Projects are customized solutions and are therefore dealing with uniqueness, uncertainty and risk. Precisely for this reason, “Project Management requires the use of many skill sets and involves tasks of limitless variety” (Heerkens, 2014). In addition to the basic skills for managing a project defined by Richman (2012) which can be found in Appendix 2, multiple other skills are needed for a successful management of a project such as “…flexibility, resourcefulness, ability to negotiate, personal drive and a large measure of common sense” (University of Sunderland, 2005). Apart from delegating tasks the PM needs to be able to rely and trust others in order to get things done. To handle diverse personalities into a unified team a smooth working relationship must be cultivated and requires the PM’s ability to persuade and influence as well as to coach, mentor and motivate the staff (Heerkens, 2014). At best, he enables each individual within the project team to concentrate on their personal core competencies, ultimately resulting in better productivity and results for the project. The best competency mix of a PM includes Cognition Competencies (Analysing & Reasoning), Personal Effectiveness (Result & Safety Focus) Management Qualities (Planning & Organizing) and Leading Others (Acts as a role model to others). A professional PM never loses sight of interpersonal aspects as well as the environmental aspects and pays attention to details without getting wrapped up in them. “The best project manager is both a specialist and a generalist” (University of Sunderland, 2005).
Table of Contents
TASK I – CRITTERHOUSE LIMITED
1.1 NETWORK DIAGRAM
1.2 DETERMINATION OF THE TIMING OF ACTIVITIES AND THE TOTAL FLOAT
1.3 DETERMINATION OF THE PROJECT DURATION AND THE CRITICAL PATH
1.4 CALCULATION OF THE EARLIEST DATE OF COMPLETION
1.5 EFFECT ON THE DURATION OF THE PROJECT CAUSED BY RESCHEDULING
1.5.1 A 1 day delay during activity P
1.5.2 Activity Q is delayed 1 day
1.5.3 A 4 day delay during activity N
1.6 LIMITATIONS OF NETWORK DIAGRAMS
TASK II – ROSS LIMITED
2. PROJECT MANAGEMENT FOUNDATION
2.1 Introduction
2.2 Initiating Stage – Defining and Authorizing the Project
2.3 Project Manager (PM) – Skills and Competencies
2.4 Project Team – Teambuilding
3. PROJECT LIFE CYCLE
3.1 Initiation Phase - Objective Setting
4. PROJECT PLANNING
4.1 Stakeholder analysis
4.2 Work Breakdown Structure
4.3 Project Scheduling
5. PROJECT COST MANAGEMENT
5.1 Resource Planning
6. RISK MANAGEMENT
6.1 Risk identification
6.2 Risk analysis- Quantitative and Qualitative
6.3 Risk Response Planning
6.4 Risk Monitoring and Control
7. ENSURING A SUCCESSFUL PROJECT EXECUTION- PROJECT CONTROLLING
Project Objective and Core Themes
The primary objective of this assignment is to demonstrate the practical application of project management methodologies through two case studies, Critterhouse Limited and Ross Limited. The work explores the technical aspects of network planning and scheduling while simultaneously addressing the managerial and organizational challenges inherent in executing a project, such as team building, stakeholder analysis, and risk management.
- Technical analysis of network diagrams and critical path determination.
- The project life cycle and objective setting using SMART criteria.
- Strategic planning through stakeholder analysis and Work Breakdown Structures.
- Financial project control and comprehensive risk management strategies.
Excerpt from the Book
1.6 Limitations of network diagrams
As time is a critical factor for a project a clear visualisation of the duration for the project and its individual activities is essential, but not satisfactory given in the network diagram as it is only showing the timings in days. Hence it bears no relationship to the real time project scheduling because there are neither actual dates nor holidays, which is becoming more of a problem when the number of project participants and activities increases. Participants might also have difficulties understanding the diagram immediately and therefore need to be briefed. Besides, one might lose the overview very quickly in bigger and more complex network diagrams due to the lack of visible reference. In addition a clear Work Break down Structure is needed. Furthermore neither the budget nor the person dealing with a certain activity is apparent, which makes having an overview of the whole project difficult as well as planning the Resources sufficiently. The biggest limitation though is that milestones, the achievement of subsidiary goals, are not integrated. Updating the diagrams manually will require professional IT-Software, which is not only expensive but will also raise the question whether changes in timing being made within the diagram can be processed without a review of the total network, due to its interrelations.
Summary of Chapters
TASK I – CRITTERHOUSE LIMITED: This section provides a technical analysis of project scheduling, focusing on network diagrams, critical path method, and the impact of rescheduling activities on total project duration.
TASK II – ROSS LIMITED: This section covers the organizational and managerial foundation of a project, including defining project objectives, team management, and the phases of the project life cycle.
PROJECT PLANNING: This chapter details the initial strategic steps, specifically how to identify stakeholders and decompose project scope into manageable work packages using a Work Breakdown Structure.
PROJECT COST MANAGEMENT: This chapter outlines the necessity of resource planning and the systematic approach to managing costs through estimation, budgeting, and ongoing control.
RISK MANAGEMENT: This chapter explains the end-to-end risk management process, from initial identification and qualitative/quantitative analysis to response planning and continuous monitoring.
ENSURING A SUCCESSFUL PROJECT EXECUTION- PROJECT CONTROLLING: This concluding chapter focuses on the necessity of monitoring project progress against expectations to ensure timely completion and cost efficiency.
Keywords
Project Management, Network Diagram, Critical Path, Project Life Cycle, Stakeholder Analysis, Work Breakdown Structure, Resource Planning, Cost Management, Risk Management, SMART Goals, Project Scheduling, Teambuilding, Project Execution, Project Controlling, Feasibility Study.
Frequently Asked Questions
What is the primary focus of this assignment?
The assignment focuses on applying project management techniques to specific business scenarios, balancing technical scheduling tools with strategic managerial oversight.
What are the central themes covered?
Key themes include scheduling and timing, project lifecycle phases, stakeholder engagement, financial budgeting, and risk mitigation strategies.
What is the main goal of the project?
The goal is to provide a comprehensive management framework for opening a new office, ensuring that resources are optimized and objectives are met efficiently.
What scientific methods are used?
The work utilizes standard project management methodologies including the Critical Path Method (CPM), Work Breakdown Structures (WBS), and PESTEL analysis for market environmental scanning.
What topics are discussed in the main section?
The main section covers the transition from project initiation and feasibility studies to detailed planning, risk assessment, and active project controlling.
Which keywords best describe this work?
The most relevant keywords include Project Management, Critical Path, WBS, Risk Management, and Project Controlling.
How does the author define the 'Iron Triangle'?
The 'Iron Triangle' represents the interdependent relationship between Time, Cost, and Scope, all of which must be balanced for a project to be considered successful.
Why is a feasibility study considered vital for Ross Limited?
A feasibility study is critical as it confirms the viability of the business case and allows for the prioritization of tasks before full-scale implementation begins.
What is the purpose of the 'Risk Matrix' in this document?
The risk matrix is used to scale risks based on their probability and impact, enabling the project manager to categorize them as either 'disregard but monitor' or 'plan response'.
- Citation du texte
- Janin Ropot (Auteur), 2014, Project Management. Duration, Project Planning, Risk Management, Munich, GRIN Verlag, https://www.grin.com/document/284207
