1st Answer

Introduction: Project charters are an important part of the management of project,

as they often enable to plan the basics of a project and would be referenced
throughout the lifecycle of the project.
The project charter enables the project managers explain to the participants and
stakeholders the project scope, the objective of the project, who all would participate
in the project, along with other details pertaining to the possible risks.
Depending on a culture of a company and style of management, a charter would
serve the same purpose as a business case. In a large organization, the charter
would be a multi-page document, but in a smaller organization, it may be a few
paragraphs with bulleted items.
A project charter must involve:
Project Goal: This documents the reasons to undertake the project in clear and a
concise language. This must determine the scope of the project.
Project Participants: This would identify who would be involved in the project and
clearly mention their roles.
Stakeholders: This would identify the project sponsors or other people directly
impacted by the project and have to know regarding its progress.
Requirements: This would identify the resources need for the objectives of the
project to be achieved.
Constraints: This would document the potential roadblocks or limitations, and must
enable to prepare the participants for the potential issues of the project.
Implementation milestones: This would identify the beginning and ideal date of
completion, as well as the date for other potentially important checkpoints, such as a
project schedule.
The project manager creates the project charter at the beginning of the project.
Signing the document would also act as a method to authorize the project –
providing the project manager the go-ahead to officially start the execution of the
project.
This involves the authority to start the employment of organizational funds as well as
resources. For larger projects that are multi-phased, project mangers would be able
to create a charter for every phase.
Budget: One has a budget of $500 for their dinner party. They cannot go over
budget, they would have to keep a track of all the expenses for the evening. Within
this packet, one would find a list of free items that are rendered for them. Also, a
professional chef would graciously agree to prepare all the food for free.
The Guests: One guest would be Muslim, one would be Buddhist, and others would
be having mixed preferences of different religions.
Three Required Components: This type of document would lay out and explain the
overall party. Every section must involve the explanation as to why one has chosen
to do the things that way.
There are five required sections:
Date, Theme, Menu, Entertainment and Budget.
Seating Chart: This would be hand drawn or printed. It is important to be careful
regarding which guests would be happiest next to one another. Table shape would
be up to the host.
It is important to include the explanation as to why one has arranged the seating in
this manner.
Recipe Book- One must have a copy of each recipe that is being served at your
party (One cannot buy ready-made-food as that would insult the chef; any food item
that is missing a recipe would not be counted as the chef cannot make it without a
recipe.
It is important to involve each ingredient in the budget section of the Dinner Party
Plan (if recipe makes the use of same ingredient, ensure that are purchasing enough
of it)
Explanation of each section of the Dinner Party Plan: One must select an
appropriate date in the year 2018 on which the dinner party has to take place. It is
important to ensure that the date one where all the guests are actually able to come
to a dinner party.
Theme: Each good party requires a fun or an elegant theme – something that would
make the experience enjoyable and special for each and everyone. One may decide
to something more formal, or you may prefer a funky or even outright weird theme.
Maybe there would be a particular interest one think the guests may be able to
appreciate that one can establish a theme around. It is important to think regarding
how the elements of the party would fit the chosen theme. It is important to ensure to
provide a detailed description of the décor.
Menu: One would be serving the guests a four-course meal.
— appetizer(s),
soup or salad (or both), a main course consisting of at least three dishes, and
dessert. Each dish (and ingredient) must be acceptable for everyone to
consume, but the recipes do not have to come from any particular culture. It
is not polite to have foods on the table that have ingredients any guest
cannot eat. You need to find a recipe for each item that is being served,
which you will include in your recipe book. Don’t forget to provide
something besides just water for your guests to drink. You will list out and
explain your menu (names of each dish, sorted by course) in the Menu
section of the Dinner Party Plan; recipes only go in the Recipe Book.

Entertainment: One may require an ice-breaker activity for the starting of the party,
and to enable the guests to know one another. One also has to plan one or two
enjoyable things for the guests to entertain them in a proper manner.

Budget: This is an itemized list of every single thing that costs money.
Remember that you have a spending limit of $500 for your party. There is no
advantage to spending less than the budget, so try to use as much of the
money as possible to plan a really great evening. (But don’t go over the
budget or you will lose points!) Think carefully about what to spend money
on. You have to purchase everything that is not specifically listed as free —
this includes all food ingredients (remember to think about what amount you
need of each), any decor needed for your theme, and any items needed for
the entertainment
The above items may not be required to be involved in the budget as they have been
provided to the host for free.
Conclusion: So, it can be concluded that the project charter is very important to
ensure that the dinner party is a success with good food, music, entertainment,
dance and stuff like that.
2nd Answer
Introduction: A project management life cycle refers to a five-step framework in
order to ensure that the project managers are assisted in successful completion of
the project.

The main competency of a project manager is to gain a good understanding of the

stages of project management. Knowledge and planning for the project management
steps would enable the individual or the company to organize the project in such a
manner that it goes off.

Following are the five different phases of the project management life cycle:

Project Initiation: It is the first step of the phase, where the project starts. It renders
the host with an overview of how he wants the dinner party to be organized and the
strategies needed to attain the desired results. It is the phase where the feasibility
and the value of the personal relationships after the dinner party would be
determined.

The project manager begins a meeting to understand the client and the requirements
of the stakeholder, goals and objectives. It is important to go into minute details in
order to understand the project in a better manner. Upon making a final decision to
proceed, the project would move on to the next step; assembling the team of the
project.

• The project charter would be considered the most important document of any
project as it would comprise:
• Business vision and mission.
• Project goals and benefits
• List of stakeholders
• Project Scope
• Project deliverables
• Risk that is associated with the project.
• Project budget and resources.

In the initial stage, it is important to understand the feasibility of the project. It is

important to see if the project would be viable from the economic, legal, operational
and technical aspect. Identification of the problems would analyse whether one
would be able to solve issues with appropriate solutions.

Identify the Project Scope:

Identification of the project scope would involve the definition of the length of the
project, the breadth as well as the depth. On the other hand, it is also very essential
to outline the functions, deadlines, task and features along with services.
Identify the Project Deliverables: Upon identification of the scope of the project, the
very next step would be to outline the project deliverables. The project deliverables
involve definition of the product or services required.

Identification of Project Stakeholders: A thorough identification of the stakeholders of

the project is important. It is better to meet with the members of the team and
experts in order to identify the stakeholders of the project. Documentation of the
important information on stakeholders and their impact on ensuring good completion
of the project is needed.

2. Project Planning

For a dinner party of more than 100 guests, a lot of planning related to the project
would take place during this phase. On defining the objectives of the project, it is
important to develop a project plan for each and every person to follow.
The phase of planning would frame a set of plans that enable to guide the team
through an implementation and the phase of closing. The program created at this point
would enable the individual to manage the cost, quality, risk, changes and time.

Creation of a Project Plan: A project plan refers to a blueprint of the overall project for
the dinner party. A well-designed and organized project plan must determine the list
of activities, the timeframe, dependencies, the constraints involved and the potential
risks.

Creation of a Resource Plan: This renders information regarding the various level of
resources, be it money, time, energy, food, entertainment arrangement, space, dinner
table, etc. A well-documented and an all-inclusive plan would mention the labour and
the materials to complete a project.

Resources that are used must have relevant expertise of Project Management.

Project Execution: It is the phase where the processes related to the project would be
implemented, tasks would be assigned and allocation of the resources would be done.
This method also involves building of deliverables and satisfaction of the consumer
requirements. The managers of the project or the leaders of the team often accomplish
the task through the allocation of resources and keeping the members of the team
focused.

The team that is involved would create project deliverables and also seek to achieve
the goals of the project.

Project Monitoring and Control: It is about the measurement of the performance of the
dinner party, and whether the guests are happy and they are appreciating the party.
The main goal of this phase would be to check if everything would align with the Project
plan of management, especially concerning financial parameters and timelines.
It is the responsibility of the project manager to ensure necessary adjustment related
to the allocation of the resources and make sure that all is on track.

5. Project Closure

With so much of time and effort invested in the project planning, it is mostly forgotten
that the final phase of the life cycle is also important. This is known as the closure or
the follow-up phase. Around this time, the final product would be ready for delivery.

So, the main focus of the project manager, and the team must be on the product
release and delivery. In this stage, all the activities related to the project would be
wrapped up.
3rd Answer
3a.
Introduction: Breaking work into lesser tasks is an extremely productive method used
in order to make the job more manageable and accessible. For plan, the Work
Breakdown organization is the device using this method and is one of the most
important projects organizing documents. It single-handedly integrates range, cost,
and plan baselines to make sure that plans of the projects are in place.
Concept and Application:
The following is the three-work breakdown structure level for this project plan.
The scope of the event refers to the content of the event and the work required making
sure that event is successful. It is important to understand the amount of work that has
needs to be done to get the event happening. Without understanding the scope it is
not possible to plan the event let alone control all the myriad of changes that will
happen. The tool to use is the Work Breakdown Structure (WBS)
The WBS is a method to break down or decomposing all the work required in order
to create the event into manageable chunks. For example, the work for an annual day
festival would be first divided into Site/venue, Promotion, Entertainment, Finance,
Human Resources and Staging.
Each of these categories could then be subdivided as shown below. Then on the next
level of detail it can be divided again. In this case only one area - the Internet - is
shown. The following is the 1st level of WBS.

Construction Project
___________________________________________________________
│ │ │ │ │
Site Team Human Resources Finance Legal Team Raw
material-team

The following is the second level of WBS

Construction Projects

Site Human Resources Finance Legal Raw

Material
Selection Labour managing Budget Tax Procurement
Inspection Finance Department Raw material spends Legal Audit Cost-cutting
Environment Monitoring department Audit Land permission Quality-
inspection
Community
Legal formalities

The following is the 3rd level of WBS

Annual Day festival
Promotion
│

Internet
__________________________________
│ │ │
Website Social Network Event App

Conclusion: The job Breakdown Structure is an important tool to set the planned
scope. It forms the union between you and your customer on what is incorporated and
not incorporated in your end deliverable. To be successful, it must be easy and, more
highly, must not be confused with the planned schedule that provides a different
purpose in your plan organization plan.

3b.
Introduction: An organization must choose the kind of contract it needs if it decides
to "buy" from one or more outside sources. The primary objective when choosing a
contract type is to distribute risk among the buyer and seller so that both parties are
motivated to achieve the contract goal. The type of contract chosen may be
influenced by the following:

• The nature and extent of the requirement.

• How much of a price war there is.

• Cost and cost-benefit analysis

• The requirement's or performance period's urgency.

• Recurrence of anticipated changes.

• Common contract types used in the industry

• Whether or not a clear statement of work exists.

• Generally speaking, level of cost and timetable gamble

Cost reimbursable (or Cost In addition to)

Cost reimbursable (or Cost In addition to) Cost reimbursable (CR) contracts include
instalment in light of dealers' genuine expenses along with a charge or motivation for
meeting or surpassing task targets. As a result, the purchaser bears the greatest
cost risk. The following are typical cost-reimbursable contracts:

a) Costs plus a fixed fee (CPFF) or Cost Plus Percentage of Costs (CPPC) means
that the buyer will pay the seller back for the costs of doing the project work, plus a
fixed fee that the buyer has agreed to pay. The CPPC type of contract is one in
which this agreed-upon amount or fixed fee is calculated as a percentage of the
initial estimated costs of the project. The seller's performance has no effect on this
fee. However, if the project's scope changes, so can the fee.

b) Costs plus incentive fee (CPIF) stipulates that the buyer will reimburse the
project's costs and pay a predetermined fee (such as a bonus) if the seller satisfies
certain performance goals or any other particular performance target stipulated in the
contract. In CPIF, both the buyer and the seller will share the costs according to a
pre-negotiated formula if the final costs are lower or higher than the initial estimates.

Fixed Price Contracts Fixed price (FP) contracts, also known as lump-sum contracts,
are used when the product is clearly defined. They involve a predetermined fixed
price for the product. As a result, the buyer bears more of the cost risk than the seller
does. This category includes three different kinds of contracts:

a) The term "Firm Fixed Price" (FFP) indicates that the buyer will pay a single
amount regardless of how much the contractor costs to complete the work. When the
scope is well-known, a fixed-price contract is only sensible. Unless the scope of the
work changes, the seller is not compensated for any additional work if the amount to
be performed changes.

Time and Material Contracts Time and material (T&M) contracts, also known as Unit
Price Contracts, are typically used for small project cost amounts and have
characteristics of both fixed price and cost reimbursable contracts. In contrast to
open-ended cost arrangements like CR contracts, these contracts may be priced per
hour or per item (fixed price) but do not specify the total number of hours or items.
When a precise statement of work cannot be quickly prescribed, T&M contracts are
frequently used for staff augmentation, expert acquisition, and any outside support. A
straightforward unit price contract known as a Purchase Order is frequently utilized
for the purchase of goods. In contrast to the preceding bilateral contracts, which are
signed by both parties, this one is a unilateral contract that is only signed by one
party.