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Msc Management with streams
Fundamentals of Project management
Term – 2
Student Reference Number (SRN)
Date of Submission (Please attach the confirmation of any extension received)
Declaration of Original Work: I hereby declare that I have read and understood BPP’s regulations on plagiarism and that this is my original work, researched, undertaken, completed and submitted in accordance with the requirements of BPP Business School. The word count, excluding contents table, bibliography and appendices, is 4717 words. Student Reference Number BP0229750 Date: 04-01-2021
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FUNDAMENTALS OF PROJECT MANAGEMENT
Table of Contents
Part A 3
1.0 Project Parameters and associated risks 3
2.0 Planning and Cost Management 14
3.0 Spending and Managing the Progress 16
4.0 “Acceleration and Earned Value Analysis” 19
Part B: Reflective Essay 22
Reference List 24
1.0 Project Parameters and associated risks
“Iron Triangle Parameters” related Objectives
The process of project management is termed as an actionable area that is connected with the process of product development. Particular objectives are established for managing the project regarding product development, and these objectives are observed effectively in order to ensure successful progression of the overall production process, which consists of multiple stages such as initiation, planning, regulatory, maintenance, execution, and closure following the advisable guidance (Wright and Lawlor-Wright, 2018). This guidance is primarily gathered from the members of the project management team for agreeing with the desirable aims that will be achieved in a particular set of time maintaining the standard budget and product quality. In this presentation, the main objective depends on the quality project management associate in the process of product development and fixing the pricing strategy to obtain a particular amount of benefits in business. These benefits are mostly associated with financial benefit which is mostly designed by an organization, and however, once an individual is attached with several areas of project management, then some factors need to be evaluated and analyzed to get desired results, such as project time schedule, project budget, and desired quality output. Among these mentioned factors, the quality output is a crucial part in terms of project management planning as the planning needs to ensure the client and investor that their instructions are followed to meet their demand quality output. In this study, the given case study scenario of the company “Automation Futures PLC” will be described, which is a company associated with product and software development as well as providing consultancy services. The company for their software and product-related developments prioritize efficient experience on designing and manufacturing process as well as focusing on the latest technological aspects associated with the project to create a specialized new product for a variety of consumers; therefore, it could be said that effective product development process is the main objective of the project. The essentiality associated with “iron triangle parameters” should be discussed efficiently in order to set effective project deliverables that should be managed by the management authority of AF PLC (Blinov et al. 2019). The parameters of the iron triangle are utilized to assist the manager in managing the overall operational activities targeting the futuristic scopes associated with the current project, which includes project duration, project quality, and budget. Every area of project development should be considered under the method of evolution with the help of the project manager as it is quite essential in evaluating each of the areas associated with the project as well as helps in figuring out the best route map possible for delivering quality project output. Apart from that, the parameter is also able to demonstrate the potential strength and weaknesses within the existing project management, and it helps the managers to establish an effective description for eliminating or mitigating relevant issues within the project.
In an iron triangle, the 3 constrictions project administrators or supervisor work within are given below:
Schedule or say time is at the highest level of the formed like a triangle or model. cost or say the budget is on the right node of the triangle and Scope is on the left node of the triangle. Conditional on the who is involved or project, every one of these restraints possibly will be the most significant and vital to the purchaser or consumer. Quality, excellence, or class is in the center or mid of the three-way relationship, and operative project supervisors essentially make an equilibrium between the flow and ebb of compromises within these 3 fundamentals to realize success. These three relates to the following:
scope: functionality and features
schedule: estimates and deadlines
resources: budget and people
Figure 1: Iron Triangle Parameters
The key limitation associated with the model of the iron triangle is able to influence the functioning quality of project management depending on three aspects such as scope, resources, and schedule (Raksha et al. 2018). The management authority of the project through this model is able to complete the entire project within the specified budget and time period while ensuring the scope of the project is achieved. However, in some situations, while maintaining the budget and time schedule the manager had to compromise on the scope of the project, and in those situations, the English status and phone others need to alter specific characteristics of the scope so that it could be achieved within the provided budget and time frame. In order to address all these mentioned limitations under the model, the manager of the project needs to initiate the monitoring process for the employees working in the team to make sure high-quality output is obtained through effectively addressing all three aspects of the iron triangle parameters (Pollack et al. 2018). Below, these three aspects of the iron triangle model are explained related to the correct product development objective for the project; these are:
Scope: Scope is one of the parameters mentioned in the iron triangle model that needs to be taken into consideration for ensuring a quality product development process. Quality in terms of the product development process is non-negotiable and therefore in some situations, project scope could be altered so that an achievable scope could be established that could ensure a quality result (Rayamajhee, 2019). The investor and owner of the project will not be agreed with a project outcome with a lack of quality however they might agree to reduce their expectation regarding the scope so that standard quality for product development could be achieved. If desired quality is achieved through the process of product development, then there is a high chance of the project being abandoned due to its failure, the scope of the product development process needs to be evaluated in an effective manner to get the desired outcome.
Figure 2: Iron Triangle Actual Format
Budget: The project budget is an undeniable crucial feature of the product development process as there is a fixed amount of budget allocated to the project manager by the investors and owners in order to complete the entire process of product development. However, it would be ideal if the manager establishes effective communication with the owner and investor to either reduce or increase the given budget so that equality output could be achieved (Garzia and De Angelis, 2016). Though in most situations, investors tend to use a no-compromise policy for the budget as the managers are asked to come up with design quality results within the given estimated budget. Termite the same situation where the client may consider an additional budget if they find a fault in estimation from their site to nearly impossible as it is prepared with great attention and dedication.
Schedule: In terms of any particular project, there is a specific deadline provided by the investors and owner to the project manager to make sure the overall project is finished within the given time period. The timeline provided by the investors could be arbitrary, where just overall project time is mentioned without any starting or ending date, where on the other hand, it could be specific where the initiation date and closure date is mentioned by the investors and owner (Schuster, 2017). Similar to the project budget, investors also do not compromise with project timelines as they always demand to complete the project within a given time period. However, in some special situations, investors might agree with providing project extension if there were some undeniable delay issues.
Though these three aspects of the parameters are described to be in a triangle format, however, during actual implementation, it was observed that instead of being a triangle form, these features are situated in a spherical format considering crucial constraints with the process of product development (Sulistiyani and Tyas, 2019). In this situation, the scope associated with the product development project is evaluated by different queries associated with the process and the triangle model is responsible to collect all the constants together to ensure project deliverables are achieved in an effective and integrated manner.
Risk Associated with the project
Some risk those are associated with the project are given below:
Cost risk: naturally growth of project budgets because of the deprived cost approximating correctness & creep of scope.
Schedule risk: the danger or hazard that actions will take extensive as compared to the predictable. Slippages in the plan naturally rise charges or prices &, as well, suspend the reception of benefits of the project, by means of probable harm of viable advantage.
Performance risk: the hazard that the development or plan will nose dive to produce consequences reliable with specifications of the project.
Risk Register of AF PLC
Type of Risk
Reason for Risk
Probability Score (1-5)
Impact on Project
The technological arrangement for usage of multiple functional areas might not work according to the project requirements to complete the project.
Project manager with the associated technical team members within the project.
Due to technical implications, the project might get delayed resulting in the failure of the project.
The technical associates of the project need to determine the technical requirements and provide required tools or establish alternative methods for those technological requirements.
If there is negligence in the project monitoring process for the project area, then there will be potential bugs within the project.
The planning commission, project manager, and legal associates.
In the absence of proper monitoring under the board of legal advisory, the overall project could get abandoned or stopped due to potential legal issues that could cause harm to the people of the surrounding community.
In order to mitigate the situation, responsible authorities of the project should take suitable legal steps to make sure every aspect surrounding the project area is addressed (Willumsen et al. 2019).
The estimated budget for the organization AF Plc is found to be not up to the mark for achieving the required criteria and establishing a balance for the project’s main features.
Project managers, stakeholders, and investors.
The process of budget distribution could become a genuine issue due to this potential risk during the process of product development, apart from that there could be issues for allocating budget for each and every operation associated with the product development process.
Required financial support could be obtained through establishing an effective communication process among the existing company stakeholders during any budget-related adverse condition. In addition to that, there should be an alternative plan of strategy for or managing the workforce without influencing the estimated budget effective arrangement and cost reduction process (Muriana and Vizzini, 2017).
The process of project planning might neglect crucial criteria mentioned by the investors, which could influence the established plan for budget distribution.
Technical supervisors and project managers.
The negligence in the project planning process might cause a lack of effectiveness and integrity of the prepared project plan and could result in inaccurate budget estimation and distribution for different project-related operations.
The planning phase needs to be divided by the managers into suitable sections during the project initiation stage, and the established plan needs to be cross-checked several times before finalizing any planning process to make sure it is able to figure out potential issues from the project blueprint.
It is quite crucial for project planning to prepare an effective time train supporting the estimated budget for the operational activities regarding the project. Every project process consists of a particular time frame audit line to make sure the project does not delay or over cost (Khameneh et al. 2016).
The expenditure associated with the project might get enhanced if a specific time frame does not follow as well as the unbearable amount of delays could result in abandonment or failure of the project.
In order to mitigate the issue, the manager needs to establish the overall project plan according to the given time frame in order to make sure the project initiates and ends according to the investor and project owner’s desire.
The crisis of required resources is a crucial risk as without resources, and it will not be possible to establish proper strategies for recruiting and training individuals for the current project.
Project manager and investor
If there is an absence of required resources, it might result in a financial crisis for the project that might cause several negative impacts on the project due to which the project could fail.
Therefore before initiating any kind of project-related task the manager needs to make sure required resources in the form of raw material or human workforce are available at that time so that while executing the task no issues or problems are faced (Silvius, 2018).
At the initial stage of a project, if the designer or developer effectively communicated with the investors, it could lead to misconception in design that could cause faulty designs for the project.
Project manager, designer, and developer
If there is an issue with the project design, then it will not be possible to get the desired results from the process of project development and task allocation as well as it could enhance the overall estimated budget for the project.
In order to avoid the potential risk, there should be an effective conversation between the investor and designer of the project to make sure both of them agree on similar conditions and are on a similar page in terms of project goals and objectives (Zou et al. 2017).
If the project manager and legal advisor of the project neglect some of the regulatory policies associated with the surrounding environment, such as heavy rainfall, wind storm, earthquakes, or other natural hazards then they might have suffered from these environmental risks.
Project manager and Legal advisor
The project might have to deal with different operational and financial challenges due to the environmental risks that could result in the failure of the project.
In terms of the current issue, the project manager alongside the legal advisor should establish an environmental assessment program to make sure the project site approves every environmental regulatory policy and guideline as well as provides safe working environments for the associated members of the project (eprints.qut.edu.au, 2018).
2.0 Planning and Cost Management
a) Network diagram mostly used in case of project planning to provide a visual depiction for the established network which denotes crucial activities within the project, including their crucial resources and timeframe. For the current project, a network diagram involving its critical path and duration of the project is highlighted below with the help of project planning software project libre (Vasista, 2017). In order to provide a better understanding, the diagram is divided into two different parts.
Figure 3: Network Diagram for project management
Figure 4: Network Diagram 1
(Source: Project Libre)
Figure 5: Network Diagram 2
(Source: Project Libre)
Figure 6: Gantt Chart
(Source: Project Libre)
The above-depicted figure is again a chart established with the help of project libre software in order to describe all major activities associated with the project from initiation to closure. The initiation of the project was done on the 18th of July 2019, and as per the Gantt chart, the project closure date is 10th February 2022 (Tesfaye et al. 2017). However, according to the guidelines of investors and clients the project needs to be completed before 18 September 2020 it could be seen that following the activities according to the provided time frame will be unable to finish the project within the deadline.
c) Project Development Budget Plan
The company “Automation Futures PLC” consists of a target value for their business operations, and the overall amount is estimated at around 58.5 million euros. From this cost, a description of the 106650 euros is given below in the form of a table. According to the project managers, the overall project might get finished within the budget of 48.7 million euros if effective planning and process are implemented. Assumptions for 17 weeks are made for meeting the established criteria by the company AF Plc for their product development plant project. An agreement has been prepared and signed between the company PLC and TTF associated with the objective to provide all desired deliverables for the final project. According to the planning, the project manager needs to be completed by 25th September 2020. However, it has been observed that due to several complexity and functional factors it is not possible to complete the project in the given time period and big factors are directly related to the established project plan for product development (Marier-Bienvenue et al. 2017). According to the project manager statement, the current project is responsible for getting the desired benefits regarding the project contractor after the project is completed and handed over. The calculation for this phenomenon is given below:
(Target amount cost – Estimated Budget) = ( 58.5-48.7) = 9.8 million euros.
The determined outcome highlights that the company might be able to complete the entire project within 336 days approximately, including the weekends. It needs to be considered that the project budget value, as well as the calculation of time schedule, needs to be revised multiple times to ensure its effectiveness (Bryde et al. 2018). In addition to that, there should be effective communication between the project investors and owners in order to evaluate whether their demands are fulfilled, and the estimated budget plan covers every scope associated with the project. However, according to the previous agreement of the project, there is a requirement of 217 additional days to complete the project in an effective manner for which the company had to bear an additional cost of 100K euros for delivering the project within the given time period.
3.0 Spending and Managing the Progress
“Planned progress growth” (%)
“Actual progress growth” (%)
Table 1: Growth Difference
Actual Progress Determination
“Actual Progress value” (%)
Table 2: Determination of Actual Growth
The organization AF Plc needs to recruit a particular amount of manpower, which is able to reduce the loss amount and revise the estimated budget for starting the process of budget distribution for or major activities within the project (Silva and Barros, 2016). In addition to that expertise, manpower is also needed for future expansion and reaching desired destinations in terms of project goals and objectives while following the time frame and budget.
4.0 “Acceleration and Earned Value Analysis”
Create an Earned Value Analysis table showing ACWP, BCWP, and BCWS values for every project task. Show all workings in a neat and professional layout. This is based on progress calculated on 1st November 2019 and the calculations in answer to Q3 above.
Using EVA determine an overall planned % percentage Complete figure for the entire project and compare it with an overall actual % percentage Complete figure for the project to that date.
Also, provide the CPI and SPI figures to date and explain what these figures indicate regarding Project Performance.
Show all workings in a neat and professional layout.
Planning of the required budget is done in a tabulated format below following the mentioned task,
Table 3: Value Analysis
Determination of BCWS
Table 4: Determination of BCWS
Determination of BCWP
Table 5: Determination of BCWP
SPI and SV Determination
Table 6: SPI and SV Determination
-£ 4.65 million
Table 7: CPI and CV Determination
Question b) Create a projected completion date for the entire project using the Estimate at Completion (schedule) method derived from the Earned Value Analysis.
Create a projected final spend for the entire project using the Estimate at Completion (cost) method derived from the Earned Value Analysis. Show your calculations clearly.
For determining the “earned value projection,” the below-mentioned equation could be utilized,
EAC = BAC/CPI
= 58.5/0.75 = 78 M pounds
Table 8: acceleration
Recommend which of the options should be accepted and which should be declined. Explain and justify your recommendations with reference to the project plan and critical path. If the recommended options are implemented successfully, analyze the commercial impact on the profitability of the project. You need to ensure you consider all the relevant factors in reaching your conclusions.
In order to reduce the issue of over budget and time delay, the employees of the organization should be inspired and motivated for doing overtime work so that the project could be completed within the deadline (Suhas and Prof Vijay, 2016).
Part B: Reflective Essay
The overall project is prepared to depend on the conceptual and fundamental aspects associated with project management. There are different social factors and issues that I came across while working on the project management module as there are several crucial technical terms as well as operation and functions related to the project that help me obtain a suitable understanding related to the initiation and closure of a project. The effective model of the “iron triangle” is used by me in this study in order to design an effective plan for the project considering the primary constraints. I learned that the model is quite essential for designing and developing effective project plans as well as addressing potential risks associated with the project. Hence, I am quite sure the “iron triangle model” will provide the required support in my near future. In addition to that, I also came to know that there are some associated risks with the project regarding alternative implementation of strategic ideas. I came across some crucial criteria that are quite evident for the project manager and project designer in order to make sure of an integrated outcome during the project closure. Both the manager and designer need to take some predetermined measure in a suitable manner to mitigate or eliminate those potential risks according to the situation. I realize that in order to achieve an efficient project development process, it is quite crucial to establish a relatable and achievable mission and vision that could be implemented. Apart from that, I understood the essentiality of operational and financial elements of the project that requires effective communication for proper implementation.
During working on the project alongside my team neighbors had to address a significant amount of issues, for example, inefficient resource allocation and unavailability of required resources. While dealing with these issues, I managed to understand that it is quite crucial to estimate an effective budget for the project plan before indulging in any kind of tasks as inaccurate budget estimation might have a negative impact on the project operations and on the perception of the project managers regarding the project deliverables. I also determine the essential ATI of effective communication and business relationships with stakeholders and investors to make sure the required resources are obtained in order to critically complete the entire project. The project manager needs to ensure that integrated decisions were made and its implementation is done targeting the predetermined project objectives and goals. In terms of project management during any kind of discrepancy or issue, employees or other associates should be able to communicate with higher authorities to draw their attention to the matter. In my opinion, a manager must be able to inspire and encourage the team members during the problematic situation so that they could feel motivated for dealing with such issues. The lessons learned while conducting the current project management module will surely help me in my future professional life as I was able to obtain a significant amount of knowledge and information regarding a project starting from initial planning to its closure. During this period, my team members supported me throughout the process to make sure I did not find it difficult to gather the required information and knowledge.
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