PROJ6002: Project Planning and Budgeting Assignment Sample

Introduction To PROJ6002: Project Planning and Budgeting Assignment

Project planning is defined as the concept which involves the whole blueprint of the project which needs to be accomplished. Effective planning needs to be done so that the working efficiency can be improved. The present study is based on Handy Travel Co. Limited. The project aims to develop a user-friendly mobile application which will provide a seamless experience to the consumers. The present study will outline the recommendations for managing the project. Also, it will outline the application of project time schedules and cost management tools for managing the project well.

Main Body

Recommendation for managing the project

With respect to the scope management and scope statement submitted earlier, it was analysed that the scope of the project is very wide. This is pertaining to the fact that the company aims to develop a mobile application for providing better services to consumers. With the analysis of the earlier project, it was evaluated that the objective of the project was to create an app for both iOS and Android platforms (Pellerin and Perrier, 2019). This is taken into consideration because it covers a large consumer base and will be helpful for the company to implement the work better. Some of the recommendations for improving the scope management of the company are as follows-

It is recommended to the company that they ensure proper control of the project is ensured. This is particularly necessary for the reason that when the controlling technique is good and effective it will ensure that project objectives can be accomplished well. The reason underlying the fact is that when effective control is not established then it will be impacting the success of the project. For the control of the project, it is recommended to HTA that they focus on the KPI which is the Key Performance Indicator for controlling the project. The reason underlying the fact is that this technique includes setting up an indicator of the performance (Irfan, et.al, 2021). After the completion of the project, the actual work is compared with the indicator and then the performance is measured.

Along with this, it is highly recommended to the company, that they must time to time research within the market as well. This is pertaining to the fact that when effective research is undertaken within the market it will provide a better base to take decisions. The reason underlying the fact is that when the latest trends and updates are implemented within the project it improves the efficiency of the project. Along with this there are many changes in the need and preferences of the consumers as well (Allahar, 2019). Thus, it is very necessary that all these are monitored and related changes need to be implemented in the project. Thus, for this, the use of intensive market research will be helpful.

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Moreover, it is recommended to the project manager that they must continuously take feedback from every employee and the project team member. This is pertaining to the fact that when proper feedback is taken then it provides a better base to the company so that the changes can be made easily (Smith, Li and Rafferty, 2020). This is very necessary for the reason that employees are the one who actually works and in case they have any suggestion then it will be beneficial for the successful completion of the project.

Applying project time schedule and cost management tools for responding to a scenario

Effective time scheduling is very necessary for the success of the project and its completion. This is pertaining to the fact that when the time is planned accordingly it provides a better base for the effective implementation and accomplishment of the project objectives. For this, the application of Critical Path method will be applied. This is a technique of scheduling the activities and the time duration so that the work can be improved well and all the activities can be implemented according to the plan (Ogundari and Otuyemi, 2019). Along with this critical path method, the Gantt chart will also be used. This is particularly used because of the reason that it lists out all the activities that need to be followed for the completion of the objectives of the study. The Gantt chart lists out the sequence of all the activities how they are listed and what is the sequence of the activities and which activity will be preceding which activity.

Along with the time schedule, it is also very necessary that appropriate cost management tools are also used. This is pertaining to the fact that cost control is a technique which will assist the project manager in managing the cost so that the cost is not increased much. This is very necessary for the reason that when the cost is minimal then the project objectives will be attained well. Also, the cost of running the project will be low which will be beneficial for the project manager and the company as well. Hence, for managing the project of developing the mobile application the use of variance analysis will be undertaken for managing the cost of the project (IMPORTANCE OF PROJECT SCHEDULE AND COST CONTROL IN PROJECT MANAGEMENT, 2023). This is pertaining to the fact that variance analysis includes comparing the actual cost of the project with the budgeted and planned cost structure. Thus, this includes the comparing actual cost with the budgeted cost and then analysing the variance present. Hence, the effective use of the budgeting technique is helpful for the company to manage the new project of development of the new mobile application for the users.

Conclusion

In the end, it is concluded that for the success of the project, effective planning need to be done. This is necessary for the reason that effective planning provides direction for the completion of the project. The above study included a discussion relating to the recommendation for improving the scope of the project. These recommendations included in-depth research, effective feedback and others. Further, the study highlighted that the critical path method and use of variance analysis for budgeting are helpful for managing the project on time.

References

Books and Journals

• Allahar, H. (2019). A management innovation approach to project planning. Technology Innovation Management Review, 9(6).
• Irfan, M., Khan, S. Z., Hassan, N., Hassan, M., Habib, M., Khan, S., & Khan, H. H. (2021). Role of project planning and project manager competencies on public sector project success. Sustainability, 13(3), 1421.
• Ogundari, I. O., & Otuyemi, F. A. (2019). Project planning and monitoring analysis for sustainable environment and power infrastructure project development in Lagos State, Nigeria. International Journal of Critical Infrastructures, 15(1), 24-45.
• Pellerin, R., & Perrier, N. (2019). A review of methods, techniques and tools for project planning and control. International Journal of Production Research, 57(7), 2160-2178.
• Smith, J. D., Li, D. H., & Rafferty, M. R. (2020). The implementation research logic model: a method for planning, executing, reporting, and synthesizing implementation projects. Implementation Science, 15, 1-12.

Online

• IMPORTANCE OF PROJECT SCHEDULE AND COST CONTROL IN PROJECT MANAGEMENT. 2023. Online. Available through: <https://www.globalknowledge.com/us-en/resources/resource-library/articles/importance-of-project-schedule-and-cost-control-in-project-management/#gref>