Project Management: Core Principles, Scope Definition, Gantt Chart, Cost Appraisal, Risk Assessment,

Core Principles and Characteristics of Projects

Task 1 (40% marks) 600 words (+/- 10%) each short answer question requires a response in a few sentences for the questions awarded up to 4- 6 marks and a paragraph for questions awarded up to 8-10 marks. 1) What are the core principles/characteristics of any project and why are they important? (8 marks). 2) How would you have defined the scope of the project in the Task 2; case study (Concrete Masonry Corporation) (6 marks). 3) Using the information below, plot out a full project Gantt chart and identify the critical path? How many days does it take to complete the project? What are the benefits of using a Gantt chart? (6 marks). 4) Define one of the following cost appraisal methods; NPV, Payback or IRR. What are the benefits of your chosen method? (4 marks). 5) How would you have assessed and managed the risks on the project in the Task 2; case study (Concrete Masonry Corporation) (6 marks). 6) What quality methods (project evaluation, monitoring and control) would you introduce to ensure this Task 2; project (Concrete Masonry Corporation) is completed successfully (10 marks). Tasks Precedence Time a - 3 days b - 5 days c a 6 days d b 2 days e b 6 days f c 8 days g f 3 days 2 Task 2: (60% marks) The Concrete Masonry Corporation designs and manufactures pre-stressed concrete for the building Industry For years, the company enjoyed a stable marketplace, and a relatively predictable business environment. Although there had been a boom in residential construction in recent years, commercial work was on the decline. As a result, all the pre-stressed concrete manufacturers were going farther afield to big jobs. In order to survive, Concrete Masonry Corporation was forced to bid on jobs previously thought to be out of their geographical area. Survival depended upon staying competitive. However with the declining conditions of the market and the evolution that had drastically changed the character of the market place, the Concrete Masonry Corporation previously successful approach was now in question. With the removal of trade barriers and other Globalized international trade agreements the Concrete Masonry Corporation found itself competing with other prestressed manufacturers headquartered in countries around the world. A decision was then made to transfer a number of manufacturing machines to a new site in Eastern Europe to allow more agility and efficiency within their manufacturing supply. The Project The project was to include the transfer of 8 pre-stressed concrete assembly machines, along with ancillary equipment into Eastern Europe. Scheduling the project had to take 6 months from September before production must start to supply potential customers. A site had been selected although the appointed Project Manager and potential team members had not visited the area, nor did they understand the weather conditions of wind, rain and snow that prevailed in this area. The assembly machines were to be transported by sea and then road haulage before arriving at the new site. Road infrastructure was again an area that required attention.