Essay on PA52017 Parvez SIM335 PM

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Managing Project

Table of Contents
Introduction 3
Task 1: Different aspect of a Project 4
1.1 Core characteristics of a project: 4
1.2 Scope of the Project: 4
1.3 Critical Path Method and Gantt chart: 5
1.4 Cost appraisal method and its benefits: 6
1.5 Assessment and management risk: 6
1.6 Quality method used for successful completion of the project: 6
Task 2: Formal report on the project of ABEK Ltd: 7
2.1 Description of the project of ABEK Ltd: 7
2.2 Project lifecycle: 7
2.3 Breakdown of Project work: 9
2.4 Gantt chart: 9
2.5 Cost breakdown structure: 10
2.6 Network diagram: 10
2.6 Project management skills 11
2.8 Project manager leadership style: 11
2.9 Project Control Techniques: 12
Risk management: 12
Conclusion 13
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IRR is one of the techniques (Lock, 2004). IRR is the rate at which the present value of the future cash flow will be equal to the initial cash flow and the NPV of the project will be zero. A project will be accepted if the cost of capital is lower than the IRR. Otherwise the project will be rejected. IRR provides many benefits. It helps to compare the cost of capital with the rate of return that will be earned on the project. It discounts the future cash flow and give correct decision in most of the cases (Daft, 1997).

1.5 Assessment and management risk:
Management of risk means assessing the risk and taking steps to reduce that risk. In the project of ABEK, I will use both qualitative and quantitative approach for assessing risk. In qualitative approach, factors that may affect the project adversely will be considered. In the quantitative method, I will use sensitivity, simulation, probabilistic analysis, influence diagram and decision tree (Heerkens, 2002). Risk management techniques such as risk audit, risk reassessment, reserve meeting, status analysis, and cost risk analysis and scheduled risk analysis techniques will be used.

1.6 Quality method used for successful completion of the project:
Controlling the quality of the project is very important for successful completion of the project. I will adopt the following measures for ensuring the quality:
Producing realistic plan.
Using repeatable process.
Making effective team.
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