Project Management Assignment: A Reflective Journal On Lessons Learned

Question

Task: Write a project management assignment presenting a reflective journal on nine lectures based on the concepts of project management project planning.

Answer

Lecture 1
It has been a great acknowledgment through this assessment that has provided me with a lot of portions to learn regarding project planning. I would like to mention about my learnings in this project management assignment that in small organizations the functions are comparatively small. The tools, as well as techniques used here, are small and limited. I observed that overlapping occurs in PM tasks especially in scheduling and estimating. On the other hand, in large organizations tools and staff are found to be more dedicated and the best part is that the PM practices can get their scaling adjusted for smaller tasks also.

Figure 1: Organizational fit structure
(Source: Angra et al., 2018, p. 168)

From this lecture, I have identified that organizational fit has four parts including product management, program management, project management and project team. In the case product management, most important matter is managing business products and offering portfolios. The most important that I have identified from the study is project management which is important for enhancing the business performance. Invisibility, flexibility, and conformity are such inherent difficulties whereas lack of information is due to the application of conventional practices on unique requirements. Hence, there must be a caution applied while gathering information for the project assessment regarding employee expertise and the required elements.

Lecture 2
From the lecture 2 I have identified the importance of Project initiation and project charter. In order to implement a project successfully, the project charter has a significant role. I have found from the lecture that setting up of project office is the crucial in the case of project initiation and successfully implementing the same. The project management life cycle phases I have identified from the study and I have realized that project management life cycle phases have four aspects including phase 1, phase 2, phase 3 and phase 4. Moreover, I found that money and time are exceptionally the major resources that are required for every aspect of the project analysis. I learned that the activity network helps in the compilation of the requirement resourcing. The process is initiated through activity consideration and its related resource allocation. I observed that the management requires to omit the unnecessary part from the resource list, to manage the maintenance charge and cost of fixing the resources. Moreover, such resources can be invested in favouring the requirements that can help to accomplish the project goals. After the identification factor got learned, I found that the next necessary task is to allocate the resources to the right place where they can appear as more functional and result in a better form.

Figure 2: Significance of project charter
(Source: Sadjadi et al., 2018, p.80)

One major problem, I learned that might appear is the emergence of more demand than resource availability. One interesting thing that I learned is that the resources are not a multitasking factor, which means if they are allocated to a service then it is almost impossible to relocate them to another task before the former task completion. Here, I acknowledged the importance of prioritizing the task to allocate the present resource that is to be done rationally and it should be allocated to the critical areas for productive outcome. I must add to this statement that it is not very sure whether the chance of further risk is less or not as it is possible. I learned that the PM can face new issues through new resource allocation but the impact might be getting lower this time. For the new activities to be planned, I must advise that resource smoothing is a very needful aspect that can offer project efficiency.

Lecture 3
From the lecture 3, I have identified the importance of Stepwise model and application of the model. Furthermore, I have realized the importance of PPARS from the study. The importance of software project planning problem I have found from the study. I have realized from the lecture notes that software development is highly situational and in this case, personal interactions and teamwork both are important. The wrong application of Stepwise model creates issue in the case of project development. Hence, it is important to focus on the overcoming issue of wrong people management. I must say that to cope with such issues there is a need to evaluate cost-benefits, risk matters as well as the project requirements. For general evaluation, it is very important to evaluate both financial as well as the technical aspect of the project. In this part, the main evaluation should be given to the evaluative strategies and the organizational portfolios that fit in them. Here, I must state that the evaluation must offer possible gateways for the value add up that involves bases like a customer, supplier as well as the companies’ shareholders. The technical assessment must carry evaluation related to the capability and domain acknowledgment of the project team. Lastly their evaluation should be carried on cost efficiency that includes cost development, cost set up as well as operational charges. Such cost efficiency is well evaluated when proper considerations are made under organizational costs, infrastructure, and maintenance of the project as well as hardware procurement. The next evaluation profile is the risk assessment that shows how much importance and to what extent it has been given to certain aspects of the software project.

Figure 3: Project management sequential steps
(Source: Haleema et al., 2018, p. 4)

Lecture 4
From the lecture 4 I have realized the importance of further project management techniques and the importance of cost benefit analysis I have realized from the module. The importance of Net present value I have realized from the lecture and it is identified that the effective application of NPV can help to get profit on investment. The net present value calculation method I have identified from the lecture and it is found that the project that has higher NPV is accepted by the project management team. The details of the cost benefit evaluation I have realized from the study. I observed that NPV is combined with the probabilities of risk that infer a better rate of revenue. The evaluation in the project management is possible when the decision trees can provide representative data. From the data provided it has been reported that an estimated probability for a new software platform is around 0.4 in the YES favor whereas 0.6 has been in the NO favour. The net NPV has been marked to have the software value ranging from €80,000 to a negative factor that might lead to a loss of €40,000. On the other hand, the graphic development might carry a takes-off to nearly €16,000 and a lesser amount to €6,000. According to an IRR exercise that has been produced in the assessment the software company can offer €90,000 to its first outlay. The expected revenue in the following 5 years can be marked under an average amount of €25,000. The borrowing cost has been marked as 9% and that rate might fluctuate from 8% to 12%. Through combining exercise of NPV and risk exercise it can be summarised that the expected value of the new version is around €8,000. Moreover, the enhancing cost of the graphics has been estimated to account for €2,800. So here it can be summarised that the new version has evaluated a platform take off of €80,000 with a probability of 0.4 and platform flop with a reduction of €40,000 where the probability is 0.6 and the same applies to graphic enhancement where take-off is €16,000 and platform flop might range as €6,000.

Lecture 5
In this section of the project management, I observed that after all the learning outcomes regarding issues, challenges, analysis, resource management, and related plans, the very crucial stage is to offer the estimation that can guide a proper costing for every resource and its marketing from the right area in the said industrial market. In the learning outcome of the estimation part, I got to know that there might occur certain issues while doing an estimate homework. Such issues that I observed are listed mostly related to the project itself such as scheduling problems, over budgeting, functional defects as well as lower performance quality. Regarding these issues, the solutions must be conducted and I found that there is a big requirement of the acknowledgment of the historical data.

Figure 4: Sequential steps for project implementations
(Source: Radujkovi and Sjekavica, 2017, p. 607)

I learned that many authorities are in the favour of acknowledging the size of the estimate and later they apply estimation activities. Such derivation includes LOC that carries a commenting line and declaration of the data. Next is the SLOC that carries non-commenting factors. And lastly, I learned about the KAELOC that offers different computer languages from the code line. Regarding the estimation purpose, I got information regarding CoCoMo and how it functions. I learned that there are types of it regarding the size in the code line such as the basic CoCoMo offers information regarding the employees subject to the particular effort in the project.

Figure 5: Work Breakdown Structure (WBS)
(Source: Elsye et al., 2018, p.06003)

From this lecture, I have acquired the ideologies regarding the sequential steps of project management to make the project viable and feasible. In order to become a good Project Manager and make the project successful, I should have deeper eyesights upon the project initiation, implementation, execution, and monitoring phases. I have also learned that at first I have to figure out the key scope, objectives and then establish a project authority. After that, I have to identify the right stakeholders, project sponsors and check the quantity of the project resources and quality of infrastructure. In this context, I should have an implementation of the “WBS Strategy” to identify the start and estimated completion timescale of each task in the project.

Lecture 6
In the analysis part, I learned that to start a management project it is required to identify the project aims and scope. I have also learned about estimation process of any project. Here, the need is to enlist the lacking sources to match requirements. After that, a project authority establishment must be done. The manager should understand that authority over a project is far different from that over its team. Once the authority is done making, it requires analysis over the stakeholder. The interest and impact of stakeholders must be understood based on their success and communication criteria. Stakeholders might need to match with the project requirement. Once the stakeholders are analysed, firm correction in the objectives must be made. I found that appropriate communication is required using planning and maintaining schedules, right media implementation, etc. Further, it requires management of the infrastructure by applying different and suitable infrastructures for particular tasks in the project regarding hardware and equipment, various subsystems, etc. Once the resources are ready firm installations with great care and safety are needed. Quality must be maintained with the right configurations that must include the right codes, designs, and specifications. Finally, it requires all the team associates and employees to acknowledge their roles and responsibilities.

Figure 6: Graphical depiction of function point analysis
(Source: Chawla et al., 2018, p.158)

From this lecure, I have acquired the deeper ideologies of project estimation techniques, strategies, and processes to evaluate a meaningful project. I have also learned that “Lines-of-Code” type of estimation is highly used to evaluate the complex project perfectly and on time delivery process. With the utilization of Algorithmic model, Parkinson, Top-down, and Bottom-Up method, I can deliver a perfectly estimated project. Function Point analysis is an estimated metric through which I can measure the estimated outcomes of the project.

Lecture 7
In the activity planning, I learned that there are certain challenges regarding activity planning. I found that feasibility was always a question like whether the project is going to get accomplished in time or not. Here, I have gained knowledge about effective software project management. Another question is regarding allocation of the resources that search for ways to place them right. The third section of the question that I found was about cost details. Such as the evaluation of expenditure and investment are noted. I observed that such questions are the challenges that further offer the right manner of the planning section. I learned that activities are the main backbone of any project. I acknowledged that there are enormous benefits of project planning, the very first being the acknowledgment of the resource availability as to when, where, and how much it is required to be utilized in the projection of any activity in the project. I observed that the project manager used to avoid certain requirements which are not as crucial as the real needful areas. From the below table, I have learned about network construction method.

Figure 7: Network construction method
(Source: Elsye et al., 2018, p.06003)

From this lecture, I have learned the in-depth ideologies regarding the project activities throughout the implementation of software project management process. Throughout the lecture assessment, I have extracted knowledge on network flow diagrams, critical path networks, Gantt charts, and logical networks. I also have learned a concise concept of project task schedu;ling and sequencing for a perfect implementation of the project. From the activity planning, I have gathered ideologies regarding the feasibility management, resource allocation, staff coordination, and capital funding for project viability.

Figure 8: Task sequencing and scheduling
(Source: Habibi et al., 2018, p.56)

Lecture 8
In the risk management factor, I learned that risk management in software development helps the team to avoid unconditional disasters, reduction in the rework rate, etc. Here in the crisis part of the management, I must include that the software is one of the major risk-prone factors among all the activities related to the engineering field. I also observed that many projects are not considering risk management and this is why they gradually get in trouble that causing them to experience the perpetual crisis. Hence, risk can be classified into several factors that might cause the project to suffer the overrunning of the timescale and the project budget. Several factors such as inherent issues regarding the estimation purpose, planning assumptions that might generate negative scenarios, unplanned events, etc. are the risk factors. For risk identification four sections include checklists, decomposition, and driving as well as assumption analysis.

Figure 9: Process of risk management
(Source: Kliem and Ludin, 2019)

Further, there is a risk analysis that is initiated through a performance set of models, costing, network pattern, decision making as well as quality development. Moreover, I learned that there are risk-prioritizing methods such as exploring risk, leverage of risk aspects as well as risk reduction. Once the risk evaluation has been done, it further requires it to be planned properly through information gathering, eliminating the risk factors, and integrating the plan. Further, the process includes the application of resolution based on the prototypes, simulation task, analysis, staff placement, etc. Lastly, it requires to be monitored through tracking in the milestones, reassessment of risk factors as well as ultimate correction procedure. Through an example, I can show the observation of the risk assessment. Suppose, a system containing all the information regarding the software gets destroyed due to any external factor. Hence, it requires €500,000 for a recovery purpose where the probability of such an external factor is 0.1. Then it can be said that the risk exposure can be evaluated as a cost of €5,000.

Figure 10: Risk management sequential steps
(Source: Kiradoo, 2020, p.285)

From the lecture notes, I have gathered knowledge upon the risk management and crisis management for perfect evaluation of the project. Different types of complex risks are identified, monitored, analyzed, and mitigated for reducing the chances of project failure. Contingency planning and risk register are evaluated to explore and resolve the identified, as well as the upcoming risks for betterment in the p[roject success journey. With the implication of the Barry Boehm model, I can investigate each minor and major risk in the project to figure out the resolution techniques.

Lecture 9
From these lecture notes, I have gathered deeper thoughts and ideologies regarding the resource management system for viable evaluation of the project. Resources are included in labour, equipment, third party suppliers, labour, spaces, time frame, and capital. I learned that I have to develop system specifications, module specifications, designing specifications, coding, and system integration for smoother orientation of the project. Before going to manage the resource allocation and investment in resources acquisition, the Project Manager should have a detailed view regarding the availability of the most prioritized and less prioritized resources. I have also gathered knowledge that the resource allocation can be done through the implementation of Gantt Chart for starting and finishing of each task within the deadline.

All the phases that include planning, evaluation, estimation, resource issues, and its modification got into my learning which has offered me the best strategic presentation in the assessment through accurate examples from the better demographic presentation and also the historical experiences collected in the field of software development. The project initiation helped me to acknowledge the case study to develop a proper business set, followed by its feasible study. With it, I learned the establishment of a project charter that can easily provide me with the materialistic as well as human resources in the right place of the projection. In the planning section, I observed the acknowledgment of phases in the task that includes records for risk management, estimation observation regarding the size, costs, resources, and efforts. Regarding the plans, I learned that it requires a lot of concern when the projection has been made to prepare financial assists as well as quality in the management.

Figure 11: Resource allocation and planning for the project
(Source: Frefer et al., 2018, p.3)

Moreover, regarding stakeholders, I observed that it is very important to keep the identification of the suitable stakeholders, proper means, and modes to communicate such as maintaining frequency through regular and proper attendance. I learned that there should be a plan for the procurement purpose that involves external resources and their identification. Lastly, I observed that the very vital requirement after all the analysis of the resources, risks, estimation related aspects, planning, and projection the very major aspect that I must carry with the best of knowledge is to review each section of the activities that are involved from the starting of the project management till the end of the projection to come up with a better format that can offer a well-planned format that can be commenced in any of the projects, say related to IT or any software development in my academic or professional learning.

Reference
Chawla, V., Chanda, A., Angra, S. and Chawla, G., 2018. The sustainable project management: A review and future possibilities. Journal of Project Management, 3(3), pp.157-170.
Elsye, V., Latief, Y. and Sagita, L., 2018. Development of work breakdown structure (WBS) standard for producing the risk based structural work safety plan of building. In MATEC Web of Conferences (Vol. 147, p. 06003). EDP Sciences.

Frefer, A.A., Mahmoud, M., Haleema, H. and Almamlook, R., 2018. Overview success criteria and critical success factors in project management. Industrial engineering & management, 7(1), pp.1-6.

Habibi, F., Barzinpour, F. and Sadjadi, S., 2018. Resource-constrained project scheduling problem: review of past and recent developments. Project management assignment Journal of project management, 3(2), pp.55-88. Kiradoo, G., 2020. Appraisal of Project Risk Management Techniques for Enhancing Project Success and Timely Deliverables. Journal of Advanced Research in Dynamical and Control Systems, 12, pp.283-288.

Kliem, R.L. and Ludin, I.S., 2019. Reducing project risk. Routledge.

Radujkovi, M. and Sjekavica, M., 2017. Project management success factors. Procedia engineering, 196, pp.607-615.
Street, R.A., Bowman, M., Saunders, E.S. and Boroson, T., 2018, July. General-purpose software for managing astronomical observing programs in the LSST era. In Software and Cyberinfrastructure for Astronomy V (Vol. 10707, p. 1070711). International Society for Optics and Photonics.