Project Management Assignment: Project Planning for Dundonnell Wind Farm by Tilt Renewables

Question

Task

Students are asked to imagine they have been engaged by a Renewable Energy (utilities) company to develop a report on project management assignment on key aspects of project risk management and how they might be used in proposed future projects in order to manage and limit risk.

Answer

Executive Summary
The report on project management assignment provides brief details about the project of the Dundonnell Wind Farm which is initiated by Tilt Renewables. The issues designing, formulating, scope and quality of wind turbines have been raised due to the unavailability of proper resources. It is recommended to the project manager to mitigate these project risks by purchasing new project management technologies in order to complete this particular project of wind farm.

The report also provides recommendations related to the installation of new wind farm technologies in order to maintain the accuracy of Dundonnell Wind Farm Project in the UK. It is also advised to employees to follow guidelines of their project managers.

Introduction
The concept of project planning is mainly defined as the inclusion of different stages of a project that is being required to be completed in suitable intervals of time. Project Planning is also referred to the setting of optimum goals and objectives based on the execution of an advanced planning schedule. This assignment will provide brief details about the project of a specific renewable energy company of Australia named Tilt Renewables. In this study, the description of the project undertaken by Tilt Renewables will be provided along with the execution of the cost management system. This study will also investigate some fruitful details about funding techniques used by Tilt Renewables to in charge new projects. In the end, this study will also provide the overall implementation of the project in order to indicate issues related to the commencement of the project.

Project Selection
The selection of projects is very essential for a company in order to earn some extensive categories of financial credibility in the future. In the company named Tilt Renewables of Australia, the project of Dundonnell Wind Farm will be undertaken by the project manager for the undergoing construction of wind turbines in the form of authentic renewable resources. On the other hand, the project of the Waipipi Wind Farm will be avoided by this particular company in order to decrease their approximate budget for the expenditure of major operational costs in the future (Abdul-Malak and Abdulhai, 2017).The company named Tilt Renewables mainly determines the selection and avoiding of projects by judging its importance to customers as well as the quality of projects. This company does not confirm projects with low invested budgets. The project of Dundonnell Wind Farm will help to induce the optimisation of turbine erection tasks in order to increase the quality of renewable resources based on the quality of new tools and deliverables in this particular project. In the company named Tilt Renewables, almost 67%b of project analysts have used new project tools and deliverables in order to fulfil the given tasks and activities pursued by the project of Dundonnell Wind Farm. In this project, the major tools used by project analysts include Basecamp, Wrike, AceProject and ProofHub (Chofreh et al. 2017). These tools mainly help for the optimum completion of projects based on the authorisation of functional indication of employees and stakeholders in this company of Tilt Renewables in Australia.

Cost Management
In Tilt Renewables, the main role of project cost management is to estimate, budgeting and optimum controlling of costs in order to maintain an accurate life cycle of the Dundonnell Wind Farm Project in the country of Australia. In this company, the other role of project cost management is to validate the approved budget based on the overall execution of new project tools and deliverables in the future. In Tilt Renewables, the project of Dundonnell Wind Farm mainly consists of three different types of cost management procedure including Manufacturing costs, Manpower costs and Opportunity Costs. These cost management systems are very important for Tilt Renewables to maintain the cost of budgeted items based on the attribution of new and advanced project management tools and deliverables in the future.

It is recommended to project teams and the project managers of Tilt Renewables to use the procedures of accounting and financing as cost management strategies. These strategies will assist to increase the economic stability of this project in the near future (Croxatto and Greub, 2017). Moreover, the cost management strategies of time management and outsourcing will be used by Tilt Renewables to manage the effective expenditure of project cost in a very comfortable and effective manner. The total budget of this project will be up to $5 million AUD.

Funding
The concept of funding is mainly defined as a particular act of furnishing resources, programs and money within a suitable project. In Tilt Renewables, the funding measures of venture capitalists and angel investors are mainly avail able for the integration of the Dundonnell Wind Farm project in the country of Australia. The implication of high debt is related to funding that decreases the profitable investments of the project. The implication of angel investors can also be deliberated for the project of Tilt Renewables (Jissink et al. 2019). In this project of Tilt Renewables, the major role of venture capitalists is to furnish optimum capital to the company based on the integration of potential growth of new business market segments. On the other hand, the role of angel investor is to provide a budget for the manufacturing of new renewable resources such as wind turbines and electric motors in the project plan of Dundonnell Wind Farm Angel investors mainly help to attribute the profitable outcomes of new business firms based on the overall stability and reliability of funding capital in new business corporation. In this project, the funding models of Debt Funding and Bootstrap have been used to manufacture advanced wind turbines (Tereso et al. 2019). The attribution of function techniques is very essential for this particular renewable company in order to validate the indication of employee sustainability and reliability in the future.

Project Implementation
In Tilt Renewables, the major issues of Dundonnell Wind Farm Project Project mainly consist of poor quality, lack of proper scope, wind turbine design issues, technical issues and change management issues. The issue of poor quality can be seen on the trading of this project through which the project managers cannot earn specific amount of budgeted revenues in the future. Meanwhile, the lack of proper and reliable scope can be easily observed during the authorisation of turbine erection activities while constructing almost 80 turbines for the output of the wind turbine system in this specific project (Yu et al. 2018). On the other hand, the designing issues of wind turbines can be executed in the middle of activities based on which the optimisation of wind farm resources can be easily delegated by the authorisation of project manager. Furthermore, the technical and change management issues have occurred at the end of the project tasks.

Moreover, these issues mainly impact the Dundonnell Wind Farm Project by decreasing manufacturing of wind turbine elements by mainly increasing the overall project expenditure of up to $560 million AUD. At the end of the project, the wind farms are highly executed on the deliberation of wind turbines. The project will wound up with the help of project managers (Zwikael et al. 2019). The validity of overall infrastructure cannot be considered. No, the environmental issues are not linked at the end of the project.

It is mainly recommended to use both natural as well as technical resources in order to complete the optimum validation of project. It is also recommended to project manager to make clear assumptions about the optimum environmental diversity while commencing the project of Dundonnell Wind Farm Project in the company off Tilt Renewables. In the end, it is also recommended to use engineering equipment for the construction of wind turbines.

Recommendations
It is recommended to reduce the inflation risk of project related to failure of wind turbine construction by the engineers. It is also recommended to install advanced wind farm technologies in order to maintain the accuracy of Dundonnell Wind Farm Project in the UK. It is also advised to employees to follow rules of their project managers. Finally, it is recommending using risk assessment matrix in order to more down the incoming and viable threats for the project.

Conclusion
Hence, it is concluded that project implementation and execution is very important in order to cultivate the financial indication of the project. In Tilt Renewables Company, the project plan of Dundonnell Wind Farm will be easily pursued based on the tactical interrogation of systems in a very reliable and viable manner. This will also help to validate the implication of project issues due to lack of perfect resources.

References
Abdul-Malak, M.A.U. and Abdulhai, T.A., 2017. Conceptualization of the contractor’s project management group dynamics in claims initiation and documentation evolution. Journal of Legal Affairs and Dispute Resolution in Engineering and Construction, 9(3), p.04517014.

Chofreh, A.G., Goni, F.A. and Klemeš, J.J., 2017. Development of a roadmap for Sustainable Enterprise Resource Planning systems implementation (part II). Journal of cleaner production, 166, pp.425-437.

Croxatto, A. and Greub, G., 2017. Project management: importance for diagnostic laboratories. Clinical Microbiology and Infection, 23(7), pp.434-440.

Jissink, T., Schweitzer, F. and Rohrbeck, R., 2019. Forward-looking search during innovation projects: Under which conditions it impacts innovativeness. Technovation, 84, pp.71-85.

Tereso, A., Ribeiro, P., Fernandes, G., Loureiro, I. and Ferreira, M., 2019. Project management practices in private organizations. Project Management Journal, 50(1), pp.6-22.

Yu, M., Zhu, F., Yang, X., Wang, L. and Sun, X., 2018. Integrating sustainability into construction engineering projects: Perspective of sustainable project planning. Sustainability, 10(3), p.784.

Zwikael, O., Meredith, J.R. and Smyrk, J., 2019. The responsibilities of the project owner in benefits realization. International Journal of Operations & Production Management.