Project Management: Tools And Techniques For Successful Completion
Introduction to Project Management
Project management can be defined as the systematic procedure of initiating, planning, executing, controlling and concluding a project with a team of professionals to achieve set goals within a stipulated perios of time. According to Kerzner and Kerzner (2017), the primary challenge of managing a project is to critically address the requisites of the project within the constrained time limits. In addition to this, additional constraints include, scope, quality and budget. The secondary challenge is to effectively optimize the allocation of the important resources and apply them to meet the designed objectives.
In order to critically address the requisites of the project, it is important to make use of project tools that makes the managing and regulation of the project work easier and effective. The use of project tools depends upon the function that is to be addressed. For instance, the use of work schedule template and Gantt chart template can be increasingly beneficial for managing a project. The work schedule template would facilitate the project manager to handle the employees and at the same time acquire control over the project till it’s successful completion. At the same time, the Gnatt chart template makes use of an Excel template sheet that helps in monitoring the progress of the work. It helps in assessing the time duration allotted to a specific task.
- What types of documents and other sources of information can be used to define the parameters of a project?
As mentioned by Martinelli and Milosevic (2016), the four most important and valuable parameters that help in managing a project work include, time, cost, quantity and quality. It should be stated here that while managing a project, it is important to define theses parmaters and determine the manner in which each of the criterian would affect the project. For instane when it comes to time, desiging a project deadline is important as it helps in constantly tracking the progress of the project in relation to the time allocated for the completion of the project. Further, it should also be stated here that project deadlines share a direct relationship with the allotted budget.
Therefore, it is fesable to design mini-deadlines so as to complete the project within the final deadline. Further, devising a project budget is important to effectively manage the project till it’s successful completion. Further, on the basis of the project type it is important to set clear standards for both quantitative as well qualitative output. Setting up qualitative and quantitative indicators help in continuously monitoring the ultimate outcome. For instance, the production report and the key performance indicators can help in effectively analysing the net qualitative and quantitative outcome of the project.
- Explain a process used for identifying and managing risk in a project.
Project Tools and Techniques
It is important to consider that a number of risk factors can affect the normal progress of the project. According to Mir and Pinnington (2014), a risk can be defined as the advent of an uncertain event that is capable of eliciting a negative impact on the project obejectives. Therefore, prior to proceeding with a project, it is important to incorporate a risk management scheme so as to deal with the risks effectively.
The most common risk management process is the 5R management process that includes, identification of the risk, analysing the risk, treating the risk, and monitoring and reviewing the risk (Marcella and Rowley 2015). In order to identify a risk, it is important for the team to recognize the risk element and study its impact on outcome of the project. At this stage, the project risk register is maintained where the risk elements are properly documented. The risk is managed by considering the documented risks and reviewing them to devise an appropriate management plan.
- Identify at least two Acts of legislation that organsiations would need to apply or follow in order to manage projects and/or project team legally.
The two Acts of legislation can be mentioned as the Corportaions Act, 2001 and Retail Shop Leases Act, 1994. According to the Corporations Act 2001 (Cwlth), all orgnaizations must keep their business structures up to date and contain details about the requisites relating to the services and products offered by the company (Heagney 2016)). On the other hand, Retail Shops must comply with the Retail Shop Leases Act, 1994. Under this act, it is expected that the solicitor must read the lease prior to signing it in order to be make a person aware about the terms and conditions of the project related obligations (Heagney 2016).
- Explain the purpose of following procedures and/or processes that are relevant to managing a project within an organisation.
- lines of authority and approvals
It is important to maintain lines of authority and approvals in order to promote hierarchy within an organization (Joshi et al. 2014). At the same time, it also helps in promoting an effective communication channel between the employees and the supervisors which helps in constant monitoring of the progress rate of the project.
- quality assurance
Quality assurance is extremely important to assure service quality. It should be noted in this context that that the quality of the service provided determines the project outcome and a successful project must consider continuous quality improvement top sustain the business operation within the market (Miller et al.2013).
- human resources
Human resources form an integral part in regulating a project. The responsibility of recruiting candidates for various domains is carried out by the HR. The human resource recuirted forms the employee base responsible for working on the project. Also, the HR is responsible for devising employess and work policies to maintain the smooth functioning of the project.
- budgets and finance
Factors Affecting Project Management
Budget and finance is extremely important while marinating a project within an organization. The responsibility of budgeting and finance is generally carried out by the accounts department and the budget helps in allocating expenditures for various segments of a project. Also, it helps in keeping a track on the investment made by the organization on the completion of a project and helps in estimating the corresponsing profit made.
- recordkeeping
Recordkeeping is also known as documentation and it is important in order to keep a track of the organizational policies and important decisions taken so as to direct future decisions. Employee documentation is also important to keep a track of the recruited employees and accordingly dispense employee benefits.
- reporting
Reporting helps in keeping a track about the everyday progress made and at the same time also provides a platform to correct or make amendments over an incorrect decision. It provides an opportunity to rectify mistakes. Reporting at the same time, also equips employees with an opportunity register complaints or express their grievances against that might have gone wrong during the project so that appropriate action could be taken to address the concern.
- Outline how the mission, goals, objectives and operations of an organisation relate to the project.
Vision, Mission, Goals, Objectives and Opeations should align with the project in order to acquire successful outcome and sustain the project for a longer period of time. According to Goetsch and Davis (2014), strategic planning can help in effectively aligning the elements with the project goals. The strategic planning critically helps in practically implementing the blueprint of a project and turn it into reality. It further helps the organization in drafting reasonable project vision, mission and objectives.
References
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.pp.45-47
Martinelli, R.J. and Milosevic, D.Z., 2016. Project management toolbox: tools and techniques for the practicing project manager. John Wiley & Sons.pp.81
Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking project management performance and project success. International journal of project management, 32(2), pp.202-217.
Heagney, J., 2016. Fundamentals of project management. Amacom.pp.78
Marcella, M. and Rowley, S., 2015. An exploration of the extent to which project management tools and techniques can be applied across creative industries through a study of their application in the fashion industry in the North East of Scotland. International Journal of Project Management, 33(4), pp.735-746.
Miller, R.L., Reed, S.J., Francisco, V. and Adolescent Medical Trials Network for HIV/AIDS Interventions, 2013. Accomplishing structural change: Identifying intermediate indicators of success. American journal of community psychology, 51(1-2), pp.232-242.
Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. Upper Saddle River, NJ: pearson.pp.115
Joshi, M., Ransom, E.R., Nash, D.B. and Ransom, S.B. eds., 2014. The healthcare quality book: vision, strategy, and tools. Chicago: Health Administration Press.pp.99