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PRM3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 (705306) - DUE 1 October 2024
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PRM3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 (705306) - DUE 1 October 2024
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PRM3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 (705306) - DUE 1 October 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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,PRM3701 Assignment 6 (COMPLETE ANSWERS)Semester 2 2024 (705306) - DUE 1 October 2024 ;
100% TRUSTED Complete, trusted solutions and
explanations.
QUESTION 1 [15 MARKS] You have been invited to deliver a
speech to young graduates about important issues in project
management. To educate them properly answer the questions
that follow. • Please note you will be required to do research on
the questions below. • Also indicate your references 1.1 Discuss
five constraints, besides a project budget, that a project
manager must balance to successfully complete a project. (5
marks) 1.2 Describe each phase of the project life cycle,
referring to two core activities that usually occur in each phase.
(10 marks)
1.1 Five Constraints in Project Management
In project management, besides the project budget, there are
several critical constraints that a project manager must balance
to ensure successful completion of a project. These constraints
are often referred to as the “triple constraint” model, which
includes scope, time, and quality. However, there are additional
constraints that can significantly impact project outcomes:
1. Scope: The scope defines what is included and excluded
from the project. It encompasses all the deliverables and
tasks necessary to complete the project successfully. A
well-defined scope helps prevent scope creep, which
occurs when additional features or tasks are added
, without proper evaluation of their impact on other
constraints.
2. Time: Time refers to the schedule for completing the
project. This includes deadlines for each phase of the
project and ultimately for the final deliverable. Effective
time management involves creating a realistic timeline and
ensuring that resources are allocated efficiently to meet
these deadlines.
3. Quality: Quality pertains to the standards and criteria that
must be met for the project’s deliverables. A project
manager must ensure that all outputs meet specified
requirements and stakeholder expectations while
balancing quality with other constraints like time and cost.
4. Risk: Risk involves identifying potential issues that could
negatively affect the project’s success. This includes
assessing both internal risks (e.g., team performance) and
external risks (e.g., market changes). A proactive risk
management strategy is essential for mitigating these risks
throughout the project’s lifecycle.
5. Resources: Resources encompass all inputs required to
execute a project, including human resources, materials,
equipment, and technology. A project manager must
effectively allocate these resources while considering their
availability and capability to meet project demands.
, Balancing these five constraints—scope, time, quality, risk, and
resources—is crucial for a successful project outcome.
1.2 Phases of the Project Life Cycle
The project life cycle consists of distinct phases that guide a
project from initiation through closure. Each phase has specific
core activities that contribute to overall success:
1. Initiation Phase:
Project Charter Development: This document
outlines the project’s objectives, stakeholders, high-
level requirements, and overall vision.
Stakeholder Identification: Identifying all parties
involved or affected by the project is crucial for
understanding their needs and expectations.
2. Planning Phase:
Scope Definition: Clearly defining what will be
delivered as part of the project helps establish
boundaries.
Schedule Development: Creating a detailed timeline
with milestones ensures that all tasks are planned
appropriately within set deadlines.
3. Execution Phase:
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