Project Management is all about planning, organizing, and managing the resources in order to have a successful completion of specific project goals and objectives. Every project is unique and the conditions affecting planning and implementation are different every time. The starting and a finishing date are clearly determined before
the project is executed. This report describes the important figures who take place in the project such as theproject manager (PM) and his team as well as describing project tools and steps which are necessary to take to execute the project properly. The PM is responsible for the overall success of the project. He has the responsibility of the planning, execution, and closing of the project. He sets up a team which he will lead throughout the project. The team consists of experts who fulfill the requirements to execute the project successfully. Furthermore planning is an important part which relates to the use of schedules such as a Work Breakdown Structure to plan and subsequently report progress within the project environment. Referring to this, the feasibility study
will show if a project is technical and financial feasible and has to be done before a project starts. Moreover cost is one of the three pillars supporting project success or failure, the other two being schedule and performance. A project that goes “over budget” will most common not achieve the goals of the project because stakeholder run simply out of money. Therefore it is very important that cost are calculated and controlled during the project which is a part of the PM´s duties. During the project duration, many risks and problems occur, which could influence the quality and the
cost of the project in a positive or negative way. Therefore it is important to determine all possible risks as early as possible to avoid future conflicts. At the end of the project the PM has to develop a so called close-out plan which finalizes all activities
across of the project management process to formally close the project.
Table of Contents
1 Task 1
1.1 Exercise 1
1.2 Exercise 2
1.3 Exercise 3
1.4 Exercise 4
1.5 Exercise 5
1.6 Exercise 6
2 Task 2
2.1 Executive Summary
2.2 Introduction
2.3 Findings
2.3.1 Project Manager
2.3.2 The project team
2.4 Planning and monitoring
2.4.1 Project Life cycle
2.4.2 Objectives
2.4.3 Feasibility Study
2.4.4 Stakeholder analysis
2.4.5 Work Breakdown Structure
2.5 Cost Management
2.5.1 Resource Planning
2.5.2 Estimating Costs
2.5.3 Cost Budgeting
2.5.4 Cost Control
2.6 Project Risks
2.7 Closing the Project
Project Objectives and Thematic Scope
This report aims to provide a comprehensive framework for managing projects within the context of the SME Company Lax. It focuses on the strategic planning, resource allocation, and team management required to successfully establish a new head office, while addressing core project management methodologies and potential risks.
- Theoretical and practical application of project network diagrams and critical path analysis.
- Defining the roles and responsibilities of the Project Manager and the project team.
- Implementing structured project lifecycle phases and objective setting using the SMART criteria.
- Methodologies for comprehensive cost management, including resource planning, estimation, budgeting, and control.
- Strategic risk identification, analysis, and mitigation techniques in complex project environments.
- Formal project closure procedures and handover planning.
Excerpt from the Book
2.3.1 Project Manager
The project manager is responsible for the overall success of the project. He manages the overall schedule to ensure work is assigned and completed on time and within budget.
“A project manager´s key role is to ensure that the team succeeds, and since projects are by their very nature interdisciplinary and cross many organizational lines, routine does not exist and choices have to be made frequently and quickly.” (Field and Keller, 1998)
He has to set up a project support team which he has to lead and motivate throughout the project.
“People management is the most important element of project management. All project management is about working with people: it is people who get things done, not objectives, not plans, not machines and not schedules – though all these are important.” (Field and Keller 1998, p.225)
Summary of Chapters
Task 1: Covers practical exercises related to network diagrams, calculating critical paths, and determining project floats and durations.
Task 2: Provides an executive summary and detailed management analysis for a specific organizational project, covering roles, planning, costs, and risks.
2.1 Executive Summary: Outlines the core importance of structured project management for meeting organizational goals and the PM's role in ensuring success.
2.2 Introduction: Details the background of the SME Company Lax and the strategic project of expanding their head office.
2.3 Findings: Examines the essential requirements for leadership and team composition, highlighting necessary skill sets for project managers.
2.4 Planning and monitoring: Explores the tools used to govern projects, including lifecycle modeling, objective setting, and feasibility assessments.
2.5 Cost Management: Discusses the financial pillar of projects, detailing processes from resource estimation to final cost control.
2.6 Project Risks: Identifies common project risks and strategies for avoidance, mitigation, and prioritization.
2.7 Closing the Project: Describes the formal procedures required to conclude a project effectively, ensuring quality handover and final accounting.
Keywords
Project Management, Network Diagram, Critical Path, Float, Project Manager, Work Breakdown Structure, Cost Management, Resource Planning, Risk Assessment, SMART Objectives, Feasibility Study, Stakeholder Analysis, Project Lifecycle, Project Closure, Cost Control.
Frequently Asked Questions
What is the primary focus of this work?
The document serves as a guide for managing the opening of a new head office for the SME Company Lax, applying standard project management principles and theoretical frameworks.
What are the central thematic fields covered?
The report centers on project scheduling, team leadership, cost budgeting, risk identification, and project closure methodologies.
What is the primary research goal?
The primary goal is to outline the specific activities and management steps required to successfully deliver the new head office project on time and within budget.
Which scientific methods are utilized?
The work employs quantitative analysis for network diagrams and critical path scheduling, alongside qualitative management frameworks such as SMART objectives and risk classification.
What topics are discussed in the main body?
The main body systematically addresses project lifecycle phases, stakeholder analysis, technical and interpersonal skills of managers, and comprehensive financial management processes.
What are the characterizing keywords of the report?
Key terms include Project Management, Critical Path, Cost Management, Risk Assessment, and Project Lifecycle.
How is the critical path defined within the exercises?
The critical path represents the sequence of activities with no float, where the earliest and latest start and finish times are identical.
Why is the stakeholder analysis considered critical for this project?
It is vital because failing to meet the expectations of influential stakeholders at critical stages can compromise or ruin the entire project outcome.
How does the project manager approach the risk of project termination?
The manager uses qualitative and quantitative assessment tools to prioritize risks, categorizing them into areas like technical, financial, and human factors to minimize their impact.
What does the "Close-out plan" entail at the end of the project?
It involves ensuring all contractual obligations are met, final documentation is completed, financial accounts are settled, and a formal handover is prepared for the client.
- Quote paper
- Alexander Berger (Author), 2009, Managing Projects, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/173678
