Describe the Background and Principles of Project Management Guidance: In this question, you are required to provide a brief background and the principles of project management within the context of...

Describe the Background and Principles of Project Management
Guidance: In this question, you are required to provide a brief background and the principles of project management within the context of the project highlighted in the scenario. A detailed answer that clearly describes the Principles of project management will help you to get M3.
AC1.2 Appraise the Viability of Projects, developing Success/Fail Criteria
Guidance: Using relevant appraisal techniques such as NPV, identify the viability of the project and payback period in the scenario if £110,000 is earned in first 3 years and £150,000 is earned in the following 3 years when the discount rate is 4%. You will need to explain how you determine the project feasibility. A detailed discussion of the causes of project failures and success would help you to get D1.    AC1.3 Explain the Principles behind Project Management Systems and Procedures
Guidance: In this question, you need to define a project management system and explain the principles involved. A detailed explanation of the importance of a Project Management system and procedures in a project will help you to get M3.
AC1.4 Explain the Key Elements involved in terminating projects and conducting Post Project Appraisals.