DBN609 – Project and Financial ManagementAssignment 1Table of ContentsSection 1Importance of having project managerTwo major challenges facedTwo fundamental responsibilities of the project managerProposed leadership styleSection 21. Draw the complete task network diagram2. Calculate earliest start time, latest start time, earliest finish time, latest finish time and slack times3. Illustrate the critical path4. Gantt Chart5. Usefulness of techniquesSection 3Evaluate the shortcomings of the current risk management planRecommendations to improve current risk management planRisk evaluationRisk log or risk registerSection 4Proposed best strategy to manage any three risks identified.Management of risk identified, and justification of strategies proposedCommunication misunderstandingTime zone differencesDifferences in technologiesReferencesSection 1Importance of having project managerA project manager plays an inevitable role in achievement of project objectives. Project manager is must to ensure the smooth operations of a project. Project manager ensures the proper use of resources with in time limit. Moreover, a project manager is must to overview the project for identification of right and wrong work. A project manager is also must for tracking budget and quality control (Aston, 2017).Two major challenges facedThe first major challenge faced by the project manager was time to establish relationship. As mentioned in case study Head of the operations assigned Lee the responsibilities of a project only after two weeks of her joining. Two weeks’ time is not enough for anyone to create relationship in organization and to know about the skills and expertise of team members. For assigning responsibilities, it is must for project manager to have knowledge about skills and expertise of team members.The second major challenge faced by the project manager was fewer knowledge of project management tools and techniques. Without proper knowledge of project management tools and techniques, it is nearly impossible for project manager to identify the accurate time of project. Project management tools and techniques also help project manager in identifying critical path, the evaluation of risks associated with project and progress of a project.Two fundamental responsibilities of the project managerThe primary fundamental responsibility of the project manager in this project is time management. As mentioned in case study Lee was assigned as project manager just after two weeks of her joining. She did not have enough time to create relationship inside the organization before starting the project. So, it is her primary responsibility to manage the time of relationship building and project to complete the project within specified time.The second fundamental responsibility of Lee as project manager is to make efficient use of project management tools and techniques. The proper use of project management tools and techniques are very important for a project manager. These tools and techniques are very helpful in defining the accurate direction of project in terms of time and quality. Both time and quality are important things for delivery of a project. So, it is fundamental responsibility of project manager to make efficient use of project management tools and techniques.Proposed leadership styleAccording to the experience and challenges faced by Lee, the democratic style of leadership is perfect for project manager. Lee can not use autocratic style of leadership as she has not much experience in leading a project. She also can not able to use laissez-faire style of leadership as she is not much known with the knowledge and expertise of team members. Democratic leadership style is perfect for this sort of situation. In this leadership style, Lee can ask for inputs from team members and guide them throughout the project.