NAME: Popoola Mabel

Moyinoluwa
DEPARTAMENT: Industrial
Relations and Personnel
Management.
LEVEL: 100 Level.
COURSE CODE: AMS104

Assignment
6. With the aid of a well labeled diagram,
fully discuss the concept of a project
cycle.
7. What do you understand by project
planning? And discuss in details the external
factors that affect project planning.

6.

*Project Cycle Diagram: *

1. *Initiation*

- Define project scope and objectives

- Identify stakeholders and their roles

- Develop project charter

2. *Planning*
 - Define project scope statement

- Break down work into tasks (WBS)

- Establish project schedule and timeline

- Determine project budget and resources

- Identify and assess risks

3. *Execution*

- Carry out project tasks and activities

- Manage and allocate resources

- Implement project schedule and timeline

- Monitor and control project progress

4. *Monitoring and Control*

- Track project progress and performance

- Identify and correct deviations from plan

- Take corrective action to get project back on track

- Report project status to stakeholders

5. *Closure*

- Formalize project completion

- Document lessons learned

- Evaluate project success

- Release project resources

*Detailed Discussion: *

The project cycle, also known as the project lifecycle, is a series of phases that a
project goes through from initiation to closure. It provides a structured approach
to managing projects, ensuring that all aspects are considered and that the
project is delivered on time, within budget, and to the required quality standards.

*Phase 1: Initiation*

During the initiation phase, the project is defined and the project charter is
developed. This phase involves:
- Defining project scope and objectives

- Identifying stakeholders and their roles

- Developing project charter

- Establishing project governance structure

*Phase 2: Planning*

The planning phase involves developing a detailed project plan, including:

- Defining project scope statement

- Breaking down work into tasks (WBS)

- Establishing project schedule and timeline

- Determining project budget and resources

- Identifying and assessing risks

- Developing risk management plan

*Phase 3: Execution*

During the execution phase, the project plan is implemented, and the project
tasks and activities are carried out. This phase involves:

- Carrying out project tasks and activities

- Managing and allocating resources

- Implementing project schedule and timeline

- Monitoring and controlling project progress

*Phase 4: Monitoring and Control*

The monitoring and control phase involves tracking project progress and
performance, identifying and correcting deviations from the plan, and taking
corrective action to get the project back on track. This phase involves:
- Tracking project progress and performance

- Identifying and correcting deviations from plan

- Taking corrective action to get project back on track

- Reporting project status to stakeholders

*Phase 5: Closure*

The closure phase involves formalizing project completion, documenting lessons

learned, evaluating project success, and releasing project resources. This phase
involves:

- Formalizing project completion

- Documenting lessons learned

- Evaluating project success

- Releasing project resources

In conclusion, the project cycle provides a structured approach to managing

projects, ensuring that all aspects are considered and that the project is
delivered on time, within budget, and to the required quality standards.

7. Project planning is the process of defining and documenting the project scope,
goals, timelines, budget, and resources required to cut a specific project. It
involves developing a detailed project plan that outlines how the project will be
executed, monitored, and controlled.

Effective project planning involves:

1. *Defining project scope*: Clearly articulating what the project will deliver and
what is excluded.

2. *Setting project goals and objectives*: Establishing specific, measurable,

achievable, relevant, and time-bound (SMART) goals.
3. *Developing a project schedule*: Creating a timeline that outlines the project
milestones, deadlines, and critical path activities.

4. *Establishing a budget*: Defining the project costs, including labor, materials,

and expenses.

5. *Identifying and allocating resources*: Determining the necessary human

resources, equipment, and materials required to complete the project.

6. *Assessing and mitigating risks*: Identifying potential risks and developing

strategies to minimize their impact.

7. *Creating a communication plan*: Defining how stakeholders will be informed

and engaged throughout the project.

8. *Establishing a quality management plan*: Defining how quality will be

ensured throughout the project.

A well-structured project plan should include:

1. Project charter

2. Project scope statement

3. Work breakdown structure (WBS)

4. Project schedule (Gantt chart, calendar, etc.)

5. Budget and cost management plan

6. Resource allocation plan

7. Risk management plan

8. Communication plan

9. Quality management plan

External factors are circumstances or events that occur outside of the project
team's control and can impact the project planning process. Here are some
external factors that can affect project planning:

*Economic Factors*

1. _Market conditions_: Changes in market demand, competition, or economic

trends can impact project scope, timeline, or budget.
2. _Inflation and currency fluctuations_: Changes in inflation rates or currency
exchange rates can affect project costs and budget.

3. _Funding and budget constraints_: Changes in funding or budget allocations

can impact project scope, timeline, or resources.

*Political and Regulatory Factors*

1. _Government policies and regulations_: Changes in laws, regulations, or

policies can impact project scope, timeline, or budget.

2. _Permits and licenses_: Delays or changes in permit or license issuance can

impact project timeline.

3. _Tax laws and regulations_: Changes in tax laws or regulations can impact
project costs and budget.

*Social and Environmental Factors*

1. _Public opinion and perception_: Changes in public opinion or perception can

impact project scope, timeline, or budget.

2. _Environmental concerns_: Changes in environmental regulations or concerns

can impact project scope, timeline, or budget.

3. _Community involvement_: Changes in community involvement or

participation can impact project scope, timeline, or budget.

*Technological Factors*

1. _Advances in technology_: Changes in technology can impact project scope,

timeline, or budget.

2. _System integration and compatibility_: Changes in system integration or

compatibility can impact project scope, timeline, or budget.

3. _Cybersecurity threats_: Changes in cybersecurity threats can impact project

scope, timeline, or budget.

*Natural and Man-Made Disasters*

1. _Natural disasters_: Events like earthquakes, hurricanes, or floods can impact
project timeline, budget, or resources.

2. _Man-made disasters_: Events like fires, explosions, or terrorism can impact

project timeline, budget, or resources.

*Organizational Factors*

1. _Organizational changes_: Changes in organizational structure, policies, or

procedures can impact project scope, timeline, or budget.

2. _Resource availability_: Changes in resource availability can impact project

timeline, budget, or quality.

3. _Stakeholder expectations_: Changes in stakeholder expectations can impact

project scope, timeline, or budget.

To mitigate the impact of these external factors, project managers can:

1. Conduct thorough risk assessments and develop contingency plans.

2. Establish effective communication channels with stakeholders.

3. Develop flexible project plans that can adapt to changing circumstances.

4. Monitor and review project progress regularly to identify potential issues early.

5. Build relationships with stakeholders and external parties to stay informed

about potential changes or impacts. By understanding and addressing these
external factors, project managers can minimize their impact and ensure
successful project delivery.