Project Management Assignment

Question 1

The scenario of me planning a ten day vacation outside the country for my family is termed as a project firstly because it fits into a larger program which is the schedule of activities that I have planned for the year. Secondly, this scenario is a project because it will demand resources for its realization. Thirdly, the fact that I will have to undertake diligent step by step planning for the success of this vacation makes it adequately fit into the description of a project given that these will ultimately lead to an action plan that will have to be followed to the letter.

Project Management is a process whereby resources available are subjected to processes such as control, motivation, organization and planning with the aim of achieving a certain goal. With respect to the scenario at hand, project management for the vacation will involve me together with my family coming up with a plan on how the holiday can be realized using the available resources, primarily money and time.

Project management activities related to the planning of this family vacation include deciding on a budget figure to be used in calculations and as a guide for decision making. The budget to be formulated will depend on the destination and level of luxury we select or can afford.

Planning on where the vacation will involve the proposal of various holiday destinations and activities which will then be compared against each other with the aim of picking the best or the most appropriate.

The execution stage of project management will be seen through the actual act of my family taking part in the vacation following the plans that have been set with respect to place, time and price.

The allocation of responsibilities to the different members of the family such that all major facets of the vacation are adequately handled be it reservations, contingency plans, packing and also daily itineraries among others.

The booking of transportation and accommodation facilities that we intend to use. This is because transportation is the important link that will move us from home to the vacation destination.

Evaluation of how the trip went will also be a crucial element of the vacation that is a component of project management. This will happen both before, during and after whereby expectations will constantly be compared against perceptions of how the tour actually is for each member.

Some elements of this project will however not fall into project management

Interaction with other people is one of the elements of the vacation which will have to happen despite not being in any way a part of project management in its definition.

Shopping too will be part of this vacation. This may be included in the plans but is not a component of project management since it in no way affects the success of the project.

Stop overs during the vacation too are bound to take place for sight-seeing or resting. These are part of the project being planned but are not really component s of project management.

The feedback that we will be giving to the different service providers as well as tips that may be issued at different stages of the trip are not parts of project management despite taking place during the project.

During the vacation, we may decide to visit relatives or friends who stay near the destination or enroute to our holiday destination. This does not fall into project management.

Question 2

According to the Project Management Book of Knowledge, PMBOK, 5^th Edition, the 10 knowledge areas of project management are

Project Integration Management
Project Scope Management
Project Time Management
Project Cost Management
Project Quality Management
Project Human Resource Management
Project Communications Management
Project Risk Management
Project Procurement Management
Project Stakeholder Management

The 5 process groups on the other hand are

Initiating
Planning
Executing
Monitoring and Controlling
Closing

In total there are 47 processes according to the 5^th edition of PMBOK. They are derived from the five process groups above (PMI, 2011).

Development of a Project Charter

Development of a Project Management Plan

Directing and Managing Project Execution

Monitoring and Control of Project work

Performance of Integrated Change Control

Closure of a Project or a Phase

Planning of Scope Management

Collection of Requirements

Definition of Scope

Creation of WBS

Validating Scope

Controlling Scope

Plan Schedule Management

Define Activities

Sequence Activities

Estimate Activity Resources

Estimate Activity Durations

Develop Schedule

Control Schedule

Plan Cost Management

Estimate Costs

Determine Budget

The Control of Costs

Plan Quality Management

Performance of Quality Assurance

Controlling Quality

Planning Human Resource Management

Acquisition of a Project Team

Development of a Project Team

Management of the Project Team

Plan Communication Management

Manage Communications

The Control of Communications

The Planning of Risk Management

The Identification of Risks

Performance of Qualitative Risk Analysis

Perform Quantitative Risk Analysis

Plan Risk Responses

Control Risks

Plan Procurement Management

Conduct Procurements

Control Procurements

Close Procurements

Identify Stakeholders

Plan Stakeholder Management

Manage Stakeholders Engagement

Control Stakeholders Engagement

Question 3

The project can be divided into three stages of Preparation, Actual Vacation and Conclusion. The five process groups can indeed be applied to each of the phases. The first stage of Preparation takes under it the Initiation and Planning process groups. This involves the conception of the idea to go on a vacation and also the decision making process regarding how the vacation will take place.

The second stage which is the actual vacation takes into account the Execution and Monitoring and Controlling process groups. During the vacation we will travel to the destination and constantly check our activities to ensure our expenditure matches the budgeted figures. We will also use up the allocated time at different destinations and if we overstay in some, others may have to be sacrificed or receive less of our time. The same applies to the way we spend our money.

The final stage which is the conclusion of the vacation takes into account the Closing process group. This will include checking out of the accommodation facility and our transportation back home. These activities mark the end of the vacation and it is inevitable for these processes to take place in the marking of the vacation’s end.

Question 4

A Fish bone diagram analyzing the matter of having to pay more for a hotel room.

This is a cause-effect analysis that seeks to identify the possible causes that could have led to us having to pay a higher rate for the hotel room than we had initially anticipated. Some of the factors are within our control while others are beyond us. It is important to analyze the situation in this manner so as to ensure the way forward we chart will be amicable and aligned to our goals.

Peak Holiday Season

Late Booking

Extra bed may be needed

Increased luxury options at the room

Higher Rate for hotel room

Misinformation by travel agent

The first reason why the rate could be so high is the fact that we are travelling during the peak season when the hotels charge the highest rate possible for travellers who visit their accommodation facilities.

The second reason would be our late booking which may have denied us a chance to get discounts reserved for those who make early bookings for the hotel.

The third of these is misinformation by the travel agent who may intentionally or mistakenly have misrepresented the facts regarding the rates that this hotel charges.

If the family needs to take up a suite whose bed space is insufficient, the hotel may have decided that we need an extra bed thus increasing the amount they are charging us.

The fifth reason would be the fact that the particular room we have been allocated or selected may be having extra luxury options such as a hot tub or something similar thus making it more expensive than the others.

Question 5

Decision tree for the vacation

Vacation

Country A Country B

Diamonds Gold

P 60% P40% P60% P 40%

Stable(12%) Unstable (9%) Stable(8%) Unstable(10%)

Country A: If the economy remains stable, the value of Diamonds will be 12 X60%= 7.2% increase

If the economy is unstable, the value will increase by 3.6% * (40/100 X 9%)

Country B: For as stable economy the value of Gold will increase by 4.8% (60/100 X 8%) while in an unstable economy its value will increase by 4% (40/100 X 10%)

*(To get the probable percentage values the predicted increase for each option was multiplied by the Probability as a percentage. )

References

PMI (2011) Project Management Book of Knowledgre, (PMBOK) 5^th Edition