Project Management Fundamentals Assignment Sample

Introduction of Project Management Fundamentals and Best Practices for Business Relocation

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Project refers to a group activity designed to achieve the desired output by the organization. Project management refers to the application of the knowledge, skills and techniques for the execution of the project with efficacy and effectively. The project report focuses on the feasible and convenient execution of the project (Bryde, 2003). It will include the implications of the project and a suitable methodology for it along with the structure of the human resources for the organization. Procedure of the monitoring and controlling will be included in the project according to the detection of the management aspects in the business. Finally, risk management will be added along with the description of the necessary steps for the completion of the project.

LO1: analysis of the business objectives for the identification of the feasibility of the project

1.1 Identification of projects required from an appraisal of established business objectives

Analysis of business needs

A company is planning to relocate to the area around Banbury, Oxfordshire. The main objective of this relocation is to reduce cost and to increase the profitability of the business by 10%. Therefore, the company is required to analyze its operational procedure.

Reviewing operations and procedures

Regular examination of the operational processes is essential for the success of the business and it should be undertaken based on suitable techniques of project management, taking into consideration the cost benefit and the trend of the organization. The selected methodology should enhance the quality of the project and efficiently drive it towards an output that is compliant with the requirements (Eve, 2007). It will make the process of the monitoring and controlling easier and help the project manager to complete the project in a shorter period with economical resource management.

In the present project report, this business relocation is analyzed to attain the goal of expansion and the growth of the business. Apart from this, it is very important to review the business operations and procedure so that suitable project can be identified for meeting the requirement of business.

Alternative project cost benefit analysis

• Improvement in operational activities: Operational activities will be improved in order to financial objectives such as growth in revenue and profitability.
• Development of IT department: For this project, IT team will be developed who will work for the improvement in existing IT systems of business.
• Management of human resources: This project will be focused on the minimization of human resource costs associated with the move particularly associated with redundancy, recruitment and training.

At this juncture, management can conduct cost benefit analysis which leads to provide information regarding project to be done. Not only this, time line, resources, budgeting and accountability of project also need to be considered and accordingly project should be selected. In addition to this, team manager can also make arrangement for alternative project so that business objectives can be met on right time. Also, it facilitates to complete the project on right time.

1.2 Production of the sub-division of the project and estimation of time and resources required for the project

Project sub-division: work breakdown

Project management assignment help has to pay attention on work distribution in order to complete the project efficiently. Distribution of tasks in the project management is crucial; if they are divided into proper stages and allocated to competent departments, efficiency will be facilitated (Brewer, and Strahorn, 2012). Three teams will be developed for the completion of work for three respective activities. Work break down structure of the project will be as follows:

This structure will work as a guide for the business for completing the activities on time along with appropriate monitoring.

Identifying time scales

Table 1: Time scale for completion of project

Activities	List of activities	Days	Predecessors
A	Supervisor meeting for planning for relocation	1
B	Assessment of required resources	3	A
C	Assessment and Arrangement of financial sources	5	B
D	Implementation of planning	7	B, C
E	Collection of resources	3	D
F	Resource allocation in different activities	6	D, E
G	Controlling and monitoring	3	F
H	Variance analysis in implemented project	1	G
I	Review the project	2	H
J	Necessary modification for relocation	3	I

In accordance with the critical path, entire activities of project will be completed in 26 days. Critical path of activity is 1-2-4-6-7-8-9-10. By implementation of this model, organization can accomplish their activities in a timely manner. There are several kinds of resources like human, physical and financial resources that are required for completing the relocation project. At this juncture, project team also requires training for the tasks to be done and they also need to allocate the resources. Furthermore, team members will be communicated about tasks to be done and accordingly, accountability will be determined. In addition to this, all team members will report to their project manager. Further, project manager serves as the communication center by which smooth flow of communication can be maintained among team.

Identifying resources

For the present project, various sources will be required such as human, financial and technical (Hamilton, 2010). These resources will be allocated in different operating tasks in order to maximize the output. Apart from this, effective budgeting has been followed for the relocation project.

Project budgeting

The budget has been prepared as follows-

Resources	Budget in (£)
Human resources	250
Land	350
Material	260
Total	860

Reporting and accountability

Entire three departments will report to their respective leaders and leaders will report to the project manager. In this manner, proper hierarchy will be developed and work can be monitored in an effective manner. Further, each department leader will have separate accountability in accordance with the task allocated to them.

1.3 Suitable methodology for the project

Relocation of the business is a complex task because it is a highly standardized process and it will require huge financial resources. The following methodologies can be implemented in the business.

1. Traditional approach - This is a traditional approach of handling activities of project management in a sequential manner (Callahan, and Brooks, 2004). This methodology is suitable for large scale software development projects.
2. Critical chain path or event change approach - As opposed to the waterfall project management, this method focuses on schedules and tasks. The critical chain methodology allocates adequate resources to the processes that have been identified to be crucial but there is still sufficient buffer to reassign the resources as deemed necessary during the course of project (Andersen and et.al., 2006).
3. Prince2 - This methodology is endorsed by British government. It is a process-oriented methodology which divides projects into multiple stages along with each with their own plans and processes to follow (see Figure 1).

For the relocation of office to Banbury, Oxfordshire from London, the suitable methodology can be PRINCE 2 technique. The selected technique is linked to the controlling and management of project in a right manner. It is a process-based approach used for the project management (Harry, 2013). This approach assists in enhancement of the performance of new business system. It also helps in attaining aims and objectives of the business in an effective manner. By considering the various stages of this method, the project manager can evaluate various elements of the relocation project along with improvement in infrastructure. Furthermore, managers also apply critical path method to assess a certain schedule of activities for which management can develop various other strategies to support different aspects of project management that would provide efficient return to firm (Kerzner, 2009). Provided critical path depicts the duration in which entire activities of project will be completed. In this regard, prior preceding all information related to proper planning, associated risk, quality standard and requirement of customer are considered in order to carry out effective project plan. Thus, this methodology reduces risk to a great extent and increases the chances of success for company. Apart from this, PRINCE 2 is a standardized technique where employees have common approach to work. With this fact it can be said that time taken to hire additional employees can be reduced to a great extent. Therefore, selected methodology is helpful in achieving the organizational objectives and in providing right quality of services to the end users.

1.4 Assessment of the feasibility of the project

For the relocation of the project it is mandatory to assess the feasibility of the project. The study of the feasibility is the analysis of the evaluation for the potential of the proposed project. It is based on the extensive investigation and research. By the feasibility analysis management of the business will be in position to make better decisions.

For the assessment of viability of relocation, management must check that it is feasible in all aspects like technical, operational, financial and economical. The project feasibility can be assessed by the risk identification and its management. It will include the process of prioritization of the risk through coordination in utilization of resources for the monitoring and controlling of unexpected circumstances.

• Financial feasibility - Present project will be financially feasible as the funds will be generated from the available financial resources of the organization. In this aspect inflow and outflow of financial sources will be considered to determine that project will be able to provide profits or not.
• Technological feasibility - The management will take the issues of current place of business in consideration for reference that it should not occur in the relocated business. In order to resolve the present issues, updated and improved software will be used by the organization. In this aspect, project manager will ensure that appropriate training is provided to the human resources so they can make an effectual use of new IT systems.
• Risk management - Under this risk will be managed effectively because of selection of appropriate methodology as PRINCE 2. . Further, impact analysis will be done in order to identify severity of the risk. On the basis of this analysis, plan will be prepared for the mitigation of risk for reviewing cost benefit and risk equation for project. This project will be completed by considering issues of globalization such as cross countries project. This risk will be considered while commercial transaction parties situation outside the border of the country. These transaction will be accomplished by considering advantages and disadvantages of cross-country culture projects such as its cost and benefits.This enables project manager to assess the potential risk and remove the same before it affects progress of project. Furthermore, appropriate risk management plan will assist the management in resolving potential issues which can take place during project completion stages. For example, in case of financial constraint bank loan as alternative source of finance is taken into account.
• Resource feasibility- In this aspect organization will ensure that they have appropriate resources in order to complete operational activities. With this feasibility analysis organization will not involve project in which high resources are required. It is because; they are not able to arrange sufficient resources required for the completion of project. For this purpose, project management will access the cost effective sources of finance so that in case of urgency, progress of project would not get hampered. These sources of finance can be bank loan and retained profit.
• Feasibility of project-the current project is feasible for corporation because of cost reduction and increasing profitability. However, appropriate sources of finance and other related sources are available at Banbury where management of company is planning to operate. Furthermore, company has competent workforce as well as necessary physical resources which make it feasible to execute the new project.

Lo2: Systems and planning for the initiating, managing and the controlling the project

2.1 Devising structure for the administration and the management of the project

Various models can be selecting for evaluation of project framework such as traditional approach, PRINCE2, critical change approach or event change

;approach. By considering the activities of project, Framework is developed on the basis of model Prince 2. Description of framework under this model is as follows:

Figure 2: Prince 2 approach

• Beginning of the project – In the starting step of project, planning will be done by project manager for the attainment of objectives in an effective manner. Further, team will be developed by considering the segregation of work through functional team structure.
• Direction of the project – In this step, project manager will guide their team members for the attainment of objectives. For the improvement in IT programs, they will suggest the improved programs and technology that is required to be used. For the reduction in human resources, cost redundancy and training program will be developed. In this step, guidelines for the termination of excessive resources will be formed. Further, business strategies will be developed through which revenue and profitability can be increased.
• Implementation of the project – In this stage, the planning will be implemented in the project. Constructional changes and the process of transfer will begin in this step which will be done under the monitoring of the project managers.
• Project control will consist of a regular assessment and evaluation of implemented actions and their contribution to the overall improvement targets
• These improvement actions had been agreed and scheduled through the planning procedure.
• Project closet- this will be the end step of the project where the relocation of the premises will be completed and test will be done for the comparison of the actual result with the desired ones.

The above diagram is showing traditional approach to complete the project. This is because all team members are allocated their responsibilities and task to be done by them. Under this, all workforces are responsible for given tasks and they need to communicate as per the requirement among team. Furthermore, critical change approach could also be adopted in case of need of immediate change. It assists management to bring modification in the present work environment and increase the chances of successful completion of project. Furthermore, PRINCE 2 has already been adopted for the completion of project. It depicts that proper structure has been followed for the management and administration of project.

2.2 Roles and responsibilities of the project manager

The project manager plays a role similar to the captain of a ship in the completion of the project. For the purpose of the relocation project, managers should fulfill the following responsibilities-

• Managing team and stakeholders– Project manager is required to manage the team and coordinate activities in an effective manner. They should have a professional qualification in project management along with the experience in this field.
• Setting schedule: Project managers are required to set schedule by determining time frame for the completion of each activity. In this manner, they will be able to complete the project task in deadline and can assure that subordinates are working as per the planned schedule.
• Budget and timing – Managers are required to prepare budgets and allocate resources to support the relocation project. With these budgets they will be able make optimum utilization of available resources in order to achieve their aims and objectives in an effective manner. For this aspect they are required to identify different cost categories such as fixed, variable, direct, and indirect and sunk. For these expenses they are recommended to generate funds from appropriate financial sources (Sabyasachi, 2015). For this purpose they should be able to use capital budgeting techniques. In order to manage different payment to different stakeholders they are required to prioritize the expenditures of the business.
• Preparation of project plan- Project management delegated authorities among team members. Here, detailed project plan is required to be prepared by the project managers which comprises of the management of the risk which is likely to occur in the project (Andersen and et.al., 2006). The design and control of the project is managed through the project plan.
• Managing project risks: Project risk can be defined as an uncertain event or condition that can have adverse impact on attainment of the objectives of the project. Main role of the manager is analysis of risk. Project managers are required to forecast the future activities. For this purpose, project managers are required to have interpretation skills. In order to manage risk in an effective manner, they can use the following model: (see figure: 3).
• Interfaces with other projects: Project managers are also required to synchronize the project activities and need to regularly on progress to senior managers and the client (Tsoukalas, 2014). Project manager will ensure interfacing with other projects of the client in order to assure effective coordinate and prevention of contradiction and conflicts. This aspect will be completed by implementation of PRINCE2 approach. By this aspect, project manager will be able to ensure that work conforms to the requirements of interfaces identified in the Work Package; Ensuring that the work is done; Assessing work progress and forecasts regularly; Ensuring that completed activities meet quality criteria; Obtaining approval for the completed activities.

2.3 Detailed plan for the project

A project plan can be termed as an approved formal document (see figure 4), which provides direction regarding how to accomplish a particular project. Further it is set of activities which provide direction to achieve final goals and objectives.

• Value proposition –The main objective of business is to grow and expand in long rum. Further it also aims at increasing profitability in the future. In order to meet these objectives and aims, economic and technological approaches will be applied on project research.
• Sponsorship – The project will be sponsored by management and board of directors of the company.
• Accountability and responsibilities – The accountability and responsibilities to team members will be assigned by the project manager. Each team member will be responsibile and answerable for his part of work. Further the complete project will be the responsibility of project manager.
• Resources allocation – The manager has to take care that the resources should be allocated in the best and most optimum manner. This will help in getting out the best and most desired output.
• Time and Milestone – The process of Time and Milestone is related to procurement and hiring of labor for project. It also includes activities of research and trend analysis of labor market (see figure 4).

Following table is showing the way in which project plan will be implemented in a particular time span. It is also showing the activities that will take place after one. Under this, meeting is held in the presence of supervisors regarding the relocation project. Further, 3 days for assessment of required resources. After that, viability of project will be checked with respect to financial resources. This activity will take approximately 5 days. Accordingly, all related activities of project are listed in the table along with the time taken for all.

Table: Activity table

Activities	List of activities	Days	Preceding activities
A	Supervisors’ meeting for planning the relocation	1
B	Assessment of required resources	3	A
C	Arrangement of financial sources and assessment of financial viability	5	B
D	Implementation of the plan	7	C
E	Collection of resources	3	C
F	Resource allocation in different activities	6	D,E
G	Controlling and monitoring	3	F
H	Variance analysis of the implemented project	1	G
I	Review of the project	2	H
J	Necessary modifications	3	I

Figure 4: Gantt chart

LO3: Organization and management of the project

3.1 Assessing the Alternative Project Team Structures

Following team structures can be implemented by project manager for relocation-

Functional team structure

Functional team structure is composed of organizational members from several vertical levels from hierarchy who can perform specific functions. A functional team will have manager and subordinates. Manager will be responsible for the completion of internal operations and management of external relationships. This structure is hierarchical in nature in which activities of sub departments is supervised by main departments (see figure 5). This structure is divided into four parts such as marketing, design and development as well as testing. All of these managers will be supported and guided by directors so as to integrate all project activities in the right manner. Functional team members generally have various responsibilities but they all work to attain similar objective of the department.

Figure 5: Hierarchal project structure (Source: Larson and Larson, 2012)

(Source: The Best Structure to Work Under for the Project Manager, 2014)

Matrix organizational structure

It is also known as matrix structure. It is established by combining characteristics of functional and project based structure. In this kind of structure, activities are interrelated for better coordination and support. (See figure 6)

Figure 6: Matrix organization structure

(Source: Larson and Larson, 2012)

Pure project teams

In Project based organization structure, an individual project team is established which comprises of experts from different fields. Further tasks are allotted to individual teams which are performed by experts (see Figure 7).

Figure 7: Project based organization structure

(Source: Larson and Larson, 2012)

The suitable structure for the completion of the project will be hierarchical (Haughey, 2013). (See figure 8) Through this structure the appropriate responsibilities and accountability to the subordinates and there will be proper reporting of the work to the senior managers. The structure for the relocation of the Banbury, Oxfordshire in London will be led by the board of directors and they will do the supervision of the project managers. Further the managers will lead the other subordinates of the business.

Figure 8: Hierarchal structure for the relocation

All the structure is explained as follows which depicts that hierarchical structure proves to be effective for the relocation project. The reason behind selecting this structure is effective reporting procedure. Under this, supervisors can effectively assess work of those who are working under them. Accordingly, effective reporting system can also be followed. In addition to this, selected structure facilitates to implement the project successfully.

Furthermore, board of directors remains at the top most position of team who give support to the project managers. The project manager handle rest of the work related to coordination and delegation of authority among team members. The team of project manager consists of IT experts, supervisors and vendors.

3.2 Interpersonal skills required for effective project management

Description of interpersonal skills of project manager is as follows:

• Motivation skills: Project managers should be motivating and open minded so they can motivate subordinates to provide effective performance for the attainment of objectives in an effective manner.
• Delegation skills: Project managers are required to be dedicated and responsible towards their work. They should delegate their work effectively to become a role model for the employees who can then improve their performance and follow the footsteps of project manager.
• Decision making: Project managers should be able to make viable decision by considering internal and external market analysis. For this aspect they must have analytical skills.
• Networking skills: These skills will assist project manager in developing network in team for effective coordination and synchronization.
• Communication skills: Project managers must be able to coordinate various activities of the project effectively without any contradiction among them (Project control, 2013). They should have good communication and interpretation skills. Good communication skills in project manager will reduce the chances of misunderstanding. In addition to this, it will assist in problem-solving in respect of issues among the subordinates and ability to minimize or eliminate the effects of conflicts on the project activities.
• Team work skills: Project managers should be able to develop effective team spirit. Further, network building skills will enable all team members to work with integrity and will ensure better coordination among them. In addition to this, presence of inter personal skills proves to be effective in collaborative learning which leads to achieve specified objectives in the given time slot with set standards. These all also contribute towards management of all project activities effectively and accordingly, overall risk is minimized which may be occurred during completion of project (Haughey, 2013)

3.3 Quality management processes

Quality management refers to the procedure of maintaining the selected methodology and techniques adopted for the completion of the project. It assures that the procedure does not have loopholes which might endanger the successful completion. The following process and techniques will be implemented in designing quality management process.

• Communication- Communication is essential part of quality management process. (Puus, and Mets, 2010). Due to this aspect, there should be effective communication and coordination between the board of directors, project managers and other stakeholders so the project can be executed with convenience.
• Regular monitoring meeting- In order to prevent variances between actual and desired results it is essential for project manager to monitor activities in regular time interval. In this manner, project manager will able to resolve issues in operational activities. For the review of results meetings should be held in timely manner.

Illustration 1: Quality management

• Trace ability and audit trails- For the management of financial resources the audit trails will be conducted. Through internal and external audit trails company will be able to prevent embezzlement of the cash and other resources.
• Meeting- For supervision of performance of subordinates’ regular meeting will be held. In this meeting project manager will discuss their future strategies to achieve aims and objectives in effective manner.

Formalized framework and stages

On the other hand, formalized framework and stages are the effective meaning to follow the quality design aspect of project. For example, design of total quality management can be adopted in order to complete the project as per the set standard. Further, regular monitoring meeting is also an effective method by which all team members can consult regarding quality aspect of project and solve the same if any. Apart from this, traceability is done at the team members end because they work on the basis of specified guidelines. Furthermore, above mentioned diagram is showing that corporation can easily ensure effective quality of products and services. It enables the customers to buy products and services offered by the firm. In addition to this, employees need to be informed on right and also, there must be communication related to policies and procedure (Lester, 2007). It proves to be effective in delivering good quality of services and creating competitive edge of the firm. Therefore, quality management process contributes towards increasing flow of production and meeting requirement to business in the most effective manner. It also makes it possible for the corporation to retain buyers by offering them good product with compliance of quality standards.

3.4 Procedures for Managing Change Proposals

Project managers are required to manage change in project plan in a proper way. The required changes will be made only after proper analysis of situation. In the present proposal the changes required will be communicated to broad of director for the final approval. Further, it will be communicated to employees along with its requirement to prevent resistance for change. These changes will be incorporated in operational processes and same will be implemented. Project manager will monitor the work of subordinates in order to assure that changes have effective placed. Following process will be followed project manager to make change in proposal-

• Formal change requests: Initially, project manager will make request for changes to the business organization along with the justification that why changes are required. These requests must be supported with the impact of changes on project plan.
• Review of critical path: On the approval of request by top management of entity, entire critical path will be reviewed. In this step, time will be determined in which entire activities will be accomplished along with the proposed changes.
• Impact on sources and time-line: Impact of these changes will also be considered on sources required for the project and time line prepared in the project plan. After completion of this step, changes will be implemented in the project activities.

LO 4: Monitoring and controlling the progress of THE project

4.1 Identification of risks and issues which can become barriers for the project

Several kinds of risks and issues have been detected in the process of the relocation. Main risk in this process is of inaccuracy in the planning process. There are many errors in forecasting plan which has made the present circumstances more adverse. Other than this, it has been identified that the allocation of resources has not done in proper manner which is caused delay in completion of project. Following risks can arise that can crease barrier for the project-

• Changing dependencies- Further, there are some issues which are beyond the control of project managers. It includes some key challenges such as dynamic circumstances in the environment. For example, there is a change in policy of contract which has caused many problems for the managers.
• Delays- There can be delay in some activities like technological decisions; resource availability can create hurdles for the completion of the project. Other than this, issues such has lack of resources are affecting the overall quality of project.
• Planning errors- Major risk involved in the project is defective planning because it will affect entire activities of the project. Under this, issues may be faced because of planning issue which affects the completion of project. These issues can be faced because of wrong anticipation of time and allocation of resources. On the other hand, it is very important for the project management to assess risk of external factors while planning for the project. In case of absence of such kind of consideration, barriers may be faced.
• Skills and resource deficits-This is the foremost issue which can affect the overall relocation project. Here, resources deficit such as lack of financial or physical resources create constraint for the completion of project in a given time span. Further, insufficient knowledge among workforce is also a barriers as they find it difficult when executing the project at the end step.

4.2 Monitoring and appraising the status of a project

The monitoring of the entire process will be done by the considering following document of project plan:

• Status and plan documentation: A regular supervision on the activities will be done in order to ensure that whether they are being carried out in a desired manner or not. Here, criteria can be set in accordance with daily work by preparing documents. These documents will contribute at the time of inspection. Furthermore, regular supervision makes it possible for project manager to monitor the performance in accordance with the pre-defined criteria. Also, changes can be made in the same, if required.
• Regular monitoring meetings: There will be regular meetings so that the problems during project can be identified and corrective measures can be taken to resolve them. This will help in completing the project on time and in an effective manner. Furthermore, during meeting, all team members will be asked to communicate regarding the project performance and issues faced by them. With this, project manager can have ideas regarding the need of training or risk that can be occurred during project. Thus, effective plan can be implemented to reduce the risk.
• Defining responsibilities: By giving responsibility to team members- all the team members will be provided by responsibility and roles for the completion of activities. In this manner accountability of individuals will be assured. At this juncture, monitoring process becomes quite easy because project manager can ask responsible people to give review of project at the end of each working day. It will make workforce more responsible and they will easily understand their part of job so as to implement the project successfully.
• Appraisals and rewards- The system of appraisals and reward will be based on the performance of team members. Further it will be provided every month and it will be communicated in team meetings. The motivation behind this process is to reduce the chances of risk and complete the project as per the set standard. Thus, for providing reward management needs to keep record of all workforces and their performance which in turn indirectly serve as the effective method of monitoring.

4.3 Control systems for the detection and management of the issues arising in the course of project

Effective control is essential to resolve issues arise in the course of project. In present case scenario project, effective control system can be developed by considering the following aspects in order to detect and manage issues-

1. Manager should implement constructive culture to provide better environment to workers. Constructive conflict spurs open communication in the workplace. Further, high-quality ideas will be provided by stakeholders for better decisions. Employees will be able to develop better relationships with each other and their project manager. As a consequence, collaboration begins to occur more often and overall productivity increases.
2. Internal and external check can be conducted in a timely manner. With this strategy, the organization can check efficiency of employees and issues in their performance. Further, feedback can be taken. This will help management to highlight the issues and factors which are causing conflict in the team.
3. Regular team meeting can be held to represent reports of team members. In this meeting, project manager can identify issues and can develop appropriate strategies to overcome the problems which can create conflicts. It will ensure that all team members are having sound knowledge related to their work and they all are working with coordination. In case of any query, during team meeting, project manager can make members understand along with potential impact of the same project progress.
4. Review- Under this, project manager will review the current progress of project activities of improvement in IT systems for business and completion of human resource development program. With this step, there will be reduction in the gap between actual and expected results. It facilitates organization to make increase in their revenue and profitability with the completed projects.
5. Control and modification- It is the last step wherein control will be done on risk in accordance with the review. Here, project manager will set the corrective measure in case of issue found during completion of project. This will reduce the risk to a great extent. The modification in design facilitates to carry out business in a right manner because hurdles will be removed in a successful manner.

LO 5: Evaluation and the closeout of project

5.1 Identification of the issues and risks likely to be encountered in the final stages of the project

Main role of project manager and sponsor is to manage all tasks of project at hand in such manner that all the issues can be prevented. Project at hand can be defined as the group of activities on which project manager is working with its team. From this aspect they are required to identify key issues and risk factors that can affect success of the project in adverse manner. This can be done through adequate planning. They should consider threat factors in planning for proper management of project (Lester, 2007). Following risk can be occurring at the final stage of project-

• Lack of ownership- Some decisions regarding project can be taken only by authorized persons i.e. client. However, project managers are authorized for all decision but in some cases there is still the requirement for BOD permission such has payment to stakeholders. Due to this aspect, there may be unreasonable delay in completion of the project.
• Less accountability- If responsibilities are not properly assigned by project managers then it cannot be identified who is responsible for the misconduct.
• Lack of employee empowerment : This issue will reduce the coordination among work of employees as it will also work quality. Furthermore, less employment will reduce motivation of employees which will affect their work efficiency in an adverse manner.
• Meaningless plan: Plan is said to be meaningless if the vision, mission, and value statements are considered as immaterial and it is not supported by actions or don’t have employee buy-in.
• Lack of resources- In final stages there is always threat of deficit of resources. It can be raised through inefficiency in allocation of resources which can be managed by proper planning.
• Communication failures: Another risk in project arises due to inappropriate communication between leaders and team members. This situation enhances conflicts due to which parties are not able to attain their goals in an effective manner.

Issues can be detected by monitoring the process and strategy of feedback. Regular reports will be prepared by the team on the basis of their work so that continuous evaluation can be done by project managers. Prior arrangements should be made to manage ownership issues in the project (Eve, 2007). Further, entire procedure should be documented to keep proper record of accountability and responsibility. Deficiency in resources can be managed by proper allocation of resources by considering plus margin in the situation of contingencies.

5.2 Assessment of the essential project tasks to be completed in the final stages of the project

It is the last stage of the project. In this stage, remaining formalities will be done to complete the project. In this financial statement will be prepared to represent actual cost and expenditure of the project (Bryde, 2003). Board of Directors will clear the account of project managers by paying final payments. Entire documentation will be audited by external auditors in order to assure financial accuracy. All authorities and obligations of new business will be transferred by project managers to BOD of the companies. Final presentation will be done by project managers on the completion of the project. Team will be reassigned by company according to their procedure (Richardson, 2010). If there are any issues, they will be solved by project managers and the project will be completed by sign off on deliverable. Apart from this, assessment is done by checking that whether project is completed or not. In this regard, several aspects like introduction of new project and its execution in a successful manner are taken into account. For example, in case if execution is done appropriately then project team needs to review that task to be done. In addition to this, it has also been assessed that quality aspect are done and project has been completed successfully. The assessment of plan has been done as follows-

• Representation of actual cost-Under this process, all expenses incurred for project will be assessed. It will include overall relocation cost including cost of human, financial and physical resources.
• Payment to project members-After completion of project, all the project members will be paid according to contract.
• Documentation with external auditors-This step is the foremost wherein project manager will complete the documentation with extent auditors with certain facts which need to be considered in future for successful running of business.
• Assessing success factors-Here, success factors will be communicated among team members. This could be related to team work, proper coordination and timely completion of the task and optimum utilization of resources.
• Post implementation report-Under this process post implantation report will be prepared to carry out the business activities smoothly.
• Hand over documentation: In this process entire documents regarding project will be delivered to the project managers.
• Contract closures-Here, contract will be closed after proper settlement with all related parties and relocation project will be start its business at new location.
• Closing out financial accounts: Entire financial accounts will be closed by recording entire transaction related to the projects.
• Reassign team-Here, all team members will be assigned their duties and responsibilities to run the business which has been relocated.

Conclusion

In accordance with the present project report, conclusion can be drawn that project manager is required to consider all the vital factors while relocation of business. For this aspect, they are required to evaluate financial and non-financial feasibility of project. For better performance, there should be proper controlling and monitoring on the project activities. It will reduce variances and increase the quality of the project. Further project managers should have adequate interpersonal skills to execute project in an effective manner and to reduce risk factors in future actions.

REFERENCES

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