MLI605 Assessment 1: Individual Project Plan Assignment Sample

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Introduction: Project Management Knowledge

Project management is defined as the applying of the use of different knowledge, skills, and methods for accomplishing a specific type of project. It is necessary for the successful accomplishment of the project that the knowledge areas are effectively evaluated before the project (A guide to the project management body of knowledge, 2017). The proper analysis of the knowledge assists in providing a direction to the successful completion of the project. The current study will outline the three major knowledge areas of project management and their interrelationships.

MLI605 Assessment 1: Individual Project Plan Assignment Sample

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Assignment samples are provided to clarify coursework requirements and essential learning objectives. With our uk assignment support, guidance is offered while maintaining originality. The MLI605 Assessment 1: Individual Project Plan Assignment Sample demonstrates how key project management knowledge areas, including scope, time, and cost, can be effectively applied to plan and structure a project. These materials are intended solely for study and reference purposes.

Main Body

Effective project management relies on properly handling the key knowledge areas, as each of them plays a significant role in achieving project objectives. By clearly defining the scope, scheduling activities within appropriate timelines, and allocating the budget carefully, the project team can work more efficiently and avoid potential delays or overspending.

Project scope management

This is one of the crucial knowledge areas under project management, as in case the scope is not clearly identified and defined, then it will impact the success of the project. This concept includes defining the scope of the current project, as well as what the project is. This outlines the clear input which the project will be outlining and what resources and tools will be used to attain the aim of the project (Ribeiro, Amaral and Barros, 2021). It includes managing all the activities and steps that are to be taken for the successful working of the project and accomplishment of the objectives. It also focuses on the creation of the work breakdown structure, which lists the activities in groups and sub-groups to make the steps much easier. Susilowati et al, (2021) support that it is due to the reason that when the whole work is segregated into smaller parts, then it is easier for the project team to follow all the activities in a better and more effective way. It is needed as this will assist and guide the project manager to easily set the target and allocate all the work well (Edition, 2018). For example, when the project manager has a clear division of all the activities, then it will be easier for them to ensure that the right activities are allocated to the appropriate person.

Project time management

This is another crucial knowledge area that needs to be managed and listed well. This is a major aspect which needs to be followed for the successful working of the project. When all the activities are performed within the time limit then it is helpful for the project manager in improving the working capability and project accomplishment. This is so because all the activities of the project are interconnected, and in case there is any delay in any of the activities, then it will result in a delay in the whole project. This can affect the working efficiency and capability of the project because when the timely completion does not take place then it will impact and affect the relationship with the client (Parsamehr et al, 2023). Time management planning is a key component highlighted in the MLI605 Assessment 1: Individual Project Plan. If there is any delay within the working then the client will not be happy, and as a result, the overall efficacy will be impacted, and they will not have having good brand image. For example, the project of installing a solar plant was started, and it was planned to be completed in 20 days. While working, there was a technical breakdown, and because of this, the project was delayed by 5 days. Thus, this would have resulted in a loss for the client as they need to have the solar plant running in 20 days, and their work is hampered. With this, Arekete, Egbelakin and Ogunmakind (2022) stated that the time must always be allocated to the activities, keeping in mind some of the additional days so that any discrepancies can be handled. When the time limit is not clear than it will impact the overall accomplishment of the project. So it is the responsibility of the project manager they plan all the activities well and as a result of this, the working capability is improved.

Project cost management

Another important knowledge area of project management includes Cost Management. For the successful working of any project, the most essential aspect is the management of the cost. The cost is the financial amount which is being incurred for the successful working of the project. In case the cost is not appropriately managed, then it affects the accomplishment of the project. Money is the most essential aspect for the completion of the project (Mishlanova, 2024). Applying cost management principles is a key requirement in the MLI605 Assessment 1: Individual Project Plan. In case the cost resources are not effectively organised and allocated for the project, then it will not be successful. Hence, for ensuring the success of the project, it is very necessary that all the cost elements need to be well-assessed. For example, the budget of the project is $25000, and in case this budget is not appropriately allocated to all the activities, then it will affect the overall working of the project.

So, it is it responsibility of the project manager they effectively allocate the limited budget effectively and ensure all the activities of the project. The reason behind this is that when the budget is not allocated to all the activities, then it will affect the overall working of the company to a great extent (Le and Sutrisna, 2024). The project manager has to effectively manage and allocate all the costs to be activities and subgroups of the work breakdown structure. Venkataraman and Pinto (2023) contemplated that in case these activities are not provided with enough of the budget, then the overall project will not be accomplished. Thus, for the successful accomplishment of the project, Lotfi et al, (2022) contended that it is necessary for the project manager to effectively ensure the appropriate cost allocation. For this, it is mandatory for the project manager they estimate the cost appropriately and allocate it to all the activities listed so that the overall objective of the project can be completed well.

Conclusion

Lastly, it is concluded that all the knowledge areas of project management at interrelated to one another. This is because of the reason that all the areas have a clear interrelation with one another. For the effective allocation of time and cost, it is needed that all the activities are listed and this is mentioned within the scope management. Thus, for the successful accomplishment of the project, it is mandatory that the different knowledge areas of project management work in synchronisation so that overall working is improved.

References

• Arekete, S.A., Egbelakin, T. and Ogunmakinde, O.E., 2022. Project time and cost management. In Managing Information Technology Projects: Building a Body of Knowledge in IT Project Management (pp. 217-244).
• Edition, P.S., 2018. A guide to the project management body of knowledge. Project Management Institute. Pensylvania, 21.
• Le, A.T.H. and Sutrisna, M., 2024. Project cost control system and enabling-factors model: PLS-SEM approach and importance-performance map analysis. Engineering, Construction and Architectural Management, 31(6), pp.2513-2535.
• Lotfi, R., Yadegari, Z., Hosseini, S., Khameneh, A., Tirkolaee, E. and Weber, G.E.R.H.A.R.D., 2022. A robust time-cost-quality-energy-environment trade-off with resource-constrained in project management: A case study for a bridge construction project. Journal of Industrial and Management Optimization, 18(1).
• Mishlanova, M., 2024. The cost management of civil and agro-industrial construction project in the scope of information model. In BIO Web of Conferences (Vol. 93, p. 03031). EDP Sciences.
• Parsamehr, M., Perera, U.S., Dodanwala, T.C., Perera, P. and Ruparathna, R., 2023. A review of construction management challenges and BIM-based solutions: perspectives from the schedule, cost, quality, and safety management. Asian Journal of Civil Engineering, 24(1), pp.353-389.
• Ribeiro, A., Amaral, A. and Barros, T., 2021. Project Manager Competencies in the context of the Industry 4.0. Procedia computer science, 181, pp.803-810.
• Susilowati, M., Kurniawan, Y., Prasetiya, H.P., Beatrix, R., Dewa, W.A. and Ahsan, M., 2021, March. How to manage scope, time and cost of project management plan to develop manufacture information system. In IOP Conference Series: Materials Science and Engineering (Vol. 1098, No. 6, p. 062006). IOP Publishing.
• Venkataraman, R.R. and Pinto, J.K., 2023. Cost and value management in projects. John Wiley & Sons.

Online

• A guide to the project management body of knowledge. 2017. Online. Available through: <https://prothoughts.co.in/wp-content/uploads/2022/06/a-guide-to-the-project-management-body-of-knowledge-6e.pdf>