Covid-19 Update: We've taken precautionary measures to enable all staff to work away from the office. These changes have already rolled out with no interruptions, and will allow us to continue offering the same great service at your busiest time in the year.

Project and Financial Management

3583 words (14 pages) Essay in Project Management

23/09/19 Project Management Reference this

Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Essay Writing Service. You can view samples of our professional work here.

Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays.

DBN609 – Project and Financial Management

Assignment 1

Table of Contents

Section 1

Importance of having project manager

Two major challenges faced

Two fundamental responsibilities of the project manager

Proposed leadership style

Section 2

1. Draw the complete task network diagram

2. Calculate earliest start time, latest start time, earliest finish time, latest finish time and slack times

3. Illustrate the critical path

4. Gantt Chart

5. Usefulness of techniques

Section 3

Evaluate the shortcomings of the current risk management plan

Recommendations to improve current risk management plan

Risk evaluation

Risk log or risk register

Section 4

Proposed best strategy to manage any three risks identified.

Management of risk identified, and justification of strategies proposed

Communication misunderstanding

Time zone differences

Differences in technologies

References

Section 1

Importance of having project manager

A project manager plays an inevitable role in achievement of project objectives. Project manager is must to ensure the smooth operations of a project. Project manager ensures the proper use of resources with in time limit. Moreover, a project manager is must to overview the project for identification of right and wrong work. A project manager is also must for tracking budget and quality control (Aston, 2017).

Two major challenges faced

The first major challenge faced by the project manager was time to establish relationship. As mentioned in case study Head of the operations assigned Lee the responsibilities of a project only after two weeks of her joining. Two weeks’ time is not enough for anyone to create relationship in organization and to know about the skills and expertise of team members. For assigning responsibilities, it is must for project manager to have knowledge about skills and expertise of team members.

The second major challenge faced by the project manager was fewer knowledge of project management tools and techniques. Without proper knowledge of project management tools and techniques, it is nearly impossible for project manager to identify the accurate time of project. Project management tools and techniques also help project manager in identifying critical path, the evaluation of risks associated with project and progress of a project.

Two fundamental responsibilities of the project manager

The primary fundamental responsibility of the project manager in this project is time management. As mentioned in case study Lee was assigned as project manager just after two weeks of her joining. She did not have enough time to create relationship inside the organization before starting the project. So, it is her primary responsibility to manage the time of relationship building and project to complete the project within specified time.

The second fundamental responsibility of Lee as project manager is to make efficient use of project management tools and techniques. The proper use of project management tools and techniques are very important for a project manager. These tools and techniques are very helpful in defining the accurate direction of project in terms of time and quality. Both time and quality are important things for delivery of a project. So, it is fundamental responsibility of project manager to make efficient use of project management tools and techniques.

Proposed leadership style

According to the experience and challenges faced by Lee, the democratic style of leadership is perfect for project manager. Lee can not use autocratic style of leadership as she has not much experience in leading a project. She also can not able to use laissez-faire style of leadership as she is not much known with the knowledge and expertise of team members. Democratic leadership style is perfect for this sort of situation. In this leadership style, Lee can ask for inputs from team members and guide them throughout the project.

Section 2

1.      Draw the complete task network diagram

F

E

L

A

B

G

J

D

C

M

I

H

K

2.      Calculate earliest start time, latest start time, earliest finish time, latest finish time and slack times

Task ID

Earliest Start Time

(Days)

Latest Start Time

(Days)

Earliest Finish Time

(Days)

Latest Finish Time

(Days)

Slack Times

(Days)

A

0

0

4

4

0

B

4

4

7

7

0

C

7

7

9

9

0

D

9

9

10

10

0

E

7

10

9

12

3

F

9

12

17

20

3

G

10

10

20

20

0

H

7

19

9

21

12

I

7

17

10

20

10

J

20

20

23

23

0

K

9

21

11

23

12

L

23

23

26

26

0

M

26

26

27

27

0

3.      Illustrate the critical path

F

E

L

A

B

G

J

D

C

M

Critical path – 27 Days

I

H

K

4.      Gantt Chart

Project Start Date: 4 March 2019        Project End Date: 9 April 2019

5.      Usefulness of techniques

Network diagram in a project is very important. Network diagram provides time of project completion and dependencies of tasks. Dependency of tasks clarifies the allocation of resources and time estimation for several tasks throughout the project (Verma, 2017).

Identification of slack time, early start time, latest start time, early finish time and latest finish time is very important for a project. All four start and finish time factors help project managers to identify the slack time. Identification of these components helps project manager to avoid any delay in time. Slack time identification helps project manager to allocate resources to other tasks once a short task finished (Alcocer, 2019).

Critical path analysis plays an inevitable role for a project manager in defining completion of a project. A project manager can avoid delays by performing critical path analysis. This analysis allows a project manager to perform parallel tasks at same time. Resources can be allocated efficiently with the help of critical path identification in a project (Constantinou, 2013).

Gantt Chart in a project is very useful in monitoring the progress of project including completion and delays. Gantt chart helps project manager with allocation and overloaded resources. Gantt chart also helps in identifying the overlapping task in a project and balancing of overloaded resources (Tran, 2016).

Section 3

Evaluate the shortcomings of the current risk management plan

As discussed among project team and project sponsor, following are the shortcomings of risk management plan.

      As discussed in meeting, about 100 risks are identified and listed at level 5 of work breakdown structure. Risks are not categorized and not recorded in risk log or risk register.

      Project team just identified and listed the risks but not evaluated the risk. No quantitative or qualitative analysis of identified risks are mentioned in risk management plan.

      Risks are not prioritised, and risk severity is not calculated for any of the risk.

      Failure mode and effects analysis are also must for risk management plan which are not present in this case.

Recommendations to improve current risk management plan

Risk evaluation

Risk evaluation is must for every project. Without evaluation of risk project managers cannot prioritise the risk. For evaluation of risk in this case project team needs to perform quantitative and qualitative analysis for calculating risk value. Project team can perform failure mode and effects analysis which calculates risk value. Risk severity calculations are also must to evaluate risk score which helps in prioritisation. Top ten risk item tracking is also a good analysing tool. This tool works throughout the project till ending. For these quantitative and qualitative evaluations project team needs to have regarding probability of risk happening, impact of risk over project and difficulty of risk identification. Risks might be positive or negative, so it is must to identify the type of risk. For this decision tree analysis are good tools to identify the type of risk. Project manager and team need to perform decision tree analysis for calculating estimated monetary value which provides information about good path. Sometimes, a minor change in project impacts the whole project or a part of it. It is must in this case to perform sensitivity analysis.

Risk log or risk register

A risk log or risk register is an inevitable part of risk management plan. It is must for a project manager to prepare risk log before starting a project. Risk items need to be in high to low priority order in risk log. All the figures calculated during risk qualitative and quantitative analysis need to record in risk log. Project manager can also record the name of accountable person in risk log which clears the responsibilities of project team in terms of risk management.

Section 4

Proposed best strategy to manage any three risks identified.

Risk identified

Proposed strategy

Communication misunderstanding

Avoid

Time zone differences

Mitigate

Differences in Technologies

Accept

Management of risk identified, and justification of strategies proposed

Communication misunderstanding

Communication misunderstanding is very dangerous for a project. The probability of happening communication misunderstanding in a project is high and it impacts a lot. Following are some strategies which are very helpful in managing communication misunderstanding risk (Bondigas, 2018).

      Make conversation clear so everyone should understand the instructions clearly (Bondigas, 2018).

      It is good to write key points in the scenario of a complex conversation. Distribute the key points to the project team and follow key points while speaking (Bondigas, 2018).

      It is also a good idea to ask team members repeat the things which they understand from you. It provides a chance to clarify things in the scenario of misunderstanding (Bondigas, 2018).

      Disturbance in communication is the main cause of misunderstanding. It is good to choose appropriate area and right tools for communication (Bondigas, 2018).

      In the scenario of written communication, it is must to write everything clearly. Use bullet points to clarify your instructions and make sure not to add personal feelings in message (Bondigas, 2018).

For managing the risk of communication misunderstanding avoidance is the best strategy. It is common at workplace and lot of effective strategies are available to avoid the risk of communication misunderstanding. A project manager just need to use the effective ways of communication to avoid this risk. Hardly a few extra resources are required to implement the avoidance strategies in this sort of risks.

Time zone differences

Time zone differences is a big barrier in the scenario of having clients overseas. It is most common for information technology projects. It is impossible to eliminate time zone risk, but good management can mitigate the impact of this risk. Project managers can use following strategies to manage the risk of time zone differences (Loughrey, 2016).

      It is must for project manager and team to have knowledge of time zones. A lot of tools are available online for keeping eye over time zone of different nations. The handiest tools are smart phones these days. All the smart phones have world clock application which is very easy to use (Loughrey, 2016).

      Google calendar is very good option for managing time zone differences while working with a team. Google calendar allows sharing of availability and movements with all the stakeholders (Loughrey, 2016).

      Regular communication and updates are must for minimising time zone risk. Use appropriate mode of communication to inform stakeholders about holidays and other important stuff (Loughrey, 2016).

      Client satisfaction is must for completing a project successfully. It is good to schedule the day according to the requirements of client. Another good idea is to schedule the day of team shifts according to the time zone of client’s nation (Loughrey, 2016).

It is not possible to eliminate the risk of time zone and it is also not possible to complete a project successfully by accepting this risk. The best strategy is to mitigate time zone risk rather than accepting it. Some extra efforts are required to mitigate time zone risk, but it is not impossible to manage this risk.

Differences in technologies

Differences in technology is also a risk for information technology projects. These differences might be between clients and service provider equipment or might be between team members equipment. This sort of risk is not common in all projects and might not has big impact on a project (Viswanathan, 2018). A project manager can use the following strategies to manage the risk of technology differences.

      Develop a disaster recovery management plan before starting a project. Disaster recovery plan is specially required for a technological project (Mark Caiazzo and Chris Ellingwood, 2019).

      Ensure information privacy and data security specially for a technical project (Mark Caiazzo and Chris Ellingwood, 2019).

      Proper management of vendor and service providers. Compliance with relevant regulations is also must for proper management (Mark Caiazzo and Chris Ellingwood, 2019).

References

  • Alcocer, Y. Y. (2019). Slack Time: Definition, Tracking & Example. Retrieved from study,com: https://study.com/academy/lesson/slack-time-definition-tracking-example.html
  • Aston, B. (2017, May 18). Why Is Project Management Important? Retrieved from The Digital Project Manager: https://thedigitalprojectmanager.com/why-is-project-management-important/
  • Bondigas, A. (2018). How to Prevent Misunderstanding in Communication. Retrieved November 12, 2018, from Chron: https://smallbusiness.chron.com/prevent-misunderstanding-communication-72106.html
  • Constantinou, M.-E. (2013, June 11). Critical Path Analysis. Retrieved from Get Revising: https://getrevising.co.uk/grids/critical_path_analysis
  • Loughrey, K. (2016, March 4). 5 tips for managing clients across different time zones. Retrieved November 12, 2018, from Cloud Peeps: https://blog.cloudpeeps.com/manage-clients-across-different-time-zones/
  • Mark Caiazzo and Chris Ellingwood. (2019). GAIN CONTROL RISK MANAGEMENT. Retrieved from Berry Dunn: http://www.berrydunn.com/resources-detail/it-assurance/how-to-manage-technology-risks-a-project-management-approach
  • Tran, L. (2016, August 15). Nathan Gilmore. Retrieved from Team Gantt: https://www.teamgantt.com/blog/10-benefits-of-using-a-gantt-chart-of-your-next-project
  • Verma, E. (2017, September 8). Network Diagram: An Important Tool for Effective Time Management. Retrieved from Simpli Learn: https://www.simplilearn.com/network-diagram-as-an-effective-time-management-tool-rar224-article
  • Viswanathan, B. (2018, October 3). Understanding the 4 Types of Risks Involved in Project Management. Retrieved from Project Management: https://project-management.com/understanding-the-4-types-of-risks-involved-in-project-management/
Get Help With Your Essay

If you need assistance with writing your essay, our professional essay writing service is here to help!

Find out more

Cite This Work

To export a reference to this article please select a referencing style below:

Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.

Related Services

View all

DMCA / Removal Request

If you are the original writer of this essay and no longer wish to have the essay published on the UK Essays website then please:

McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams Prices from
£124

Undergraduate 2:2 • 1000 words • 7 day delivery

Order now

Delivered on-time or your money back

Rated 4.6 out of 5 by
Reviews.co.uk Logo (198 Reviews)