Project Management Fundamentals - Essay Example

Project Management Fundamentals Student Name Institution Project Management Fundamentals Project management encompasses the analysis of a project goal, the available resources, their utilization as well as the inputs that are developed by the involved personnel. The management of projects incorporates complexities and uncertainties that dictate the most effective manner to meet the objectives of the responsibilities assigned to different entities in the project cycle. Each project is systematically approached while analyzing the objectives of each stage beginning with the problem identification to improvements and maintenance. The steps of developing a project are part of the management theory in place since it facilitates identifying the requirements through the project and the necessary inputs for accomplishing the set objectives. Scope Statement Each project has to consider the time, quality and financial constraints that dictate the choices made regarding the size, lifespan and usefulness of the project (Kerzner, 2009). When developing a project the scope must be defined since the solution to a problem requires to being effective and restricted to a specified target. The scope of a project is derived from the identified issues but set by the availability of the three project constraints. The scope of a project must be objective and target a group or section of the society, since achieving a project that meets demands of all persons is impossible. Since the project is composed of phases, the achievements of the project are sequential, thus the need to define deliverables. The project deliverables may be based on the requirements of the project or the necessary endeavors to ensure the success of the project (Kerzner, 2009). Deliverables are also covered under the overall expectations of the project, such as the economic benefits associated with the venture. The deliverables of a project are essential in planning the project as well as its standards. The deliverables allow the personnel involved generating safety, development and labor factors that go into the project cycle. Work Breakdown Structure Any project has to be spread out over time meaning that activities that are conducted with the objective of completed the project must be scheduled. The work breakdown structure is a form of identifying the necessary actions to be taken by the involved personnel (Heerkens, 2001). The structure is a form of management that introduces prioritization of actions and establishes an order that must be followed to complete a project in a given time. The approach involves arrangement of project tasks based on the importance and necessity to the cycle. The work breakdown structure allows the project manager to identify the tasks that are dependent on each other and facilitates a defined process that facilitates a flow in labor division. The work breakdown structure is used as a guide to conducting various tasks of the project. The structure allows the manager to classify respective tasks to a given individual or group. The management element facilitates the scheduling of the project such that different tasks that are aimed at a project objective may be carried out in a specific timeline to ensure the project needs are met (Kerzner, 2009). The schedule allows the manager to come up with an estimation of the shortest, expected, and longer time needed to complete a project. The approach entails establishing a sequential order in which tasks must be committed while not compromising the integrity or result of the project. The work breakdown structure is necessary in establishing the critical path that the project should follow and aid management in planning and scheduling the time resource. Project Controls The project management aspect in establishing controls entails the three constraints of the project. Controls established by the involved personnel shall consider the resources that are segregated for various tasks; and evaluate the possible shortcomings that may affect the resulting product. Controls in the project shall cover the risks and threats, challenges and uncertainties that are not expected and that are expected through the course of the project (Heerkens, 2001). Concepts such as weather changes are considered as part of establishing controls since they may easily affect the progress of the project. The controls are necessary for the safety, timely completion, and plan adherence to the project. The controls are essential to projects for the quality constraint. The outcomes of projects have to meet a certain standard in quality and controls ensure that the quality stated is achieved or surpassed. The controls include the third parties involved in the project, protocols and policies under which personnel and experts in the project have to observe to ensure that the project meets the expectations of the owners and financial supporters. Controls in a project may not necessarily spring from the management since other authorities also have established controls that must be observed such as the environmental protection authorities engaged in the project development (Kerzner, 2009). Controls in any project are essential to demonstrate competency in the project since the involved persons rely on the manager for decision making and implementation of policies. The controls may also be documented and presented to affected and associated parties thus managing the project. Risk Management Strategy Risk management is a crucial responsibility that is incorporated in project management. There are various risks that arise in the progress of a project. Risks are common to any activity that incorporates human and human derived equipment. Management of risks involves the identification of possible threats and risks revolving around the development and finished project (Kerzner, 2009). Identification of the risks in a project facilities management strategy in order to prevent casualties and ensure they are covered under the subject. The identification of risks should be a process that is continuous with projects as uncertainties in the project can result to risks which need mitigation. Management of risks also encompasses the identification of the risk or threat level. The intensity of a risk to a project is dictated by several factors some of which affect the choices made on the development and maintenance strategies. The process also incorporates the frequency of occurrence since some risks have little to no chances of occurrence. The risk management strategies integrate chance since the risk is uncertainties, and some of them may result to project failure or severe cases of malpractice and other legal complications (Kerzner, 2009). The manager must be conversant with the possible risks that may be associated with the project so as to minimize their occurrence. Summary Schedule Since a project is a sequence of tasks that must be completed within a given frame of constraints, a schedule is necessary to manage the project’s progress. The schedules developed to meet the requirements, and expectations of the manager and the project have to cover the achievements made on the project. Having different personnel responsible for various task reports to the manager on the developments in a project to facilitate the development of a summary of the progress made by the teams involved in the project. The reports provided to the manager are evaluated against the milestones and project deliverables to establish the progress of the project (Gido & Clements, 2009). By incorporating the milestones in management, the project’s progress is tracked, and areas that require improvement are subsequently identified and evaluated. The project schedule summary concentrates on the time constraint of the project. The estimations that are made on a project are necessary in evaluating the progress made by the teams involved in the development. Creating a Gantt chart to map the progress of a project is significant in the planning stages (Choudhury, 1988). This resource is useful in evaluating the utilization of resources through the progress made on the project. The milestone and Gantt chart reports concentrate on the resource use and identify areas where the resources are insufficient or are overestimated for the performance of a task. Summary Budget The summary budget of a project focuses on the financial constraint of projects. Projects have a budget which they are expected to adhere to since the resources, requirements and expertise put into the project must be financially footed. The budget of a project is usually developed in the initial stages of planning the project, but it may change through the project’s development. The choice of reporting the financial costs and expenses to the manager is crucial since it facilitates the management of the financial resource (Gido & Clements, 2009). The summary budget is used as a measure by which estimations can be projected regarding the required financial support. The budget report can easily predict whether the initial budget shall suffice the project requirements. This budget gives the management the go ahead to secure more funding or pursue better quality depending on the financial backing of the project. The budget summary is usually followed by a meeting of the project committee board members and heads of different departments to plot the best course considering the rising challenges or provisions (Choudhury, 1988). The budget summary is mostly reported through various stages of the work breakdown structure, to make decisions on the viability of the initial budget and make alterations to the budget and project where necessary. Conclusion The responsibility of project management entails numerous tasks which are essential for the validity and success of a project. Calls for different decisions through the project must be backed up by evidence that is collected in the project’s development. Data collected through the project is used to make decisions on the project to successful completion, which is the role of the manager. References Choudhury, S. (1988). Project Management. New Delhi: Tata McGraw-Hill Education. Gido, J. & Clements, J. P. (2009). Successful Project Management. London: Cengage Learning. Heerkens, G. (2001). Project Management. New York: McGraw-Hill Professional. Kerzner, H. R. (2009). Project Management: A Systems Approach to Planning, Scheduling, and Controlling (10th Ed.). New York: John Wiley & Sons. Read More