Project Core Characteristics

Q 1. What are the core principles/characteristics of any project and why are they important?

Project core principles and characteristics are unique and different. Uniqueness is due to its temporary in nature and different is due to each project being different. Thus, “project” in reality can be defined as – a temporary, unique and progressive arrangement to combine various execution techniques to generate a sequence of interrelated work breakdown structures, in order to achieve the specific, tangible or intangible and significant objectives and outcomes, with synergistic involvement of people and technology within limitations such as cost, quality, performance etc. The core principals are based on the following characteristics:-

1. Measurability:

The critical path, if it would have been plotted out by Ms Black prior to commencing the project activities, could prove as the tool to measure the necessary flow that the project should have followed to achieve timely success in each task and might also have avoided the undesired financial losses that occurred in real scenario. Figure 1 depicts an ideal Gantt chart that should be created prior to commencing this

Required Pumps, Compressors, Cranes and other machineries with their standing time needed depending on NE England’s weather

C. Needed enhancement of human resource in order to make up for the constricted timeline

D. Revival of IT infrastructure and intra-team communication system.

Based on these considerations, the apt cost management methods are:

1. Cost estimation and budgeting by

i. Work Breakdown Structure ii. Resource planning, risk management planning and activity definition.

2. Calculating resource rates by an experienced personnel through direct costs, variable costs, fixed costs, and indirect costs

3. Estimation of Activity Duration for resources viz. depreciation, standing orders etc., if any.

4. Analysing historical costing information by retrospection on past project reports, Commercial cost-estimating databases, or specific experiences of team members.

5. Acknowledging the Cost of Risk such as acts of God, and including their positive or negative impacts in the costing estimates.

6. Parametric Cost Modeling – Regression analysis: Rather than the Learning curve approach, this project needs a regression analysis – a statistical approach to predict probable future values based on historical values.

Q 5. How would you have assessed and managed the risks on this