Project Management. Duration, Project Planning, Risk Management

Term Paper (Advanced seminar) , 2014 , 31 Pages , Grade: 1.0

Business economics - Business Management, Corporate Governance

Projects are customized solutions and are therefore dealing with uniqueness, uncertainty and risk. Precisely for this reason, “Project Management requires the use of many skill sets and involves tasks of limitless variety” (Heerkens, 2014). In addition to the basic skills for managing a project defined by Richman (2012) which can be found in Appendix 2, multiple other skills are needed for a successful management of a project such as “…flexibility, resourcefulness, ability to negotiate, personal drive and a large measure of common sense” (University of Sunderland, 2005). Apart from delegating tasks the PM needs to be able to rely and trust others in order to get things done. To handle diverse personalities into a unified team a smooth working relationship must be cultivated and requires the PM’s ability to persuade and influence as well as to coach, mentor and motivate the staff (Heerkens, 2014). At best, he enables each individual within the project team to concentrate on their personal core competencies, ultimately resulting in better productivity and results for the project. The best competency mix of a PM includes Cognition Competencies (Analysing & Reasoning), Personal Effectiveness (Result & Safety Focus) Management Qualities (Planning & Organizing) and Leading Others (Acts as a role model to others). A professional PM never loses sight of interpersonal aspects as well as the environmental aspects and pays attention to details without getting wrapped up in them. “The best project manager is both a specialist and a generalist” (University of Sunderland, 2005).

Table of Contents

Task I – Critterhouse Limited
1.1 Network Diagram
1.2 Determination of the timing of activities and the total float
1.3 Determination of the project duration and the critical path
1.4 Calculation of the earliest date of completion
1.5 Effect on the duration of the project caused by rescheduling
1.6 Limitations of network diagrams

Task II – Ross Limited
2. Project Management Foundation
2.1 Introduction
2.2 Initiating Stage – Defining and Authorizing the Project
2.3 Project Manager (PM) – Skills and Competencies
2.4 Project Team – Teambuilding

3. Project Life Cycle
3.1 Initiation Phase - Objective Setting

4. Project Planning
4.1 Stakeholder analysis
4.2 Work Breakdown Structure

5. Project Cost Management
5.1 Resource Planning

6. Risk Management
6.1 Risk identification
6.2 Risk analysis- Quantitative and Qualitative
6.3 Risk Response Planning
6.4 Risk Monitoring and Control

7. Ensuring a successful project execution- Project controlling

Referencing List

Appendix III

1. Network Diagram

2. Basic Skills of a Project Manager

3.Project Team

4. Organizational Chart

5. Gantt Chart

6. Checklist of Cost Management Factors

7.Low- Medium- High Risk Matrix

8.Probability Impact Matrix

• College: University of Sunderland
• Course: Managing Projects
• Grade: 1.0
• Author: Janin Ropot (Author)
• Publication Year: 2014
• Pages: 31
• Catalog Number: V284207
• ISBN (eBook): 9783656846437
• ISBN (Book): 9783656846444
• Language: English
• Tags: Project, Projekt, Projekt Management, Sunderland, SIM 335