Project Management for Business

Submitted by:

Name: Atikur Rahman

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ContentsIntroduction....................................................................................................................................................3

Task1. Discussion on project management principles...................................................................................4

1.1 The background and principles of project management......................................................................4

1.2 Appraise the viability of projects, developing success/failure criteria................................................5

1.3 The principles behind project management system and procedures....................................................6

1.4 The key elements in involved in terminating projects and conducting post project appraisal............6

Task two Human resource management of a project.....................................................................................8

2.1 The most appropriate organizational structure, roles and responsibilities of participants...................8

2.2 The Controlling and coordinating process of a project manager.........................................................9

2.3 The qualities and requirements of project managers...........................................................................9

2.4. Human Resources Plan for a Project................................................................................................10

Task Three: The Processes and Procedures of Application of a Projects....................................................11

3.1. Prepare Project Plans and Establish a Project Organization.............................................................11

3.2. Apply Project Scheduling, Estimating and Cost Control Techniques..............................................12

3.3. The Methods Used to Measure Project Performance.......................................................................12

3.4. Explain Project Change Control Procedures and Evaluate the Completed Project..........................14

Conclusion:..................................................................................................................................................15

References....................................................................................................................................................16

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IntroductionProject management is activity and process of planning, motivating, arranging and controlling

actions, resources and protocols to attain explicit goal in an organization. Maylor (1996) stated

that project management is a systematic process by which an organization growth and develop in

a systematic way. The organization who directs their business activity through project

management, the probability of success of those organizations is much more than the

conventional organization. In this report, a comprehensive discussion will discuss on project

management for business. This paper will give a clear idea on how to establish, plan and

implement a successful project. This paper will discuss on the key principle of a project which is

crucial for implementing a project successfully. The success and failure criteria on project will

also describe in this paper. There are some key elements which makes a project terminate. The

key element of terminating a project will also elucidate in this paper. For implementing a project,

there is some human resources work for it. Their roles and responsibility will also depict in this

paper and their main task for implementing a project will also explain in this paper. In the last

part of this will explicate on how to prepare a project, how to appraise a project and several

methods of appraising a project will also discuss in this project. Ultimately, a comprehensive

discussion will discuss on project management for business in this report.

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Task1. Discussion on project management principlesProject management principle describes principles those need for implementing a project

effectively and efficiently. The success of a project depends on how much the organization has

knowledge on this project and how well they follow the principle and instruction of a successful

project. This part of this report will elucidate the background and principle of project

management, the viability of project, the success and failure criteria of a project and the principle

behind project management systems and procedure.

1.1 The background and principles of project managementThe Background of project management

The project manager of Metro Cammell combines and accords all required factors and elements

that need for succeeding a project properly. Jubilee Line distributes all of task of project to their

functional workers those are proficient for this work. He defines all of thing before starting the

project through plan and strategy. Before defining goal and objective of this project, the project

manager consults with the advisors and other important body of the organization. The total

investment of this project is $3, 00,000 each of two mutual projects. The completion time of the

project is maximum 6 years. If the organization achieves this goal before estimating time, the

team of the project will switch in another project. A computer is provided by the organization in

order to effectively and efficiently performing all of the activity.

Principle of project management

To make successful a project, there are some crucial principles those have to follow an

organization. Those principles are illustrated by Callahan and Brooks (2004) following:

Principle of control: For implementing a successful project, the organization has to control all

of elements of a project. Most of the time, the proper success of a project depends on how

successfully an organization controls all of the procedure and element of a project.

Principle of strategy: In order to implement a successful project, the organization has to take

several strategies within that period of time. The ultimate success of a project depends on the

proper implementing of the strategy of a project those are taken for completing the project.

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Principle of trade-off: There are many elements existing in a project. For the proper

implementation of a project, it is needed to make trade-off all of elements of a project like cost,

revenue, human resources and so on.

Principle of success: Principle of success depends of the other factors of a project. If the

organization makes practical all of plans in accordance with it, success of project will

automatically achieve. The main focus should be on the success of a project.

1.2 Appraise the viability of projects, developing success/failure criteriaThere are several methods of appraising a project whether it is successful or failed. According to

Bateman and Snell (2013), the appraisal methods are the analytical method the net present value,

payback period, internal rate of return and so on. Here are the two most effective and popular

methods those are using by different organization in order to appraise the viability of project

whether it is success or failure.

Analytical Method: Analytical method is one of the popular methods of appraising failure or

success of a project. This project calculates total inflow of a project. It also determines the

present cost of a project and future profit of a project. Here is the illustration of analytical

method through example.

Project A: Average Inflow: 45000

Therefore the ROCE= 45, 000/3, 00,000

=15.00 %

Project B: Average Inflow: 60000

The ROCE for Project B= 60, 000/3, 00,000

= 20.00 %

Payback period method: Payback period method is another popular method which is used for

assessing the projects’ success or failure. It helps to denote the time period when the return of

investment gets. This method helps to plan the project more effectively and efficiently as it is

told the time when the organization gets return of the investment. How to calculate payback

period method is describing following:

Project A: Investment/ Cash Flow

= 5 Year+ 3, 00,000-2, 75,000/70, 000

= 5.33%

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Project B; 4 Years+ 3, 00,000-2, 45,000/ 65,000

=4.85 years

1.3 The principles behind project management system and proceduresThere are some imperative and crucial principle behind project management system and

procedures. The success of a project depends on how successfully the organization follows those

principles in the time of implementing the project. Here are the principles behind project

management system and procedures:

Commitment Principle: Every person who is involved with the project should be confined with

the commitment of project. Binder and Smith (1997) referred that if every person follows his

commitment successfully, the project will automatically achieve and the organization

accomplishes their expected goal. The project team and sponsor should do their job from their

own perspective. The project team should translate the available resource to the outcome and

should establish proper strategy for their project. The project sponsor should commit to accept

and share risk.

Success Principle: Participants should understand what the definition of success regarding this

project is. They should make a proper combination scope, quality and internal process with time,

cost and efficiency.

The tetrad-off principle: The project scope, time, quality and cost should be achieved within the

period of time that the project estimates. There should be a proper combination between the

success and commitment principle of the project. Ultimately the tetrad-off principle denote the

make accord the entire factor of the project.

Principle of strategy: To implement a project, there should need several strategies. Those

strategies should need a series of sequential activities to start the project. The strategies should be

the main of factor of implementing the strategy. The manager should establish and implement

the strategy that can easily reach on the ultimate success of the project or accomplishing the goal

and object of the project.

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1.4 The key elements in involved in terminating projects and conducting post

project appraisalUsually a project terminates when the goal and objectives of this project accomplished. Besides

this, a project can terminate by inclusion or integration or any unexpected event occurs in the

mean of time of the project. Here discuss about the key elements in involved in terminating

projects and how to conduct post project appraisal.

Key elements of termination:

A project can terminate by many key elements. Those are involving with it should conscious

about those key elements. Here are those key elements those are described byLundburg (2008)

The organization should be conscious on the payment of the project.

The project manager should aware of the extinction, inclusion and integration of the

existing project

The project team should be conscious whether everything performs in a legal way

The project co-ordinator should be conscious on that every key principle is met or not

met.

Post project appraisal factors: The organization should collect prerequisite information about

the project. Before starting the project, the manager should need to analyze and evaluate the

probable factor of the project. After completion of the project, the team has to recommend about

their project. They should write a report on the basis of their success, failure and learning

regarding this project. The team member should suggest about the project. The suggestion will

be helpful for future project. They should give suggestion on their success and failure of this

project. It is also necessary to inform them about the key element of success of this project.

Those suggesting will be really beneficial for the future development.

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Task two Human resource management of a projectHuman resources are the key elements of an organization. The success or failure of an

organization is mainly dependent on the human resource of an organization. Their success is

denoted as the success of business. For successfully implementing a project, human resource of

an organization plays the vital role. In this part of this report will discuss on the role and

responsibility of human resource management.

2.1 The most appropriate organizational structure, roles and responsibilities

of participantsAppropriate organizational structure

Functional structure: This structure occupies in accordance with the function of employee of an

organization. This structure is mainly decorated functional department of an organization.

Programmatic structure: Sometimes, organization launches or initiates different kinds of

program or takes new program to cope up with new situation. The structure is also constructed in

accordance with the programmatic.

Matrix structure: This structure develops through several integrations. The integrations may be

different types like strong or weakness. Dalton and Lawrence (1970) described that the decision

maker should develop by justifying the organization, its resources and its weakness and strength.

Roles and responsibilities of Participants

Manager: Manager is the key responsible person of an organization. They develop the project.

For this reason, their responsibilities and roles in an organization are much more crucial than any

other participant of an organization. They should organize the resources of the organization,

develop the strategy and have to play pioneer role to implement the plan.

Sponsors: The sponsors are the participant who start a project and work for implementing the

project in exchange of commissions. They approve the strategy, review the structure and develop

and control the whole project.

Team members: Team members are performing the fieldwork of an organization. The main task

of the organization is done by the team of the organization. So they are the key role player of

implementing a plan.

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System developers: System developers are the technological expert of an organization. They

develop software, website, excels, report file, format the organization structure in computer.

They also develop data base management of an organization.

2.2 The Controlling and coordinating process of a project manager.Project manager directs, manages, conduct and perform the main activity of an organization.

Poulin (2005) elucidated that controlling and coordinating helps to implement a project more

efficiently and effectively. They are the main responsible person of implementing a project.

Success or failure of a project hands over the project manager of an organization. They have to

perform the activity of controlling and coordinating in a project. The controlling and

coordinating process those are doing by project managers describe in following:

Research for assessing the performance: The project manager has to appraise and justify all

activity of the project. Is everything occurred in accordance with the plan and project? The

project has to concern about it. If any kind of erroneous or problem detects in the project, the

project manager has to resolve it. They have to research in present by evaluating several factors

what will happen in future or will project accomplish its desire goal and target.

Select and liaise with the members: The project manager has to rationalize all of steps of the

project. They have to make liaison with team members of the organization. The project manager

plays the advisor role to an organization.

2.3 The qualities and requirements of project managersAs the project manager directs a whole project, they need some special qualities to do that work.

The project managers should need special qualities that help them to do the difficult task. Here

are the qualities and requirement of project managers those need for successfully implementing a

project. Dalal (2012) thought that the project manager should need the following qualities.

Communication skills: Communication skill to a project manager is the key skill. If a project

manager can’t communicate with their human resources and other stakeholders of the project, the

manager can’t successfully implement this project. They have to properly communicate with all

of concern person of the project and keep a good relationship with them and have to capacity of

handing any kind of hassles, problem regarding this project.

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Well knowledge: The project managers should need adequate knowledge about this project. If

any person faces any problem to understand about the project, the project manager should clarify

this. For this, he needs a well knowledge regarding this project.

Value creation: The project manager has to create value about the project and has also created

value for himself as the subordinate gives importance the manager. Value creation quality gives

a new dimension in the project and the workers get more interest to do their activity properly.

2.4. Human Resources Plan for a ProjectGomez-Mejia, Balkin and Cardy (2001) explained that human resources are the key resources of

a project to implement it successfully. There are several human resources body that are work for

implementing a strategy. Here are the human resources:

Project director: Project director directs the whole project. They are the main liable person of the

project and their role is the most prominent for implementing the plan. They involve from lower

level to higher level of a project.

Team members: The external activity or the field work is done by the project manager. They

play the key player of implementing the plan. The top level manager and project manager should

train and develop their activity in order to implement a better project.

Marketing and system developer: Marketing and system develop are also players a crucial role

for implementing a plan. The market has to create extra value in the market by innovative and

creative promotion of the project. They have to research to justify the feasibility of the project.

System developer needs to develop better plan for their project and establish new approach of

implementing the project.

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Task Three: The Processes and Procedures of Application of a ProjectsThe project management must take some processes and procedures for doing the project work.

The better outcome will come from the better procedures. So the project management should

maintain some proper and effective steps to get the desirable outcome.

3.1. Prepare Project Plans and Establish a Project OrganizationA proper plan of any project gives the organization a visible and effective result. So the

organization should prepare a proper plan of the organization and also establish the project.

According to the requirement, the planning of the projects are describing below:

Project Name trains and tunnels for the Jubilee Line extension

Title Initiating the Train and Tunnel

Manager

Institution

Metro Cammell

Partner

Institution

N/A

Objective of the project:

The objective of this project is to assist the train and tunnel and to make the right way of the

project.

Output of the project:

Impact Area Description of Area

Quality in transport service The project will give the proper service to

the customers which will create the

attractiveness of the customers.

To facilitate the train revenue Organization will be able to earn more

revenue through the development of the

project.

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Improving Institutional effectives The operational aspects of the project will

help the organizational effectiveness.

To be prepare for the future challenges The project will help the organization to be

prepared for the future challenges.

3.2. Apply Project Scheduling, Estimating and Cost Control TechniquesProject scheduling:

The project scheduling is a necessary tool for the project manager which guides how manager

will do the work in the exact time. It is the timeframe for performing the work. The project

schedule is the reflection of all the work which will be delivered. Without a complete project

schedule, a manager will be failed to achieve the goal. It also includes the operation and

manufacturing tasks of the project. This strategy helps to progress and to maintain the operation

of the project.

Critical path analysis:

This is the process by which the project manager can know the desirable outcomes of the project.

Lockyer and Lockyer (1984) said that it helps to progress the project and to make the

combination of the time period of the project. The critical path analysis helps to develop the

project by illustrating the whole project.

Cost control processes:

Every project will be fruitful when it can be able to minimize the cost. The organization should

be more careful about this cost control process. For this, organization should follow several

effective steps to diminish the cost. The product breakdown, functional breakdown and project

element breakdown process will help the project manager to control the cost. All this strategies

will cut off the extra cost and maintain the operational cost.

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3.3. The Methods Used to Measure Project PerformanceThe project manager can measure the project performance by some specific method. These

methods are illustrated by Fitz-enz (1993) given below:

Return on investment,

Productivity,

Cost of quality,

cost performance,

customer satisfaction,

cycle time,

Return on investment

The project manager can measure the performance by the return on investment process. The

company will achieve the future return by the present investment. The investment of the project

will be better when the future return will be better. A good project also makes a good return on

investment. The return on investment measures the performance of the project by determining

the percentage rate of the return.

Productivity

This is one of the important methods of measuring the performance of project. The productivity

reflects the performance of any project. When the productivity will be better the performance

will also be better. The productivity measures the cost of the labors and the overall output of the

projects.

Cost of quality

It is another important method of measuring the project performance. It measures the conducting

expenditures and the output of the projects. When the cost will be control properly the

organization will be able to get a good project. Besides, the project will be effective when it

makes more outcome than the cost.

Cost performance

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By the cost performance method, we can measure the cost efficiency of the project and divide

the value of the work.

Customer satisfaction

We can also measure the performance of the project by seeing the satisfaction of the customer.

The better performance of the project means the satisfaction of the customer.

Cycle time

The cycle time method measures the projects progress of cycle. When the progress cycle will be

positive the performance of the project will be better and effective.

3.4. Explain Project Change Control Procedures and Evaluate the Completed

ProjectThe successful project should be followed the project change procedures. The completed project

should also be evaluated by the proper way. These procedures and evaluation are illustrated

below:

Management system

The project of the organization can be modified and evaluated by the changing of management

system. Christianson et al (2009) told that organization makes the reorganized management

system. That means the project will be effective by the changeable management system.

Costing:

Organization can change the cost of the project for making more standard project. The

changeable process of cost might be appropriate and effectual.

Cost control and planning:

The planning and the expenditure can be changed for making a completed project. After

changing the planning and cost, company can get some special benefits from those projects. It

also depends on the evaluating power of these changes.

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Conclusion:The organization makes the successful project by taking the proper project management

planning. The human resources and project management are contributing every day in the

organization and these are interrelated with each other. The appraisal method is the most popular

for measuring the project performance. The project can be successful or unsuccessful; it totally

depends on the proper planning and operational capability. The proper planning diminishes the

risk of the project and helps to ensure the development of the project.

The project management should follow some rules and regulations for implementing the project.

This report is mentioned the key factors of project appraisal and some principles of the project

management. Then this report focuses on the human resource plan and human resource

management. The roles and responsibilities of the participants, the processes and procedures of

project management are also described in the report.

Then it describes the methods of measuring the project management. So, this report will help us

to get the overall idea of project management. Ultimately, anyone can establish and implement a

project in practical for any organization.

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ReferencesMaylor, H. (1996). Project management. London: Pitman.

Callahan, K. and Brooks, L. (2004). Essentials of strategic project management. Hoboken, NJ: J.

Wiley.

Binder, S. and Smith, S. (1997). Politics or principle?. Washington, D.C.: Brookings Institution.

Bateman, T. and Snell, S. (2013). M. New York, NY.: McGraw-Hill Companies.

Lundburg, M. (2008). Negotiating and drafting employment agreements. [Boston, Mass.?]:

Aspatore Books.

Dalton, G. and Lawrence, P. (1970). Organizational structure and design. Homewood, Ill.: R.D.

Irwin.

Poulin, L. (2005). Reducing risk with software process improvement. Boca Raton: Auerbach

Publications.

Dalal, A. (2012). The 12 pillars of project excellence. Boca Raton: Taylor & Francis.

Gomez-Mejia, L., Balkin, D. and Cardy, R. (2001). Managing human resources. Upper Saddle

River, N.J.: Prentice Hall.

Lockyer, K. and Lockyer, K. (1984). Critical path analysis and other project network

techniques. London: Pitman.

Christianson, C., Cochran, J., Spohn, J. and Ivan, B. (2009). ASP.NET 3.5 content management

system development. Birmingham, U.K.: Packt Pub.

Fitz-enz, J. (1993). Benchmarking staff performance. San Francisco: Jossey-Bass Publishers.

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