responsible enough and with the help of the iron triangle, the new project was implemented successfully. The project leader controlled all the parameters and faced the challenges in a proper way.

Risk analysis

  1. b) Risk register
Work ID Date Description of the task Chances of the risk Impact Severity A person who is appointed Action
125 16.08.19 The time span of the project Medium High High Project director To complete the project, the time should be increased
32 25.08.19 Incomplete task Medium High High Project director At the beginning of the project, the task should be assigned to a responsible individual.
169 1.09.19 Incomplete design of the project Low High High Sponsor of the project The experts should prepare a proper plan before the execution of the project.
143 10.09.19 The purpose of the project is not properly planned. Medium High High Sponsor of the project The project should be completed with proper planning before the execution of the project.
216 16.09.19 Inappropriate examination of the project.  Medium High High Project director All the parameters should be checked by the auditor to check whether the project is going according to the plan or not.
194 20.09.19 Decrease in the budget Medium High High Project director The budget of the project should not be compromised.
211 29.10.19 Decrease in the complexity Low Medium Medium Sponsor of the project The complexity of the project should be managed properly by the assigned employee and the problems should be handled by the supervision of the project director
85 18.11.19 Miscommunication Medium High High Project director The project director should maintain good relations with his teammates in order to establish good communication.
178 30.11.19 Ineligible workers Medium High High Project director The capabilities of the worker should be examined and then also the worker does not have the potential to do the task, then he or she should be replaced immediately.
99 12.12.19 Unpremeditated work Medium High High Project director The project should follow proper planning otherwise the workers may have confusion which will lead to the failure of the project.

Table 1: Risk Register

(Created by Learner)

Project Scheduling

Analysis of the Critical Part

This project will mainly require a time of 17 weeks in order to progress on the site in a programmed way. Moreover, the review of internal management costs and the progression of the task review is essential for the project schedule and work.

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Figure 1: Project Scheduling

(Source: Blut, et al., 2018)

Fundamentals-of-Project-Management-BT-7073
Figure 2: Project Management

(Source: Heagney, 2016)

Earned Value Analysis


Fundamentals-of-Project-Management-BT-7073

Figure 3: Earned Value Analysis

(Created By Learner)

 Part B- Reflective Essay

 Introduction

A section of the analysis provides a comprehensive history report on my history as a project leader for this venture. Throughout this article, I would like to explore my experiences as Project Director for a very well-established company Technology Futures PLC. In software development, I have developed knowledge with innovations and had enough opportunities.

As Project Director, I have had a tremendous opportunity to create decisions and have an opportunity to break the project with great colleagues (Mukwakungu and Mabasa, 2018). http://Fundamentals-of-Project-Management-BT-7073This unusual venture allowed me to learn various topics relevant to process improvement.

It also helped me to understand just how important this venture is to me. As project director, I have allocated all my resources, production, and maybe even finances, and checked any resources in the repository to ensure that almost all operations are carried out in compliance with the protocol.

Attention was equally paid to the total expense of the scheme, together with the period equal, thereby supplying different quantities of cash and certain uses for many other similar projects (Blanquer, 2017).http://Fundamentals-of-Project-Management-BT-7073

Background

The position of automated test engineering design in the manufacturing process of railways is quite difficult as that of the strategic project team leader of the corporation. Initially, this placement was fraught with problems, and thereafter, as days progressed, I would have been perfectly willing to be doing the operations and transactions.

The plan motivated me to check my abilities and also helped us understand the advantages and disadvantages, the extent of my durability, and abilities. I concurred that every manager ought to be capable of dealing with unfortunate conditions.

My greatest issue once working on the site was a minimal budget. The infrastructure as a service was less than we had expected, so it generated a number of trouble for someone like me to cope with that in several circumstances (Catalogs and Catalogs, 2018). http://Fundamentals-of-Project-Management-BT-7073Most perplexing to me is when dealing with financial resources from multiple organizations.

However, spending-related challenges have been solved with both the assistance of the functional system and a variety of many other topics have also been resolved.

Personal Development Goals

As a Project director, I have had a great deal of trouble doing all that type of work, however, given the time period I have been perfectly willing to deal with these problems (Heagney, 2016).http://Fundamentals-of-Project-Management-BT-7073

Throughout the project management process, certain difficulties I faced made me realize my inability to reach clear development goals. It begins with a strategic plan of the project containing the basics, from the site investigation and implementation of the program to something like the procurement of the operational tools required to move it.

But while strategy formulation is legally binding both as a program manager and in project development and management, the factor in determining whether.

I need to be a project manager is my awareness of the developments, methodologies, approaches, and technologies widely recognized to achieve the objectives successfully.

Furthermore, this task allowed me to improve my success as a project director in looking for solutions and strengthening my productivity when carrying out a particular task on a satisfactory basis within the timeframe. In addition, it improved my communication knowledge and allowed me to build a strategy.

Elements a Good Project director should have:

The key roles that a good Project Director should have provided have always been:

  1. The individual ought to be able to make an informed decision whenever the moment is appropriate.
  2. The person should be willing to empower the squad, as it enables a simple mindset and optimistic thinking while encouraging the members of the team.
  3. In order to be an effective Project director, the ordinary person ought to have a strong negotiating capacity to handle any form of mediation or negotiation agreement.
  4. A good Project Director should have been capable of communicating effectively.
  5. A successful project director would be able to address tough challenges by managing projects.

Conclusion

By completing this analysis, one will conclude that perhaps the value of conducting the project is indeed very significant for the effective execution of the project.

That is also incredibly necessary to preserve effective project management in deciding to conduct a great operation and therefore is required by the professional team leader (Belwaker, 2019). http://Fundamentals-of-Project-Management-BT-7073

The Project Director took considerable responsibility in this area and made the corporation a tremendous success. Complicated actions were made by the project manager at a critical time. And using the process mentioned earlier in this thread, the Project Manager made a rational option and got the greatest thing for the venture.

References

Almeida, LFMD, Conforto, EC, Luis da Silva, S. and Amaral, DC, 2016. Evaluation of performance in agility in project management. Production, 26 (4), pp.757-770.

Belwalkar, B.B., 2019. Joseph Heagney. Fundamentals of project management. New York, NY: American Management Association, 2016, 228 pages, $17.95 hardback. Personnel Psychology, 72(1), pp.181-182.

Bjorvatn, T. and Wald, A., 2018. Project complexity and team-level absorptive capacity as drivers of project management performance. International Journal of Project Management, 36(6), pp.876-888.

Blut, M., Teller, C. and Floh, A., 2018. Testing retail marketing-mix effects on patronage: A meta-analysis. Journal of Retailing, 94(2), pp.113-135.

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 the construction industry. Engineering Management Journal, 29(4), pp.258-277.

Dijksterhuis, E. and Silvius, G., 2017. The design thinking approach to projects. The Journal of Modern Project Management, 4(3).

Heagney, J., 2016. Fundamentals of project management. Amazon.

Heagney, J., 2016. Fundamentals of project management. Amazon.  Catalogs, H.P.C. and Catalogs, N.C., Fundamentals of Project Management Program 2018-2019.

Prokop, F., 2017. Fundamentals of Project Management. Quality Progress, 50(7), pp.61-61.

Blanquer Mora, A., 2017. Project Nato or the development of a project following the project management fundamentals (Doctoral dissertation).

Jamali, G., and Oveisi, M., 2016. A study on project management based on PMBOK and PRINCE2. Modern Applied Science, 10(6), pp.142-146.

Zakharchenko, O.V., Bakulich, O.O., Potapenko, T.P., Voloshenko, M.O., and Kharuta, V.S., 2020.

Fundamentals of the System Simulation Methodology Person machine’s Project and Program Management. International Journal of Management (IJM), 11(3).

Kuzminykh, V.O., Otrokh, S.I., Voronko, M.P. and Taranenko, R.A., 2020. Fundamentals of IT project management.

Sipes, C., 2019. Project Management for the Advanced Practice Nurse Second Edition. Springer Publishing Company.  Mukwakungu, S.C. and Mabasa, M.D., Identifying and Analyzing the Most Important Fundamentals to Improve Project Management Performance in South Africa.

Kerzner, H., 2019. Using the project management maturity model: strategic planning for project management. John Wiley & Sons.

Kuzminykh, V.O., Otrokh, S.I., Voronko, M.P. and Taranenko, R.A., 2020. Fundamentals of IT project management.

Martens, M.L. and Carvalho, M.M., 2017. Key factors of sustainability in project management context: A survey exploring the project managers’ perspective. International Journal of Project Management, 35(6), pp.1084-1102.

Radujković, M. and Sjekavica, M., 2017. Project management success factors. Procedia engineering, 196, pp.607-615.

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