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Project management is the tool of planning and organizing resources of an organization in an effective manner for moving the tasks to completion. With the help of close monitoring, managers can wind up the proposal within stipulated time duration successfully (Cameron and Green, 2015). Present report will discuss seven phases of DSDM along with the nine principles of dynamic system development methodology (DSDM). Strengths and weaknesses of different project management structures will be defined in this study. Essential qualities required in an efficient project manager will be explained in this report as well. Apart from that, calculation of lower and upper bound for BCWP will be done. Last but not the least; elements of change control system will be highlighted and a sample change request will be designed in this assignment.

Task 1

1.1 Project and Project Management

Project can be defined as a set of activities that are required to achieve the objective of entire proposal. It may take a few days, months or years to get accomplished that completely depends upon the amount of work involved. It is designed by the manager in such a manner that probability of failure can get reduced to a great extent (Mills and Gay, 2015). Characteristics of project are described as below:

  • A project is a collaborative enterprise that involves research and designing the activities carefully so that particular aim can be achieved. It can be defined as a repetitive or non-repetitive functional work for producing the specific project.
  • It has defined beginning and closing period.
  • Output of project can be measured by proper monitoring.

Project management is the body of knowledge, skills and tools to the project activities for meeting the needs of proposals. It falls into five groups, that is, initiative, planning and execution, monitoring along with controlling and closing. The major focus of project manager in on time, scope, quality, risk and cost of completing entire project. The three main phases of project management are designing, execution and implementation.

It is a beneficial tool through which entities can analyze the situation and prepare plan in such a manner that they can get optimistic results at the end of period. Many a times, project gets canceled before it comes to the final stage. There are many reasons of cancellation such as over budget, time length, stakeholder’s benefits, etc. It is essential to monitor the activities time to time for getting estimated results (Mubarak, 2015). Benefits of sound project management are as follows:

  • Better efficiency in delivered services: Project management supports the project manager in completing tasks within time period. As it provides road map so, no confusions takes place in the mid of project.
  • Increase risk assessment: In this, manager of company lined up the entire activities and procedures. So, risks can get reduced and manager can start project at the right time.

With the help of this tool, managers can successfully complete the task and gain positive results in the organization.

1.2 Measuring Project's Success

Success criteria are such standards through which an organization can judge the project. There are several factors and on the basis of them, manager can measure its success:

  • Scope: Each project has its own aim, if it is achieved at the end of time duration then it can be said that project is successful. If the proposal has meet with the objectives then it can be called as successful otherwise, it would get failed.
  • Schedule: It is another criteria through which success or failure of project can be measured. It looks upon the factor whether it has completed on time or not. if project is not being completed on time then manager look upon the factor that how far project was from estimated schedule.
  • Budget: It is the major factor that influences entire proposal. If project has finished within estimated budget that indicates that it has gained success but if it went over the budget then it will not be considered as a successful proposal.
  • Team and customers satisfaction: It is another criteria of measuring success. There are many people who are involved in the project. They put their best efforts to make it successful. If at the end all team members are satisfied with the performance of the project then it can be said that it is successful.
  • Quality: It is essential to look upon the quality factor whether actual project has reached to quality standards or not. After the completion also, quality plays the major role and if it is maintained then it can be said that as a successful project.

Winter Hungama Project

It is an event which is organized by university in festival season. All students, teachers and principals participate actively for making it successful. In this, students have designed some activities for the audience such as debate, games and quiz competition. For the entire project, they have decided the budget of£1000 in which £200 is for food, £100 for guest’d welcome and arrangements as well as remaining money is allotted for rest of the activities. Main objective of organizing this event is to get returns on it approximately 20% of the total investment. Another aim was to successfully complete the event within specified time duration. To enahcne participation of students is another objective of this project (Dell, Newton and Petroff, 2016).

1.3 Phases and principals of DSDM

Dynamic system development method (DSDM) is the tool which focuses on delivering quick business solutions. It helps to ensure the feasibility of project before it is created. Seven phases of DSDM are as follows: