Table of Contents
1) Key Characteristics of a project.
2) Work Breakdown Structure and its importance.
Work Breakdown Structure.
Importance of Work Breakdown Structure.
3) Plot out a full project Gantt chart and identify the critical path.
4) Alternative techniques for investment appraisal which are available for project selection.
Payback Period Method.
Accounting Rate of Return Method (ARR).
Net Present Value Method (NPV).
5) Risk Management Plan.
6) Outline the main aspects of monitoring project quality.
2.1 Executive Summary.
2.2 Project Purpose and Objectives.
2.3 Project Scope Statement.
2.4 Feasibility Study.
2.6 Project Budget.
2.7 GANTT chart.
2.8 Characteristics of a Project Manager.
2.9 Project Scope Statement.
2.10 Project Life Cycle.
In this assignment, managing the project has been described. The assignment is grouped into two major tasks. The first task describes a project’s major characteristics. It also explains the significance of the Work Breakdown Structure. It also identifies the project critical path and plots out the whole project in the Gantt chart. Then, it describes the alternative methods for investment appraisal that are available for a selection of the project.
It describes the method of the payback period. It explains the method of NPV, ARR, and risk management plan. It outlines the major aspects to monitor the quality of the project. In task two, it describes the work breakdown structure. It creates the budget of the project. It describes the Gantt chart. It also describes good project manager characteristics. It describes the project life cycle and project scope management.
1) Key Characteristics of a project
A project is a temporary endeavor that is assumed to make a unique service and products or a result (Coley Consulting, 2017). On the other hand, a project is the tasks’ series which require to be accomplished to meet the specific result. There are many characteristics of a project which are described as follows:
Unique: A deliverables of the project are unique to achieve the specific goal or result
Temporary: A project is temporary to define the beginning and ending time as well as also define the resources and scope
Resources: A project defines the resources to meet the scope of the project
Budget: A project works in the budget limitation
Uncertainty: A risk of the project is the uncertainty which can be the positive or negative factor
Multifunctional: A project cut the functional lines as well as needs management
Client-focused: A project must please the needs or requirements of the clients
Monitor and control techniques: A project monitors and controls the techniques which the project develops (Coley Consulting, 2017)
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2) Work Breakdown Structure and its importance
Work Breakdown Structure
A key deliverable of the project which manages the works of the team in the manageable units is known as work breakdown structure (WBS). The scope in the manageable units which the team of the project can appreciate is defined by the work breakdown structure (Work Breakdown Structure, 2017). On the other hand, the work breakdown structure gives further detail or definition of the project. Moreover, the team of the project makes the work breakdown structure of the project by recognizing the key deliverables and dividing these deliverables into the sub-deliverables…………………..