Each manager has to know everything about managing the projects. The project management is an accurately planned and established act to achieve a great successful result. It includes evolving a plan of the project, determining and verifying tasks and how they will be achieved, evaluating all needed resources and defining the budget and terms for conclusion. It also includes managing with the project plan realization, along with the ordinary control to be confident in the objectivity of all information, according to the plan. Some project managers do create their work plans according to the stakeholders’ requirements. Project planning includes determination of all the main goals, opportunities and changes to be reached in the project.
The project manager uses requirements from clients, availability of resources and required stages to complete a realistic project schedule and budget. Experienced cost evaluating tools help project managers build a cost and schedule using cases learned from previous and similar projects. In project management the resource distribution is planning of actions and necessary resources required by them considering both the resource availability and the project time.
The project budget is the total sum of money spent for the exact project task. The main goal of the budget process is providing control of all costs in the approved budget. When the manager creates a project budget, he/she calculates the cost to perform each task in work, adding it to get a total budget. The budgeting is performed at the project planning stages and usually with creation of the project schedule. The actions associated with budgeting are very dependent on the estimated tasks and the resources appointed to the project. Schedule of the project is organization of all activities, completed by time and by their correct dependencies with the start and finish date. The schedule determining is the possibility for the project staff to have right understanding of all the work that needs to be accomplished. Defining the project schedule also develops understanding of the activities’ limitations, dependencies and sequence. All projects include various cases: risk not to meet a deadline, efficiency improvement, delivery changes, delays that can happen any time. If the company does not want to lose its reputation, the managers are defined to plan the correct work process and to provide effective and successful job from the first day. Before starting to work on the project, each manager has to predict possible risks and be able to manage with them during the work process. Each unpredictable risk leads to significant losses.
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Also it is necessary to notice about Critical Path Method (CPM), the tool to examine the project and designate duration, the critical path identification through the activity. CPM knowledge can allow managing with change of the project duration. Activity times are deterministic and predictable. Another necessary management tool is Project Evaluation and Review Technique (PERT). Frequentative time estimates were used for each activity that admitted for activity time’s variation. Activity time is considered to be casual with probable distribution. Often these tools are used together as one technique CPM/PERT. It is easy to see the priority of relationships, perfect to use it in large projects with many activities. Knowledgeable people have to define which acts must preface others and how long activities will last.
According to our deal, the university proposed the Planners `R Us to organize a music festival ‘Rocking Bands’ with great specialization in implementation, commercializing and managing outlines. So, the ‘Rocking bands’ project gives new experience and opportunity in the proper area. Before starting a new affair, the company has to work out the exact plan for the further work. It means the discussion of the festival exact goals, the main tasks and terms, constraints, stakeholders, the participants to make a background for performance. They have to pay attention on the way of realization the plan for today, to learn issues and challenges, costs impacts, to develop the budget plan and performance schedule and managing with probable future project risks to meet a deadline. Also they have to manage with possible changes, affecting the whole plan. The company has to allocate time to evaluate the project and discuss a critical path and future resources spent on the festival performance.
So, the main goal for them is to put the ‘Rocking bands’ music festival on high level, including all the university’s wishes. This will represent a number of top leading groups and would appeal interest from the locals, students and representatives from the whole region and even foreign musicians and fans. Stakeholder of this action is university, which requires high level of the festival`s organization. Also the students who had suggested creating it could be the stakeholders.
The company has to manage with following activities. They are as follows in order: start from conducting negotiations with selected musicians to sign a contract (3 weeks). They are able to involve all regional and state groups who are interested in taking part in the festival, using all connections with various music agencies and other universities. After this activity is done, the company is going to arrange distribution of tickets for those who wish to visit the music festival (1 week). Then they will start negotiating with the roadies (2 weeks). As everybody knows, music festivals are visited by many people. So, an emphasis on safety must be made and recorded, that is why the company is going to hire security personnel (3 weeks). The workers will make installation of large screen and provide sound equipment (3 weeks). A construction firm will build a big stage (5 weeks). The organization of brochures, advertisement and souvenirs will make a great and huge impact on all music festival fans (4 weeks). The company has to organize transport for music bands and provide travel visas for those foreigners who will come from abroad (5 weeks). Also they hire parking staff and making all the arrangements (4 weeks). As everybody understands, this festival is organized primarily for students. So the company`s staff had to arrange concession sales. It will be fair and positive moment. Also they pay attention to the restroom facilities (2 weeks). In the end, the company will involve media inform for presenting the show and arrange MTV to make this music festival well-known everywhere (5 weeks).
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The company`s work is to allocate employees to proper tasks every week during the project organizational act. They have agreed to complete all necessary work in ten weeks, minimizing the costs associated with the project. All activities must be completed in ten weeks, involving four workers from the company. They are going to charge $200 per week per one worker. If the company misses time to realize all the necessary activities, they might need an extra worker to help. It will be cost $300 per work per week. If the project is delayed, there would be complexities during the last two weeks before the show. It will cost the company $ 2,000 per week according to a serious loss of favor and negative reviews.
The company may need an extra worker for a task in a week to finish work in less time. If the task requires two weeks, the company assigns two employees to work and the task will be completed in a week. So, it is quite an inefficient process involving two workers instead of one, which can finish his task completely from the beginning to the end. One worker requires less resources, so putting two humans on one task will require a supplementary adjustment and may require overtime (in additional $100 per week).
Estimating project costs is a proper decision about how much time and resources are required to fulfill the work according to eligible performance standards. The considered resources will be productive for 80% of time. First, the manager has to identify resource requirements, then to look for necessary workforce with proper skills to fill the roles. Actually, resources are sources of supply/support, such as people, money, materials and technology. Human resources are special kind of people that are available to do a proper job, having professional skills so the company needs can be met. Human resources include stakeholders, such as customers (the university staff, including students in our project), team members (the ‘Planners `R Us’ company), support staff, project suppliers (those who do the job) and users (musicians who play and the festival visitors).
The company was planning to find a construction team to build the stage in 5 weeks. But according to circumstances it will be finished in 3 weeks. The term of ticket distribution was changed. Instead of one week, the required work increased by 80h. Due to the illness, one of the workers completed 25 hours of work instead 40. Another worker started to manage with an unfinished activity. The work process changes are the following: the client informed sponsor that the project must be completed by the end of 9th week instead of 10th. Despite the objections, sponsor has agreed with the client`s request. So, the manager must be sure of the completed project by the 9th week. He lost one week, so he had to adjust the plan. All unpredictable changes in process can make a huge risk not to meet a deadline. So the managers have to be ready to manage with this during the whole work processing. If all planning activities are not completed on time, the project would not be completed well. The Critical Path has been changed throughout the project because of primarily wrong estimated tasks: the process of finding a construction firm was due to be completed in 5 weeks, but it took 3 weeks. The process of ticket distribution increased a required work by 80h besides one week. When the manager has a detailed list of activities to achieve when realizing the project, he can start to evaluate how much time each task can take, make sure to have time for meetings, accidents, illness of staff members, missing deliveries, customers’ plan changes. These factors can lengthen time and cost needed, so they should be resolved in priority.
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The Rocking Bands project could be named as successful, because of meeting the deadline earlier, but some unpredictable facts could hinder to realize it.