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?.
Work Breakdown Structure (WBS)
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 method would 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
Unique: every single project is unique, never similar to others
Goals and objectives: every single project has specific goals and objectives
Definite outcome: every project has a definite outcome that meets goals and objectives.
Variety of effort: every project needs a different kind of effort to develop and implement the project (Richman, 2002).
Resources: every project needs specific resources like times, people, finance, and technologies (Badiru, 2012).
Iterative: Projects are iterative that have a trial and error approach that is why it may not go according to plan.
Risks: every project has some risks that are why the project manager needs to do a contingency plan
2) What is the Scope Statement for a project? What role does the Work Breakdown Structure (WBS) have in such a statement?
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The scope statement of a project aims to describe the project’s purpose. It describes the quantifiable criteria for success (Heldman et al., 2007). It also includes cost, schedule as well as quality measures. The scope statement is always specific, measurable, achievable, timely, and realistic (McDonough, 2014). According to Portny (2017), the scope statement in a project is used by the project manager as a written confirmation of the project outcome. A good project scope statement includes project justification, characteristics of projects project acceptance criteria, project deliverables, assumptions, and constraints.
Work Breakdown Structure (WBS)
It is a graphical presentation of project deliverables in small and manageable components. The key roles of WBS are:
- It defines project deliverables into manageable and smaller components.
- It helps the project manager to estimate project costs
- It supports the project manager to understand what skills the project needs in its team
- It helps the project manager to determine what resources the project needs
- It also helps the project manager when he/she should start building a project schedule
What approaches exist to generate a budget for a specific project budget?
Top-down and bottom-up approaches are the main two types of approaches to budgeting.
A top-down way explains the cost of the project. A project manager takes complete controls on the budget allocations. It ensures a project stays on business financial track. It streamlines the project accounting processes. Small costs overruns can be identified. The project manager defines a suitable financial allowance for the promotion. Lower level staffs try their best to work with the budget. However, lower-level staff may see as an unfunded mandate. The project manager also needs huge knowledge and expertise to develop a budget (Haughey, 2014).
The bottom-up way approximates the total cost of the project. Team members are involved in developing the budget. In this approach, the reporting units and departments prepare their own spending wish lists. This approach provides more information because employees are familiar with the budget…………..