How to manage a Project

Introduction

Project Management (PM) is a time bound effort to plan, start, follow up, and communicate a specific job or work which has a starting and finishing period (Turner, 2014). Resources and number of employees assigned in a project is limited, therefore efficient utilization of the resources are at the top priority in any project. It make sure that result of the project is positive and stakeholders of the project get benefited by the result. This report is about how to manage a project: tools, techniques, and methodology

Defining project management

Project management is an art of leading, organizing, reporting and completing of a project (Turner, 2014). Without project management it is not possible to bring better outcome from the project because the techniques and tools of project management help the implementer to effectively monitor all the updates, variables of the project. Project management is used in the implementation process of a project but it also contributes in the progress of a company (Kerzner and Kerzner, 2017). PM indicates what will be delivered by the project.

Project Management Tools

The use of project management tools ensure the well management of a project. Project management tools indicates the software and technology which are used in managing a project. Some important project management tools is analyzed below:

PERT chart

PERT chart is an important project management tool. Elaboration of the word is Program Evolution and Review Technique (Burke, 2013). This tool helps project manager to analyze all steps of executing deliverables. Using this project management tool, Project manager will be able to easily understand which deliverables have to select (Burke, 2013). PERT chart facilitates the effective implementation of a project by showing the connections among the project deliverables and variables; such connection helps the project manager to implement the project.

Gantt chart

Gantt chart is a common project management tools. It is very important tool of a project. Gantt chart is useful to breakdown deliverables (Meredith and Mantel Jr., 2011). Using this project management tool, Project manager will be able to find their milestones with the help of Gantt chart. The most valuable aspect of using this project management tool is that it graphically presents the sequence of all the tasks required to perform to achieve the project objectives.

Product breakdown structure (PBS)

PBS is a comprehensive structure which breaks down the whole project in deliverable units or works the realization of which determine the project success. Such PBS arranges the deliverables and works in whole-part relationship and this criteria has made this tool extensively important for any company to follow. What is more is that PBS will yield a complete picture of total number of deliverables, this will help the company to make a comprehensive plan.

Work Breakdown structure (WBS)

WBS is further detailed than PBS. WBS further breaks down the work in smaller manageable units and packages (Schwaber, 2004). Building any project is an extensive work and it needs a lot of work and deliverables. Therefore, a company should utilize this tool. Breaking down the work, the organization will be able to assign each work to specific group of people and following up the task will become easy.

Resource Histogram

ResourceHistogram is the tool which shows the resources of a project. This tool will also reveal the amount of people who are related with the project (Larson and Gray, 2015). It will be fruitful for an organization attempting to implement a project because it will help to know obtainability of the resources and will find out the utilization of the resources, such combination will ensure efficient utilization of resources which is scarce.

Expenditure tracking

This tool plays very important role in a project. Expenditure tracking helps a project to find out the expenses (Marchewka, 2014). It reveals the information about each and every sector’s expenses. As a result, the company will be able to monitor the expenses and will be able to control extra costs.

Logic networking

Logic networking is helpful like any other tool and it helps to find out the milestones of a project (Larson et al., 2014). It will help an organization to find out their critical path. With the help of logic network tool a project will be able to know their desire and schedule.

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Project management techniques

Project management techniques indicate the methods or ways which help in implementing a project. Following a specific technique of a combination of techniques is significant to ensure effective implementation of a project. Some project management techniques are discussed below:

Waterfall Project Management

Waterfall project management is that technique in which team members need to postpone their action for other members because next action cannot be proceeded until the previous stage is not clarified (Highsmith, 2009). Though team members wait for the completion of another’s work it creates a positive rapport and bindings among team members. This strong relations will be beneficial for any company. Implementing a project is a complicated job, in such case, project manager must follow structured format to follow up a project. But it is a time consuming techniqueand can make their implementation process slow.

Rational Unified Process

Rational Unified Process is a very useful technique of project management because it helps to collect review from the implementation of any past project (Ika, 2009). Therefore, this is a technique which is based on past experience. This means the project manager will get knowledge of past projects and will educate themselves as to how they can more effectively implement a project. Past experience will help the company to implement the complicated and diversified projects.

Traditional Project Management

Traditional project management is a modern technique which is used for organizing, monitoring and guessing (Fleming and Koppelman, 2016). This technique helps to bring targeted outcome within right time and in appropriate budget. This technique makes employees more energetic and capable than before. A project can be implemented in appropriate time with the help of traditional project management. The organization will be able to make their employee energetic and the project can be implemented in time with traditional project management.

Critical Path Project Management

This technique is similar to PERT, critical path analyzes the amount of time it may require to complete each work and accordingly it prioritizes on the deliverables. Project managers can develop a complete picture of the total amount of time required. Critical path PM technique can be very much helpful for a company because it can visualize the complete scenario and accordingly it can complete works based on priority.

Project Management Approaches

Six Sigma Approach

The idea is simple to understand- it is a data driven problem eradication system (Turner, 2014). Statistics and expert opinions are used to identify problems, and then actions are taken to remove them. Therefore, it is easy to understand. This approach is not fit for generic companies because it is generally used in high tech companies such as electronic goods manufacturer. The culture of an ideal organization should be such that it should be a data driven sophisticated company.

Waterfall approach

The idea is that one step cannot be proceeded unless previous step is not clear (Cooke-Davies, 2002). Therefore, it is easy to understand. This approach is highly suitable for real estate or developer companies because one stage in house building cannot be implemented unless the previous step is not done.

LEAN approach

This approach implies that wastages should be reduced and quality should be improved. So, the idea is simple to understand. But implementation is difficult. An ideal organization wishing to follow this approach should have the ability to utilize this approach and it will reduce the wastages in terms of money and time and resources. The organizational culture of the organization should also supports the application of LEAN manufacturing.

Project Initiation Document (PID)

(with a Case Study Example- LT Travel)

Project Initiation Document (PID) is factor of project management which helps to create a foundation for a project (Clements, 2008). It works like orientation for the team members and clients also. Project Initiation Document is the sum of many important information that gives a project flawless starting and finishing. It is a perception of PRINCE2 and the method emphasizes on both succession of a project and also failure of a project. Project Initiation Document is that document which is a start-up document with all information. This document indicates the resources, manpower and budget which will be needed for a project. Project Initiation document helps a manager to observe the development process of a project (Steyn et al. 2016). PID shows the perspective of a project, find out the limitations of the project, show the scope, helps to prepare an appropriate budget, and shows the stakeholders how they will be influenced by the project.

To make a project successful project manager has to maintain some steps to make Project Initiation Document. These steps of Project Initiation Plan (PID) are given below:

Stage 1. Provide the perspective:

When a company has its clear and specific aim it helps the people related with the project to understand their work (Nahmias and Cheng, 2009). People can find out what they have to be to fulfill the aim. ‘LT Travel’ is a travel agency. But it is a small travel agency and want to expand their company as ‘American Express’. Now-a-days travel agencies have become more beneficial in business world. People travel more in their leisure period and they are ready to pay more to entertain themselves. To achieve more profit and become a big travel agency as ‘American Express’ is the aim of ‘LT Travel’. The company will add more packages, appoint more employees, got connected with more hotels in different countries and places, will use updated software and will be connected with many countries to expand its business. In future, when many people will plan their travel with this agency and reputation of ‘LT Travel’ will increase, the travel agency will be successful.

Stage 2. Defining project limitations:

To make one project successful a company have to appoint appropriate and qualified employees in the project. The company have to make an appropriate budget for the project. Budget of ‘LT Travel’ is given below:

Expense sources	Budget
New services	£ 200,000
New offer	£ 100,000
New channels	£ 1,00,000
New distinction	£ 200,000
Establishing 3rd part in France	£ 500,000
Appointing more employees	£ 2,00,000
Advertisement	£200,000
Other expenses	£ 100,000
Total	£ 16,00,000

‘LT Travel’ is determined and hope to start profit after ten months from the starting. They will provide best air service, road transport service and best hotels for their customers so that customer will love to plan their trip with ‘LT Travel’. The employees and team of the travel agency will provide service for their customer. Customer’s satisfaction will be the key to success in the travel agency as aimed by LT Travel.

Stage 3. Defining the scope:

A company has to define their scope then employees will be able to understand what will make them successful (Soderlund, 2011). It also helps to understand the deliverables which will bring achievement. Travel agency is a beneficial business. People find the way to entertain themselves and they like to travel. The increasing demand of travel agency is the main scope of for ‘LT Travel’ (Oxford University Press, 2018). The travel agency will provide their service by respecting the culture of every country. ‘LT Travel’ travel agency will provide event management service very soon. Event management service will also attract customers and will be helpful to earn more.

Stage 4. Breakdown structure and resource plan:

Breakdown means, divide a project into small parts to make them easy to understand and implement (Morris, 2010). Employees can complete their task easily with breakdown structure. Beside breakdown structure, a project also needs proper planning of resource. This resource plan will help ‘LT Travel’ to apply the resources properly within appropriate time. A table showing example of project breakdown structure and resource plan is given below:

Sector	Deliverable	Resources	Dead line
Information collecting	Analysis	Recorder, notes, Questionnaire, stationaries	1 February 2019
Finding best places for traveler	Finding the place for traveler	Searching, Connection with hotels from different country	10 August, 2019
Purchase Furniture and office machineries	Furniture, Computers	Money, information	15 December 2019
Contracting with agencies worldwide	Contract, understanding	Links, networks, capital	15 September
Contracting with airlines	Negotiations and contracts	Links, networks, capital	20 November
Contracting with hotels, resorts and entertainment parks	Attractive places, offers, contracts	Links, networks, capital	25 December
Taking steps for promotion	Attracting the targeted  customers	Promotion activities, advertisement leaflets, online activities	20 March 2020
Start the agency	Start the official work	Furniture, office machineries, corporate office, employees etc.	1 July 2020

Stage 5. Defining activities:

Defining activities of everyone is a vital part of Project Initiation Document (Memon et al., 2011). This step reveals the information such as: who will give permission to take booking and who will decide the procedure of travel agency. It defines the activities of both internal and external procedure. Defining activities helps to make clear everyone about their activities. It will prevent the mass situation of ‘LT Travel’ because anyone will not be able to divert their work to others. Employees can make themselves more active with this step and the project will be dynamic.

Stage 6. Finding out risk:

A project is surrounded by many types of risk (Dunne and Dunne, 2011). That risk can be harmful for a project greatly. Project manager should stay aware of the risks and they should find out the risks of ‘LT Travel’. If project manager is unable to find out the risks it will make the project weak. They have to find out all risks with the ways of preventing these risks. By finding out the prevention, ‘LT Travel’ will be ready to cope with the difficulties. For example, in the way of expanding business the travel agency may face the shortage of capital, lack of experience, risks of foreignness, risks of rate fluctuations, risks of aggressive marketing by rivals etc. They agency should assume the funding sources to prevent the risk.

Stage 7. Allocating the Project Initiation Document:

Though project initiation document is the start-up document, the PID should be allocated with all teams and employees to make the concept clear of a specific company (Demir and Kocabaş, 2010). By allocating the PID, ‘LT Travel’ makes their employees feel valued to make them more responsible towards their work. Team members and employees work in the same track by following the PID. It brings better result for the project have to implement make the procedure more dynamic.

Importance of sharing Project Initiation Document (PID) with Stakeholders

(With case study of LT Travel)

Stakeholders are the person, organization and community gets affected by a projects consequences and Project Initial Document is the clear concept of a project. PID should be allocated with the stakeholders and it is very important part of a project. With this allocating, ‘LT Travel’ shows their stakeholder how the travel agency will maintain the interest of their stakeholder.

There are some process being used to present Project Initiation Document with stakeholders. The process ‘LT Travel’ will use to stay tuned with their stakeholders is given below:

Customers

 Among all stakeholders, customers are always at first priority. Many customers means succession of a project and less customers means weak business (Spundak, 2014). Without customer business will not be able to achieve profit. ‘LT Travel’ arrange fantastic trip and events for their customers. Slides and Presentations will be appropriate to show customers how ‘LT Travel’ will implement its project management plan.

Employees

Employers are the people who got affected with the outcome of a project directly. Success of a business is positive for them because they get bonus and their salary timely. In the time of loss they get affected by the project negatively. Online Gantt chart is the appropriate process of allocating PID with employees. Employees will be able to access online and check the project schedule.

Shareholders

Shareholders are the people who have share in a company. They enjoy the profit from a project and also loos of the project harm their financial interest. They are very important stakeholder of a company. Face to face conference is appropriate to share PID with shareholders. It will build a good relationship within shareholders and project manager.

Trade and Industry Associations

If ‘LT Travel’ will be able to expand their business as ‘American Express’ trade and industry associations will be benefited because their income will increase. Project reports is great way of allocating PID with the associations and this process show project history to them.

Government

Government get affected by the outcome of a project because succession of a project increase the income of government. When ‘LT Travel’ will expand its business with 140 countries as ‘American Express’ it will bring foreign exchange in the country. Many people will get the chance to work here and unemployment will reduce. Mind mapping software will be appropriate to allocate PID with government. ‘LT Travel’ will be able to show the project visually to government.

Suppliers

Suppliers are also potential stakeholders of any project because they will provide the materials and manpower. LT Travel must provide a detailed plan of the project, the amount and types of materials required for the project. Information can be provided in charts and tables. This will make the suppliers to be involved and engaged to ensure the supports.

Local community

Local community should also be involved and informed about the PID because they have the right to know about the activities that may affect them (Kerzner and Kerzner, 2017). Local community could be informed about the plan through social media.

Decision makers in Magnet Builders

Decision makers are also another group of potential stakeholders in any project, they can significantly contribute to any project with their long standing experience and knowledge (Nicholas and Steyn, 2017). LT Travel must share the PID with decision makers inside the company through summary charts, power point presentation, cost structure etc. They can add value to the project implementation efficiency by their advices and suggestions.

Abilities and skills a project management must have

It is important for a project manager to know the weakness and strength they have to operate a project successfully. The abilities to execute a project is described below:

Leadership

Leadership is the ability which is very important for a project manager (Bredillet, Yatim and Ruiz, 2010). Project manager has to organize everything and has to guide the employees that they must have the ability of leadership.

Decision Making

Project manager have to make important decision for the sake of their project. This is very important to take instant decision and this ability helps to cope any situation because if the manager fails to make a quick decision, the project will fail to achieve its objectives.

Risk management

Risk management is a vital ability that a project manager must have (Burke, 2013). One should be expert in risk management. Because risk can come any moment. The implication of the importance of risk management skills is that having this skill help someone to identify the project risks and overcome those risks.

Accepting challenge

Expanding business is a big challenge which has been taken by ‘LT Travel’. Project manager have to accept many challenges in every step of a project. Without having this ability a project manager will not be able to implement the project because a wide number of challenges will appear while implementing the project.

Negotiation ability

Negotiation ability means solve anything by discussing. Negotiating skill is one of the most important abilities of a project manager because he will be negotiating with contractors, developers, service providers or even with employees. Effective negotiation skills are highly needed to achieve the project objectives.

Finance and accounting management ability

Project manager should have the quality to manage the financial and accounting sector of a project (Larson and Gray, 2015). It is important to have an overall ideas and working knowledge on finance and accounting management because the project manager will also be dealing with finances and accounting.

Presentation quality

Presentation quality helps in meeting to present data and in training segment. IN fact, presentation will play as a critical role to success any project because the project manager will be interacting with different internal and external stakeholders. If he fails to deliver an effective and engaging presentation, the main objectives of the project will not be achieved.

Computer skill

Computer skill is a mandatory requirement for a project management. ‘LT Travel’ have targeted to expand its business in this computer skill will play important role.

Conclusion

Project management is the complete process of managing a plan or initiative, it consists of a number of techniques and tools which help managers to make easy implementation of the projects. A company can follow a specific set of stages to implement a project and the sets of work become project implementation methodology. A company should carefully choose the best fitted tools and techniques because a small company might not afford the cost of complicated tools and techniques. PID plays a significant role to implement a project, sharing such PID to related stakeholders is important because it grow the attention of the stakeholders. Capabilities and skills of project managers affect the effectiveness of a project. Therefore, manager should regularly assess their abilities to evaluate their skills.

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