Optimizing Project Planning and Budgeting: A Stakeholder Analysis Approach

The assignment content discusses the importance of utilizing available funds effectively and controlling expenses to ensure a plan runs within budget. It also highlights the knowledge gained regarding stakeholder analysis, including determining their interest in a project and understanding how RACI matrix can be applied for effective stakeholder management. Additionally, the study emphasizes the significance of scheduling projects, setting milestones, and allocating resources and budget effectively. Furthermore, it explores the use of MS Project software to schedule activities, prepare Gantt charts, and network diagrams. Overall, the content reflects on the learning experiences that will help in future career development in project management and operations.

Fundamentals of Project Management
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Table of Contents
INTRODUCTION................................................................................................................................3
SECTION I: PROJECT MANAGEMENT CONSULTANCY REPORT............................................3
1. Defining the project in terms of outcomes and purpose..............................................................3
2. Project SMART objectives..........................................................................................................4
3. Specifying the project scope........................................................................................................5
4. Cost estimation for the project budget.........................................................................................5
5. Clarifying project scheduling.......................................................................................................6
6. Gantt chart, breakdown of all activities, network diagram with critical path and key milestones
.........................................................................................................................................................7
7. Critical analysis of the project stakeholders i.e. Project Stakeholder Analysis...........................9
8. Assessment of project procurement strategies...........................................................................10
9. Critical analysis the uncertainties that may affect the project objectives by creating a risk
register............................................................................................................................................11
CONCLUSION...................................................................................................................................11
SECTION II: REFLECTIVE ESSAY................................................................................................12
REFERENCES...................................................................................................................................14
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INTRODUCTION
Project management is a combination of various activities such as planning, organizing,
implementing, controlling and monitoring. It allows the companies to plan their works by using
limited resources. In this, it is project manager responsibilities to clearly state objectives and
deliverables of the work so that a project plan can be developed in right manner. The present report
is based on Fundamental of Project Management and to understand this, a case of ProjectPlus is
taking into the consideration. Company delivers several project management services to its business
clients such as Project Planning, Project Reporting, Risk Management, Benefits Realisation,
providing teams of professionals to manage projects on behalf of clients etc. In the current time,
there are three companies who comes contact with ProjectPlus in order to getting the help in
launching of new products in UK by organizing an event on 2nd January 2017 (Kerzner, 2013).
SECTION I: PROJECT MANAGEMENT CONSULTANCY REPORT
1. Defining the project in terms of outcomes and purpose
On the basis of the given case scenario, it has evidence that Tesla Motors, GE Healthcare
and DropBox are the three companies which has contacted to ProjectPlus to launch their new
products and services in the marketplace. These business clients have deal in various industries and
they have healthcare, automotive and cloud computing technology.
ProjectPlus Company has chosen the product launch event of DropBox where the business
client wants to introduce a new encryption functionality service to their enterprise plan customers.
With the help of this, it will become easy for DropBox service users to store highly sensitive data
files, their sharing and transfer. The purpose and outcomes for business client of ProjectPlus by
organizing the lunching event of a product in the UK are as follow:
 Lunching of DropBox new cloud based service in a London venue in afternoon and evening
on 2nd January 2017, Monday.
 Event will be attended by at least 500 audiences where entire show will be broadcasted
lively over the internet (Burke, 2013).
 Dropbox will get the exposure by different recognized media outlets.
 During the launch, some kinds of entertainment and programs will organize that will
suitable for product launch program.
 Arranging catering facility for the audiences who will attend the product launch event of
DropBox in London.
 Make a separate area for VIP persons
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 Establish coordination between different event execution activities such as logistic
requirements, including registration, crowd control and health & safety (Meredith and
Mantel Jr, 2011).
 Promoting product launch event of DropBox with suitable media and gathering of interested
audiences.
 Carry out whole product launch event of business client under £150,000 budget by
clarifying different expenditures.
2. Project SMART objectives
Project objectives define as the outcomes of the project which are long, medium or short
team. It should be related to scope of project plan because it directly affects deliverables of work.
By considering the major outcomes of the project, the project manager develops some project
objectives. In the context of launching of new product of Dropbox, few SMART objectives have
prepared. The reason of stating some SMART objectives because it will set few limitations in front
of the project manager that will help in attaining the major deliverables of project work in a right
manner. Along with this, this will help in comparing actual results with the expected outcomes
where monitoring process of project plan becomes easier. By this, project manager will determine
some unmet objectives and the reasons behind not completion of SMART objectives so that in the
future such kinds of mistakes cannot be carried out. Hence, SMART objectives in the context of
launch event project of Dropbox are as follows:
For ProjectPlus
 To raise customer satisfaction level of business client to 35% after the launch of new
product of DropBox in January 2017.
 To enhance marker share of project consultancy services in the UK by 20% at the end of
first quarter of 2017.
 To make increment in sales of project consultancy services from 14% to 24% after the end
of first quarter of 2017 (Schwalbe, 2015).
For Project Manager of ProjectPlus
 By staying on budget, the project should be completed within £150,000 by the end of product
launch event in January 2017.
 Project should be finished within the 1 month by attaining the major project deliverables at
the end of 2nd January, 2017.
For DropBox
 To get the more significant exposure from recognized media sources after ending of product
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launch on 2nd January, 2017.
 To increase the sales of cloud services by 22% to 25% after launching a new service in the
UK with the end of January, 2017 (Wysocki, 2011).
3. Specifying the project scope
On the basis of the given case scenario, it has clearly identified that Dropbox has needed the
help of ProjectPlus in launching of new product in the UK. To create a project plan, project manager
has required developing a project scope including project boundaries, deliverables and
requirements. This can be considered as the first section of project planning which has developed on
the basis of objectives and major deliverables. For new product launch event, the project scope is as
follows:
Project scope:
The new service of Dropbox will facilitate service users to store highly sensitive data files,
their sharing and transfer. The new encryption functionality service will keep secure the information
of its business clients from any kind of cyber crime. The following event will explain various
benefits of new services of Dropbox to the audience so that they can influence the customer to buy
new cloud computing services.
Rather than this, project boundaries are a part of project scope where different characteristics
of project plan can be measured and evaluated. Along with this, it states various things such as what
areas should be included and what elements should not be included in plan. It helps the project
manager to stated main deliverables and objectives of plan in clear words. In the support of new
product launch event, project boundaries are as follows:
Project Includes: On the basis of SMART objectives, project goals, milestones and its related sub
activities, features of new service of Dropbox, interest of stakeholders, roles and responsibilities,
major deliverables, client satisfaction level and project scope.
Project Excludes: There will some project exclusion criteria will consider at the time of launching
of new product of Dropbox in the UK which are as follows:
 The following event will not promote any other old or upcoming product of Dropbox or
other companies at the launching day.
 There will be no employees of business client include in any decision making process at the
launching day.
4. Cost estimation for the project budget
Project budget is an authorized financial amount that is used to carry out activities of project
plan by the project manager. It is a detailed estimation of all kind of costing that needed to complete
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project plan (Walker, 2015). This prepares at the initial stage of project planning phase by project
manager. The given case study evidence that DropBox has approved £150,000 to ProjectPlus for
new product launch event which is ,going to be happen on 2nd January 2017 in London. For
launching of DropBox new product event, Project Manager of ProjectPlus has estimated a budget
which is as follows:
Elements Cost in £
Human resources
Consultant 1 (C1) 2400
Consultant 2 (C2) 2400
Consultant 3 (C3) 2400
Consultant 4 (C4) 2400
Consultant 5 (C5) 2400
Consultant 6 (C6) 2400
Searching and booking venue in Auditorium at The Crystal, London for product
launch
7500
Placing ads in different kinds of media information sources 3000
Live Broadcasting of entire product launch event on Internet 50000
Arrangement and selection of catering services 3500
Event execution logistic requirements such as registration, crowd control, health
and safety etc.
5500
Promoting event by various sources 3000
Make arrangements of sound and lighting facilities 5700
Transportation of staff 2800
Preparing and sending invitations to the VIP guests 750
Some other Miscellaneous expenses 9500
ProjectPlus service fee 25000
Other Overhead costs 19350
Total 130,650
5. Clarifying project scheduling
Project scheduling is one of the most essential aspects of the project management. It helps
the project manager to arrange the activities of a project plan according to priorities so that wok can
complete within the assign and available resources. If activities not arrange in a right manner or not
scheduled as per the requirements than it may be possible that it can create hamper in the success of
project (De Bakker, Boonstra and Wortmann, 2010). By considering the case of new product launch
event of Dropbox which is conducting by ProjectPlus in London, it becomes important for the
project manager to make a right scheduling of project. In this, a particular time frame allocate to
each activity so that progress of plan can be tracked. In order to carry out new product launch event,
a systematic project scheduling is giving in below table.
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Task Name Duration Start Finish
DropBox product launch project 24 days Wed 11/30/16 Mon 1/2/17
Planning 9 days Wed 11/30/16 Mon 12/12/16
Market assessment 3 days Wed 11/30/16 Fri 12/2/16
Identification of DropBox needs related to
new product launch event 2 days Mon 12/5/16 Tue 12/6/16
Looking for vendor for catering facility 2 days Wed 12/7/16 Thu 12/8/16
Preparing project team 2 days Fri 12/9/16 Mon 12/12/16
Executing 6 days Fri 12/9/16 Fri 12/16/16
Scheduling activities for project plan 3 days Fri 12/9/16 Tue 12/13/16
Booking venue in London as per the number
of expected guests 1 day Tue 12/13/16 Tue 12/13/16
Selecting catering vendor 2 days Wed 12/14/16 Thu 12/15/16
Inform Dropbox about the project plan
progress 3 days Wed 12/14/16 Fri 12/16/16
Monitoring 6 days Mon 12/19/16 Mon 12/26/16
Establishing and maintaining contractual
relationship with suppliers 3 days Mon 12/19/16 Wed 12/21/16
Project plan review 2 days Thu 12/22/16 Fri 12/23/16
Implement correcting activities 1 day Mon 12/26/16 Mon 12/26/16
Project closure 5 days Tue 12/27/16 Mon 1/2/17
Obtaining feedback from business client 2 days Tue 12/27/16 Wed 12/28/16
Closing of contracts 2 days Thu 12/29/16 Fri 12/30/16
Project sign off 1 day Mon 1/2/17 Mon 1/2/17
6. Gantt chart, breakdown of all activities, network diagram with critical path and key milestones
Task Name Duration Start Finish Predecessors
DropBox product launch project 24 days Wed 11/30/16 Mon 1/2/17
Planning 9 days Wed 11/30/16 Mon 12/12/16
Market assessment 3 days Wed 11/30/16 Fri 12/2/16
Identification of DropBox needs
related to new product launch event 2 days Mon 12/5/16 Tue 12/6/16 3
Looking for vendor for catering
facility 2 days Wed 12/7/16 Thu 12/8/16 4
Preparing project team 2 days Fri 12/9/16 Mon 12/12/16 5
Executing 6 days Fri 12/9/16 Fri 12/16/16
Scheduling activities for project plan 3 days Fri 12/9/16 Tue 12/13/16 5
Booking venue in London as per the
number of expected guests 1 day Tue 12/13/16 Tue 12/13/16 6
Selecting catering vendor 2 days Wed 12/14/16 Thu 12/15/16 8
Inform Dropbox about the project plan
progress 3 days Wed 12/14/16 Fri 12/16/16 9
Monitoring 6 days Mon 12/19/16 Mon 12/26/16
Establishing and maintaining
contractual relationship with suppliers 3 days Mon 12/19/16 Wed 12/21/16 10,11
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Project plan review 2 days Thu 12/22/16 Fri 12/23/16 13
Implement correcting activities 1 day Mon 12/26/16 Mon 12/26/16 14
Project closure 5 days Tue 12/27/16 Mon 1/2/17
Obtaining feedback from business
client 2 days Tue 12/27/16 Wed 12/28/16 15
Closing of contracts 2 days Thu 12/29/16 Fri 12/30/16 17
Project sign off 1 day Mon 1/2/17 Mon 1/2/17 18
Gantt Chart:
Network Diagram:
Key milestones
Key milestones Expected date of start and completion
DropBox product launch project Wed 11/30/16 Mon 1/2/17
Planning Wed 11/30/16 Mon 12/12/16
Executing Fri 12/9/16 Fri 12/16/16
Monitoring Mon 12/19/16 Mon 12/26/16
Project closure Tue 12/27/16 Mon 1/2/17
Work Breakdown Structure:
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7. Critical analysis of the project stakeholders i.e. Project Stakeholder Analysis
In Dropbox new product launch, it has included various project stakeholders. These have
contained different interest and perceptions and it has varied as per their expectations and needs.
With the aim of analyzing the role of project stakeholders in the following project, Project
Stakeholder Analysis is taking into the consideration by using RACI matrix (Jun, Qiuzhen and
Qingguo, 2011). On the basis this, responsibility, accountability, consulted and informed of six
different stakeholders is as follows:
Task Project
Manager i.e.
C1
C2 C3 C4 C5 C6
Market assessment A, R I I I
Identification of DropBox needs related to new A, R R
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product launch event
Looking for vendor for catering facility A,R C C C
Preparing project team
I I C A,
R
Scheduling activities for project plan A, C R C I C
Booking venue in London as per the number of
expected guests
A, R C C I
Selecting catering vendor I C A R
Inform Dropbox about the project plan progress
I A,
R
Establishing and maintaining contractual
relationship with suppliers
A, I R C
Project plan review I A R R
Implement correcting activities A R I I
Obtaining feedback from business client A, R
Closing of contracts A,C C C C
Project sign off A R R R R I
8. Assessment of project procurement strategies
Project procurement is a process which is using by the organizations in the present time to
attain business objectives. It is completely different from the other kinds of procurement methods.
This depends over goals and objectives of the project which is important for the success of the plan.
So, it becomes essential that procurement activities should be planned and implemented in
systematic manner because it ensures that whether the proposed project deliver the expected
outcomes or not after the completion (Caniëls and Bakens, 2012). In the case of Dropbox new
service launch event, it has determined from the case study that there are some activities which has
not handled by ProjectPlus. For this, company has decided to outsource it so that it becomes easy
for project manager to focus over main aim. The related outsourced tasks have lightning, sounds,
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catering, decoration, booking of place in London etc. In order effectively complete all these
activities, ProjectPlus has to look toward vendors or suppliers that can able to carry out outsourcing
activities. For this, the cited firm has to considered project procurement strategy i.e. Vendor Rating
Technique. First stage of this method is determining those works in the project plan which actually
needed to be outsourced. This is called plan procurement phase of suggested technique. In second
phase, conduct procurement process carries out where ProjectPlus has put the ads in various sources
to invite the vendors for the bid. Next step is Administer Procurements where organization has
established the short term relationship with the suppliers so that a right vendor can be selected
which should be under the budget of ProjectPlus. Last stage of Vendor Rating Technique has Close
Procurements where firm has closed contracts with the suppliers after completion of Dropbox new
product launch event. From the above assessment process of project procurement strategy, it has
found that Vendor Rating Technique has effectively helped ProjectPlus to select the right vendor for
outsourcing activities.
9. Critical analysis the uncertainties that may affect the project objectives by creating a risk register
The last but most important thing in a project is occurring of different types of risks. A
project is carrying out within the limited resources and takes the advantages of opportunities. With
the help of Project Risk Management plan, an effective and appropriate risk management can be
carried out by the project manager (Artto, Kulvik, Poskela and Turkulainen, 2011). In the context of
DropBox new service launch event, probability of occurrence of uncertainties that may impact over
the project objectives have high. For this, a complete and systematic risk assessment process with
the help of risk resister can be carried out.
Attached in Excel sheet
CONCLUSION
From the above study, it can be concluded that project management ha s widely used by
many of the organizations to carry out their various business projects in effective manner. It has
assisted in prepared the project plan with the help of different sets of activities such as planning,
organizing, implementing, monitoring etc. In the present study, ProjectPlus has developed project
plan for Dropbox because business client want to launch its new service in the UK market. There
have various project SMART objectives developed to attain the major deliverables of the plan.
Along with this, project scope with excluding and including criteria has defined. The entire
launching event has completed within the given budget and time limitations. On the other hand,
stakeholder analysis process has carried out to determine their different roles in Dropbox new
product launch event.
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SECTION II: REFLECTIVE ESSAY
The present study has a management consultancy report where statement has prepared on
DropBox Company which has contacted to ProjectPlus for its new product launch. From this work,
I have learned various things which have helped me in the future. In this context, first thing which I
have understood is defining project scope. Under this, I have gained knowledge about who to define
a project scope, what things should be considered or excluded in this process etc. Before doing this
project, I had not enough knowledge about project scope but after completion of this work, I have
learned several things regarding this. It will help me in future to define a scope of any type of
project. Along with this, I will state major deliverables with including and excluding criteria. On the
other hand, I have increased my knowledge regarding SMART objectives in which I have learned
that how to define objectives of a plan in logical manner. In the near future, the same knowledge
will apply by me to develop SMART objectives for project plan so that it can be used as key
performance indicators to compare expected and real outcomes and find the issues of deviations.
Beside this, from the following study, I have learned about various stages of project
management. It has contained some steps such as initial, planning, organizing, implementing.
Monitoring and controlling as well as closing. With the help of these phases, a project plan can be
easily developed which has helped in effective execution of work. On the basis of this, the progress
of plan has monitored and managed with the time. This knowledge has allowed me in the future to
develop a project plan on any topic so that I can manage whole project in an appropriate manner.
Along with this, it will assist me to complete the assign activities as per the planned activities.
While, the current research has helped me to gain the knowledge about Work Breakdown Structure.
From this, I have learnt that how to divide a whole work into small manageable sections so that
within the assign specific timeframes, entire plan can be completed. In the near future, I can utilize
the following information and divided the long and complex projects in various small manageable
sections and carry out plan steps by steps.
From the current research, I have gained the knowledge about what is the project budget and
how it creates to effective utilization of available funds. In the study, I have determined that how a
project manager considers present costs of activities and developed a budget for the project plan.
The information gain from this will assist me in the future to prepare and allocate budge to various
activities of project plan. With the application of different budget allocation techniques, I will
optimally utilize available funds and keep control over the expenses so that plan can be run within
the budget not on over budget. On the other side, I have learned the knowledge regarding
stakeholder analysis to determine their interest in a project plan. With the help of this, I have gained
the information that how one stakeholder interest and power has different from the other ones. In
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addition to this, I have understood about the application of RACI matrix in stakeholder analysis
within the context of planned project. This gain knowledge will help in future regarding analysis of
stakeholders’ interest in the projects in effective manner by using RACI matrix.
Apart from this, the following research has assisted me to gain the understanding regarding
scheduling of a project and development of plan. It has also helped me to know what the milestones
are in project plan and how it has created or set during planning. This information will lead my
career in future in new direction where I will able to develop a project plan for any project and
assign milestones with right scheduling. Further, I will able to allocate the resources as well as
budget for planned activities so that work can be carried as per the set action plan and complete it
within in given constraints. On the other hand, last but not least which I have learned from the
present study is how to use MS project for various activities of project plan. With the help of this, I
have learned how to schedule activities, preparing Gantt Chart and network diagram etc. In the
upcoming future, I will use this skill to develop various project plans with the application of MS
Project software. Hence, from the overall study, it has reflected that I have learned several things
that will help me in future to move my career in Project Management and Operation area.
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REFERENCES
Artto, K., Kulvik, I., Poskela, J. and Turkulainen, V., 2011. The integrative role of the project
management office in the front end of innovation. International Journal of Project
Management, 29(4), pp.408-421.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Caniëls, M.C. and Bakens, R.J., 2012. The effects of Project Management Information Systems on
decision making in a multi project environment.International Journal of Project
Management, 30(2), pp.162-175.
De Bakker, K., Boonstra, A. and Wortmann, H., 2010. Does risk management contribute to IT
project success? A meta-analysis of empirical evidence. International Journal of Project
Management, 28(5), pp.493-503.
Jun, L., Qiuzhen, W. and Qingguo, M., 2011. The effects of project uncertainty and risk
management on IS development project performance: A vendor perspective. International
Journal of Project Management, 29(7), pp.923-933.
Kerzner, H.R., 2013. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Meredith, J.R. and Mantel Jr, S.J., 2011. Project management: a managerial approach. John Wiley
& Sons.
Schwalbe, K., 2015. Information technology project management. Cengage Learning.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
Wysocki, R.K., 2011. Effective project management: traditional, agile, extreme. John Wiley &
Sons.
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