Table of Contents
1) Define the key characteristics of any project
2) What is the Scope Statement for a project? What role does the Work Breakdown Structure (WBS) have in such a statement?.
3) Plot out a full project Gantt chart and identify the critical path. How many days does it take to complete the project?.
4) What approaches exist to generate a budget for a specific project budget?
5) How can project risk arise? Outline the various responses to risk that may be taken within project management.
How can project risk arise?
Response to project risk.
6) What quality methods (project evaluation, monitoring, and control) would project managers introduce to ensure a project is completed successfully?
2.1 Project Life Cycle.
2.1.1 Project Initiation Step.
2.1.2 Project Planning.
2.1.3 Project Execution.
2.1.4 Project delivery.
Define the key characteristics of any project
Temporary: every individual project has a specific starting time for initiating the project and ending time with objective achieved.
Unique: Every single project provides unique deliverables such as a product, service or any other outcome.
Resource: a project requires several resources including time, labor, technologies, and equipment
Budget: a project needs to be finished within a budget
Uncertainty: every project has some uncertainty and risks that is why contingency fund is needed to mitigate the potential risks.
Client-focused: a project’s key aim is to meet its client requirements
Multifunctional: a project needs coordination in different functional lines
Monitoring and controlling method: are needed to monitor and control the project progress
What is the Scope Statement for a project? What role does the Work Breakdown Structure (WBS) have in such a statement?
Scope statement of a project refers to a document that defines goals, resources, timetables, and budgets of project, project management plan, and work breakdown structure. It shows the assumption and constraints of a project and creates a foundation for future project decisions. The scope statement is important for showing project deliverables, defining project boundaries, and preparing the project management plan.
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Work Breakdown Structure
Work breakdown structure is the activity-based hierarchy of projects that breakdown the main tasks of a project into a number of sub-tasks and manageable unities (Heagney, 2016). These smaller tasks are called work packages. Work breakdown structure is essential for the project managers and teams to effectively deal with project tasks to meet objectives and provide deliverables (Murthy, 2018).
Plot out a full project Gantt chart and identify the critical path. How many days does it take to complete the project?
Gantt chart and critical path of a project show its plan over the project lifecycle. The following figures show the project timeframe and critical path………
What approaches exist to generate a budget for a specific project budget?
There are two main approaches a project manager can take when creating a budget:
- Project manager gains experiences form other project and make a decision of project costs and divides costs among the work packages (Haughey, 2014).
- Advantages: focuses on the budget goals within the budget allocated, wasteful practices and efficiencies (Haughey, 2014).
- Disadvantage: need enough knowledge and experiences to create an effective budget. Otherwise, it may create an unrealistic and insufficient budget, and conflict in delivering the project (Haughey, 2014).
- The project manager involves the team in creating a budget, where the project focuses on the lowest-level works packages and rolling up. Both direct and indirect costs are allocated for each work package (Haughey, 2014).
- Advantage: less probability of missing any activity or task. This approach motivates teams because they are involved in budgeting (Haughey, 2014).
- Disadvantages: Difficult to get a full list of activities and tasks to meet project goals because (Haughey, 2014).
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