Table of Contents

Project Definition/ Parameters and Risks. 3

Scope. 3

Schedule. 4

Cost 4

Question 2. 13

Planning and Costs. 13

Network Diagram.. 13

Gantt Chart 14

Net profits. 17

Question 3. 21

Managing Progress and Spending. 21

Table. 21

Gantt Chart 23

Question 4. 25

Earned Value Analysis. 25

Detailed Calculations. 26

CPI and SPI. 27

Part B.. 29

Risk Management Register for XYZ Project 32

References 

General Assessment

Part A

Project Definition/ Parameters and Risks

An iron triangle is the word used to define the bond that emerges through the legislative process between parliamentary committees, federal bureaucracies and interest groups. The partnership between these three actors inevitably happens over time before they all work together in close proximity. All of them aim to increase their gains in the policy process and iron triangles support them. Iron triangles get their name because when you are set up, all three elements require each other to function. they are extremely difficult to extract. The breaking of the triangle is not in the interests of any component.

Figure: Iron Triangle

Scope

Automation Futures PLC is expertise referring, diminishing, and product expansion firm with widespread knowledge in the production, distribution of technology schemes, and commissioning(Zakharchenko, Bakulich, Potapenko, Voloshenko, & Kharuta, 2020). The scope of the firm is vast as it activates out of a great consultancy preparation in workshops of Ireland and the UK, which manufactures and grows Prefabricated workshops and automation plants for numerous consumers in Europe. The expertise and facilities of the firm permit them to deliver solutions made by tailors.

Schedule

The company has also made a schedule to complete the project without delay, therefore, TTF PLC founded in Germany decided to offer Electronic parts comprising the intended inverter product which precisely expected at power redeemable for innovative train navies. Moreover, TTF is a chief contractor to numerous administrations and train effective firms all over the world. The agreement is at risk and there are chances of penalty in case of late completion of the project. (Kuzminykh, Otrokh, Voronko, & Taranenko, 2020).

Cost

The board cost for the distribution of the Automation Plant is 58.0 million pounds, including employees and materials. If the price of a distribution of the Mechanization Plant is fewer as compared to the board cost, then AF PLC may be permitted to about 50 percent of the extra whatever superior than 50 percent of the surplus may be divided half with the customer. According to the plan, the delivery of the completed automation plan must not get late to 18^th September 2020(Bilovodska, Golysheva, Gryshchenko, & Strunz, 2017).

b) Risk Register

Question 2

Planning and Costs

Network Diagram

Network diagram is the techniques of the operational research that is based on the graphical representations. In this diagram, different components of the tasks are divided and the segregation of duties are done. The components of the tasks are analyzed on the basis of the responsibilities and workflow(Mantzaris, Walker, Taylor, & Ehling, 2019). The main feature of the network diagram is to identify the critical path. The network diagram for the project is given below:

http://lovgov.weebly.com/the-government-guru/on-special-interest

Gantt Chart

Gantt chart looks like a bar charts that projects the timeline or scheduling of a project. Gantt chart can be used in the project scheduling and planning process as it enables the project managers to prioritize tasks as per requirements of a project. Gantt chart shows the estimated project completion time as well as time required for the completion of each activity. In the following figure, Gantt Chart is projected for this project.

While making the time schedule for the Gantt chart, it has been indicated that there are five working days in a week, and it has been expected that the project will end on almost 15 May 2020 if it is started on 8 July 2019. The project timing report is given as follows:

Following the above schedule, project completion status will be delayed because of Christmas holidays. Project team members will require Christmas holidays therefore this event completion status will be delayed (as per the length of holidays allotted to project team members). An estimated holidays duration is two weeks. All project team members will be given full-time off during these two weeks. Although, this situation will increase the risk factor of project delays more than two weeks. Time mismanagement and delays are highly expected. In case of excess in time duration, budget and profit estimations will be also managed by the organization. 

Question 3

Managing Progress and Spending

Table

Planned progress

Comparison with actual

Gantt Chart

The above chart representstheextent of the completion of the task. Tasks 1, 2, 3, and 5 are completed as indicated by the black cross line in the time frame. At the same time, partially completed tasks are indicated by the partial cross over the time period.

Question 4

Earned Value Analysis

            Earned value analysis is the technique of project management that measure the performance of the project and the progress in objective manner(Bryde, Unterhitzenberger, & Joby, 2018). The performance is evaluated on the basis of planned and actual completions and criteria for the tasks. Earned value analysis is given below:

Detailed Calculations

Detailed Factory Designing

BCWP = 3.8 (M) x 0.80 = 3.04 M

                                                BCWS  = 3.8 (M) x  0.20+ 4.08 M = 4.84 M

Development and Commissioning of Inverter products and Automatic equipment

                                                BCWP = 3.4 M x0.35= 1.19 M

                                                BCWS = 3.4 M x 0.65 + 1.32 M  = 3.4 M

Automation EquipmentManufacturing

                                                BCWP = 6.5 M  x 0.35 = 2.275 M

                                                BCWS = 6.5 Mx0.65 + 2.76 M  = 6.985 M

Manufacturization of the Factory units

                                                BCWP = 4.00Mx0.50 =2.00M

BCWS  =4 Mx0.50+ 2.75 M
BCWS = 4.75 M

CPI and SPI

            Cost Performance Index (CPI) is representing cost spend on the completed project activities and components. The following calculation work is representing CPI for this project.

CPI = EV / AC

Cost Performance Index (CPI) = 11.50 / 20.33

Cost Performance Index (CPI) = 0.5657

Following above calculations,the minimum required value “1” is not met by this project, therefore, we can say that project is not cost-effective against determined budget.

            Schedule Performance Index as abbreviated as SPI which shows the comparative analysis of actual performance and planned performance.

Schedule Performance Index= EV / PV

Schedule Performance Index = 11.50 / 24.06

Schedule Performance Index=0.48

Again calculated value is less than minimum required limit of “1”. This situation show that project activities are not performed well as per schedule. The following calculation work can be used to estimate thecompletion :

Project EV = 11.5 M

Cost Performance Index (CPI)= 0.57

The following calculation show “Estimate at completion till the date”

Estimate At Completion  = 23.24 / 0.5657

Estimate at Completion = 41.08 M

Now calculating for entire project.

Estimate at Completion = 48.7 M / 0.5657

Estimate at Completion = 86.09 (M)

a-      Acceleration

Option N seems to be accepted because it is offering less time with the lowest of the cost.

Part B

The project manager must be a good communicator and also comprehend the effects of financial changes on the project. The goal of the scheme director is to get the desired consequences of the project at a particular date and time, with a particular amount of resources. The proper start and ending time of the project is crucial for the project manager and the goal of the project manager is to fulfill the requirements of infrastructure(Prascevic & Prascevic, 2017).

            The goal of the project manager is to set the time-bound, specific, realistic, achievable, and measurable goal for the conclusion of the plan. The goal of the scheme manager is to enhance the performance and productivity of the scheme and to identify the reasons behind the bad performance of the organization(Heigermoser, de Soto, Abbott, & Chua, 2019).,

The good project manager must have an inspired vision for the completion of the task and he or she must be the best communicator. Clear communication is crucial in a project as communication is concerned with feedback, goals, performance, responsibility, and expectations. A good project manager must have enthusiasm, empathy, and vigor to complete the task. The technical abilities of the project manager must be good, for instance, in the case study, the production line software was used. Therefore, the project manager must have skills in technology(Belfadel & Munden). The construction project includes various risks such as environmental risks, technical risks, and technological risks. The good project manager must know all the problem-solving techniques.

The goal of the project was not clearly defined and this was due to the various issues in the project. Another challenge that I faced was inadequate communication with the team, the aspects of the projects did not get clear due to lack of communication. The hardest challenge that I faced was risk assessment, as it was difficult for me to collect the data related to the project because of a lack of period. The scope of the project was not vast and there was also a problem of improper scheduling. Moreover, I faced difficulties in the construction and designing of a new factory to fit the mechanization equipment, as it is not an easy task to fit the automation apparatus within the budget(Molodetsky, 2019). The deadline for the completion of the project was no sufficient as there were also the chances of damages during construction. I also face various issues while making the budget of the project as the cost is the crucial element of the project which includes resources, workers, and other components of the project

Part C

Acceleration:

there are 5 ways to accelerate the project after reviewing;

Figure: Gannt Chart Extract after review stage

1.      Accelerate project F

Through recurring the fixed cost of about £200K, we suggest that project should be completed 3 weeks early. Because project F is not just a critical point but also behind the schedule and it cause the delay of the whole project too so the above-mentioned suggestions should be accepted.

2.      Accelerate project G

Through incurring net expense of about £103K, project G can be accelerated by 3 weeks. Because this project is also behind and is assumed to be an important task so this option should be accepted in the conjunction of the option F.

This cost is an associated cost which increase overall project cost but support early completion of this project. Considering this, we will ignore minimum impact of project cost and focus on expected benefit.

Accelerate project I

This project activity is having float for the organization and not required by the critical path. Therefore, by accelerating this task will not have any kind of impact on overall project activities.

Accelerate project N

Project N activity is requiring a delay of three weeks because of delayed completion status of project F and G. Hereafter, higher attention is required by the firm. Considering pre-requisite of project N activity, we can save at least one week. In case, company plans to accept options (1&2) then this project activity is not recommended at this point.

3.      Accelerate project P

Project P activity will be completed after the completion of whole project. Therefore, organization will consider it later (only if required). Although, this project activity is strongly recommended to reduce cost and enforce cost-effectiveness in this project. Project P activity can save 35 K per week.

Research methodologies:

Information on the selected topic was collected from random websites especially google scholars. The research was the hybrid method using both qualitative as well as quantitative research methodology. The objective of the study was to develop the knowledge about the project management methodologies and so that students can develop their interests in the study. This approach of research allowed the evaluation of the relevance of using project management programs. STATISTICA software was used for the data analysis. As the quantity of first-year students understudies has been expanding, so has the requirement for experienced workforce. To oblige this pattern, the course is group instructed to consider consistent preparing of new personnel, just as to join normal workforce input into the progressing cycle of progress. We consistently measure the viability of the course including its yearly enhancements. The four areas of the course were as of late educated by four personnel with the guide of four Teaching Assistants (TA) who recently took the course.

This research has reasonable ramifications, particularly for customer PM associations that are using EVA with project groups including various firms. As customers look for approaches to more readily screen and control execution through the undertaking execution stage, for those that have not utilized it before EVA is a likely alternative. However, rules to outline the plan and activity of EVA are deficient.

References

·         Akhmetshin, E. M., Zakieva, R. R., Zhminko, A. E., Aleshko, R. A., & Makarov, A. L. (2019). Modern approaches to innovative project management in entrepreneurship education: A review of methods and applications in education. Journal of Entrepreneurship Education , 1-15.

·         Belfadel, D., & Munden, R. (n.d.). Walking on Water Term Design Project in Fundamentals of Engineering.

·         Bilovodska, O., Golysheva, I., Gryshchenko, O., & Strunz, H. (2017). Theoretical and practical fundamentals of scientific and educational projects: a case of Ukraine. Journal of International Studies .

·         Bryde, D., Unterhitzenberger, C., & Joby, R. (2018). Conditions of success for earned value analysis in projects. International Journal of Project Management, .

·         Chen, J., Liu, R., Niu, Y., & Zhu, J. (2019). Impact of product heterogeneity and soft budget constraint on excess capacity in Chinese energy industry based on the duopoly model. Chinese Journal of Population Resources and Environment, .

·         Damnjanovic, I., & Reinschmidt, K. (2020). Project Risk Management Fundamentals. Data Analytics for Engineering and Construction Project Risk Management , 23-41.

·         Frefer, A. A., Mahmoud, M., Haleema, H., & Almamlook, R. (2018). Overview success criteria and critical success factors in project management. Industrial engineering & management , 2169-0316.

·         Heigermoser, D., de Soto, B. G., Abbott, E. L., & Chua, D. K. (2019). BIM-based Last Planner System tool for improving construction project management. Automation in Construction , 246-254.

·         Kuzminykh, V. O., Otrokh, S. I., Voronko, M. P., & Taranenko, R. A. (2020). Fundamentals of IT project management.

·         Mantzaris, A. V., Walker, T. G., Taylor, C. E., & Ehling, D. (2019). Adaptive network diagram constructions for representing big data event streams on monitoring dashboards. Journal of Big Data .

·         Molodetsky, I. (2019). Fundamentals of Engineering Design.

·         Pokrop, F. (2017). Fundamentals of Project Management. Quality Progress.

·         Prascevic, N., & Prascevic, Z. (2017). Application of fuzzy AHP for ranking and selection of alternatives in construction project management. Journal of civil engineering and management , 1123-1135.

·         Sharon, A., & Dori, D. (2017). Model‐Based Project‐Product Lifecycle Management and Gantt Chart Models: A Comparative Study. Systems engineering .

·         Zakharchenko, O. V., Bakulich, O. O., Potapenko, T. P., Voloshenko, M. O., & Kharuta, V. S. (2020). Fundamentals of the System Simulation Methodology'Personmachine'in Project and Program Management. International Journal of Management (IJM) .