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MC4264 Project Management Assignment Level 4

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INTRODUCTION

Project management is analysed a framework of initiating development, execution and the termination of a particular project with an aim of to achieve the business goals and objectives. Present report have been classified within two tasks (Kerzner, 2013). First task on analysis of characteristics of project and scope statement of project along with the role of work break downs structure. The next task is based on analysis of important procedure that needs to be accomplished on the basis of case study.

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TASK 1

1.key characteristics of any project

Project is identified as great opportunity for organisation and individuals to achieve their business and non business objectives more efficiently through implementation of change. They key characteristics of project means that it has a finite start and end. The start is at the time when the project has been initiated and concept has been developed (Burke, 2013). Every is accomplished with an aim to produce deliverable that can be a product service or some another result. Present case study provides understanding about the characteristics that needs to be conquered by management of company. Along with this, project is required to be purposeful as it has a rational and measurable purchase and it should be logical as it has a certain life cycle. The structure as it has interdependencies between its tasks and activities. Project should be limited by the available resources and continuous investigation as well as improvement become available.

2. Scope statement for a project and roles of WBS in such statement.

The Project scope is primarily identified as an output of defining the project process. Project manager in organization use the scope statement as written confirmation of results of their project that will produce and constraints assumptions under the which they will work. It usually involves product scope, project scope, deliverables, acceptance criteria of product, out of the scope activities and constraints and consumptions (Meredith and Mantel Jr, 2011). All project requires WBS as it shows the complete scope of project broken down in to manageable deliverables. It takes the scope statement and subdivide the important project deliverables in to smaller. Manageable packages of activities. WBS has been built around a hierarchy of deliverables or tangible outcomes etc.

4. Existing approaches to generate a budget for a specific budget project.

There are mainly two approaches which are used for generating a budget for specific project such as top down approach and bottom up approach. The top down approach involves analysis of direct costs, indirect costs, estimation of indirect costs and asking questions from client for given project (Schwalbe, 2015). Further, the bottom up estimate is broadly similar to organisation has already covered, instead of providing budget and asking whether project manager can work within that a client many also come to organisation and ask. It mainly between hourly rates and overall charges etc, simplification of business estimate and professional experience.

5. Project risk arise and various responses to risk within project management.

Project that needs to be accomplished by managers contains different risk that needs to be analysed and managed by organization through effective planning , monitoring and controlling. In this project, main focus on the project planner is on successful acquisition DEF limited in order to attain important stages , project life cycle and leadership (Wysocki, 2011). There are various kinds of risk can be involves in project such as failure of project, resources problem, shortage of labour, lack of meeting standards, change in scope, project activities and increase in expenditure,

6. Quality methods to ensure successful completion of project.

For successful accomplishment of project, there are mainly three qualification methods that needs to be achieved by management. Project evaluation is the systematic and objectives assessment of continuous or completed project. Through this, manager will be able to determine relevance and level of achievement of objectives, development, effectiveness, impact an sustainability etc (Walker, 2015). By monitoring project, manager will be able to keep track of all project activities related to metrics involving performance of team and task duration, finding out potential problems and taking appropriate and corrective action necessary in order to ensure that the project should be under scope and should the specified deadlines. While control method, managers requires collecting data, management and analytical process which is used to predict, analyse and creatively influence he time and outcomes of project.

Task 2

Background of study

In present business environment, organisation and pioneer of market requires high quality output and they need to acquire high market and expansion of business through acquisition of other organisation. Project management also plays an important role in accomplishment of their business objectives. In competition, every business is required to attain high growth and development through increasing customer's base and satisfaction (De Bakker Boonstra and Wortmann, 2010). In accordance with this, the present task will provide support in preparing the project management plan for ABC limited. In this, various skills and competencies required by project manager will also be discussed. The process of project and its life cycle has been investigated. Further, the leadership that is required for accomplishment of project has also been discussed.

Key activities required to successfully managing the project

k Mode

Task Name

Duration

Start

Finish

Predecessors

Scheduled Start

Scheduled Finish

Finish Slack

Auto Scheduled

Initiation phase

36 days

Fri 5/25/18

Fri 7/13/18

 

Fri 5/25/18

Fri 7/13/18

118 days

Auto Scheduled

Setting the target goals for the organization

12 days

Fri 5/25/18

Mon 6/11/18

 

Fri 5/25/18

Mon 6/11/18

0 days

Auto Scheduled

Finding out possible risk

5 days

Tue 6/12/18

Mon 6/18/18

2

Tue 6/12/18

Mon 6/18/18

0 days

Auto Scheduled

Settling and analysing stakeholders expectations

14 days

Tue 6/19/18

Fri 7/6/18

3

Tue 6/19/18

Fri 7/6/18

0 days

Auto Scheduled

Proper and adequate documentations, contracts and agreements

2 days

Mon 7/9/18

Tue 7/10/18

4

Mon 7/9/18

Tue 7/10/18

0 days

Auto Scheduled

Communicating the plan to project team

3 days

Wed 7/11/18

Fri 7/13/18

3,5

Wed 7/11/18

Fri 7/13/18

118 days

Auto Scheduled

Planning phase

30 days

Wed 7/11/18

Tue 8/21/18

 

Wed 7/11/18

Tue 8/21/18

0 days

Auto Scheduled

Setting operational plans and policies

12 days

Wed 7/11/18

Thu 7/26/18

5

Wed 7/11/18

Thu 7/26/18

0 days

Auto Scheduled

Identification of resource requirement i.e. human sources, funds and equipments for acquisition

13 days

Fri 7/27/18

Tue 8/14/18

8

Fri 7/27/18

Tue 8/14/18

0 days

Auto Scheduled

Perceived risk in acquiring the company

8 days

Wed 7/11/18

Fri 7/20/18

5

Wed 7/11/18

Fri 7/20/18

22 days

Auto Scheduled

Deciding new structure of the new organization after acquisition

5 days

Wed 8/15/18

Tue 8/21/18

9

Wed 8/15/18

Tue 8/21/18

0 days

Auto Scheduled

Execution phase

19 days

Wed 8/22/18

Mon 9/17/18

 

Wed 8/22/18

Mon 9/17/18

72 days

Auto Scheduled

Ensuring collection of funds

7 days

Wed 8/22/18

Thu 8/30/18

10,11

Wed 8/22/18

Thu 8/30/18

0 days

Auto Scheduled

Hiring project team i.e. financial analyst, fund manager, etc

6 days

Fri 8/31/18

Fri 9/7/18

13

Fri 8/31/18

Fri 9/7/18

72 days

Auto Scheduled

Purchasing land and building for increased strength of human resource

3 days

Fri 8/31/18

Tue 9/4/18

13

Fri 8/31/18

Tue 9/4/18

0 days

Auto Scheduled

Assessing perceived profits

6 days

Mon 9/10/18

Mon 9/17/18

14

Mon 9/10/18

Mon 9/17/18

72 days

Auto Scheduled

Corrective plan after analysis

9 days

Wed 9/5/18

Mon 9/17/18

15

Wed 9/5/18

Mon 9/17/18

0 days

Auto Scheduled

Monitoring and controlling phase

46 days

Tue 9/18/18

Tue 11/20/18

 

Tue 9/18/18

Tue 11/20/18

0 days

Auto Scheduled

Continuous monitoring of system functioning and work execution

6 days

Tue 9/18/18

Tue 9/25/18

17

Tue 9/18/18

Tue 9/25/18

0 days

Auto Scheduled

Reporting regularly

8 days

Wed 9/26/18

Fri 10/5/18

19

Wed 9/26/18

Fri 10/5/18

0 days

Auto Scheduled

Conduction of meetings

9 days

Mon 10/8/18

Thu 10/18/18

20

Mon 10/8/18

Thu 10/18/18

0 days

Auto Scheduled

Analysing of potential risks

6 days

Fri 10/19/18

Fri 10/26/18

20,21

Fri 10/19/18

Fri 10/26/18

0 days

Auto Scheduled

Examining the progress by comparing the performance with the targets

8 days

Mon 10/29/18

Wed 11/7/18

22

Mon 10/29/18

Wed 11/7/18

0 days

Auto Scheduled

Altering the plan

9 days

Thu 11/8/18

Tue 11/20/18

23

Thu 11/8/18

Tue 11/20/18

0 days

Auto Scheduled

Closure phase

26 days

Wed 11/21/18

Wed 12/26/18

 

Wed 11/21/18

Wed 12/26/18

0 days

Auto Scheduled

Contract closure

6 days

Wed 11/21/18

Wed 11/28/18

24

Wed 11/21/18

Wed 11/28/18

0 days

Auto Scheduled

Completing all contractual terms and conditions related to agreement

5 days

Thu 11/29/18

Wed 12/5/18

26

Thu 11/29/18

Wed 12/5/18

0 days

Auto Scheduled

Post-project appraisal and review

7 days

Thu 12/6/18

Fri 12/14/18

27

Thu 12/6/18

Fri 12/14/18

0 days

Auto Scheduled

Submitting final report to project manager

8 days

Mon 12/17/18

Wed 12/26/18

28

Mon 12/17/18

Wed 12/26/18

0 days

Skills and competencies are required by project manager

For accomplishment of goals and objectives for the important project of acquisition DEF limited assigned to the John as project manager by ABC limited. It is essential for the manager to achieve certain skills and competencies which is required to success manage the project of merger and acquisition. Below given are key skills and competencies required in project manager which are mentioned above:

Analytical thinking skills: These skills of project managers will provide support to him in accomplishment of business project and resolution of various important problems effectively and efficiently (Jun, Qiuzhen and Qingguo, 2011). For accomplishment of particular project of acquiring new company, it is essential for project manager to possess important analytical skills which provides support in resolving the business problems effectively.

Planning skills: It is the most important skills which implies to activities that needs to done for completion and successful management of project. Highly technical activities are required to be performed by project manager in order to resolve those problems. In present case of Acquisition by ABC PLC of DEF, there are various activities have been required to accomplish for successful accomplishment of project.

Leadership skills: Leadership skills assist project manager in order to guide, motivate and influence his or hear team on the right direct and correct path. Moreover, for increasing the effectiveness of the project, moreover the project manager needs to lead his or her team effectively and precisely. With effective leadership , managers will be able to demonstrate the correct path that is required for accomplishment of various important activities that needs to accomplished by management.

Negotiation skills: In order to manage the project of Acquiring business unit, there are is requirements of negotiation which implies to completion of project effectively for management of project (Caniëls and Bakens, 2012). It is also essential skills that needs to be accomplished in order to successfully manage the project that needs to completed for getting important information for the project.

Technical skills: For management of specific project related to acquisition of business unit by manager, it is essential for managers to attain knowledge and skills of working on project management software which is required for development of Gantt charts and schedule for accomplishment of project effectively. Moreover, project manager have various important skills that needs to be effectively accomplished by management.

Communication skills: It is essential for the project manager to interact with clients , suppliers as well as team members that needs to be accomplished by management for accomplishment of given project effectively.

Process of project management

PMI determines the project management as the application of various knowledge, skills, tool and effective techniques that applied to broad range of business activities in order to meet the requirement of particular project. In present context, ABC is considering the acquisition of DEF. It is well known high street frozen food retailer. DEF has its outlets in most of major towns and cities around the UK (Artto, Kulvik, Poskela and Turkulainen, 2011). In this case, board of company has decided to provide role of project manager of the acquisition. There is need to accept responsibilities for all aspects of planning, implementation and termination of acquired project. For successful accomplishment of project of acquisition there is major requirement to follow all the stage of process which are mentioned above:

Project Initiation: This involves determination about description of the product, initial documentation of important project objectives and the assignment of project manager. In this context, description about the product that needs to be avoided by organisation for accomplishment of business objectives.

Planning Phase: In this stage, manager of ABC Ltd will have to pay detailed attention on activities which are needed to acquire a business. If the project management team get the wrong step, there would some negative consequence during the next phase of the give project. Project plan has been derived in order to address requirements of project such as retirement, scope, budget and timelines (Wu and Low, 2010). Once the project management plan, has been derived the project schedule has been developed.

Project Execution: It has been analysed as the project implementation stage, the activities which are defined in the plan will be implemented in order to achieve successful results. Here the project manager also formulate the business management and life cycle for development of project. Here, I need to formulate an effective interaction with the team, motivating them , procurement of products and services and performing work.

Project termination: Project manager that need to be accomplished by manager that needs to be accomplished by management.

Closure: it is analysed last stage of project management process through which the project get accepted. In this, ABC lTD will review the project to analyse that whether the goals will be accomplished effectively.

Conceptualization: It is analyse as initial stage of project life cycle in which there is requirement to present the title of acquisition project through the effective goals and business objectives. Moreover, the key stakeholder in the project for ABC PLC will be identified along with the creation of project charter.

Project is able to acquire new company for ABC PLC Ltd for expansion of business in frozen food retail sector.

Goals and objectives:

  • There are various important goals and objectives of this acquisition project which are mentioned below:
  • To acquire important assets and financial resource to fulfil the statement which is made to the project (Bredillet, Yatim and Ruiz, 2010).
  • To install the various information system as well as communication technologies to increase quality of acquired business.
  • To develop an effective project management plan which helps in completion of activities within specified time duration.

Organization: it is the stage at which managers tends to organise the activities which are stated in the plan. ABC plc required the project that project should be accomplished effectively. At this phase, the planned solution that has been approved is required to be implemented. This will may off any business prospects that needs to be accomplished by management for accomplishment of project effectively.

Development stage This is essential stage which clarifies that whether project is going as per the planned output or not. If it is not on the right track, then corrective actions are required to be taken in order to remove deviations in effective manner. This means that project manager is required adjusting schedules so that goals may be achieved with much ease.

Implementation; At the stage, the project activities which are determined will be implemented effectively in order to manage the project effective. Company is getting effective business operations that needs to be accomplished by manager.

Evaluation: It is last stage, evaluation of activities will be accomplished with an aim of getting highly effective skills and competencies that needs to be performed by management.

Leadership trait

Leadership has been required for successful accomplishment of business objectives in effective manner. In this case, it is requirement that project manager in ABC PLC that task will be accomplished in effective time duration. Leadership in the organisation is required to be accomplished in effective manner so that he will be able to manage the team members in organisation (Mantel, 2011). Further project manager in organisation should also posses effective communication with employees and team members so that he will be able to assign them duties effectively. Moreover, project leader of ABC PLC also needs to be accomplished in effective manner. They should motivate employees in order to improve their productivity so that the goal of project can be met effectively. Effective decision making and development of team is analysed as another trait of business that needs to achieved which helps in acquire ABC to DEF LTD. The activities which are targeted in project management will be accomplished effectively.

Project Administration

It is also required for organisation to achieve the activities within a particular time duration. It also implies that project manager. It also provided understanding that the project manager requires adequate framework that needs to be managed effectively (Bredillet, 2010). In present case, managers are required to take advice and hire qualified professional so that project will accomplish within specified time frame. Further, company has also decided to take in-house experienced employees which is not worth to it. Further, project tends to provide effective information to organisation for accomplishment of objectives In effective manner.

Project budget

Particulars

Amount ( In GBP)

Taking software

1300

Documentation

2700

Purchase of Hardware

400

Acquiring tools and equipments

1800

Website designing

800

Management cost

1000

Human resource salary

2000

Total

10,000

Control

It is also analysed as important activity of the project which manager required to initate adequte control if those activities are not in accordance with the stated objectives. Manager will be able to control procedure when they will make comparison between budgeted output and actual work accomplished (Patanakul, Iewwongcharoen and Milosevic, 2010). For improvement of those eradications which occurs within business manaegers are required to take effective measure for accomplishment of project. They will be able to manage the activities of team members so that project will be within specified time duration. Manager will also focus improvement of efficiency and productivity of employees so that will perform effectively for accomplishment of objectives.

CONCLUSION

In this report, it has been concluded that proper procedure and plan are required to be followed by manager to accomplish particular project. Project scope is primarily identified as an output of defining the project process. Project is identified as great opportunity for organisation and individuals to achieve their business and non business objectives more efficiently through implementation of change. Project that needs to be accomplished by managers contains different risk that needs to be analysed and managed by organization through effective planning , monitoring and controlling.

REFERENCES

  • Kerzner, H.R., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
  • Burke, R., 2013. Project management: planning and control techniques.New Jersey, USA.
  • Meredith, J.R. and Mantel Jr, S.J., 2011.Project management: a managerial approach. John Wiley & Sons.
  • Schwalbe, K., 2015.Information technology project management. Cengage Learning.
  • Wysocki, R.K., 2011.Effective project management: traditional, agile, extreme. John Wiley & Sons.
  • Walker, A., 2015.Project management in construction. John Wiley & Sons.
  • De Bakker, K., Boonstra, A. and Wortmann, H., 2010. Does risk management contribute to IT project success? A meta-analysis of empirical evidence.International Journal of Project Management,28(5), pp.493-503.
  • Jun, L., Qiuzhen, W. and Qingguo, M., 2011. The effects of project uncertainty and risk management on IS development project performance: A vendor perspective.International Journal of Project Management,29(7), pp.923-933.
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