PROFESSIONAL DIPLOMA IN FINANCIAL MANAGEMENT

MODULE
PROJECT PLANNING, MANAGEMENT & CONTROL

TYPE OF ASSESSMENT
ASSIGNMENT

LECTURER
TS. DR. VINCENT KANG

PREPARED BY:
NAME MATRIC NUMBER
DENNIS HA YEE HENG PX246882FFM647

SUBMISSION DATE:

Page 1 of 11
 PROFESSIONAL DIPLOMA IN FINANCIAL MANAGEMENT

MODULE
PROJECT PLANNING, MANAGEMENT & CONTROL

TYPE OF ASSESSMENT
ASSIGNMENT

LECTURER
TS. DR. VINCENT KANG

DUE DATE
29 DECEMBER 2024

INSTRUCTIONS:
1. This is an individually typed-written assignment.
2. Please read the questions carefully and answer ALL questions in this question paper.
3. Please use Times New Roman font 12, spacing 1.5.
4. Please submit your assignment (in WORD format) together with the Assignment Cover
Page and email to [email protected]
5. This assignment carries 40% towards your final assessment.

Page 2 of 11
Report Guideline

Please write your report based on the format given below:

 Cover Page (Please use Page 1 as your cover page from this document)
 Table of content (Please refer to the example given in Appendix 1)
 Introduction
 Main Content - You are required to answer the FOUR questions provided.
 Summary/Conclusion
 References - You are required to use 7th Edition APA format

Remarks:
1.This report writing required a minimum of 1000 words.
2.Font Type required: Times New Roman with Font Size: 12
3.Spacing required: 1.5 lines
4.You are encourage to use relevant diagrams, pictogram or statistical data to support
your answers.

Page 3 of 11
Instructions: Answer ALL the questions given below with details explanations. You are
required to provide relevant examples to support your answers with thorough explanations.

Introduction:
Provide an introduction about Project Life cycle by explaining the phases involved.
(4 marks)

Question 1:
Describe the process in Project Time Management and how it impacts project scheduling.

(10marks)
Question 2:
Analyze the roles of Quality Assurance and Quality Control in ensuring running an efficient
project. (10 marks)

Question 3:
Evaluate the significance of Scope Change Control and its potential consequences if not
managed effectively. (12 marks)

Summary/Conclusion
Provide your opinions of why Scope Change Control is important to a company based on your
understanding, as the summary of the report. (2 marks)

References:
Provide FOUR references that you have used to complete this report writing, using APA 7th
edition format. (2 marks)

Page 4 of 11
ANSWER:

Introduction:
The project life cycle refers to the series of phases that a project goes through from its inception
to completion. These phases help in structuring and organizing the project to achieve desired
objectives effectively. The primary phases of the project life cycle include:

1. Concept/Initiation Phase: This is the starting point of the project where the idea is
explored, feasibility is assessed, and the project objectives are defined. Key stakeholders
are identified, and the project charter is developed.

2. Development/Planning Phase: In this phase, detailed planning is carried out to outline

the project scope, budget, timelines, resources, and risk management strategies. The
project management plan is developed to guide the execution phase.

3. Execution Phase: This is the implementation phase where the planned activities are
carried out to produce the project deliverables. Resources are mobilized, and project
management practices ensure the work aligns with the project plan.

4. Transfer/Closure Phase: This final phase involves the delivery of the project to
stakeholders, ensuring objectives are met, and documenting lessons learned. The project
is formally closed, and all contractual obligations are fulfilled.

Page 5 of 11
Question 1: Describe the process in Project Time Management and how it impacts project
scheduling.

Project Time Management encompasses a set of processes to ensure that a project is completed
within its defined schedule. These processes include:

Activity Definition: Tasks required to achieve project objectives are identified and documented.
For instance, in a software development project, activities might include coding, testing, and
deployment.

Activity Sequencing: Tasks are arranged in a logical order based on dependencies. For example,
testing cannot begin until coding is complete.

Activity Duration Estimation: The time required to complete each task is estimated. Techniques
such as expert judgment or historical data are used.

Schedule Development: The project schedule is created by analyzing task durations,

dependencies, and resource availability. Tools like Gantt charts or Critical Path Method (CPM)
can be used.

Schedule Control: Monitoring and updating the schedule is critical to address delays or changes.
For example, if a key resource becomes unavailable, adjustments may be needed.

Impact on Project Scheduling:

Effective time management ensures:

Timely Delivery: Well-managed schedules help deliver projects on time.

Resource Optimization: Proper sequencing and scheduling prevent resource overall location.
Risk Mitigation: Anticipating potential delays and including buffers reduces risks.

Page 6 of 11
For example, in construction projects, poor time management might lead to delays due to
overlapping tasks or miscommunication among contractors, increasing overall costs.

Question 2: Analyze the roles of Quality Assurance and Quality Control in ensuring
running an efficient project.

1. Quality Assurance (QA): QA involves proactive processes to ensure the project will
meet quality standards. It focuses on preventing defects by defining quality objectives,
processes, and standards at the planning stage.
o Example: In software development, QA teams develop coding standards and
conduct design reviews to prevent errors before coding begins.
o Role in Efficiency: By identifying potential quality issues early, QA reduces
rework, saves time, and ensures stakeholder satisfaction.

2. Quality Control (QC): QC is a reactive process that involves inspecting and testing
deliverables to identify defects or deviations from quality standards.
o Example: In manufacturing, QC involves testing a sample of products to ensure
they meet specifications.
o Role in Efficiency: QC helps detect errors post-production, allowing corrective
measures to ensure the final product meets expectations.

Interrelation and Impact:

Together, QA and QC ensure project deliverables meet requirements efficiently. For example, in
a construction project, QA ensures design accuracy, while QC verifies structural integrity,
ensuring efficiency and safety.

Page 7 of 11
Question 3: Evaluate the significance of Scope Change Control and its potential
consequences if not managed effectively.

Scope Change Control is the process of managing and approving changes to a project’s scope to
ensure alignment with objectives, timelines, and budgets.

Significance:

Maintains Project Focus: Controls unnecessary changes that can divert resources and time.

Ensures Cost Management: Helps avoid budget overruns by assessing financial implications of
changes.

Improves Stakeholder Communication: Ensures all stakeholders agree on changes and

understand their impact.

For instance, in a marketing campaign project, adding a new channel mid-project without scope
change control might lead to resource strain and missed deadlines.

Consequences of Poor Scope Change Control:

Cost Overruns: Uncontrolled scope changes can inflate costs. For example, adding features to
software without evaluating their impact can overrun the budget.

Missed Deadlines: Frequent, unmanaged changes can disrupt schedules, delaying project
delivery.

Quality Issues: Diverted resources may compromise the quality of deliverables.

Page 8 of 11
Stakeholder Disputes: Miscommunication regarding scope changes can lead to conflicts.

For example, in a construction project, failure to manage scope changes, such as adding extra
rooms mid-project, could lead to contractor disputes, increased costs, and delayed completion.

SUMMARY/CONCLUSION:

Scope Change Control is crucial for ensuring project success. It enables organizations to manage
resources effectively, maintain timelines, and deliver high-quality results. Without proper change
control, projects face increased risks of delays, cost overruns, and stakeholder dissatisfaction.
Organizations must emphasize a structured approach to managing scope changes to achieve their
objectives efficiently.

REFERENCES:

Project Management Institute. (2021). A Guide to the Project Management Body of Knowledge
(PMBOK® Guide) (7th ed.). Newtown Square, PA: Project Management Institute.

Kerzner, H. (2022). Project Management: A Systems Approach to Planning, Scheduling, and

Controlling (13th ed.). Hoboken, NJ: Wiley.

Schwalbe, K. (2022). Information Technology Project Management (10th ed.). Boston, MA:
Cengage Learning.

Rose, K. H. (2014). Project Quality Management: Why, What, and How (2nd ed.). Boca Raton,
FL: CRC Press.

Page 9 of 11
 Grading Criteria

Scor Marks
Questions Details
e Rewarded
Addresses the project life cycle accurately with clear points
stated. Information provides descriptions to the phases of
Introduction (4%) 4
project life cycle with pertinent information and conveys
ideas clearly.

Provides explanation on the activity definition with relevant

2
examples.
Provides explanation on the activity sequencing with
2
relevant examples.
Provides explanation on the activity duration with relevant
Question 1 (10%) 2
examples.
Provides explanation on the schedule development with
2
relevant examples.
Provides explanation on the schedule control with relevant
2
examples.
Provides explanation about Quality Assurance (QA)
thoroughly 3

Question 2 (10%) Provides explanation about Quality Control (QC) thoroughly

3

State the importance of implementing Quality Assurance and

4
Quality Control to assure running an efficient project.
Explain the significance of Scope Change Control in
ensuring the any changes made to the project, it is beneficial 4
to the company/project.
Question 3 (12%) Explain the negative impacts brought by Scope Change
4
Control with relevant examples in details.
Explain the positive impacts brought by Scope Change
4
Control with relevant examples in details.

Page 10 of 11
 Summary/Conclusion Provide clear ideas of opinion with evidence of
2
(2%) understanding the concept of project planning management.
Student will need to provide FOUR reference using APA 7 th
References (2%) 2
edition format. Each reference shall be rewarded with 0.5%.

Overall Total Marks Total Marks 40

Appendix 1

TABLE OF CONTENTS

1.0 INTRODUCTION..................................................................................1

2.0 QUESTION 1........................................................................................2

3.0 QUESTION 2.......................................................................................3
4.0 QUESTION 3........................................................................................4
5.0 QUESTION 4........................................................................................5
5.1 SUB-TOPIC…………………………………………………………..6
6.0SUMMARY/CONCLUSION…………………………………………… 7

REMARKS: SUB-TOPICS ARE NOT COMPULSORY. YOU MAY ADD IN THE SUB-TOPIC IF
APPLICABLE TO YOUR WRITING.

Page 11 of 11