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.
6) What quality methods (project evaluation, monitoring, and control) would you introduce to ensure a project is completed successfully?
2.1 Project Life Cycle.
2.1.1 Definition stage.
2.1.2 Project Planning.
2.1.3 Project Execution.
2.1.4 Project delivery.
Define the key characteristics of any project
A project is an individual enterprise which makes critical planning for achieving the goal and to maximize the project profit effectively (Murch, 2014). The project has few characteristics to follow that are-
Client-oriented: Customers are the core reasons to develop a project.
Schedule: Each and every project has a specific start and ending point.
Unique: The projects are contained unique deliberation.
Lifecycle: The life cycle of the project must be clearly defined.
Resource: The resources that a project needs to develop is labor, land, and equipment.
Budget: The budget must be focused on its capabilities.
Risks: The project must have the ability to take any kind or source of risks.
Contingency: The project needs a contingency fund to resolve the risks.
What is the Scope Statement for a project? What role does the Work Breakdown Structure (WBS) have in such a statement?
Scope statement for a project is the outline of project deliveries that is reliable for identifying a few assumptions of a project’s key factor of success ((Hermsen, 2016). Scope statements must have clear constraints or limitations to begin or lead the project team members. A project scope statement includes justification of project, acceptance criteria, deliverables, project exclusions, limitations, and assumptions (Sinnaps, 2018).
Work breakdown is the structure of breaking down big projects into a small group of activities (Hermsen, 2016). The roles of Work Breakdown Structure:
- The task is the first role of work breakdown where the whole project works are breaking down in simple parts.
- Costs that need to manage or operate the project activities as budget.
- The schedule is another important role that needs to maintain to track the progress.
- The scope is used to define each project’s work.
- The structure mitigates the complication of work activities.
- By the use of WBS, the task of the project is more clear and more independent.
- The costs of the activities are decided and set based on each activity’s importance.
- The work time schedule can be tracked by using WBS.
- The structure helps to identify the project as it lists the activities by breaking down the whole project.
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What approaches exist to generate a budget for a specific project budget?
Budget is a numerical value that measures how much a project needs to spend against how much they should earn (Haughey, 2014). The approaches that exist to generate a budget for specific projects are:
The top-down approach
- It uses actual cost and projection of the current project to calculate the project budget.
- This approach plays thumb rule which minimizes the number of data from the previous history to make the budget easily.
- Project managers use experts to consult with them at the time making decisions for the budget.
- The main good side of this approach is there is a high probability of accuracy in this project
- The main bad side of this approach needs lots of skills and knowledge
The bottom-up approach
- Includes project staff to make budgetary plan and action as they are directly related to the projection department
- Work breakdown structure is used in this approach to define project requirements and tasks
- The main good side of this approach is it includes every single task of a project
- The key bad side of this approach is the budget may not be accurate because of knowledge and experience shortage.
How can project risk arise? Outline the various responses to risk that may be taken within project management.
The way of arising project risk:
The ways risk can arise in a project are:
- Poor management and leadership staffs will not be able to do their activities effectively on time
- Staff may not have enough skills to continue the new project and need training which increases the risk of completing the project on time.
- Lack of resources increases risk within the project.
- The project may face financial shortages and technical problems
- Legal and ethical issues may be raised in the way of project execution………………………..
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