MNG00785 Project Management 4 : Essay Fountain

Question:

Your group of two is required to explain the theory behind a Project Report, and to develop a Project Report based on the scenario below. You must draw heavily on the theory contained in the textbook and the PMBoK.

You are expected to include all the relevant sections shown in the textbook, and model your tables on the relevant textbook exhibits.
There are two parts to your project:

1. The first section will discuss the theory behind each element of the project report. Using appropriately cited paraphrasing, you are expected to draw on the textbook description for each section. Please note that because there is such an emphasis on the textbook, all in-text citations MUST include the page numbers.

2. The second section of the assessment is your actual project report, based on the scenario below.

The project report must follow the following sections:

2.1. W8S

2.2. RACI Chart

2.3. Schedule 1 – Gantt

24. Schedule 2 – AoN

2.5. Resource overloads

2.6. Budget

2.7. Progress Reporting (Timelines)

2.8. Progress Reporting (EVM)

2.9. Risk Management

2.10. Change Management

2.11. Stakeholder identification & communication

2.12. Project Closure

Beachside cottage

You have inherited an old beachside cottage. You have visited the site and made an inspection. The house needs a great deal of repair work to make it liveable. You have itemised the most important things that need to be done and think it will take a team of workers about 2 weeks to complete.

You plan to use this house for vacations and as a rental property through Airbnb. In fact, some of your work colleagues have already expressed interest in renting it soon as the property is finished. You have obtained a loan from the bank of $20,000 – that believe that will give you enough money to buy the supplies and have a spending budget with help from a local contractor and two apprentices. You yourself have committed to working 80 hours over your vacation to fix up the house, but you are unskilled at carpentry. Your vacation of two weeks starts on Monday the 1st of June, and you prefer to be present when the contractor is on site. Assume you, the contractor and his apprentices’ all can work up to 8 hrs per day, 5 days per week.

You expect that within 2 years of renting the property you will have earned enough money to repay the bank loan.

 

Answer:

Introduction

Project management considers the proficiency of an individual when it comes to seeing the project from initiation to closure. Theoretical as well as practical knowledge are essential when it comes to eliminating scope creep, cost overruns and timeline delays, among others. In such a case, owing to the difference between field and class skills(Schwadea and Schubert 2016), being exposed to practical scenarios has been one of the most fundamental aspects when it comes to the acquisition of project management skill. My involvement in the project management coursework, on such a note, was vital when it came to linking my theoretical knowledge and the actual on-field requirements.

The scenario

The general overview of the project was to ensure the successful completion of a building repair project. This involves planning, scheduling and task allocation. Proper project management skills, as has been noted, are vital when to eliminating scope creep, cost overruns and ensuring successful project completion. On such a case, my general project oversight revolved around the repair of an old beachside cottage.  The repair of the cottage was determined to be essential when it comes to creating a vocational and rental residence. To accomplish this, the case scenario provides that I took a loan of $20,000, which would be more than enough to ensure that I could oversee the repair works from initiation to completion. This money was estimated to be repaid after a period of 2 years, meaning that the project completion was to take only two weeks. In this case, my discussion revolves around the use of the project management concepts in the completion of the project.  The concepts of resource management, task allocation and scheduling, risk and stakeholder management, among other concepts which were vital in the project report, as such, are provided in detail in the following sections.

Discussion

Theory and Fieldwork

One of the vital elements learnt in class regards project planning. It is during the initiation stage that all the project concepts are discussed. This, as has been noted from the project, revolves around stakeholder engagement. As per the class learning, the level of stakeholder involvement is integral when it comes to the project planning phase as it determines how the project resources are to be allocated. This initial project meeting is also vital when it comes to risk management. In this case, it is imperative to identify all the project risk and provide a proper risk management platform(AXELOS Limited 2017). The use of a risk management registers is one of the methodologies through which risk can be managed. The risk, probability, impact and severity are some of the concepts that need to be identified during the project planning phase for a proper risk management process.  The work breakdown structure, as was established from the class work, it vital when it comes to allocating the tasks between the different project teams. This is to mean that proper allocation of tasks is vital when it comes to project completion. The knowledge acquired from class, in such a sense, it vital when it came to the execution of the project initiation stage.

 

Involvement

 On the basis that we were in groups, my major point of involvement was in the project execution stage.  As learnt in the class, proper resource allocation is one of the keys to successful projects(Project Management Institute 2017). This is to mean that the project manager has the responsibility of ensuring the most appropriate resource scheduling as well as the timeline delivery. In such a case, I was highly involved in the resource allocation and planning phase. This is a concept that is learnt directly from class and it is essential in the field work. Inappropriate resource allocation leads to delays and cost overruns. When the project manager fails to ensure that there is proper resource allocation among the team members, wastage becomes very high. It may mean that there is a deficiency in some tasks while excess in other parts. That being the case, this platform provided me with a insights on the importance of quality control and the quality manager. On such a note, the skill was vital in the actual field work.

Experience and Learning

One of the major takeaways from the experience revolves around the importance of stakeholder involvement and risk management. All these factors need to be included in the project initiation document to ensure that there is appropriate resource allocation, appropriate risk management framework, and proper task allocation. Without the inclusion of these factors in the project planning phase, my observation is that the possibility of project failure increases exponentially. This project initiation document, as such, can be described as the most vital when it comes to project management.

In other circumstances and any future prospects, I would ensure that there is a detailed project planning phase.  This would ensure that I map out all the avenues of project failure, providing a proactive process of risk management. In other instances, I would consult the services of a professional project manager as there is a vital link between the actual field work and experience. With continuous exposure to these concepts, I will be in a better state to manage projects, especially those with increasing complexity.

Conclusion

As I have leant, although the theoretical concepts are vital for project management, there is a significant difference between the class experience and the field experience. Field experience depends primarily on exposure, but the value of the theoretical knowledge cannot be overestimated.  To improve learning outcomes, it is therefore imperative to ensure the continuous involvement of students in field works.

 

References

AXELOS Limited. (2017) Managing Successful Projects with Prince2. Norwich: TSO (The Stationery Office.

Project Management Institute. (2017) A Guide to the Project Mangement Body of Knowledge(PMBOK Guide). Newtown Square, Pennsylvania : Project Management Institute.

Schwadea, F., and Schubert, P. (2016) The ERP Challenge: An Integrated E-Learning Platform for the Teaching of Practical ERP Skills in Universities. Procedia Computer Science ,vol.   100, pp. 147-155.

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