Unit 5 Project Management for Business H5080489 Level 4 Regent College

Introduction

Project Management is a fix activities which are executed to attained the set objectives. These activities might be using of the processes, methods, talents, experience and diverse kinds of effective knowledge. This report is totally relied upon the fundamentals of the project management and after that the soundness of the project for knowing its sustainability. This assignment would elaborates the practices of the project management and after that the project for its validity or reliability (Kerzner, 2013). This report would identify the most recognised form of firm's structure and processes henceforth the project could be completed in an effective manner. Performance management would implemented on the project for more quality emergence. This report would identify the project change control processes. This report would determine the project control processes which are made on the project in business processing of A2Z construction.

Task 1

1.1. Project management cycle:

Project management correctly said that the project planning, coordinating project and controls the project from introducing till finishing of the activities. Srymax-London Builder Ltd company is required to have an effective project management cycle that are required to be adhered by the organisation. As, project management life cycle could help the organisation for limiting the project concentration, keeping its pre-set objectives for finishing the project on time.

Every project management life cycle covers fiver major steps which contains: Initiation, Planning, Execution, Monitoring and Closure. These are defined in details:

Initiation: This renders overview of the project apart from that the strategy company is planning by way attaining the desired outcomes. At the time of initiation phase, there is a need to appoint the project manager who by using his personal skills, appoint his team members effectively.

Planning: This is the second step which can be used by the organisation in order to implement the PMP in an effective manner. This covers a detailed breakdown and assignment of each activity of the project from introduction to the end. The planning phase would contain risk identification in addition to identifying the criteria which are required to be sucessful completion of every task.

Execution and control: These steps assures that the project activities are effectively performed and controlled. At the time of execution and control phase, planned answers are used in order to resolve the issues during project requirements.

Closure: Project manager must need to have less things in order to assure that the project is introduced to its adequate conclusion. The Closure phase is normally highlighted by the written formal project review report that covers the following factors. A formal acceptance of the final output.

Srymax-London Builder Ltd protect the time and maintain on the team focused. Fortunately, modern tools renders various templates which would emerge from the beginning to the final conclusion.

1.2. Develop the success and failure criteria:

Year

Cash flow

PV@5%

Present Value

0

-1,500,000

1

-1500000

1

500,000

0.952380952

476190.4762

2

400,000

0.907029478

362811.7914

3

450,000

0.863837599

388726.9193

4

550,000

0.822702475

452486.3611

5

400,000

0.783526166

313410.4666

   

Total PV

1993626.015

   

NPV

493626.0146

   

IRR

11%

From the above mentioned report, this can be rightly said that the project have outflow of 1,500,000. while the present value of cash inflows are 1993626.015 which is much more than the present value of cash inflows. While the internal rate of return is calculated 11%.

NPV: This stand for the net present value which reflects that if the npv is positive then the project is to be accepted but if it goes negative then the condition become totally opposite and the project will not to be considered. hereunder in the cited case, which shows the positive figure hence the project is to be considered. It is calculated by using:
Present value of cash inflow- Present value of cash outflow

IRR: This stands for the internal rate of return which states the point where the NPV becomes zero. in other words, this is situation where present value of cash inflow is equal to the present value of cash outflow. this is calculated by using:

Year

Cash flow

PV@5%

Present Value

0

-1,500,000

1

-1500000

1

500,000

0.952380952

476190.476

2

400,000

0.907029478

362811.791

3

450,000

0.863837599

388726.919

4

550,000

0.822702475

452486.361

5

400,000

0.783526166

313410.467

   

Total PV

1993626.015

   

NPV

493626.0146

   

IRR

16%

1.3 Resources Management and resources which are needed for construction of the building:

Resource plan elaborates how citizens and physical resources would be forecasted, acquired, emerged, managed and controlled (Larson and Gray, 2011). Citizen are emerged and handled whereas materials are handled after they are forecasted and acquired. Resource management plan could be implemented in order to assure resource availability and redress resource conflicts, understanding kinds of resources which are required. Assessing availability and efficient utilisation of resources, understanding potential for understanding resources for new implemented, assessing of the lead time which are needed to assure that resources which are available during the required time. Ability to redeploy resources if the operational related activities are to be completed. While constructing the building, various components are used under this. Such as- direct and indirect materials, direct and indirect labours and overheads are used under this. There are certain tools that can be used by the organisation in order to gain the sustainability in an effective manner. While emerging the construction plan, these are effectively dealt with. The major part of the organisation in order to gain the sustainability in an effective manner.

Direct material plays an effective role in making the building in an effective manner. There is a need to have an effective plans for using the direct raw materials. This covers various costs that can be effectively used in an effective manner.

Direct Labour costs are those which can be used in producing the goods in an effective manner. However, this can be rightly said that the management accountant is required to assess the direct and indirect labour costs which could effectively implemented.

Principles of resource management

  • Key people management: All the resources should be involve in the project in order to achieve set common objectives. Resources should be align with the set expectation. Every individual involve in the project should have proper knowledge about importance of assigned tasks.’
  • Principles of team management: It is very important to bring the sense of collaboration among all members of team as this improve productivity and decrease the chances of mistakes.
  • Principles of allocation It is very important for resource manager to try to allocate right resources for right tasks. It is very essential to match the resource capability with the task as this help in achieve se goal.
  • Rewards and recognition: As various individuals work under a project to achieve its set objectives so it is very important for resource manager to give importance to their contribution and this can be done by recognise their time and effort.

1.4 Stages covered during process of closing down the project and covering post project appraisals:

Final phase of the project is project termination. This begins after fulfilling of the project and ends after completing particular actions to close project. Closing down is crucial factor for addition experience for the future projects so that the similar mistakes are not repeated. Key factors covered in closing down in the project are organising and filling project reports, forming of final payments, convening meeting with contractors and organisation for post assessment for post assessment of the project.

Completing in closing down the project is a crucial component as this emerge in the checklist form at the time of criteria which are met out along with the desired results. Completion must be in the form of flowcharts, schedules, and diagrams reports and data information must be implemented during cost forecasting and scheduling.

Task 2

2.1. Determining an effective organisation structure, roles and responsibilities:

Srymax-London Builder Ltd covers job roles and operating and reporting connection between and range these roles. The main structures are: functional design structure, divisional horizontal layout and directional communication layout. The most effective layout will be operational layout in this organisation. This layout is an instance of the traditional hierarchical layout. This covers divisions and their functions and controlling, elaborated top down commination. For instance, responsibilities flow in the specified direction from responsibilities to the management team to the project managers and make to the construction employees. The key aim of this layout to make similar knowledge of the skills and enhance operating effectiveness. Following reflects the operating design structure:

Roles and responsibilities of the participants in the provided projects of Srymax-London Builder Ltd are:

Role of project manager:- Construction company's project manager role is to make the planning process of the project and after that plan and elaborates the scope of the project, perform planned project to the lower level and at the end make the project along with the desired outcomes (Krähmer and Strausz, 2011).

Role of suppliers:- their roles are the most crucial one which ultimately helps to gain the importance. Suppliers' delivers various construction materials during the provided time, payment schedule, lead time period which must be considered.

Role of workers:- Workers plays a highly effective manner. They are the citizens who rendered forecasted emergence to the planned activities. The main asset to construct industry without work which can not be fulfilled. During the short period of time, cited organisation is highly affected.

2.2 Control and coordinate a project:

Project is order to design a new building that is extension to the current layout that are required to be effectively coordinate the tools. There is the one controlling and coordinating techniques that could be implemented by the Srymax-London Builder Ltd by using critical path assessment through which whole projects activities are determined for their durations and efforts. Cited construction organisation requires to identify the most delayed and time consuming activities of the projects henceforth plan can be varied to formulate these activities into modules. Modification in the CPA assist to limit the complexness of the project plan of the project activity and enhance success rate of the activity. Bigger activities in the project might emerge in indeterminate organisation's efforts, time and cost (Kerzner, 2013).

Srymax-London Builder Ltd could implement the critical paths for achieving the project. Top management could break more activities into the manageable sub groups henceforth, an adequate implementation of the human resources and diverse assets could be formed. Modules likewise assist to arrange the work quality and the performance effectively. A2Z construction company requires to coordinate business along with the critical path analysis in order to lowering down the cost and time to attain the project. This also likewise to sequence the activities as per their priority and importance in the emerging work.

2.3 Needs and qualities of the project leader:

Project leader of the Srymax-London Builder Ltd must possess following qualities:

  • A leader must have to excellent communication and qualified skills. Leaders must be competent to form any accountability in this changing environment. This must be essentials to be relied upon the technical abilities of the leader.
  • Leader must be competent to form any kinds of accountability in the dynamic environment. This must not be essential which are relied upon the tools abilities only leader.
  • Leader must have the ability and skills to delegate work and accountability of the workers. Workers must believe the leader (Hwang and Ng, 2013). Without believe, a leader is highly failed as the leader.
  • During contingencies leader gain with the new opportunities and introduce an introduce a new picture which attracts the project. Leader must be cool under pressure.
  • A leader must have contains the quality of the solving of the issues that may arise in the business. If the workers on leave.

Role of project manager

  • Deign and apply project management standards.
  • Planning and monitor the project.
  • Prepare and maintain all stages of project
  • Monitor overall progress of project
  • Manage project administration
  • Conduct project evaluation
  • Prepare follow-on action recommendations

Qualities of a project manager

  • Establish a good working relationship with all individuals involve in completion of task.
  • Direct and encourage project team
  • Understand and apply business case
  • Build and effective communication system
  • Apply quality management principles and process to achieve set goal

2.4 Plan and emphasis the human resources and requirement for a project:

There are so many resources which are needed for the project like capital, tools, material, data and human resource along with skills and competencies. The deficiencies of the resources will reduce the dynamic of the project. Allocation of resources could be completed via critical path method by rendering priorities to the resources. The key aim is to lowering the project time and optimise the use of resource available.

The most crucial resource which are used in the construction project is the human resource. The project covers: project manager, architect, labour, back office staff, civil engineer, electrical engineer and so on.

Srymax-London Builder Ltd needs to make experienced human resource which could be hired placement agency or third party seller. Now hiring and retaining the talented people is the crucial process of the project (Herrer, Herrer and Van Dorp, 2011). Human resource management could implement responsibility assignment matrix in order to guarantee that each project activity is emphasised with the resources. Tools concentrates on the RACI chart stands for the responsible,accountable, consult and inform. This chart reflects the project activities and individual responsibilities to the each activity.

RACI chart

Individual

Activity

A

B

C

I

A

Define

A

R

R

C

R

Design

I

A

A

A

I

Develop

I

A

C

R

C

Test

A

I

C

C

A

Task 3

3.1 Project Plans and frame the project firms:

The cited company must need to adhere the project plan in order to attain the desired outcomes along with the investment. This project plan emerged by implementing Microsoft project. Gantt chart would be implemented for the project plan. Gantt chart reflects various list of activity along with the forecasted introduction which are forecasted the introductory and fulfilling time. Project plan is reflected hereunder:

Project can be organised in an various activities which could be sequence as per their priorities and importance in the growth work (Gido and Clements, 2014). Srymax-London Builder Ltd construction shorter time period and latest finish time on every activities to identify the network diagram for the project. Critical diagram assist to attain high performance within the provided time as activities are handling and sequential as per the requirement.

  • Executive summary: Srymax-London Builder Ltd wants to expand its business operations in various areas in order to capture a larger market share and in order to generate more number of profits.
  • Scope: By expand its commercial operations entity wants to provide its constructions services to various clients.
  • Objectives: One of the main benefit behind this expansion is to generate more number of profits in order to ensure its sustainability in market.
  • Resources needed: For expand its operations in other countries, entity require huge amount of funds and equipment to serve individuals in other countries.
  • Staff: large number of employees are require to implement this project. With help of individuals with specific skills company can achieve its set objective of project implementation.
  • Budget: As entity wants to do expansion of its operations so huge amount of funds will require for this so it is very essential for project manager to develop a budget in order to ascertain the funds require for complete the project.
  • Risk management: In order to complete the project in given time and to achieve its set objectives, it is very essential for project manager to identify the risk involved in project and take decision to deal with those elements.
  • Communication plan: Effective communication is a prerequisite of every successful project. For this, it is very essential for project manager to use effective communication channels as with this coordination can be maintain among all function and worker can perform their role.

3.2 Project scheduling, forecasting and cost control techniques:

Project could be scheduled as per the identified project plan. Cost and time forecasting is needed to attain the project throughout the budget and efforts. Henceforth, market benefits could be meet. Firms might implement the project plan in order to introduce the project effectively along with the provided outcomes. The forecasting of cost and time could be attained along with the control tools such as Pert . As this can be said that the PERT assist to control project as per three crucial factors: time, cost and time forecasting in the project.

Activities which are time consuming and costly which could be assessed in between to change with the alternatives henceforth, entire performance of the project can be handled in an effective manner. PERT assists company to form an adequate decisions along with an adequate use of time and resources at the workplace for the performance (Garton and McCulloch, 2012). Along with the assistance, PERT company could limit probability of failure in the project. Because every activity could be assessed for the time and cost. On the other hand, this can be rightly said that the time is at core PERT to forecast the success of the project and activities are to be assumed to be the milestone of the project to attain throughout the time. Bad performance is the one activity affects the entire time and cost in the project. Here are the formulas could be implemented the time.

Time = (P + M + O)/3 where P for pessimistic, m- most likely and O-optimistic

Average time= (P+ 4M + O)/6

Standard deviation= (P – O)/6

Variance= [(P – O)/6]2

3.3 Methods to measure project performance

A project which is usually undertaken by a project manager and the business firm has to be evaluated from time to time. There are various methods of assessing the project performance which is followed by Sraymax – London Builder Ltd., these can be described as follows:

  1. Revenue over Investment: This method measure the success of a project from the perspective of investment that are being made in the project. The revenue generated from the project shall be higher than the investment made, then only a project can be considered as a success. This kind of method is quite good enough to judge the potential of a project. But this kind of method does not always give the right kind of result because of the fact that revenue from the project might generate with time and a match of revenue with initial cost would make the project undesirable for Investors (Finnerty, 2013).
  2. Stake Holder Support as well as Engagement: The success of a project is mostly determined by the profits as well as growth that it has generated. But one of the main criteria to judge the performance can be the engagement of stakeholders and their support to carry it in market. Sraymax – London Builder Ltd. Can use this method to evaluate the performance of the project, because ultimately stakeholder would show interest in the project if the level of return in the same will be high. However, sometimes it becomes difficult to gather the information correctly.

3.4 Project Change Control Procedures and Project Evaluation

Any change and enhancement in project is considered are basically supervised as well as controlled by the change management board of the organisation. The board determines the changes and make necessary adjustments within the project so that its quality can be improved. The board of Sraymax – London Builder Ltd. Is essentially responsible for any changes that are made in the project because any new changes might ruin up the already done work, therefore such shift shall be done efficiently (Deffuant and Gilbert, 2011). The expected changes will then be submitted to board of change management. The board will then be responsible for making any such shifts in the projects if they found it suitable.

The next step is to evaluate the overall project and check out where it stand, if the level of revenue generated and stakeholders are satisfied with the performance of the project then it should be carried forward. Various aspects has to be considered of a project in order to evaluate it, these include the cost of the project, Human resource management of the project and the future of Project going forward. If a project will stand good on this aspects, it shall be continued, otherwise measures have to be taken to reduce the level of cost and bring necessary efficiency, so that project can be executed in an effective as well as efficient manner. Therefore, it can be said that project evaluation is a very important aspect of measuring a project's performance.

Various changes that affect project management is given as follows:

  • Law changes: This aspect highlight the changes arise in rules and regulations that affect the activities carry out by team members to achieve set goal and objective. When government introduce any modification in current law or develop any new law then it became necessary for enterprise to follow all the rules.
  • Technology changes: Technology is one of the element that largely affect all activities carry out by various individuals involve in project completion. It is very important for firm to utilise updated technology in order to achieve et objective and to satisfy the needs of clients. In order to deal with this kind of change, it is very essential for project manager to conduct training programmes for individuals so they can perform their roles and responsibilities.
  • Staff changes: Various individuals are involve in complete a project and every individual perform a different role and contribute in success of project. It is very important that every person should have specific skill so project can be completed in time and all resources can be utilise in an optimum level. When individuals involve in project change then it affects the way in which a project get completed.

Conclusion

From the above mentioned report, this can be simply said that the basics of the project management is developed in this report. The main project management principles are processes are determined along with the elaboration on the crucial factors in order to affect the project success. This report has made the contribution of the company's units with role of control and co-ordination tools. Human resource management and project leaderships are assessed which are related to the project. Costs and the performance is analysed along with the tools such as PERT. In addition to this project has been analysed for its success in the company.

References

  • Deffuant, G. and Gilbert, N. eds., 2011. Viability and resilience of complex systems: concepts, methods and case studies from ecology and society. Springer Science & Business Media.
  • Finnerty, J.D., 2013. Project financing: Asset-based financial engineering. John Wiley & Sons.
  • Garton, C. and McCulloch, E., 2012. Fundamentals of Technology Project Management. MC Press, LLC.
  • Gido, J. and Clements, J.P., 2014. Successful project management. Nelson Education.
  • Herrer?, J.M., Herrer?, R. and Van Dorp, J.R., 2011. Revisiting the PERT mean and variance. European Journal of Operational Research, 210(2), pp.448-451.
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