Managing Projects Essay

Table of Content 1) Task 1 1. 1 Project Network Diagram 1. 2 Determination of Timing of Activities and Total Float 1. 3 Project Duration and Critical Path 1. 4 Earliest Date Calculation 1. 5 Effects of Duration Changes 1 . 5a) Activity E is delayed by 1 Day 1 . 5b) Activity M is delayed by 1 Day 1 . 5c) Activity R is completed early by 1 Day 1. 6 Limitations of Network Diagrams 2) Task 2 2. 1 Introduction of Project 2. 2 Initiation 2. 3 Planning 2. 4 Execution 2. 5 Closure References Appendices TASK 1 (Educare Ltd) TASK 1 1. 1) Below is the Network Diagram for Educare Ltd project.

It shows a breakdown of the ctivities into small pieces and all activities needed to complete the project. (Field & Keller, 2007) 1. 2) The timing of activities is important as it helps with the planning of all resources. (Larson & Gray,5th edition). The Timing of Activities is done by analysing the Forward Pass and Backward Pass throughout the Network Diagram. The Forward Pass is the process of going through the network (Activity A – Activity R) from time zero. It goes through the network from the earliest start (ES) to the earliest finish (EF) with the minimum total project duration.

We will write a custom essay sample on
Managing Projects Essay
or any similar topic only for you
Order now

The ES is the same as the EF of the next activity. For activities done simultaneously, EF comes from the latest finish among them. The Backward Pass is the opposite. It is done by going through the network from the final activity to the first (Activity R – Activity A) and using the late start (LS) and late finish (LF) for each. It starts with Float as zero, which uses the number of days in the Forward Pass as its starting point. The LS is done by taking away the days from the LF for each single activity. For concurrent activities, the LF is the earliest LS of the previous activities.

This is important when it comes to identifying the Critical Path and Total Float. It assumes all activities will start and finish at the latest date and will finish as the earliest of the previous activity starts. Total Float (TF), also known as Slack, is the number of days where delays or luxuries of time are allowed from that will not affect the project completion date. This is done by using LF-EF. For example in Activity E, we use the LF (12) to minus the EF (9) thus the TF is 3. TF for this activity will be 3 days. (Field & Keller, 2007) 1. 3) The Project Duration is the time taken to complete the whole project.

In this project, it will be 40 days. This is done by adding the number of days from Activity A to R. When there are multiple activities, the latest time is taken. Next is Critical Path (CP). It identifies the activities which has no room for error, or zero Slack. It is identified by linking all the activities with zero TF. For this project, it is as follows: A 0B OCOGOHOJOKOLONOOOPOQOR By using the Total Project Duration of 40 days with a 5-days work week (no holidays in between) and starting on Monday 6th January 2014, we are able to compute the below table.

With reference to a 2014 calendar and we going forward 40 days, the end date will be 28 February 2014. ACTIVITY DAYS TAKEN START DATE END DATE 4 06-jan-14 9-Jan-14 2 10-jan-14 13-Jan-14 c 6 21-Jan-14 3 8 22-jan-14 31-Jan-14 03-Feb-14 04-Feb-14 05. Feb. 14 06. Feb. 14 07-Feb-14 10-Feb-14 II-Feb-14 14. 14 17-Feb-14 18-Feb-14 o 19-Feb-14 24-Feb-14 25-Feb-14 ? 6-Feb-14 7-Feb-14 8-Feb-14 ASK 1 5) affect the project completion date. 1 . 5b) Activity M is also not part of the CP and with the TF of 2 days, it will not affect the project completion date. 1 . 5b) Activity R is part of the CP, which will affect the project completion date.

The whole project will complete 1 day earlier than planned. This will benefit the project as it gives additional 1 day TF for fine tuning. . 6) The project managers (PM) welcome a bird’s eye view of the project for making time, costs and quality related decisions. The Project Network Diagram (PND) shows the sequence of activities and provides a graphical view of the project. It also allows the PM to plan for activities that can be done concurrently thus saving time. The project completion date is important as it affects the proposal and agreement the PM sets.

PND allows the PM to propose the end date accurately and save penalty costs incurred from delays. For planning, it is crucial to know each activitys start and end dates. PND allows the PM to focus their resources to the important areas to reduce errors and unnecessary risk. This prevents rushed work which compromises quality. However, the activity time taken will have to be a Judgement call by the PM. For the less experienced PM, this will be a shot in the dark where PND is of no help. Another limitation is the underestimation of the project completion time due to alternate paths becoming critical.

PND is useful only if all activities go as planned. An oversight or miscalculation will have a butterfly effect on the overall result. TASK 2 (Murray PLC) Task 2 Introduction Every project has its unique Team, Scope and Control. In this report, we will determine the best steps and methods used to complete this latest club project. The Project Objective is to have this new club up and running within 6 months from the start of the project within the budget of The manpower will be planned by our Human Resources while the purchase of the equipment will be done by our outsourced.

Selection of contractors will be done Procurement but the layout and design will be from Marketing. Initiation A Project life-cycle helps to provide the elements and break them down to smaller pieces for easier management. We will start off the current project at the feasibility state. At this stage of the report, we will analyse the financial and working aspects of this project to decide if it is worthwhile for Murray PLC to take on this project. (Burke, 2003) We will be taking the below steps to forward this new club project.

Plan the project development and implementation activities. Estimate the time taken, staffing and equipment requirements Identify all costs and consequences of investing in this project (Harold ,2011). As the project manager, I will be the project go-to person and the bridge between the planning team management) and the executing team (hands-on). The success of this project is to meet the projected expectations like budget, punctuality and quality. Staff Management As in all projects, motivation and persuasion are two key skills to manage the staff.

There will be sparks when people work together everyone wants things done their way. I will find the compromising point so that everyone will be able to work together. A happy workplace will produce quality work on time. Project Management I will oversee the project’s budget plans, work schedules and risk assessment. These lanning will be empowered to individual teams manager. I will also analyse progress reports to make sure we are on schedule and conduct site audits to ensure quality. Knowledge of Murray PLC It will be my duty to know the working style and responsibility of everyone in Murray PLC.

This allows me to make better decisions for the smooth sailing of this project when challenges arise and keep the morale of the team high at the same time. Technical Skills With my technical background, I will still be able to understand the challenges and constraints that each team faces. Together with the project as the big picture, I will e able to decide on a balanced plan/schedule that will not strain the teams but still adhere to the projected timeline. Integration Skills As a Project Manager, I will have to be a “Jack-of-all-trades”.

Due to the coordination work with the various teams, understanding their Jargons and their trade know-hows is essential as I will usually be the one who in the middle of things. Responsibility and accountability Each team will be assigned their roles and responsibilities. But I will still be the one responsible for the end results thus it will be on my shoulders to make sure nstructions are understood and things are according to plan. Accountability will come with each responsibility. Each team will have to be accountable for the quality and rewards will be fair.

Authority To prevent myself as the bottleneck of the project, power of authority will be delegated to team managers of each team. In this way, it will be easier for me to manage the project as I will be able to focus on the overall challenges. (Richman, 2002) Feasibility Analysis As mentioned above, the feasibility analysis is done to advise the management if this project is viable to be carried out. The following are the analysis. Pay Back Period (Profit and Lost) All projects are carried so that it will make money for the company.

This methodology allows us to estimate the time taken to recover the investment put in. The formula is The Costs of Project or Investment Injected Payback Period – Annual Cash Inflows of Murray PLC (each club) According to the management, the investment made available for this new club will be with an estimate annual inflow of S$470,842 for 1 club. Using the above formula: PP=I 2. 2 (rounded up) Thus it will take about 2 years and 2 months to breakeven from this new club project. Project Budgeting

Although there is S$l set aside by the Murray PLC’s management for this project, we will still need to come up with a budget for a better idea of our expenditure. To do this, we will need the below information from all teams: Manpower cost Direct costs from each activity Indirect costs from each activity Total cumulative cost With the above information, I will be able to work out a budgeting table and allocate funds to each team accordingly with advice from our Finance whom I have empowered as the project budget control.

Item Amount allocated (S$) New Building 300,000 Renovation (contractor) 168,000 Equipment and facilities 220,000 Staff acquired 1 oo,ooo 76,000 Miscellaneous 88,000 Grand Total 888,000 Projected Profit/Lost According to the information from our Finance team, below will be an estimate of the total annual projected profit/lost for all 19 clubs (inclusive of the new club). Note that all figures are estimated.

Projected Cash Flow for all 18 Clubs Projected items Inflow (S$) Outflow (S$) Total (S$) Annual Profit from all 18 Clubs 12440844 470,842 * 18 Expenses (Maintenance, Payroll, etc) Productivity Savings/Funding from Government Total Projected Cash Flow for new Club Annual Profit from new club 91,158 470,842 Annual Profit from new club’s Beauty Spa 712,836 242,836 470,000 322,944 (322,944) 92661 92,661 710,559 From the above table, we can see that there is an increase of S$ 710,559 in overall profit if we take on this new project which is a 10. % increase in the annual profit. Given this fgure, it will be beneficial for Murray PLC as a whole to take on this new Beauty Spa project. With this new project, it will not only give Murray PLC a bigger market share but also increase confidence to the shareholders that we are always the forerunner of the industry. Initiation Work Breakdown Structure (WBS) WBS helps us analyse and divide the project into smaller work packages, dependencies and other activities which this project encompasses.

It also shows their relationships and workflow in a visual form thus making it easier to understand the activities and the processes involved. With this, we will be able to come up with the project schedule, resource requirements and costs involved in this project. (See Appendix A) Organisation Breakdown Structure (OBS) OBS is similar to that of WBS. The difference will be that it provides a clear allocation of responsibilities to each department. This will act as a guide when inter- epartment or inter-personnel challenges arise. See Appendix B) Activities Identification (Network Information) Before coming up with the network diagram, we have to identify the activities involved. Below will be the Network Information Table (Field & Keller, 2007) ACTIVITY (TASKS) DURATION (DAYS) ACTIVITY PRECECESSOR Approval by Management 7 14 Confirm equipment contractors Confirm renovation contractors Outfit new club Install Equipment Acquire Staff Train Staff Final Preparation Completion and Handover As we will take 6 months to get this new club up and running, a Gantts chart will be ble to provide an overview for the company.

We can also use this to track our progress of the whole project. (See Appendix C) Risk Management No matter how well all bases are covered, risks are still inevitable for all projects. The teams will face risks everyday that test their experience and Judgement. A Risk Management team (lead by the Human Resources department) will be formed and consist of at least 1 member from each team so that we can get inputs from all angles. A Risk Management Manager (RM) will be appointed to coordinate all risk matters. Below are the steps taken to minimise and control the risk of this project:

×

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out