Managing Projects on acquisition between ABC Plc and DEF Ltd (GC0115)

Table of Contents

Task A.

1.0 Introduction.

1.1 Define the key characteristics of any project

1.2  What is the Scope Statement for a project? What role does the Work Breakdown Structure (WBS) have in such a statement?.

Scope statement

1.3 Develop Gantt chart and define the critical paths.

1.4 What approaches exist to generate a budget for a specific project budget?.

Top-down approach.

Bottom-up approach.

1.5 How can project risk arise? Outline the various responses to risk that may be taken within project management.

How project risks arise.

Response to project risks.

1. 6 What Quality method would introduce to ensure a project is completed successfully?

Project evaluation method.

Project monitoring methods.

Project control method.

1.7 Conclusion.

Task 2.

2.0 Introduction.

2.1 Project Life Cycle.

2.1.1 Definition stage.

Project purpose and scope.

An initial study of the project

2.1.2 Project Planning.

Projected costs for the projects.

2.1.3 Project Implementation.

2.1.4 Project delivery.

Conclusion.

References.

1.0 Introduction

This section gives an overview of the basic concept of developing a project including characteristics of the project, scope statement and work breakdown structure, project critical path, Gantt chart, budgeting approach, and quality method of a project.

1.1 Define the key characteristics of any project

According to Brown (2014), key characteristics of the project are:

Particular goals: every project has particular goals and objectives

Finite and specific activities: a project provide measurable and observable outcome

Unique: every project is different from others, provides the once-off activity.

Result: every project has end-items with specific requirements, schedules, and costs

Temporary: every project is temporary, has a specific starting and finishing time.

Tasks: every project has severed smaller task units

Resources and expertise: every project needs several resources, knowledge, and expertise

Risks and uncertainty: every project has some risks and uncertainties

1.2 What is the Scope Statement for a project? What role does the Work Breakdown Structure (WBS) have in such a statement?

Scope statement

The scope statement is a method that describes key deliverables of a project as a milestone, assumptions, constraints and high-level requirements. This is an important tool for the decision-making project in the future if it needs any change in the future. The project scope statement refers to the works that a project delivers. Project scope statement can include objectives of the project, deliverables, milestone, high-level requirements, assumptions and exclusions, potential risks, and stakeholder approval (Brown, 2014)

According to Choo (2018), Work Breakdown Structure (WBS) defines the project scope in graphical presentation and subdivides the project deliverables into manageable and smaller activity packages.

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Managing Projects: ABC Plc and DEF Ltd

Role of WBS

• WBS helps the project manager in defining and organizing project work.
• The top-level of WBS helps in the allocation of project budget, whereas the budget of departments can be easily calculated based on WBS.
• A project manager can easily track and identify project cost performance and/or problem areas
• WBS structure can help the project manager to identify potential risks
• This method can also identify the major deliverables affected by sub-deliverables and failing work package (Brown, 2014)

1.4 What approaches exist to generate a budget for a specific project budget?

According to Pinkerton (2016), there are two approaches that exist to generate a project budget that is the top-down and bottom-up approach.

Top-down approach

This approach includes a senior management team of the project. After creating a budget the amounts are allocated to individual departments. The key advantage of this approach is highly accurate because these approaches include executive-level people and their skills and experiences. It also saves the time of lower management people and staff who are involved in day-to-day activities of the project. The disadvantage of this approach is as this approach does not include day-to-day, it may ignore some specific expenses required. Department resources may also not be fit into the top-down budget (Lock, 2017).

Bottom-up approach

The individual departments and their staffs start the bottom-up budgeting and then send it to the senior management for approval. This approach increases the ownership of budget, increase communication and commitments between departments and top-level. The master budget is created from the draft creation of departments. However, this approach is cost-effective and time-consuming. The reconciliation process is required to create an accurate budget. Budget in this approach may also not be in-line with the project objectives because it focuses on the department too much (Lock, 2017)………………………

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