TASK 1

Following are the answers to the questions of Task 1.

Question 1. What are the core principles or characteristics of any project and why are
they important?
There are three principles or characteristics that any project has. These are time, cost and
quality. These three are called iron triangle.
These are important because they are well known success measure criteria of any project.
It places cost, time and money at the center of project. This is called Iron Triangle. This
framework helps to evaluate and balance the competing demands of cost, time and
quality within their projects. The quality management of a project provides customer
satisfaction, cost reduction, increased productivity and better competitiveness. Cost
provides monetary resources needed to complete project activities. It determines the
budget of the project. It also monitors the status of the project. Time management is an
often critical for any successful project. If time is of the essence then quality or cost
should be harmonized. If completion of project should be accelerated then more
resources should be used in project and its lead to cost increasing. Sometimes changing
of time (schedule) will affect both, cost and quality. If project must meet specific deadline
quality could be cut to meet the accelerated time frame.
Question 2: How would you have defined the scope of the project in the case study?
Answer: The scope of the project definition starts by developing Work Breakdown
Structure (WBS). The project sponsor gather information for developing a high level
work breakdown structure. The organization, definition and establishment of the scope of
the project is a product of WBS. It helps to identify all the major deliverables of the
project. The planning meeting in detail and work session in Planning Phase, the project
manager reviews high level WBS with project team. The deliverables are developed
further into work packages.

Question 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?
Answer: The smartsheet.com in the internet has been used to do the grantt chart. The link
to the PDF view of the Grantt chart is below
Grantt Chart of ABEK Ltd.pdf
The critical paths of the project are A, C, and F.
The project will take 19 days to complete.
Question 4. Define one of the following cost appraisal methods; NPV, Payback or IRR.
What are the benefits of your chosen method?
The determination of present cash flow by discounted cash flow is defined as Net Present
Value(NPV). It is one of the measure used to identify the profitability of the project or to
determine which project and investment to undertake.

The profitability analysis of an

investment or project is done by using the NPV.

I prefer to use the NPV because the direct measure of currency contribution is identified
by their It also provides easy comparison to decide between investment options.
Question 5.How would you have assessed and managed the risks on the project in the
case study (6 marks).
Answer. The following steps will be taken as part of assessing and managing risk in the
case study. These are
-

Make risk management as part of the project.

Identify risk early in the project.

Communicate about risk in the project.

Consider threats and opportunities in the project

2

Ownership issues clarification.

Prioritize risk.

Analyze risk.

Plan and implement risk responses.

Register project risk.

Track risk and associated tasks.

Question 6. What quality methods (project evaluation, monitoring and control) would
you introduce to ensure this project is completed successfully?
Answer: The set of quality review activities need to be included in detailed project plan
since quality methods in a project determines the successful completion of the project.
The compliance issues are checked by the project managers with the help of the report
from team members and subject matter experts. Quality plan or quality expectations,
specifications, and procedures should be clearly stated in the quality method. The
interview is taken by the project managers to determine if the quality is acceptable to
monitor and control the quality issues activities. The acceptability of the quality is
between the owner and stakeholders. The project manager continuously takes feedback
from the owner and stakeholders if the project meets the quality requirements. Regular
quality reviews is a way of maintaining, monitoring and control the quality of the projects
according to deliverables.