Penny Black Case Study Summary

1) What are the core principles/characteristics of any project and why are they important?
(8 marks).
Ans:-The word project comes from the Latin word projectum from the Latin verb proicere, "before an action" which in turn comes from pro-, which denotes precedence, something that comes before something else in time. The word "project" thus actually originally meant "before an action".
A project is characterized as a community oriented endeavor, including research or outline that is precisely wanted to attain a specific point. It generally incorporates an arrangement of interrelated assignments that are gotten ready for execution over a settled time of time and inside specific prerequisites and restrictions, for example, cost, quality, execution,
Scope Statement

Ans:-The project in the case study is for ‘Grabbit and Scarper & Sons Limited’ that has appointed Penny Black to join the team and in the first instance, to take over responsibility for the project management of a special project in the North East, with a view to then managing a new plant in the USA within the next 5 years. In the project Penny Black has to look for upgrade of plant that includes physical assets, mainly pumps and compressors and complete in 6 months
An in depth study and analysis of the case study identifies the following activities and deliverables in scope:-
 Tender for machinery– tenders to three approved pump manufacturers and installers, and three different companies specializing in compressors
 Identification of Tender conditions:-An analysis on clauses to be placed in the tender like quote, post installation services, standing charges is important to safeguard company’s
It is helpful placing the correct orders in tender

3) What difference would it have made if Penny Black had plotted out a full project Gantt chart and critical path? (6 marks).

Gantt charts could have helped Penny Black to Avoid Completion Confusion by keeping tender orders on track by providing a visual overview of milestones and other key dates, offering a more understandable and memorable method of maintaining deliverables to be tracked on a daily, weekly, monthly basis.
There would have been better chance of keeping project costs within budget while also better assuring on-time completion.
With the help of critical path she could have taken into consideration the requirements well in advance to complete a project in the most efficient way possible and determine the duration and estimate exact time and cost of the project. It could have enabled her to minimize the project length by monitoring the critical path by quick decision making to address the issue quickly

4) What method(s) would you employ for cost management and why? (4