Project Planning and Time Overrun and Cost Overrun

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GMSI443: Individual Coursework

Project Planning and Time Overrun and Cost Overrun

Module Leader – Dr. Kishore Maurya

SUBMITTED BY

NITIN KANT BHARDWAJ

INTRODUCTION

The cautious regulation of planning, estimating, encouraging, systematizing and best utilization of all types of resources to achieve certain objectives and meet certain success criteria is called Project management. In other words, a project is a short term attempt projected to generate a special service, item or outcome with a certain initiation and conclusion carried out to achieve outstanding goals and purposes, mainly to fetch out beneficial transformation or added value.

The major concern of project management is to achieve all of the project goals and objectives at the same time as reverence the defined restraints. The main restraints are quality, duration, era, and finances. The factor of least importance is enhancing the distribution of required inputs integrate them to meet pre-defined goals.

Planning of project is highly required before starting or undertaking any project. To complete a project on time with 100% accuracy and for easy operations, different structures and formats need to be prepared. Work Breakdown Structure (WBS) is the first type of structure in which the project is fragmented into small elements and is listed along with the information. It helps in the management and organization of the project in an efficient manner. The project can be divided into functions, phases or discipline. The second type of structure is Responsibility Assignment Matrix and it mentions the activities of the project along with the role of participants. It classifies the work and responsibilities of various stakeholders and team members also.

Literature Review

Different types of planning and activities are needed in project management for the successful completion of the project. Activities given below must be a part of every project plan.

Project Objective, Scope and Deliverable

The scope of the project and deliverable are discussed in the very first meeting. The significance and worth of the project are also discussed. The project manager also mentions the deadline issues for the completion of different tasks. The meeting on the project schedule mainly focuses on the delivery of key parts of the project within the given timeline. The participants of the project very well understand their work and responsibilities to deal with the various tasks and critical paths involved in the successful execution of the project.

Project Organization

A project approval document is prepared at the beginning of the project prior to its approval. The project manager is asked to describe organizational chart for the project. For instance if some new responsibilities or tasks are added they were not there in the approved charter, those are discussed with the project members for their better understanding. The Project organization fixes the hierarchy of the project members to assign the roles and responsibilities to the members in an effective manner.

Project Site

The drawings and maps are required by the project manager in this process to find the location of the project. The location where the project is going to be carried out is informed to the project members. The project members are required or can be asked by the project manager to visit the project site to develop a better understanding of the project and for its proper execution.

Project Budget/Numbers

The financial details and the budget approved for the project is specified by the project manager. In case there is any difference in the actual numbers while purchasing of various equipment, then it should be brought under consideration by the designated project member and must report it to the immediate supervisor. There must be enough margins from the projected numbers and that margin must be explained and clearly categorized so that project members can understand their responsibilities related to project financials. The team members are also required to understand how to charge their expenses and time on the project.

Document Control/Reporting

The document control and the reporting phenomena should also be discussed in the very first meeting. The project team must understand the importance of project reporting elements like periodicity, project status report, formats and the end user of those reports. The document coding system is also shared by the project manager whether it has been developed for archiving the documents in hard-copy or electronically.

Quality

To meet the standards of the project forms and formats are discussed in the meeting. The manager describes the quality of project needed and how to achieve set parameters for the successful execution of the project. Any statistical process that might be required to be taken up during the execution phase is also discussed.

Environmental Health and Safety

If there is any environmental threat due to the project then it must be discussed by the project manager. A blueprint should be developed by the project manager to minimize such threat. Also, it should be debated over that the safety of the people will not be affected by the project implementation, if it is at risk.

Approvals

If there are any approvals required for any process or procedure, then those guidelines and approvals must be listed by the project manager to get those approvals. It is the responsibility of the project manager to achieve the approvals required in the initial stage of the project. Any reviews or approvals from external agencies must also be discussed in the very first meeting.

Meeting Minutes

The meeting minutes must be rotated amongst all those who attended the meeting along with the meeting discussions that took place. The minutes must be transparent and should clearly show the content of the meeting. The circulation of minutes among all the members is important to receive their views and feedback on time to take any action quickly.

At the different stages, the project has several dependencies. There are external as well as internal dependencies. Dependencies related to organizational structure for the successful execution of the project are termed as internal dependencies. External dependencies are those external factors which are required to complete the project successfully but not under the control of organization. For instance, organisations or other circumstances and external individuals which do not come under the administration or control of the organization.