Project Management: Key Characteristics, Scope Statement, Gantt Chart And Project Budget Approaches

Key Characteristics of a Project

The key characteristics of the project are dependent on the implication of the operations and the nature of the project for analysis. Some of the key characteristics of a project are,

1. Customer Oriented:Projects are customer oriented and the final decision of the project is based on the client’s approval
2. Temporary Activities:The activities in the project are temporary and may vary depending upon the situation
3. Unique Requirements:The project comprises of specific planning, activities, and functions that are unique in nature and can be used for that specific project only
4. Profit and non-profit base:There is no bar on the type of the project as projects can be either profit or non profit based
5. Structure:The projects depends upon the nature of works that can be cross functional, cross organization or both simultaneously

The project scope statement is the details of the deliverables of the project and helps in describing the objectives of the project. The measurable project’s success criteria can be understood by the help of the project scope statement.

The work breakdown structure is helpful for breaking down the completed project in sub projects and individual work packages. The combination of the work packages would help in defining a specific alignment of the activities favouring the final project achievement. The work breakdown structure would help in forming the alignment of objectives that could be summed as the project scope statement.

The project schedule information is shown in the table below,

The Gantt chart of the project is shown below,

The critical path of the project has been shown in the Gantt chart as the highlighted red boxes of timeline. The critical activities of the project are,

The completion of the project would take 19 days. The summation of the duration of the critical path would provide us the total duration of the project,

The following steps must be implied for the development of the final project budget estimation for the project,

Step 1: Understanding and calculating the direct labour cost

Step 2: Estimation of the material cost for the project

Step 3: Accessing transportation costs required in project

Step 4: Summing the salaries of employees of the project and contractor payment (if any)

Step 5: Equipments and Software cost is calculated

Step 6: Summing all the costs identified and calculated

Step 7: Making proper documentation of the budget cost estimated for project activities

Causes of project risk: The project risk can be caused intentionally or unintentionally due to several factors that can be classified into internal or external factors. Some of the causes of the risk in project are poor preparation, inadequate documentation, bad leadership, failure in parameter determination, inexperienced managers and workers, inaccurate estimation of the costs, lack of communication, and competing priorities.

Risk Response: The response to project risk can be done by the implication of the risk management process. The risk mitigation planning would include the following steps,

Step1: Identification of the factors of risk

Step 2: Analysis of the impact of the risk factors

Step 3: Characterization of the root causes of risk

Scope Statement and Role of Work Breakdown Structure (WBS)

Step 4: Evaluation of the mitigation for risk causes

Step 5: Prioritization of the risk mitigation alternatives

Step 6: Selection of resources required for risk mitigation and implementing it

The implication of the project monitoring, evaluation, and control would be helpful for the development project quality methods. The deployment of the project quality methods would be helpful for the implication of the effective implication of the operations favouring the utilization of the successive implication of the activities. The monitoring of the project would be used for identifying the activities favourable for the implication of the operations utilizing the implementation of the effective control methods.

The following is the project management plan developed for the project of ABC PLC and DEF Ltd. merger acquisition. The project management plan is documented for the execution of the effective implication of the project activities for aligning the deployment of the operations using the project management concepts. The project management plan document consisting of project management approach, project scope, milestone list, project schedule and work breakdown structure, project lifecycle, project deliverables, change management plan, communication management plan, cost management plan, project scope management plan, quality management plan, risk management plan, resource management plan, and project control plan.

The project of ABC PLC and DEF Ltd. merger acquisition is deployed for the implication of the effective merger acquisition of the two companies. The alignment of the effective operation development had supported the deployment of the operations favouring the implication of the improved operations for the merger of the two companies. ABC PLC is a large food and drink company that has been well established. The company has been planning for acquisition of DEF Ltd. The merger of the two companies would be deployed with the help of proper alignment of the activities and deployment of the operations.

The agile development methodology is implied for the alignment of the effective implication of the operations for the project development. The acquisition of the DEF Ltd by ABC PLC would be based for the development of the improved operation development. The utilization of the agile methodology would help in forming the iterative management of the activities. The profound development of the activities of the project by using the agile development would be developed for implying in the operation development. The use of agile would allow the successive formation of the activities for the project. The iterative step by step deployment of the activities would be helpful for the alignment of the operations for merger of the two companies. The project of ABC PLC and DEF Ltd. merger acquisition is deployed for the implication of the effective merger acquisition of the two companies.

Construction of Gantt Chart and Identification of Critical Path

The project of ABC PLC and DEF Ltd. merger acquisition is deployed for the merger acquisition of the two companies. It would involve the implication of the successive management and development. The project has the following scope,

1. Development of the effective structure feasible for the operations of the two companies
2. Inventory development for the data and information transfer among the two companies
3. Various plans like communication plan, culture integration plan, staff retention plan, and project integration plan
4. Merger of the two companies based on the factors of structure, operations, and business

The project of ABC PLC and DEF Ltd. merger acquisition is deployed for the implication of the merger and acquisition for the two companies. The plan development would be based on the use of agile methodology. The milestones of the project are given in the table below,

The schedule for the project of ABC PLC and DEF Ltd. merger acquisition is given in the table below,

The following is the Gantt chart for the project of ABC PLC and DEF Ltd. merger acquisition,

The project plan for ABC PLC and DEF Ltd. merger acquisition is developed using agile methodology. The project plan can be divided into initial phase, structure, inventory, plan, and execution. The summation of these phases would result in forming the implication of the effective utilization of the project management principles for the development. The project life cycle has been explained below,

Initial Phase: The initial phase of the project comprises of analysis, documentation, objective definition, and documents are signed off. The kick off is the milestone of this phase and the completion of the phase would result in forming the initiation of the project.

Structure Phase: The structure phase would be helpful for the development of the structure for the two merge companies. It includes establishing guidelines, structure for merged company is outlined, expansion of the structure, and considering business, system, and operations. The milestone of the phase is structured.

Inventory Phase: The inventory phase involves pre-close data transfer, strategic level of meetings are executed, tactical support plan development, and integration of strategy and governance. It would help in forming the transfer of information among the two merging companies. The integrated inventory would act as the milestone of the project.

Plan Phase: The plan phase involves develop communication plan, develop culture integration plan, develop staff retention plan, develop project integration plan and plan approval. The plan approval is the milestone of the project and the completion of the project would be resulted in completion of the plan.

Execution Phase: The execution phase would involve the implementation of plan, execution of the project integration plan, monitoring the business, system, and operations, and lesson learnt is documented. The milestone of the project is closed and it would be aligned for the implication of the operations.

Project Budget Approaches

The deliverables of the project of ABC PLC and DEF Ltd. merger acquisition are,

1. Documentation of the project reports for ensuring that effective alignment of the project
2. Proper project plan required for the development of the effective merger acquisition
3. Merger documentation required for the alignment of the effective activities
4. Completion of the merger documents so that the effective acquisition of the company

The change management plan for the project of ABC PLC and DEF Ltd. merger acquisition is given below,

Step 1: Creation of the urgency- The urgency for the change is developed for the initiating the change management plan for the project

Step 2: Powerful Coalition- The roles of each of the members is defined and workshops of the stakeholders are being executed

Step 3: Creation of vision- The vision is created for ensuring that the change is implied successfully for the implication of the improved operation development

Step 4: Communication of the vision- The vision for the change implementation is being communicated to the various project team members

Step 5: Empowering Employees- The employees are being provided with the authentication for the development of the changes

Step 6: Creation of short term vision- The short term vision would be developed for listing the change implementation for the project

Step 7: Change building- The change building is developed for ensuring that the effective changes in the project can be implied

Step 8: Implement changes- The changes are implied for the company acquisition and it would help in integrating the changes

The communication management plan for the project of ABC PLC and DEF Ltd. merger acquisition is shown below,

The resource management plan for the project of ABC PLC and DEF Ltd. merger acquisition is shown below,

The cost budget plan for the project of ABC PLC and DEF Ltd. merger acquisition is shown below,

The ABC PLC and DEF Ltd. merger acquisition project risk can be caused intentionally or unintentionally due to several factors that can be classified into internal or external factors. Some of the causes of the risk in project are poor preparation, inadequate documentation, bad leadership, failure in parameter determination, inexperienced managers and workers, inaccurate estimation of the costs, lack of communication, and competing priorities. The response to project risk can be done by the implication of the risk management process. The management plan for the project of ABC PLC and DEF Ltd. merger acquisition is given below,

Step1: Identification of the factors of risk

Step 2: Analysis of the impact of the risk factors

Step 3: Characterization of the root causes of risk

Step 4: Evaluation of the mitigation for risk causes

Step 5: Prioritization of the risk mitigation alternatives

Step 6: Selection of resources required for risk mitigation and implementing it

Project Risk and Risk Response

The implication of the project monitoring, evaluation, and control would be helpful for the development project quality methods. The deployment of the project quality methods would be helpful for the implication of the effective implication of the operations favouring the utilization of the successive implication of the activities. The monitoring of the project would be used for identifying the activities favourable for the implication of the operations utilizing the implementation of the effective control methods.

Conclusion

The project of ABC PLC and DEF Ltd. merger acquisition was deployed for the implication of the effective merger acquisition of the two companies. The alignment of the effective operation development had supported the deployment of the operations favouring the implication of the improved operations for the merger of the two companies. The project management plan had been documented for the execution of the effective implication of the project activities for aligning the deployment of the operations using the project management concepts. The project management plan document had consisted of project management approach, project scope, milestone list, project schedule and work breakdown structure, project lifecycle, project deliverables, change management plan, communication management plan, cost management plan, project scope management plan, quality management plan, risk management plan, resource management plan, and project control plan.

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