Introduction
This project management report is based on a proposed project to design, build and install a custom giant led screen system for a shopping complex. In this report, concepts in project management are applied to prevent team misunderstanding by providing a clear strategy and procedure from beginning to end. The design includes setting a strategy and timeline with an agreed-upon project schedule, collaboration, and resource optimization. The budgeting process is intended to keep expenditures under control depending on the project’s scope. The WBS is proposed to aid in the management of the big project. Ins the presented WBS, work may then be performed concurrently by many team members, resulting in increased team productivity and simplified project administration. Equally, the Gantt chart is intended to illustrate the hierarchy of priority and interdependence between the tasks required to accomplish the project. With the proposed project scheduling, budget, and risk management, the project can be completed within the budget and before December 23, 2022.
Project Specifications
The project includes constructing and installing a specialized Giant LED Screen system to show ads in a retail centre. The retail centre intends to offer this technology as a unique selling proposition to prospective customers. The project will be finished within the allocated budget by December 23, 2022. The electricity infrastructure will be installed on the property of the retail centre. In the design, the authorized wall area for the screen system is 45ft (length) x 60ft (wide), with 10 percent of the wall necessary for compliance considerations to be kept unused. The retail centre has asked that useable wall space be maximized. One LED Panel is 3 feet by 3 feet. The table in the appendix displays a work breakdown schedule (WBS) containing timing and cost information, albeit not necessarily in chronological order. Days are calendar days within seven days a week and assume eight hours daily. Setting month numbers based on 30 days every month is possible.
Gantt Chart Schedule
The project Gantt Chart is presented in sheet 1 in the excel file ‘Project Gantt Chart.’ The project is designed to have a start date of 19/06/2022 to 21/12/2022, 185 days, and within the stipulated deadline of December 23, 2022. The Gantt charts are presented as a display of the project’s activity and progress. The Gantt charts illustrate that work on a project cannot start until another assignment is done. Managers may utilize this information to understand project hurdles better and make crucial choices about how to proceed (Atkinson,1999). The Gantt Chart is a timeline depicting the project’s progression throughout the Project Management Process. The timeline view of Gantt Charts has also proved helpful for task scheduling and planning. It supports project managers and workers in identifying the duration of a project, determining the needed resources, recognizing task dependencies, and organizing the sequence in which each job will be executed to ensure on-time project completion.
Work Breakdown Structure Summary in Sequence
The project is sequenced based on the Work Breakdown Structure as in sheet 3 in excel file labelled ‘WBS’. The WBS splits the work into smaller jobs and is a popular productivity tool used to make the process more controllable and accessible (Murray-Webster and Dalcher, 2019). The WBS will incorporate the schedule flow for the Custom Giant Led Screen System installation project. The sequence corresponds with the proposed Gantt Chart, guaranteeing that project plans are in line. The WBS model is a deliverable-focused hierarchical breakdown of the work to be completed by the steering committee.
Finance and Resource Budget
Table 1 shows the finance and resource budget as an extract from the excel sheet “Finance and Resource Budget.” The project budget is created as a crucial planning tool. The budgeting and resource allocation is intended to aid in the project’s successful completion. The specifics show the available resources and how to use them efficiently according to the timetables. The project budget gives the management teams the financial roadmap to keep track of costs, restrict spending, and save money. Budgeting is also intended to assist the team in making better financial decisions, anticipating emergencies, and remaining focused on long-term objectives.
Table 1:Finance and Resource Budget
Risk Analysis
The project is faced with different risks that may need direct intervention by the management upon occurrence. First, the high-cost risks are associated with fluctuating prices due to the increased pace of inflation. There are schedule risks associated with the failing global supply chains and the performance risks that could arise from workers shortages due to the health scare caused by the COVID-19 pandemic. The three risks have a Medium-high probability of 60 % ≤ x < 80%, with can be high at a catastrophic rating of A. The World Bank’s latest Global Economic Prospects report note that the health crisis and the Russian invasion of Ukraine have exacerbated the global economic slump (Clichici and Moagăr-Poladian, 2022). As a result, increased goods prices are likely before the project’s end, necessitating budget adjustments.
Similarly, there is a risk of delayed shipment of products due to the struggling global supply chains. China’s strict measures to combat Covid-19 are poised to cause another wave of summer disruption in Asia, the United States, and Europe’s supply chains (Khan et al., 2022). Current trends show three significant issues contributed the most to the chaos. The triggers include the COVID pandemic, which has resulted in a labour shortage that has reduced global productivity, demand exaggerations caused by changes in the customer purchase decision, and centralized manufacturing systems. The contingency plans would include early sourcing of the necessary materials and adjusting the procurement systems to accommodate diversification.
In managing the workers’ attendance for the adequate flow of the project, the management should consider adhering to the local government health regulations. The management should consult the authorities in the community where the project will be conducted for recommendations. To avoid infection in the workplace, the teams should design and agree on a preparation strategy. If the schedule may be communicated by teleconference or online session, the teams should decide whether a face-to-face meeting or event is required. Project managers should double-check information-sharing channels with essential partners, including public health and medical authorities, ahead of time.
Management Recommendations
Recommendation on Monitoring and Control
Project managers should use monitoring and evaluation principles during its execution phase to examine how an intervention changes over time. The team leaders must evaluate how well a program was executed and whether any gaps exist between the expected and actual results (East, 2015). To ensure data accuracy, the managers should check with the team leaders to see if the changes are attributable to the program’s progress. Project managers must conduct a continual gathering and analysis of information about a project, as well as comparing actual outcomes to expected results, to ensure appropriate project monitoring. A reliable monitoring system is critical for the project’s assessment.
In project management, adopting appropriate and relevant tactics throughout the project life cycle is necessary for successful project execution. During the monitoring and controlling phase, useful tactics include keeping costs under control, achieving deadlines and deliverables, and satisfying the required quality standards, among others. Employing the proper techniques for project monitoring and control is crucial for ensuring the smooth execution of projects since these duties often occur concurrently with project execution. Mishandled installations, monitoring and control, become obtrusive and inhibit productiveness and effectiveness. A team that adheres to requirements fulfills deliveries and schedules and maintains the project’s scope. Negatively affecting the project include dysfunctional teams with poor output, teams that are out of control, and teams plagued by issues such as intra-team conflict, ego conflicts, and a lack of goal clarity, among others.
Regarding assessment, project managers should evaluate all aspects of a program in an organized and objective manner. The design, implementation, and outcomes are the primary factors influencing the project’s overall flow. The goal is to deliver reliable data to decision-makers to determine how to get more of the desired outcomes. In the project, performance evaluations and impact assessments are essential. The project’s performance evaluation should concentrate on the quality of service delivery and the program’s outcomes. Changes in outcome measures that can be directly ascribed to the program being assessed should focus on impact evaluations.
Conclusion
This project management report articulates the critical scheduling and financial resource management necessary for the proposed project. The project is scheduled to run from June 19, 2022, to December 21, 2022, for a total of 185 days, with a deadline of December 23, 2022. Sheet 1 of the excel spreadsheet file titled ‘Project Gantt Chart’ contains the project Gantt Chart. The Gantt charts are used to show the activity and progress of a project. Sheet 2 of the excel spreadsheet titled “Finance and Resource Budget” contains the project finance and resource budgetary allocations. The project faces three significant risks that need intervention before and during implementation. The high expenses concerns are connected with shifting prices due to higher inflation rates. There are schedule risks linked with failed global supply chains and performance concerns related to workforce shortages due to the COVID-19 pandemic’s health panic. The three dangers have a 60 percent x 80 percent chance of occurring, with a high chance of occurring at a catastrophic rating of A.
The project recommendation provides mitigation plans that could reduce the impact of the identified risks. For instance, in managing the supply chain crisis, the contingency plans would include early sourcing of the necessary materials and adjusting the procurement systems to accommodate diversification. The price dynamics due to inflations can be managed with proper budgetary adjustment to ensure the successful completion of the project. Finally, in mitigating the impact of the current health crisis, it is recommended that the teams should design and agree on a preparation strategy. If the plan is communicated by teleconference or online session, the teams should decide whether a face-to-face meeting or event is required. The management should consult the authorities in the community where the project will be conducted for recommendations. With effective risk management, control and project evaluations, the project can be completed within the budget before December 23, 2022.
Works Cited
Atkinson, R., 1999. ‘Project management: cost, time and quality, two best guesses and a phenomenon, it’s time to accept other success criteria’, International journal of project management, 17(6), pp.337-342.
Clichici, D. and Moagăr-Poladian, S., 2022. ‘Financial literacy, economic development and financial development: a cross-country analysis’, Romanian Journal of European Affairs, 22(1). Web.
East, W., 2015. Critical Path Method (CPM) tutor for construction planning and scheduling. McGraw Hill Professional. 1(1), pp. 7–56.
Khan, M., Alroomi, A. and Nikolopoulos, K., 2022. ‘Supply chain disruptions and consumer behavior change from covid-19: Empirical evidence and long-term implications for supermarkets in the UK.’ Journal of Humanities, Arts and Social Science, 6(1), pp.28-42.
Murray-Webster, R and Dalcher, D 2019, APM body of knowledge, association for project management. Princes Risborough, 1(1), pp. 7–56.