ASSIGNMENT 3

Q 1: What is Project Schedule Management? Take any project of your choice and
develop a project schedule for it covering all aspects i.e. Plan, Develop, Maintain
& Control.
Project Schedule Management:
The main aim is to create a project schedule that represents when the deliverables for the project
will be completed. Of the six processes represented in schedule, five of them are devoted to the
activities needed to create the schedule and the last process concerns controlling the schedule
once it’s baselined and approved. The schedule should be discussed at every project status
meeting so stakeholders are informed of progress and/or delays. It’s a key communication tool
for keeping stakeholders informed and for keeping their expectations in alignment with reality.
Different methods for develop the project schedule:
 The critical path method.
 Agile approach where the deliverables and requirements (also known as user stories in an
agile methodology) are decomposed into backlog items that are prioritized and worked on
during each iteration.
 The iterative scheduling method (with backlog items) is similar to rolling wave planning
(discussed later in this chapter) where you elaborate the work of the project to the level of
detail you know at the time.
 Another method of constructing the schedule is called on-demand scheduling, which is a
type of Kanban methodology. Kanban is typically used on software development
technology projects where the work is balanced against available resources or available
capacity for work.
I am choosing my FYP design and analysis of on-campus hybrid charging station for EV.
Creating the Schedule Management Plan:
The Plan Schedule Management process describes how the project schedule will be
developed, executed, and controlled as well as how changes will be incorporated into the
project schedule. The only output of this process is the schedule management plan.
Develop Project Schedule in Project Management!
Project Schedule Planning:
The procedure of building policies, methodology, and project documentation gives direction and
guidance on how the task timetable will be overseen all through the project. The intention of a
project schedule is organized and focused based on the advancement of the Schedule
Management Plan.
The project plans should consider the following aspects:
The planning of the project schedule is an essential activity that incorporates identifying the
project activities, sequencing them, and defining objectives for those activities alongside the
project schedule management plan. As relevant as the project management scheduling ability is
by all accounts, competency ought to obtain with significant experience.
Developing Project Schedule:
Refers to planning the timing and sequence of project activities.
A project schedule assigns work to be done and indicates due dates to complete the tasks and
deliverables. The project schedule portrays:
 Time (duration) estimates for all project tasks
 Start and finish dates for the tasks
 Names of staff resources assigned to complete the tasks
 Sequence of tasks
Steps That Help to Develop a Schedule in a Project:
Project Management has always been fascinating by how things work and how to make things
work better. Thus, a project schedule comes through the planning phase of any project. Below
mentioned are the means that is expected to schedule a project:
Define Activities:
Define activities lets project managers use the Work Breakdown Structure (WBS) and a
deliverables diagram to establish and start the assignments that are essential to finish on time.
The main activities of our project is:
 Read and explore research paper of our project related.
 Components selection
 First doing software base work
 Implement base work on hardware
 Result discussion
 conclusion
Sequence Activities:
Sequence activities help to determine the relationship between the project activities. The
ordering of the tasks and identification of dependencies (Finish to start, Finish to Finish, Start to
Start, Start to Finish) is the next step.
 First we read research papers.
 We write combine conclusion of research paper.
  Components selection.
 Doing work in software.
 Implement software work on hardware.
 Result and conclusions.
Do Estimates:
The project team has the activities defined and the tasks in a breakdown structure; the following
stage is to choose the time utilization to complete the project. To calculate schedule, having an
estimation of what to do, how to do, and the essential part of the equation is to what extent a
project should take to finish.
 Time estimation of different activities
 Cost estimation of project components.
Determine Dependencies
Projects aren’t simple always. On a regular basis, a project can’t be started until the one in the
process is finished. These are called task dependencies. Consequently, your schedule will need to
reflect on these connected projects. As project supervisors, you can likewise pursue a
methodology by monitoring your schedule to suit these related projects.
Assign Resources:
The last step is to Assign Resources to finish your planned schedule. It picks what resources you
should complete the given assignments on time. As a project management team, you need to
have the right resources and their time ought to be considered to plan the assignments.
When you have intended to formulate the schedule for a project, get feedback from your
manager and roll out the essential changes that have to be finished. You’ll need to estimate the
project plan before you move on to executing the plan. Once the project is in progress, it’ll help
you compare the planned versus actual dates. Consider the task’s goals that assist you to set up a
schedule once you complete the process.
Maintain the Project Schedule in Project Management:
Amid the essential project management abilities, booking can influence, either decidedly or
unfavorably, the most territories inside a task. Inadequate project schedules can create hindrance
to your project schedule management thus creating an interruption for individuals and production
equipment leading to project failures.
Once the project plan is ready, present it to all the board members to utilize it as the roadmap
during the project.
Maintain the Project on Track:
A clear and well-defined project plan can help guide a project team throughout the project. A
constant reviewing, revising, and monitoring of the project is also necessary from the start until
the end of the project.

Time Management:
For every project management team, it’s always an advantage to be skilled in effectively
managing time in the workplace. While there are varieties of methods that a project management
team could use to deal with the opportunity, here are a few best techniques to follow:
 Delegate Tasks
  Prioritize your tasks
 Run more effective meetings
 Learn to say ‘no.’
 Write tomorrow’s task today
Celebrate the success:
Once the project completes by implementing the right strategies, the ultimate opportunity for the
project management team is to celebrate. A well-known approach to observe is by going out to
have a team dinner or have a few celebratory drinks. Rewarding the team with certification or
thanking the team in person is also a good sign.
Control Project Schedule in Project Management:
Control a Schedule in a Project Management signifies the approach to monitor the status of the
project, and consequently, update and manage the project changes to the scheduled baseline to
accomplish the goal.
This procedure helps to decrease the threat of delivery slippage when handled well. Besides
monitoring the status, the schedule control process updates projects and manages the change in
the schedule so that project managers can achieve the goal.

.
 ASSIGNMENT NO 4
What is Risk? How you will perform a comprehensive Risk Analysis for the
project done in Question 1 as above?
Risk Analysis:
Risk analysis is the process that figures out how likely risk will arise in a project. It studies the
uncertainty of potential risks and how they would impact the project in terms of schedule, quality
and costs if in fact, they were to show up. Two ways to analyze risk are quantitative and
qualitative. But it’s important to know that risk analysis is not an exact science, so it’s important
to track risks throughout the project life cycle.
There are two main types of risk analysis, qualitative and quantitative risk analysis.
Qualitative Risk Analysis:
The qualitative risk analysis is a risk assessment done by experts on the project teams, who use
data from past projects and their expertise to estimate the impact and probability value for each
risk on a scale or a risk matrix.
The scale used is commonly ranked from zero to one. That is, if the likelihood of the risk
happening in your project is .5, then there is a 50 percent chance it will occur. There is also an
impact scale, which is measured from one to fine, with five being the most impact on the project.
The risk will then be categorized as either source- or effect-based.
Once risks are identified and analyzed, a project team member is designated as a risk owner for
each risk. They’re responsible for planning a risk response and implementing it.
Qualitative risk analysis is the base for quantitative risk analysis, and it’s beneficial because not
only do you reduce uncertainty in the project, but you also focus mostly on high-impact risks, for
which you can assign a risk owner and plan out an appropriate risk response.
Quantitative Risk Analysis:
By contrast, quantitative risk analysis is a statistical analysis of the effect of those identified risks
on the overall project. This helps project managers and team leaders to make decisions with
reduced uncertainty, and supports the process of controlling risks.
Quantitative risk analysis counts the possible outcomes for the project and figures out the
probability of still meeting project objectives. This helps with decision-making, especially when
there is uncertainty during the project planning phase. It helps project managers create cost,
schedule or scope targets that are realistic.
Risk Analysis Methods:
There are several risk analysis methods that are meant to help managers through the analysis and
decision-making process. Some of these involve the use of risk analysis tools such as charts and
documents. Let’s dive into these risk analysis methods and how they can help you.
Bow Tie Analysis:
This qualitative risk analysis method is used to identify causes and consequences for all potential
project risks. The project management team must first identify risks that might affect the project
and then think about causes, consequences and more importantly, a risk mitigation strategy for
them. It’s a very versatile method that can be used in any industry.
Risk Analysis Matrix:
The risk analysis matrix assesses the likelihood and the severity of risks, classifying them by
order of importance. Its main purpose is to help managers prioritize risks and create a risk
management plan that has the right resources and strategies to properly mitigate risks. Risk
likelihood is measured on a relative scale, not a statistical one, which makes it a qualitative risk
analysis tool.
Probability of Risk Occurrence:
 High probability – (80 % ≤ x ≤ 100%)
 Medium-high probability – (60 % ≤ x < 80%)
 Medium-Low probability – (30 % ≤ x < 60%)
 Low probability (0 % < x < 30%)
Risk Impact:
 High – Catastrophic (Rating A – 100)
 Medium – Critical (Rating B – 50)
 Low – Marginal (Rating C – 10)
Risk Exposure:
Risk Exposure or Risk Score is the value determined by multiplying the Impact Rating with Risk
Probability.

SWIFT Analysis:
SWIFT stands for Structured What If Technique. It’s a risk analysis method that focuses on
identifying potential risks associated with changes made to a project plan. As its name suggests,
team members have to come up with any “what if” questions they can to find out all the potential
risks that could arise.
Risk Analysis Templates
There are several quantitative and qualitative risk analysis methods and that can be confusing.
On top of that there are several tools that can be used for different purposes.
Risk Classification Examples:
Benefits of Risk Analysis:
To understand risk analysis, note the importance of examining risk in methodical detail. Why?
There are several reasons.
 Avoid potential litigation
 Address regulatory issues
 Comply with new legislation
 Reduce exposure
 Minimize impact
Risk analysis is an important input for decision making during all the stages of the project
management cycle