Installation of LCD Interface in a Departmental Store (Term Paper Sample)

center4500452120Project Management11540067000Project Managementcenterbottom1154000center790007945755Student numberwa1154000Student numberwaright23002311402016760098002016
Table of Content
TOC \h \z \t "Heading 1,2,Heading 2,3,Heading 3,4,Title,1" Section A: Project Brief PAGEREF _Toc448084333 \h 2
Question 1: PMBOK Justifications for Engineering Projects PAGEREF _Toc448084334 \h 2
1.Project 1: Installation of LCD Interface in a Departmental Store PAGEREF _Toc448084335 \h 2
2.Project 2: Installation of Thermal Water Heating System PAGEREF _Toc448084336 \h 2
Question 2: Design Risks vs. Price Risks PAGEREF _Toc448084337 \h 3
3.Design Risks PAGEREF _Toc448084338 \h 3
4.Price Risks PAGEREF _Toc448084339 \h 3
5.Risk Management Strategy PAGEREF _Toc448084340 \h 3
Section B: Ten Knowledge Areas in PMBOK PAGEREF _Toc448084341 \h 6
Introduction PAGEREF _Toc448084342 \h 6
Ten Knowledge Areas of PMBOK PAGEREF _Toc448084343 \h 6
Matrix of Knowledge Areas of PMBOK, with their Respective Processes PAGEREF _Toc448084344 \h 7
Application of Ten Knowledge Areas of PMBOK, in Engineering Project Management PAGEREF _Toc448084345 \h 8
6.Project Integration Management PAGEREF _Toc448084346 \h 8
7.Project Scope Management PAGEREF _Toc448084347 \h 9
8.Project Time Management PAGEREF _Toc448084348 \h 9
9.Project Cost Management PAGEREF _Toc448084349 \h 9
10.Project Quality Management PAGEREF _Toc448084350 \h 10
11.Project Human Resource Management PAGEREF _Toc448084351 \h 10
12.Project Communications Management PAGEREF _Toc448084352 \h 10
13.Project Risk Management PAGEREF _Toc448084353 \h 11
14.Project Procurement Management PAGEREF _Toc448084354 \h 11
15.Project Stakeholders Management PAGEREF _Toc448084355 \h 11
List of References PAGEREF _Toc448084356 \h 13
Section A: Project Brief
Question 1: PMBOK Justifications for Engineering Projects
The following two engineering projects have been selected from the domain of electrical engineering. Their diagrammatic presentation of Project Management Body of Knowledge (PMBOK) have been made , in order to provide the better plan for the management , organization and controlling of the project. Attached separately in the A3 file.
The descriptions are as follow:
Project 1: Installation of LCD Interface in a Departmental Store
In the presented project of installing an LCD interface for the department store, the mangers have to first identify the project goals then define its work segmentation in the planning. The main aim is to develop a touch based system for store, where people can order their desired items, just by touching the interactive software, and get their orders packed at the delivery section.
Now after defining the project aims, the project has to be clearly divided into its work sections at the start of its initiation phase. The HR manager has to recruit the other project teams including, technical, financial and procurement experts. And under the lead of project manager, the HR manager will define and assign the responsibilities and work scope for all the teams.
Project will move to the planning and designing phase, where system design, costs, quality parameters and risks will be analyzed. This will further lead to the execution phase, where procurement and system installation will be done.
During the execution phase, quality managers will monitor the quality of equipment and will revert back to design and procurement personnel for errors. The project leader will follow the Gantt chart for the timely completion of all project work.
Project 2: Installation of Thermal Water Heating System
Second project is about the installation of solar water heating system for the domestic use.
For managing every activity, the project managers have to prepare the clear breakdown of steps involved, starting from integration analysis, every project activity will be drafted in the project deign. Planning will start from the house survey, the home owner water heating requirements and climatic conditions will be analyzed.
Then the technical diagram for complete solar heating system will be made, keeping in view of project budget and required heating performance and climatic constraints. The quality managers will record the system efficiency and report back to the designer engineers with the feedback. All the quality parameters and risk factors will be catered for during the testing phase, to achieve the expected results for stakeholders.
All the project team managers will use the standard project monitoring tools, as described in attached diagrams.
Question 2: Design Risks vs. Price Risks
Risk assessment is a significant area during the planning, monitoring and controlling processes of any project. For engineering and technical project, the risk assessment further got segregated into has the two major branches of assessing the design risks as well as the price risks associated with the project.
The design risks are concerned with all the workings and efficiency of the project designs, whereas the price risks addresses all the price involved in the project. The identification, evaluation, control and monitoring of design risks and price risks involved in the projects are the main concerns of the Risk management experts.
Design Risks
The design risk assessment team has to analyze the project throughout it’s the concept, scheming and detailed designing processes. The design risk evaluation includes the analysis of project designs and its flaws, technical components, functionality and limitations of technical components, engineering errors, and performance over the project span, efficiency evaluation of all the machines and systems installed in the project, and their maintenance requirements as well.
Price Risks
The price risks generally includes the costing and financial performance of the project. The analysts plan and control that everything should remain in its financial boundaries and generates its targeted profits. However, in case of technical projects, manufacturing, design and installation investments, cost analysis for the product capacity, cost analysis for product efficiency also becomes the part of price risks assessments.
Risk Management Strategy
Now let’s consider the installation of solar panels, this project has nearly the life cycle of 25 years. So, for this case the effective working of the machinery and panels installed for the project should have the very efficient design and working throughout of its life cycle.
The risk analysts have to check all the conditions and limitations for selected solar panels and the photovoltaic cells, efficiency curves of the panels against their models and prices, safe operational limits for the equipment, environment conditions and the installation costs, as well as the legal limitations of the installation site.
The risk management team has to first prioritize the risks w.r.t their impact factors. Then calculate their probability of happening and after that the plan of action as shown in figure 1 below. All the risks factors have to be categorized as high, low and medium, the plan of action should be devised further.
Figure 1: Risk Assessment Matrix
The risk management strategies are devised as per their level of acceptance, shown below:
Figure 2: Risk Management Process
For long tenure engineering and construction project; the design risk cannot be compromised, especially when the project has to deal with the fatal project elements like, high voltages and fire and safety hazards.
Such design risks are directly linked with human lives and they become the high risk for engineering projects, so they should be addressed, monitored and controlled as the top priority, whereas the price risks become the medium and low priorities should be monitored accordingly.
Section B: Ten Knowledge Areas in PMBOK
Introduction
Project management is a very broad term used for starting, executing and completing the projects. It’s a complete systematic approach for doing and managing all the projects in a professional way. This whole branch of practical knowledge has been further segregated into its process groups and knowledge areas.
The management of any project is divided into the five main processes; starting from the project initiation phase, the work moves to the planning phase of the project, where every step and element of the project is planned, leading towards its execution phase, the project managers keep the control and monitor of all the project activities and take it towards its final closing upon the completion.
The project undergo its completion as per these five processes as follow:
Figure 1: The five main Process Groups of Project Management (PMBOK Guide, 2002)
Ten Knowledge Areas of PMBOK
The management activities in all the five processes of any project are termed as the “knowledge areas”. As defined by the PMBOK, there are ten knowledge areas in project management. All these ten knowledge areas are connected with their respective five process groups of project management, leading towards the proper implementation of project activities.
The figures presented next, illustrates the ten knowledge areas of the Project Management Body of Knowledge (PMBOK).
Figure 2: Ten knowledge areas of PMBOK (Shenoy, 2016)
Matrix of Knowledge Areas of PMBOK, with their Respective Processes
The figures presented next, illustrates the connection and application of PMBOK knowledge areas with their related process groups.
Figure 3: Matrix of Project Management Processes and Knowledge Areas.
Application of Ten Knowledge Areas of PMBOK, in Engineering Project Management
This report discusses all the ten knowledge areas of PMBOK, along with the explanation of how these key knowledge areas can be practiced in eng...