Internal Assignment April 2023 Exam.

: Project Management

Answer for Question 1:

Introduction:

The planning and execution of a conference with more than 100 attendees is a hard task that
demands careful planning. As an event manager, it is essential to create a precise project charter
and budget to guarantee the event's success. The project charter describes the conference's scope,
objectives, stakeholders, and resources, while the project budget includes the projected expenses
and revenues. In this case study, we will explore the processes required to create a project charter
and budget for a conference with more than one hundred attendees.

Project Description:

A project charter is a short formal document that gives the authorization to start or continue a
project and states its purpose and key elements of the project.

It includes:

• a well-articulated idea
• purpose and objectives of the project
• project scope
• stakeholders
• roles and responsibilities
• project budget
• risks calculated

In other words’ a project charter is a document that describes the project's purpose, objectives,
stakeholders, and resources. It serves as a guide for the project team and provides a concise
explanation of what must be accomplished. The essential components of a project charter for a
conference with more than 100 attendees are as follows:

● The project's title should identify the conference and its aim with clarity. For instance,
"International Conference on Climate Change: Environmental Impact Mitigation."

● Project Objectives:
 The project objectives should clearly explain the goals of the meeting. For instance, the
purpose of the conference could be to bring together prominent scientists, policymakers,
and stakeholders to debate the most recent research and solutions for mitigating climate
change's impact on the environment.

● The project's scope delineates the bounds of the meeting. It covers the number of attendees,
the location, the time, and the themes that will be covered. For instance, the conference
may be a two-day event held in a hotel conference room, with climate science, policy, and
adaptation techniques as the primary subjects of discussion.

● The conference's stakeholders include the organizers, sponsors, attendees, speakers, and
vendors. Each stakeholder has a distinct role and duty in the conference's success.

● The conference's resources consist of the budget, venue, equipment, employees, and
volunteers. Each resource must be meticulously planned and managed to ensure the event's
successful implementation.

Part 1 Project overview

Project Name Conference meeting

Project Charter Author Rahul Merchant

Creation date Jan 1, 2023

Project requestor ABC holdings

Project charter status Approved Feb 1,2023

(pending/approval/rejected)

Project sponsor signature ABC holdings Date of approval

 Proposed project start and end date Start December 2023

End Jan, 2024

Available Resources Budget: 20 Lacs,

employees, and volunteers.

Part 2 project details

Project description Association gathering 100 individuals.

Time: two-day event held in a hotel conference room.

Set up an arrangement to hold your conference.

The conference's stakeholders include the organizers, sponsors,

attendees, speakers, and vendors

Project purpose The organization is arranging an International Conference on

Climate Change: Environmental Impact Mitigation to bring together
prominent scientists, policymakers, and stakeholders to debate the
most recent research and solutions for mitigating climate change's
impact on the environment.

Potential Risk The team may run out of budget due to variation in monthly inflation
rate.

Project goals and The gathering will bring together prominent scientists,
outcomes policymakers, and stakeholders to debate the most recent research
and solutions for mitigating climate change's impact on the
environment.
Budget for the project:

A project budget is a financial plan that estimates the project's expenses and revenues. It assists
the project team in successfully allocating resources and ensuring that the project stays within its
budget. The essential components of a project budget for a conference with more than 100
attendees are as follows:

● The conference's revenue consists of ticket sales, sponsorships, and donations. The project
team must forecast anticipated income and plan accordingly.

● The conference's expenses include venue rental, catering, equipment rental, marketing, and
personnel. The project team must estimate anticipated expenses and manage funds
properly.

● The contingency budget accounts for any unforeseen costs that may develop during the
conference. A contingency budget must be allocated to ensure that the project stays within
its overall budget.

● Profit and Loss Statement: The profit and loss statement is a financial statement that
displays the conference's revenues, expenses, and net income. It helps the project team
evaluate the conference's financial performance.

● The location of the conference might have a substantial impact on the budget. It is essential
to investigate and evaluate various venues to locate one that satisfies the demands of the
conference and falls within the budget.

● The provision of food and beverages for conference attendees is an essential component of
the conference experience. The project team should allocate funds in accordance with the
dietary requirements of the guests.

● Equipment: The equipment required for the conference, such as computers and audiovisual
equipment, can significantly affect the budget. It is essential to research and compare
several providers in order to acquire the best equipment at the lowest cost.

● Employing personnel, such as event coordinators and technical support, can also have a
financial impact. To ensure the successful implementation of the event, the project team
should examine the necessary workforce size and qualifications.
Thus, planning and executing a conference with more than one hundred attendees involves
meticulous planning and execution. Creating a project charter and budget is essential for the
success of the event. The project charter describes the conference's purpose, objectives,
stakeholders, and available resources, while the project budget includes the anticipated
expenditures and revenues. Event managers may organize and execute successful conferences that
fulfill the demands of their visitors and stakeholders by considering additional elements such as
audience, scheduling, communication, location, catering, equipment, and personnel.

Conclusion:

A conference with more than 100 attendees requires meticulous planning and execution.
Establishing a project charter and budget is essential for the event's success. The project charter
describes the conference's purpose, objectives, stakeholders, and available resources, while the
project budget includes the anticipated expenditures and revenues. By adhering to the methods
indicated in this essay, event managers may successfully organize and execute conferences that
fulfill the demands of their attendees and stakeholders.
Answer for Question 2:

Introduction:

Arranging a conference with more than 100 attendees involves careful preparation and execution,
and a structured project management approach is necessary for success. The project life cycle is a
useful framework for guiding event managers through the various phases of conference planning,
from inception to conclusion. In this essay, we will examine the techniques that can be
implemented during various phases of a project's life cycle, considering the triple constraint of
time, cost, and scope.

The best gathering organizers are ardent eyewitnesses of the business, consistently watching out
for new data that will assist them with working on their strategies and traverse their bustling
timetables.

Concepts and applications:

● In the initiation phase the project manager must identify the project's objectives,
stakeholders, and scope during the beginning phase. Doing a feasibility study to determine
the project's viability is one of the most crucial methods during this period. The feasibility
assessment can assist in identifying potential obstacles and threats to the project's success.
In addition, the project manager must define the deliverables, milestones, and dates in order
to identify the project's scope. In this phase, the triple constraint is a crucial factor, as the
project manager must balance the project's scope, available time, and budget.

● In the planning phase, the project manager must produce a thorough project plan that
describes the actions, resources, and dates necessary to meet the project's goals. In this
phase, one of the most important methods is to divide the project into smaller tasks and
distribute resources accordingly. This methodology can assist identify work dependencies
and guarantee the project is completed on schedule. In addition, the project manager must
develop a risk management plan that identifies potential hazards and mitigation techniques.
Taking into account the triple constraint, the project manager can establish a budget that is
consistent with the project's scope and schedule.

● In the execution phase, the project manager must allocate resources, manage stakeholders,
and monitor progress in order to implement the project plan. One of the most important
 methods in this phase is establishing clear communication lines with stakeholders to keep
everyone informed of the project's progress and any difficulties that may occur. Also, the
project manager should check the project's progress on a regular basis and alter the project
plan as necessary to ensure the project stays on track. In this phase, the triple constraint is
very critical since any changes to the project's scope, schedule, or budget can have a
substantial impact on the project's success.

● In the monitoring and control phase, the project manager must track the project's progress,
identify any deviations from the plan, and perform any necessary corrective steps.
Establishing performance measures that may be used to evaluate the project's progress is
one of the primary objectives of this phase. These metrics should be aligned with the
project's goals and quantifiable, such as the number of participants, customer satisfaction
surveys, and income generated. In addition, the project manager should keep stakeholders
informed of the project's progress and any modifications to the project plan through regular
communication. By considering the triple constraint, the project manager is able to make
educated decisions about the project's path and guarantee that it continues on track to
achieve its goals.

● In the final phase of a project, the project management must guarantee that all deliverables
have been completed and the project's success has been reviewed. One of the important
methods in this phase is to conduct a post-event evaluation to determine the overall success
of the project and to identify areas for improvement. The project manager must also inform
stakeholders of the project's results and close the project's financial accounts. By examining
the triple constraint, the project manager can assess the project's success relative to the
project plan and discover any lessons that can be applied to future projects.

Conclusion:

Arranging a conference with more than 100 attendees needs careful preparation and execution, and
a disciplined approach to project management can assist ensure success. The project life cycle is a
useful framework for guiding event managers through the various phases of conference planning,
from inception to conclusion. Event managers can accomplish project success by developing
efficient techniques to balance time, money, and scope during each point of the project life cycle.
Doing a feasibility analysis and establishing the project's scope are crucial tasks for assuring
project viability at the initiation phase. In the planning phase, it is vital to divide the project into
smaller tasks, build a risk management plan, and create a realistic budget. Throughout the
implementation phase, essential methods include creating clear communication lines, routinely
checking progress, and revising the project plan as necessary. Monitoring the project's progress,
defining performance indicators, and interacting with stakeholders are essential throughout the
monitoring and control phase. At the final phase, it is crucial to conduct a post-event review and
inform stakeholders of the project's results. By adopting these tactics and keeping the triple
limitation in mind during each phase of the project life cycle, event planners can successfully
organize a conference for more than 100 attendees.
Answer for Question 3a.

Introduction:

As a project manager, arranging an event or conference takes a great deal of preparation,

coordination, and management of resources. To guarantee the success of such an event, the project
manager must divide the project into simple, easily executable tasks. This method of decomposing
a project is known as a work breakdown structure (WBS). The WBS is a technique for organizing
and defining the project's scope. In addition, it assists in identifying the necessary tasks and
resources for the project. In this post, we will construct a work breakdown structure for a
conference and discuss the benefits of subcontracting certain tasks.

Concepts and applications:

A work breakdown structure is a technique for deteriorating a task that is successive, remotely
planned, and zeroed in on the client's requirements and assumptions (WBS). Each try might utilize
this reasonable to recognize the extent of the issue they're confronting and the means they need to
take to determine it.

Structure of Task Breakdown for a Conference

First Planning Phase

● Determine the goals and objectives of the conference

● Identify the intended audience and anticipated turnout

● Determine the theme and themes of the conference

● Determine the conference site and date.

● Create a budget and fundraising strategy

Phase of Marketing and Promotion

Create a marketing plan.

Develop promotional materials (brochures, posters, website, social media)

Develop and carry out a public relations effort.

supervise media coverage

Phase of Registration and Ticketing

● Design and develop the registration website for the conference Manage the registration and
ticketing processes

● Deal with payments and refunds.

● Coordination with sponsors and vendors for promotional giveaways and offers

Phase of Logistics and Planning

● Coordination of room setup and equipment rental with venue staff

● Arrange and manage speaker and attendee transportation

● Arrange for food and catering services

● Coordinate lodging arrangements for out-of-town attendees.

Conference Planning Stage

● Plan the conference agenda and timetable.

● Hire and verify presenters and speakers

● Handle presentation logistics (travel arrangements, accommodations, fees)

Manage and plan breakout sessions and workshops

Site Administration Phase

● Handle event staff and volunteers

● Handle onsite logistics with venue staff

● Monitor and manage the experience of attendees

 ● Manage all onsite emergencies and problems

The benefits of outsourcing to other parties

Many benefits can accrue to the project manager if he or she outsources a portion of the conference
to a third party. Some advantages include:

● A third-party vendor with specialized skills and experience might provide invaluable
knowledge in a particular field, such as event management, catering, or AV equipment
rental. This can result in higher quality and more efficient project execution.

● Cost Savings: The project manager can save money by outsourcing some duties. For
example, it may be more cost-effective to hire a third-party caterer than to manage food
services in-house.

● By assuming certain responsibilities, third-party vendors can assist the project manager to
save time. This can allow the project manager to concentrate on other crucial issues, such
as marketing or programming.

● By outsourcing specific duties to third-party vendors, the project manager can mitigate the
risk of errors or failures in such areas. Using an AV equipment rental business, for instance,
can guarantee that the audio and visual components of the meeting operate properly.

Conclusion:

A work breakdown structure is a crucial tool for project managers to properly organize and execute
a conference. The WBS provides a comprehensive overview of the project's tasks and assists the
project manager in identifying the resources necessary for each activity. Contracting out a portion
of the conference to a third party can provide several advantages, including expertise, cost savings,
time savings, and risk mitigation. The project manager can increase the likelihood of a successful
conference that meets its goals and objectives by using a WBS and outsourcing certain tasks.
Answer for Question 3b.

Introduction:

Selecting the appropriate contract type is crucial to the success of a project in project management.
The form of contract should be determined by the nature of the task, the level of risk involved, and
the relationship between the parties. There are a variety of contract kinds, each with its own set of
advantages and disadvantages. In this post, we will recommend contract types that are appropriate
for certain task packages, along with their accompanying justifications.

Concepts and applications:

Forms of Agreements: -

1. Fixed-Price Agreements

Fixed-price contracts are agreements in which the project manager agrees to pay a certain amount
for the work to be performed. These contracts are ideal for work packages with a well-defined
scope and low risk. Fixed-price contracts are advantageous because they are simple to administer,
and the contractor is incentivized to perform the task within budget and on schedule. But, if the
scope of work changes or unanticipated circumstances occur, the contractor may request more
payment or a time extension.

2. Time-and-Materials Agreements

The project manager agrees to pay the contractor for the time spent on the project and the materials
used under time and materials contracts. These contracts are suitable for work packages in which
the scope is poorly specified, or the risk level is high. The benefit of time and materials contracts
is that they permit flexibility and scope modifications. Yet, they can be difficult to administer, and
the contractor may have no incentive to deliver the project within budget and on schedule.

3. Cost-Plus Agreements

Cost-plus contracts are agreements in which the project manager agrees to pay the contractor the
actual cost of the work plus a percentage or flat charge. These contracts are suitable for work
packages in which the scope is poorly specified, or the risk level is high. The benefits of cost-plus
contracts include flexibility and scope adjustments, as well as an incentive for the contractor to
execute the task within budget. Yet, the project manager may end up paying more than expected,
and the contractor may not have motivation to perform the task swiftly.

4. Rewarding Contracts

Incentive contracts are contracts in which the project management agrees to pay the contractor a
bonus if the job is completed on time and within budget or if specified performance targets are
met. These contracts are ideal for work packages when the contractor has influence over the
outcome and the risk is high. The benefit of incentive contracts is that they incentivise the
contractor to meet the project's objectives and execute at a high level. But, they can be difficult to
administrate, and if the contractor surpasses the performance goals, the project manager may end
up paying more than intended.

5. Unit Price Agreements

Contracts where the project manager agrees to pay the contractor a defined fee per unit of work
accomplished are known as unit pricing contracts. These contracts are advantageous for job
packages with a well-defined and repetitive scope, such as construction work. Unit pricing
contracts are advantageous because they are simple to administer, and the project manager has cost
control. But, if the scope of the task changes, the unit pricing may no longer be suitable.

6. Contracts Based on Results

The project manager agrees to pay the contractor based on the achievement of particular
performance measures, such as quality or safety, under performance-based contracts. These
contracts are beneficial for bundles of work when performance is crucial. Performance-based
contracts are advantageous because they incentivize the contractor to perform at a high level and
fulfill the project's objectives. Yet, they can be difficult to administrate, and if the contractor
surpasses the performance benchmarks, the project manager may end up paying more than
intended.

Conclusion:

Selecting the appropriate contract type is crucial to the success of a project. The form of contract
should be determined by the nature of the task, the level of risk involved, and the relationship
between the parties. Fixed-price contracts are advantageous for job packages with a well-defined
scope and low risk, whereas time-and-materials contracts are advantageous for work packages
with an undefined scope or high risk. Cost-plus contracts are advantageous for job packages that
require flexibility but may incur greater expenses, whereas incentive contracts are advantageous
for work packages in which the contractor has control over the outcome. Unit-price contracts are
advantageous for repetitive work packages, but performance-based contracts are advantageous for
work packages in which performance is crucial.

The project manager must ultimately analyze the characteristics of each work package and select
the contract type that matches with the project's objectives, budget, and risk tolerance. The project
manager may assure the project's success and maintain a strong relationship with the contractor by
selecting the appropriate contract type.