Project Management

234SAM Principles of Project Management

Introduction

The role of the principles of project management is essential to develop and conduct a project effectively.

Typically, the project management is a combination of a group of five concepts that are initiation, planning, execution, control and closing. It is important to develop a project plan and it also enhances the chance of successful completion of the project (Aaltonen, 2011).

In the same concern of this, this report develops a project plan for student graduation party. In regard of this, this report includes the project plan, project scope, WBS, Gantt chart, financial budget, risk management, project stakeholder assessment and recommendation.

Project Plan

According to Badiru (2011), the theory of the project management is about the processes and methodologies of managing the project. In the general communication, project plan is a kind of document that is helpful to accomplish the project successfully.

This project report develops the project report on the organisation of a graduation party for end of university year. This project plan is developed for the communication with the staff of organisation and students and chief guests.

This project plan is developed with an expectation participant 500 people. In order to develop the project plan, the project manager has 6 months.

Aims and objective

The main aim of a project plan is to make the effective coordination between the all the activities of the project.

Along with this, a project manager also has an aim to develop an effective project plan in the term of planning, costing and facilitate communication, scheduling among project stakeholders. This project plan is based on the organisation of graduation party.

Scope of project

Project scope statement is a significant part of a project plan, which is helpful for the project manager to represent the outlines of the project. It is also essential for the project manager and participants to develop the depth understanding the principle of the project management.

The project to organise graduation party has a scope to increase the participants or guest in the party. It also has scope to learn the concept of the organisation of the party and event.

Along with this, this project will be helpful for the university to increase the awareness of the graduation party among the student and teachers (David and David, 2016).

By the help of this project plan, the university will develop the projective image in the students’ mind and also attract the new student in the university. It will directly increase the number of students in the university. The project plan will also helpful to successfully organise the other parties in the university.

It will enhance the knowledge on the cost of the different aspect and element that will involve in the project plan on the organisation of a party.

WBS

In the project management, the work breakdown structure is a significant way that enhances the efficiency of the project. It is also helpful to complete the task and activities within the given time.

By the help of the WBS, the project management team become able what are main task of the project and what the available time for completing tem.

The effective WBS is important for the project manager to divide the activities of the project in the different tasks than makes project easy (Devaux, 2015). With the help of WBS, the project manger and its team members get help to complete the tasks in the available time. In order to accomplish this project plan, the below WBS is prepared:

The above WSB depicts that in order to complete this objective, there will need 180 days and 6 months. As concerning the project schedule, the project will start on 7 July 2017 and will finish on 03rd December 2017.

It also determines that the development of the graduation party project will involve the various activities. This project will also involve implementation of project control system that will reduce the chances of risk in the project (Mubarak, 2015).

Task Names
Graduation Party Project
Getting approval from university
Prepare list of guest
Development of team
Establishment of project plan
Resource management plan
Communication plan
Meeting with caters and others
Risk Management plan
Selection of invitation way
Send invitation
Implementation of project
Implementation of project control system
Project t evaluation

Gantt chart

It is a chart depicts that is helpful for the project manger to define the project effectively.  It is significant tool of the project management that that determine the whole schedule of the project plan.

That is why; the project manger can increase the efficiency of the project. It is also helpful to avoid any delay in the completion of the project. In the context of this project plan for graduation party for university, the use of the Gantt chart will be helpful to achieve the project aims and objective (Mochal and Mochal, 2012).

It will be effective to spread the knowledge of party among the stakeholder. In the same concern of this, the project management software such as MS project is used by the project manager.

It is useful tool to develop the Gantt chat. In the contrast of this project, the below gantt chat is developed.

Critical path

Network diagram is also a significant part of the project management that is used by the project manager to access the critical path to complete the project.

With the help of this, the project manager can implement the project and finish within the available time. The critical path determines the longest time period that may consume for completion of the project.

In additionally, the network diagram contains the each activity of the project (Moran and Hunt, 2014).

Financial Budget

No. Item Price (USD)
1 Dinner 5000
2 Decoration 2000
3 Equipment 1500
4 Gifts 3500
5 Speakers 500
6 Transportation 2000
7 Invitation card 1500
8 Other expenses 2000
  18000

From the above table, it can be determined that the total cost that will be occurred in the successful accomplishment of this project will be $18000 and in this, there are different activities such as dinner, decoration, equipment, gifts, speaker, transportation, invite card, etc  that will held and will make the cause of high cost.

Project stakeholder assessment

In order to successful accomplishment of the project, there is need for the firm to have a proper team of the project stakeholders (Marcelino-Sádaba et al., 2014).

In this, the managers of the project are the internal stakeholders because they have their direct involvement in the project development. The all responsibility to manage the work like organizing, planning, performing, etc will be handled by the project manager effectively (Leach, 2014).

Along with this, there are some external stakeholders also such as suppliers, vendors, outside organizations, etc that will handle the all outside activities of the project.

Internal Stakeholders

  • Customers
  • Employees
  • Managers
  • Students (Hillson, 2-12)
  • Board of directors

External Stakeholders

  • Financier
  • Investors
  • Suppliers (Kerzner, 2013)

Risk management

In order to successful manage the project and overcome the possibilities of arising any issue, risk management is one of the major steps that will be used by the project manager.

It is because without risk management plan, it is not possible for the project manager to accomplish the project on time successfully. In this concern, there are different steps that will be taken by the project manager to manage the risk.

In this, identify the risk will be the first step that will taken by the project manager (Heldman, 2015).

The project team will analyze the risk of the project and will describe the outcomes of that risk on the project. There are different techniques that can be used by the project manager to identify the risk in the project (Hackley, 2010).

After getting the idea of the risk, the risk will be analysed in the next step of the risk mitigating plan. In this, the likelihood consequence of the risk is analyzed by the project manager.

So, by analysing the risk, the project manager will plan the strategy and the ways to manage that risk effectively.

Along with following the all steps of the risk, the all risks and risk plan will also be registered for getting the clear view about the all steps that are taken by the project manger during mitigating the risk.

In the third stage, risk is evaluated by the project manager and different decision are also taken by the project manager and in this it is also determined that the occurred risk whether should carry with the project or should leave the risk (Evans and Lindsay, 2016).

It is because sometime the risk occurs in the project but they don’t affect the project and the project manager can carry that risk with the project that is why these decisions are to be taken by the project manager.

 In the other stage, the project manager treats the risk and in this all finalized plan for managing the risk is implemented on the risk for managing the project effectively and to successful accomplishment of the project.

At the same time, in the last step of the risk mitigating plan, the all risk is monitored by the project manager as well as it is also reviewed and checked. It is because the project manager tries to keep safe the project from any hurdle and the issue (Edwards, and Bowen, 2013).

Because of this, the all process of the risk managing is monitored by the project manager effectively.

Apart from this, there is also a risk matrix that can also be used by the project manager to complete the project on time and to keep safe the project from many hurdles.

Risk Matrix

  Negligible Marginal Critical Catastrophic
Certain Extra expanses Infrastructure Complete within time Light issue
Likely Work Not completed International delegate Target the  all students Natural disaster
Possible Delayed Food management Get permission Issues related to the health
Unlikely Accident Tickets sales Marketing Noise constraint
Rare Safety Highest returns Parents and friends can join also Manage event

So, it can be determined that for successful accomplishment if the project graduation party, there is a vital role of the risk management plan or risk matrix for the project manager.

Conclusion

From the above discussion, it can be concluded that project management is one of the most important process that helps the firm or any individual for completing the project on time and successfully with achieving the aim and the target.

At the same time, it can also summarized that for successful accomplishment of the project graduation party, there are different steps such as project evolution techniques, theories, risk management, risk management matrix, stakeholders assessment, etc that are to be followed and all these will be helpful for the project manager to accomplish the project successfully on time.

 References

Aaltonen, K. (2011) Project stakeholder analysis as an environmental interpretation process. International journal of project management, 29(2), pp.165-183.

Badiru, A. B. (2011) Project Management: Systems, Principles, and Applications. USA: CRC Press.

David, F. and David, F.R. (2016) Strategic Management: A Competitive Advantage Approach, Concepts and Cases. USA: McGraw-Hill.

Devaux, S. A. (2015) Total Project Control: A Practitioner’s Guide to Managing Projects as Investments. USA: CRC Press.

Edwards, P. and Bowen, P. (2013) Risk Management in Project Organisations. UK: Routledge.

Evans, J. R. and Lindsay, W. M. (2016) Managing for Quality and Performance Excellence. USA: Cengage Learning.

Hackley, C. (2010) Advertising and Promotion: An Integrated Marketing Communications Approach. USA: SAGE.

Heldman, K. (2015) PMP: Project Management Professional Exam Study Guide: Updated for the 2015 Exam. USA: John Wiley & Sons.

Hillson, D. (2012) Managing Risk in Projects. UK: Gower Publishing, Ltd.

Kerzner, H. R. (2013) Project management: a systems approach to planning, scheduling, and controlling. USA: John Wiley & Sons.

Leach, L. P. (2014) Critical chain project management. UK: Artech House.

Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. and Villanueva, P. (2014) Project risk management methodology for small firms. International Journal of Project Management, 32(2), pp.327-340.

Mochal, J. and Mochal, T. (2012) Lessons in Project Management. USA: APress.

Moran, M. and Hunt, B. (2014) Search Engine Marketing, Inc.: Driving Search Traffic to Your Company’s Website. USA: IBM Press.

Mubarak, S. A. (2015) Construction Project Scheduling and Control. USA: John Wiley & Sons.

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