Project Management Assignment: Consolidated Portfolio For Operations Of Large Assets
Task: Prepare a project management assignment on consolidated portfolio for operations of large assets and reflect on the weekly learning outcomes.
This is a consolidated portfolio on project management assignment about what I learnt from project management for operators of large assets. In ten weeks I gained the basic knowledge of projects and their management. There were a lot of factors that contributed to a project. It made me realise that if even a single factor goes wrong then the whole project could be destroyed. A project had some basic steps which had to be followed. Each step led to the success of the project. It consisted of estimation, budget and finance. Some of the crucial things had to be considered as risks and uncertainties. The management of the project depends on the definition of the project. It means making a completely new structure. However, there was a project lifecycle and five different processes. A special set of people were required for handling a project. The first thing was to decide on the objective and then some investment in the resources. The concept of implementation was also studied within this project management assignment. There were different curves that helped in identifying the progress of the projects. There were some risk and appraisals. A cost percentage graph explained most of the things (Walker, 2015). Then the economic evaluation was also focused. There were different ways through which financial arrangements for the project has to be done.
I also got to learn about project estimation and its range as discussed in this project management assignment. The estimation needed some predictions like costs and probable programs. The profit amount and its factors were explained. Profit was completely dependent on the work and project size. There was some importance of early estimates. There were different steps of assessing risks. The sources for it were also seen. Estimation had different techniques and its sustainability was also checked. The planning part of the project examined in this project management assignment comprised of programming, network analysis, and resource scheduling and project control. There was a requirement of contract for managing the projects. This strategy had some factors to be focused on. In a contract, there were 3Rs that was considered. They are risks, rules and relationship. The contract mentioned in this project management assignment was based on choices like quality, time and cost. Further, there were different factors for selecting the contract. After this project organisation was studied in details. In project management, there has to be some focus on quality and tender. There was a cycle of procurement. The suppliers had some agreements which had to be followed. There were several complications in project management that were being explained properly. The essential and desirable requirements were there in a project. However, the budget would decide the desirable needs. The evaluation criterion was explained properly so that it could be applied practically. There were some ways through which the complexity of the projects could be handled. Further, the last two weeks explained about the project owners and some important considerations of tender. I understood that it was important to find out the risks at an early stage. Some aspects of engineering risks were also explained. The main focus of project management assignment was the construction projects and economic considerations.
In this week of project management assignment I learnt about the process and functions of project management. This is usually used by the operators and owners of large companies and assets. It is quite important that large assets are designed, built and maintained properly. However, it is necessary to keep an estimation of the projects. It also includes the budget and finance. Firstly, I got to learn about the basic concept of the project. To make a project there is a requirement of the new structure, system, plant, small and large replacement and renewal of the existing task. I understood that the project is usually of different complexity and scale. In class, the particular focus was on the parallel runway of Brisbane Airport. There are a beginning and an ending of a project. Hence, this is known as the project life cycle within this project management assignment. There were a lot of factors that are there in the life cycle of the project. To get a greater insight I got to know about the five different processes in project management. They are initiation, planning, execution, monitoring and control and lastly closure. For the operators handling large assets management of the projects are usually planned. However, it is important to look for some risks in a project. Without calculating the risks and uncertainty it is impossible to make a project successful (Meredith, Mantel Jr & Shafer, 2017). Resources require a great lot of investments. As a project passes the level of investment needs to be increased. This is known as the concept of implementation. I got the risk idea through the investment curve. There were a different set of lines representing net revenue, delayed completion and reduced net revenue.
The basic step for a project explored in this project management assignment was to decide the objectives. This helps in finding out the opportunity in the business. It is important to influence the outcomes of the projects so that the front end of the project can be managed. Such things created awareness within me about handling large assets. Project management will be helping me in future for identifying issues in a task (Heagney, 2016). It also provided me with the knowledge of finding out the success in a project. There were a certain set of criteria that had to be seen as discussed in this project management assignment. It was planning of the project, decisions, risks, time and money, contract strategy, handling external changes, communication, team building, training and many more. In different phases of the project, there is a value management structure (Kerzner, 2017). This management system will be addressing the value processes at the time of definition, implementation and operation phase. This is a complex system but following it would be quite beneficial. For project management, I feel it is important to go through all the reviews. This will be helpful in the planning of the job. It would handle some issues of safety, operations, maintenance and build-ability. The main focus this week in project management was Brisbane parallel runway. It is because this is the largest aviation project in Australia. This project required a lot of planning. There was a construction timeline so that the work is done on time. It is a long-term project and a single mistake would destroy the whole thing.
The main focus this week was on project risks and appraisal. It taught me about risk management. This is the most important part because there are certain factors that are ignored by the management and hence the projects fail. Some of them are time, cost, the realisation of benefits and the biggest one is people who are underestimating the complexity. A project consists of different stages like preliminary, appraisal, proposal, approved, pre-tender and post-contract. The justification of the project mentioned in this project management assignment is done through the cash flow graph. The curve explained each stage like project appraisal, project implementation and asset operation. In project appraisal and selection there is a graph of cost percentage. I understood that there is a scope of reducing cost in the preplanning stage. After this, it would be difficult to think about cost reduction. The investment decisions are usually made after the planning process is done. However, it should be made before designing and constructing equipment. The preplanning and planning stages come under appraisal (Harris, 2017). Design and construct equipment and installation are the implementation part. There are certain decisions that should be made during the installation process. In the early stages of projects, the biggest degrees of uncertainty are found. I felt that in this way a lot of investments can be saved. The appraisal stage discussed in this project management assignment is consisting of realistic factors. They are running capital costs, time-scale, project implementation programs, and performance standards. Just finding out the risks are not enough however, an evaluation needs to be done to make a project successful.
I got to learn that economic evaluation is necessary for knowing the extent of uncertainty that is there with project development. There are some financial criteria for understanding the alternatives and their rankings. The evaluation process is consisting of some discounting techniques. But it is necessary to interpret the results for the projects that are of long durations. This also includes a cost-benefit analysis. A huge emphasis was given on this particular topic of project management assignment. It included the project benefits, cash flow and cost-benefit ratio. Risk management included finding out the uncertainties, finding the implications, minimising the risks and managing the residual risk. There were some categories of risks like physical, construction, technology, design, loan and many more. Each one of them was having some factors of risks. None of the risks could be ignored. Project management includes finding out ways to reduce the risks (Moore, Boardman & Vining, 2017). Market risks could be handled by reducing the staging developments in a project. I felt that the risk management team must be there in handling the issues in a project. After this, we were taught about quality management. Quality means to have the ability to meet the expectations of the customers. It includes supplying good that is fit to use. According to some famous person, quality is the responsibility of everyone. There is a Deming PDCA cycle discussed in this project management assignment that has four stages Act, Plan, DO and Check. This cycle will be of great help in project management. I leant from different people about their views on quality management. Then there was the cost of quality and its management plan. I understood about the Taguchi approach. Quality Management consisted of ISO. Each one had a different meaning. Lastly, I got to know about environmental management in a project discussed in this project management assignment.
Project Management requires proper funding (Büttner & Leopold, 2016). Earlier I had no idea about this particular topic. In this week I got to know about the funding part in details. In the United Kingdom, the major infrastructure projects are funded by the public finance. The same has taken place in the last 50 years all over the world. Funding is provided in forms of loans. These are usually having low-interest rates. The subordinated loans are provided by the private sector. This simply showed that money is usually not for free. So, now it was necessary to understand the different sources of finance. These included government, local banks, commercial loans, long-term credit institution loans, contractors product buyers, export credit, bonds, currency swap and many more. Project finance is a term which is explaining the finance of the legal entity. The revenue and cash flow are usually accepted by lenders. There is no such recourse in project finance. One of the most crucial things discussed in this project management assignment that I got to understand was that financing a project was the most difficult thing. It was not easy to convince the lender about the investment. It required proper planning and implementation. The lenders were often not ready for financing because of the risks at the construction phase. The private finance package is dependent on the project type, loan currencies and loan schedule. The lenders need to be convinced about the level of risks and uncertainties. There are some financial instruments that are required in projects. The amount and nature of financing are needed in various phases of the project.
I got to know about the factors that are affecting the cash flow curve in a project explored within this project management assignment. Time is needed in setting the objectives, statutory approach, design, contract, financial arrangements, operation speed and amount of construction. There is a requirement of financial engineers as discussed in this project management assignment that specialises in the instruments of finance. They look after the forecasting and modelling of finance. The engineers have some derivative instruments. They provide insight into financial risks. They also handle assets and investments. Further to understand things in details there is debt financing contract. A project requires some sponsor (Franssen et al., 2018). Hence there is a contract between the lender and sponsor where the lender will be finding the information the project viability. The construction projects will have lenders who will be finding different ways of repayment. This is something which I didn’t know. There are some key parameters that were considered by the lenders generally. They are milestones, loan summary, break-even dates and complete size of the project. Financial loans comprise of certain objectives like maximising long-term debt and fixed-rate finance and reducing the refinancing risks. Further, there was an explanation on coverage and debt service ratio. All these theoretical information will be helped in the practical field. A project is having different types of risks like finance, commercial and revenue. There was something known as risk allocation. It included political and commercial risks, cash flow risks, completion risks and many more. I got to know about the functioning of finance in a project. It provided me with an in-depth knowledge of the topic.
Week 4 discussed in this project management assignment provides an understanding of the cost estimation within an industry. Cost management within the engineering industry although is crucial but has been observed to be weaker in the current market. The lectures vividly highlight the various stages in a project that requires proper cost estimation that helps in the effective completion of projects. The graphical representation provides an understanding of the stages of the project like appraisal estimates, approved estimate, proposal estimate which needs to be considered during the cost management in the engineering industry (Allen et al., 2015). The objectives of this week’s lecture for me were clear as explained the various distributions and the costs that are involved in the operation is included. Other than the phases of the estimations, the study also allowed me to understand the various risks which initially remains latent but reflects eventually during the project.
The week 4 lecture gave me a clear understanding of how the risks that are involved in the project related to the cost management can be handled. The various ranges of the estimates discussed within this project management assignment that are included in the project cycle helped to speculate how feasibility studies and settlement factors are important in the cost management process. The process which is followed by the industry in the calculation of the estimated costs is been explained effectively through graphical representations. The lecture in Week 4 also helped me in ascertaining the various requirements for the estimation which includes assumptions and forecast of the expenditures. However, in my opinion, identification and quantification of the potential risks that are involved in the cost management need to be evaluated.
Another aspect that I have extrapolated within this project management assignment from the lecture is how cost and price are different from each other. Further, the lectures also highlight which one between price and cost are more dominant in the management of the expenses in the project. During the lecture, the slides helped me gather how innovations, location, payment conditions and the methods used for the measurement of the risk affects the profits made by the industry. In the same conjecture, it also helped in understanding how the profits made by the companies ensure the contract and the agreed work is completed withstanding all the competition. While going through the cost estimation of the project discussed in this project management assignment, I assumed that there will be some method for the quantification of the risk so that according to the project can be managed. In this sense, the lecture clarifies how the review and the approval phase of the project are important in cost management. Other positive aspects of the lecture which helped me in comprehending the feasibility and the risk assessment process are the factors which are taken into consideration for the assessment. I observed that there are two steps for the risk assessment process where all the factors crucial for maintaining profits in the projects will effective completion of the agreed work is done. Further, the estimation process illustrated in this project management assignment takes in to account the uncertainties and the factors like man-hours, operational techniques, global as well as factorial techniques which helped me to also grasp how all the projects are achieved and what are the techniques used for the estimation process.
In the week 5 lecture discussed within this project management assignment, I gathered the importance of planning and programming in order to successfully complete any project. The lecture specifically highlighted how a successful and continuous planning process helps in the completion of the project. I understood that if there is any gap in the programming and planning of the project, it will result in delays that can affect the profitability and the image of the company handling the project. To manoeuvre the whole project programming needs to be done in three stages (Dolgui et al., 2019). The lecture helped me in perceiving the importance of the feasibility study and evaluation of the pre-contract phase so that the steps through which the projects can be carried out is ascertained.
One aspect which I have grasped in this lecture explored in this project management assignment is the importance of initial budget control through the utilization of line of balance, bar diagrams and location & time diagrams. This assists in the proper implementation of the resources and time for daily work so that the target of the project can be achieved. The network analysis process highlights how the precedence and arrow diagrams assist in the sanctioning process of the project (Twaddell et al.,2016). The bar chart diagrams and the line of balance provided me with a clear picture of how they can be utilized in the planning process so that the phases of the projects can be categorized. Among the different graphical presentation provided in the slide, I feel the time location of the project planning is crucial so that the daily tasks can be divided to meet the deadline.
It is mentioned in this project management assignment that the process by which the time location bar diagram can be plotted is explained in the lecture effectively. I could fathom from the lecture that in spite of the advantages of the use of precedence diagrams it is important for the company to also upgrade the network regularly. Up-gradation of the network regularly will help in the evaluation of the program in every interval so that the gaps in the stages can be determined and relevant changes can be made. Sometimes this can also include the introduction of new activity as well as changes in the duration that will also be a part of the plan in meeting the project’s requirement. The resource scheduling process helped me in interpreting how the industry utilizes various techniques so that the programming can be carried out effectively.
Some of the methods which have been mentioned in the lecture, which I feel assist in the uncertainty planning process are random sampling process and using decision trees. However, I supposed that planning cannot be impactful without adopting any control process. The selection has highlighted within this project management assignment that the industries carry out project control that assists in ensuring timely as well as cost-effective meeting so that the timely achievement can be consistent and help in completing the project within the accepted period. During the planning of a project, I presumed the project manager plays a very important role that assists in evaluating the performance index and the variances involved during the completion of the project.
In the week 6 lecture analysed in this project management assignment I understood the fundamental importance of contracts in a project. Contracts assist in the procurement of the resources and people so that the project can be managed effectively. The lectures helped me in gathering the fact that in many cases resources may not be available internally and the contracts assist the companies in availing those resources from other companies by maintaining a relationship through contracts (Zhang et al., 2016). To ascertain the factors and responsibilities that need to maintain in between the two parties are maintained in the contract. There are times these contract needs to include certain flexibility so that the companies can adopt according to the requirement of the business.
The three Rs explained in the lecture helped me in gathering the various contractual considerations that are carried out before documenting the contract. Further, the lecture assisted me in speculating how employing a contractor by the company in any project is documented and what are the various aspects that are included in the document. This aspect of project management assignment will ensure the interest of both parties will be protected. The lecture helped me in speculating the various objectives that were taken into consideration while contract selection on the basis of which the categorization of the contract is done. Thus according to the week 6 lecture, I understood that contracts can be a comprehensive contract or it can also be a management or construction contract. While the lecture discussed the various aspects that are considered and included in the contractual document, it also helped in understanding the various types of organization and the type of project that can adopt these types of contracts. The lecture gives a vivid idea about the different industries that can adopt the contractual projects that vary from management contractor to direct labour. It helped me to speculate the risk allocation process that is covered in addition to the different intricacies related to the terms for payment was included.
The graphical representation of the fees calculation of the contractors and the information related to the policies that are covered in the contract were also gathered from the lecture. Another vital aspect that I have learnt from the lecture as discussed within this project management assignment is the tendering process and the aspects which are included in them. Thus, in conclusion, the lecture assisted in the explaining the steps of the contract planning process and the pre-qualification which is required so that the contractor can be approved to be included in the project (Wu, Wu & Wang, 2018). I deduced that the pre-qualification of the contractor will be included in the contract documents based on the verbal negotiations as well as interchanges. Hence the lecture helped me effective learning the process of tender review and evaluation process and how contract plays an important role in the process. The recommendations which were discussed at the end within this project management assignment of the lecture helped me understand the crucial role of the project manager in approval of the contract.
Maintaining quality in the project is an important aspect in a tender. To understand how quality plays a vital role, lecture effectively explains the process of procurement. The diagrammatic representation of the cyclic process helped me remember every step that is considered in the process. The lecture not only elaborately explained me the tendering process but also assisted me in understanding the various factors that are taken into account while reviewing and evaluation of the tender (Olafsdottir et al., 2019). The lecture assisted me in the extrapolation of the tender specifications and understanding the purpose of a tender in a project discussed in this project management assignment. While defining the various requirements that qualify for inclusion in the tender, the lecture helped me in learning the specifications that the supplier needs to know and agree to be included in the tender.
I assumed that more the clarity of the specification higher is the probability of handling the contract. I found the lecture provided a clear picture of the various stages that were evaluated while considering the specifications. To qualify, there are few features that the specifications should maintain so that they articulate the requirement of the project (Zhang, Luo & He, 2015). While discussing the specifications, the lecture speculated every aspect in detail that helped me to ascertain while the factors are crucial for the completion of the project. Among the listed specifications some factors are essential that needs to be covered are explained clearly in the lecture. When the lecture was explaining about the evaluation criteria for the specifications for this project management assignment, few desirable requirements were rationalized in the lecture.
I appreciate the way the functionality of each of the functionality of the specification has been illustrated elaborately that assisted me in understanding the preparation process of specifications. I understood that even though it is not a part of the evaluation process for specification, all the bidders must be given equal opportunity for responses (Cheaitou, Larbi & Al Housani, 2018). Hence while preparing for the specification, I realized a thorough discussion and research is important so that the evaluation criteria can be matched. The lecture helped me in learning the various steps in the preparation of the tender and how the projects manager plays a role in the process.
I would like to mention in this project management assignment that I learnt that when required the company can also acquire consultation related to the specification from the customers as well as from the experts so that their specifications can meet the evaluation criteria. I found that the lecture to be specifically helpful in understanding the elements that need to be kept in consideration when the companies are taking consultation from the experts as well as the consumers and purchasers. I particularly found the steps mentioned in the writing and formatting of the specification helpful. The mandatory statements that need to be taken into consideration have been explained clearly providing a vivid idea about the mandatory requirements related to the goods as well as works.
In this week of project management assignment, I got to learn about the efficient project management of large assets and how it positively impacts the operation of an organisation. Engineers manage and control resources as per the current information available. However, the demands from regulators and partners are critical for the successful execution of a project. Strategic and exact information diminishes the complexity of projects. Technical data based on information and documents aid in the execution. The primary problem is much of the data are not formatted in a comprehensible structure thus making it difficult to share or incorporate easily in the business activities.
The teachings of the week discussed in this project management assignment emphasized on the overall value of effective document management for the assured success of a project. Content management depends on the integration of core business methods and content. There is better management of unstructured and structured information. Document management encompasses the creation, elimination and distribution of the appropriate document. The document is managed through soft and hard copies as per the requirement. There are numerous synonyms such as EDM (Electronic Document Management), IDM (Integrated Document Management) for document management which simply tenders a paperless system (Odor, 2018). In an ICT enabled system the hard files are scanned as per segmented modules. The documents mentioned in this project management assignment are stored through a clear system in the workstation by properly defining indices making the process of accessing relevant information faster. Through the internet, the documents arranged are uploaded in the server. There are six crucial activities related with proper document management namely capturing them in the system, archiving adhering to appropriate methods, selecting tools for faster access and retrieval, distribution via suitable channels, security to protect from malicious activities and conducting audits at regular intervals. The flow of managing documents comprises of scanning documents received with respect to the indexing structure prepared beforehand. Storing and uploading the scanned files after approvals and audits is the next phase discussed in this project management assignment. A DMS should ideally be capable of organising, managing and integrating critical data with the end requirements (Kiedrowicz et al., 2016). Additionally, there should be proper compliance and tendering robust security to the data collected. Revisions, visualisation, annotation and distribution are easily accomplished by a capable DMS. There is the collaboration of engineering documents from any area thus facilitating the execution of projects. The week analysed in this project management assignment also elaborated the ultimate values delivered by DMS. Addendum data and enquiry packages are instantly accessible for tenders. There is a faster exchange of information with the contractors and suppliers of any project diminishing the time constraint. Cross-referencing is accomplished for all the documents segmented for specific assets. It is discussed in this project management assignment that there is less amount of time spent on data management. Key stakeholders are provided with information and knowledge. DMS entails the system with scalability to support engineering facilities and projects in an organisation. A free flow of information enhances the efficiency of the project also bolstering the decision-making process since costs, benefits and risks can be assessed immediately. Coordination and collaboration are attained facilitated by efficient management of documents through DMS.
In this week of project management assignment the lesson focussed on the facilities provided by the system of proper documentation in case of a dispute, claim or risk associated with the project especially in the case of tenders. Project disputes and disruptions if not resolved in an early stage can result in litigation and arbitration. A business case method needs to be adopted to understand the pros, cons, liability and success of the resolution procedures for disputes. There is a higher chance for disputes occurring in the project due to the increase in the infrastructures of a project where each detail needs to be considered. Care must be maintained such that tenders consider all the relevant issues and contracts must clearly outline how disputes need to be handled (Olechowski et al., 2016).
The need for efficient documentation is not just quality but the governance of information empowering the decision-making the process. The biggest challenge mentioned in this project management assignment in case of a dispute arising is the collecting of proper evidence to support the verity of the claims made. Hence records must be updated capturing critical information in the phase of construction. Disputes can result in conciliation or litigation depending upon whether it is resolved in the time period when it is easy to identify and solve. Delays can increase the overall impact of the dispute. Mediation is the best possible way to address the disputes but failure may result in the arbitration which is more effective than litigation in disputes bordering on the construction industry. Delays may inherently increase the cost associated with disputes Project managers need to address them in the early phase to prevent them in spiralling out of control. Controlling risks as well as effective communication and negotiations illustrated in this project management assignment must be initiated to ensure early settlement of discrepancies and disputes. Thus during the scripting of the contract itself, it is required that every potential risk is clearly identified. Organisations often mistakenly assume that shifting the risks to contractors on tenders is fruitful. However; contractors also devise ways to function within the constraints elaborated in the contract. Unfortunate circumstances can be adroitly avoided by appointing specific staffs or incorporating the assurance process (Demek et al., 2018). The assurance process discussed in this project management assignment establishes that all parties comply with the obligations and identifying early challenges which can mitigate the risks. There is a serious dispute when the payments of the contractor are stopped. Owners ideally must address small issues head-on instead of letting them accumulate into undesirable issues. A project database can capture the changes thus initiating the early warning notifications. Effective communication such as project control meetings is essential for identifying issues. The root cause of the dispute must be identified to prevent complications later on. The monetary consideration, as well as the reputation of the business, should be considered for resolving disputes. Documentation provides the necessary information to claims in cases of dispute. Thus during the processes of construction and planning, it is noted in this project management assignment that records need to be maintained for each resource involved in the project. People working in the project can leave making them less accessible later on. A solid documentation process is able to mitigate this issue.
In this week of project management assignment, the lesson concentrated on risk assessment for better management of projects. Risk monitoring and assessment in construction projects are crucial for attaining the objectives. Predicted uncertainties which can adversely affect the achievements of projects are identified as risks. Categorising the risk is integral to facilitate the strategies of risk management. The toll associated with construction activities is enormous especially in terms of physical injuries which often surpasses the profits gained. 10 billion dollars are added annually to the costs associated with constructions.
Purchased insurances for construction workers are essential or battling hidden costs which affect the profits of construction projects. The direct costs mentioned in this project management assignment comprise of compensation and medical bills while the more indirect costs involve loss in the earning possibility of an individual, time lost by co-workers and economic issues faced by the family of the construction worker. Other important costs include failure to meet deadlines, damage to tools and equipments, loss in production, loss accrued due to delays in the project, repair costs, costs of fines and many other hidden costs which might arise during the execution of the project. Accidents contribute to costs which are often a result of sufficient negligence. Project managers explored in this project management assignment needs to consider several factors comprising of legal obligations, requirements of the contracts, financial impact, ethical consideration and the public image of the company. The court rules that employers tender staffs with a safe place to operate covering accidental damages if any (Vosbikian et al., 2017). A safety program designed should contain the management policies, assignment of accountability and responsibilities, the establishment of safe conditions at work, proper safety training and an accident assessment and reporting systems. The synthesis of first aid and medical programs must be included. The program illustrated in this project management assignment must be clearly defined and achievable supported by top management and resources of the company. Rewarding of safety performances, measuring the effectiveness and defining performance objectives are integral components of the program. Safety programs ensure a plethora of benefits including the boosting of employees' morale as well as a reduction in injuries, illnesses and compensation claims. Planning a project by defining the specific activities assigned to each employee with respect to safety has been imparted in the teachings. For instance, the safety professional needs to train and advise management on the techniques of safety. A safety project plan ensures that operations, equipment and personnel stay protected despite unwarranted incidents (Suleiman, 2017). The plan discussed in this project management assignment must capture the scope, the control and the hazards associated with each task. Revisions and audits of the daily operations must be included in the plan. Relationship with suppliers in order to empower the processes of safety and the importance of exercising control reduces the possibilities of human error which can adversely affect a situation. The outlining of the review process such as conduction of onsite safety inspections and reviewing permits as well as strategic meetings are necessary for detecting weaknesses and deficiencies which need to be immediately addressed.
What is the final conclusion and discussion on the topic examined in this project management assignment? Explain.
The study of project management assignment ably captures the details required for the successful management of resources in the construction industry. The lessons have critically focussed on the aspects of tenders, contracts, documents management, safety management and the efficient handling of disputes. The nuances of project management especially in the case of large assets have been defined in the lecture slides ex0loring each theme in details and linking consecutive topics establishing a clear path. The study of project management assignment however clearly establishes the importance of documentation in each aspect of the project empowering the process of execution. The lectures discuss the impact of documentation in the overall execution of the project facilitating quick decisions and faster retrievals of crucial information necessary to settle disputes associated in the project. The clear crafting of tenders to prevent litigations and the methods to avoid them are skilfully elaborated. The link between documentation and disputes are depicted. The relevance of documentation in the execution of the projects and the need to design effective constraints to overcome disputes are discussed. The study of project management assignment has been instrumental in my understanding of the various circumstances which affect the project planning and management. It also aided me in comprehending how essential it is to resolve issues in the early stages rather than letting them in spiralling out of control. The study was effective in establishing the importance of communication from different channels as well as knowledge and information sharing to avoid litigations and settle disputes at an early stage. From the lectures, I was able to grasp how contractors manipulate documents to operate within the constraints. The needs of a proper contract to eliminate the possibilities of litigation are clearly established in the lectures especially in the cases of construction project management. Yet another valuable knowledge gained is the designing of different safety conditions to avid unforeseen circumstances. Accidents are beyond the control of individuals involved in a project. However, the safety practises and measures are effective in mitigating the results of such accidents also reducing the delays that might be experienced during the commencement of a project. The study of project management assignment aided me in gaining deeper knowledge about the various aspects of safety. The importance of proper practises in ensuring that a project is delivered on time without compromising on the value and quality delivered is well demonstrated through consecutive steps in the study. Yet another lesson imbibed form the lectures are the inherent importance of risk management. The identification of potential risks and the effect upon the operations are clearly discussed in the study. The proper methods for assessment of risk illustrated in this project management assignment such as ascertaining the physical, chemical and biological factors associated with it are some of the valuable insights gained from the study. The lectures were not only instrumental in defining the finer nuances of proper project management but also the establishment of clear links between them. The clarity of the relationships explored in this project management assignment between the divergent factors explored in the study was successful in establishing a complete picture and direction when a project is being planned. The proper segmentation has further enhanced the overall comprehension.
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