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Project Management for Business

Submitted by:
Name: Atikur Rahman

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Contents
Introduction.................................................................................................................................................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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Introduction
Project 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 principles


Project 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 management


The 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 criteria


There 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+
= 5.33%

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3, 00,000-2, 75,000/70, 000

Project B;

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


=4.85 years

1.3 The principles behind project management system and procedures


There 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 appraisal
Usually 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 project


Human 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 participants
Appropriate 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 managers


As 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 cant communicate with their human resources and other stakeholders of the project, the
manager cant 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 Project


Gomez-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 Projects


The 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 Organization


A 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
Title
Manager

trains and tunnels for the Jubilee Line extension


Initiating the Train and Tunnel
Metro Cammell

Institution
Partner

N/A

Institution
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

Improving Institutional effectives

project.
The operational aspects of the project will
help the organizational effectiveness.

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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 Techniques


Project 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.

3.3. The Methods Used to Measure Project Performance


The project manager can measure the project performance by some specific method. These
methods are illustrated by Fitz-enz (1993) given below:
Return on investment,
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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
By the cost performance method, we can measure the cost efficiency of the project and divide the
value of the work.
Customer satisfaction

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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
Project
The 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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References
Maylor, 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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