Developing an Online Cash Management Market Place for Globex

The project aims to develop an online cash management market place for Globex, incorporating online transactions management, website and mobile app for faster transactions and 24x7 availability. The measurable organizational value, desired area of impact, and desired value of the project are discussed. The project scope, scope management plan, high-level work breakdown structure, project risk analysis and plan, quality management plan, closure checklist, and project evaluation outline are also presented.

Charter Assessment item 3
iCorp Management System
Project Charter
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Table of Contents
Project overview......................................................................................................................3
Part One.................................................................................................................................3
Measurable Organizational Value(MOV)........................................................................................3
Desired Area of Impact.....................................................................................................................3
Desired Value of the Project.............................................................................................................4
Part Two.................................................................................................................................5
Project Scope........................................................................................................................................................5
Scope Management Plan...................................................................................................................5
Part Three...............................................................................................................................5
High level Work Breakdown Structure(WBS).................................................................................5
Part Four................................................................................................................................6
Project Risk Analysis and Plan.........................................................................................................6
Risk Identification Framework.........................................................................................................6
Part Five.................................................................................................................................7
Quality Management Plan................................................................................................................7
Part Six: Closure and Evaluation............................................................................................9
Annotated bibliography....................................................................................................................9
Closure checklist.............................................................................................................................10
Project evaluation Outline..............................................................................................................10
References............................................................................................................................12
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Project overview
The project aims at developing an online cash management market place for the Globex which
shall help both seller and buyer of grains. The system shall be incorporating the online
transactions management as well along with coming up with a website and mobile app so that it
remains available from anywhere and at any time.
Part One
Measurable Organizational Value(MOV)
Desired Area of Impact
Organizational
Impact
Value Metric Time Frame
Operational  Record seller’s
contribution
 Enhancement in
operational
effectiveness
 24x7 online
cash system
 Increase the
accuracy for
seller crop
prices.
 Transparency
for both buyer
and seller.
2 months
6 months
Financial Increase in revenue due
to increase in the number
of online transactions.
 Reduction in
overall
manpower by
20%
12 months
Buyer/Seller  Increase in
availability for
bidding
 Faster response
time
 Ability to set up
grain price
 Decrease in the
waiting time for
buyers/sellers
by 1 day.
 Increase in the
profitability by
45%.
12 months
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 Reduction in
queue for buyers
Strategic  Increase in
branding of
Globex
 Increase in
transparency
between seller
and buyer.
 Increase in
buyer queries
by 30%.
 Reduction in
waiting time for
sellers/buyers.
12 months
Social  Increase in
number of
advertising
partners.
 Increase by
30%
14 months
Desired Value of the Project
 Better
Globex Corp wants to use iCorp – Online Cash Management
system to improve number of biddings and present a transparent platform for customers
(Cooper and Sommer, 2018).
 Faster
Globex Corp wants to use the platform to allow easy access to domestic and export
opportunities for customer from anywhere.
Appropriate Metric
Globex Corp will witness an 80% increase in online transactions by using new online cash
management system along with creation of preferred buyer list.
Time Frame for achieving MOV
After the implementation of proposed system, Virtucon estimates that around\d 9 month shall be
taken to achieve the MOV goals.
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Part Two
Project Scope
Project scope defines the deliverables of the project that are required to be accomplished to
achieve the goals of MOV. In the given scenario of Globex,
Scope Management Plan
Scope management plan presents a baseline of scope which includes scope statement, work
breakdown structure and WBS dictionary (Fossumet al., 2018).
Following are scope of the proposed iCorp project:
 Requirement gathering
 Data processing
 Frame business rules
 System analysis and design
 Create test cases – Unit and application testing
 Frame checklist for verification of scope
 Creation of website and a mobile app for online cash marketplace system for faster
transaction and 24x7 available (Fossumet al., 2018).
Involved resources
 The proposed website/mobile app should be able to generate reports regarding biddings
placed, preferred buyer list and total transactions made.
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Part Three
High level Work Breakdown Structure(WBS)
Work Breakdown Structure is defined as the logical decomposition of the task to be done into
smaller manageable modules.
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7

Gantt chart
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Following assumptions are made for preparing the budget:
 Every resource has been assigned a cost as per its role in the project.
 Material costs like training material, room booking, etc. are also included in the project.
Part Four
Project Risk Analysis and Plan (Dugué and Petit, 2018)
Following assumptions are made for risk analysis:
 The proposed system shall be available for 24x7.
 The system should be functional for every seller and buyer.
 Training may take longer time.
 There is no other competitor who has iCorp type system.
 There is a change in scope if requirements are changed during the project development.
 Project manager and risk manager are available for risk assessment.
Risk Identification Framework
Risk # Phase name Description Probability Impact Rank Response
method
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R001 Initiation Scope creep 5 High 2 Freeze all
the
requirements
from client
before
starting the
project.
R002 Planning Inefficient
IDE tool
selection
2 Low 5 Consult
industry
experts
R003 Development Incorrect
High level
and low
level
designs
2 Low 3 Accept –
Get HLD
and LLD re-
designed
from the
team.
R004 Execution Delay in
deployment
1 Low 6 Mitigate the
risk
Part Five
Quality Management Plan
Quality management plan includes providing best quality product to clients (Goetsch and Davis,
2014). In order to fulfill the requirements of quality, we maintained clear vision of requirements
of quality. The work from every team member was checked thoroughly and matched with the
quality standard. Every iteration is tested under different scenarios after development. It is also
ensured that all requirements are feezed before deadline and budget finalization. We also ensured
that privacy and security concerns are resolved while developing payment options for both
website and mobile app.
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Verification activities are those activities which ensure that product performed the functions as
desired by the end-user. Following are different verification activities conducted for validating
the quality product by the Virtucon company:
 The entire work is divided among the team members which is then cross-checked
thoroughly. This would ensure that project is done as per the client’s requirements.
 Quality expert must ensure that code developed by the developers must follow the
industry standards and be safe-guard against external attacks.
 Virtucon management will review the test specifications used to find defects in the
developed code. On resolving the defects, revised code is tested again (Heldman, 2018).
Validation activities are those activities which ensure that developed product satisfies the
requirements of customer. Following are different validation activities conducted for validating
the quality product by the Virtucon company (Josephet al., 2018):
 The developed system is validated to meet the accuracy and performance needs of the
customer.
 In development phase, code is validated to ensure that it works as per the requirements.
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 Regular feedbacks are incorporated in the system after Go-Live.
Part Six: Closure and Evaluation
Annotated bibliography
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
The authors of the resource opined that execution of project could be conducted using Manhattan
case study. The outcomes of research study have been applied to obtain a framework which
could have been used for execution of a project. The authors have also made a conclusion that
strategic structures can be applied to fulfill the project’s objective. Hence, strategic planning aids
in project execution phase.
Fossum, K.R., Danielsen, B.E., Aarseth, W. and Johnsen, S.O., 2018. A project management
issue of new technology developments: A case study on lack of human factors’ attention
in human–robot interaction. Proceedings of the Institution of Mechanical Engineers, Part
O: Journal of Risk and Reliability, 232(2), pp.164-173.
The authors of the resource opined that studied case study was used for monitoring, evaluating,
managing of the management of health system under observation. Authors say that healthcare
domain requires overall improvement. For project analysis, the detailed procedures are required
and authors have given emphasis on this too. Also, the resource says that to make advancements
in the project, advanced technology is used.
Cooper, R.G. and Sommer, A.F., 2018. Agile–Stage-Gate for Manufacturers: Changing the Way
New Products Are Developed Integrating Agile project management methods into a
Stage-Gate system offers both opportunities and challenges. Research-Technology
Management, 61(2), pp.17-26
In this resource, the authors have used large a complex project to find out the project execution
strategy. This will guide the mentioned organization to execute tasks in an accurate manner.
With the help of Algerian Highway case study, the authors framed a framework for project
evaluation. As per the authors, some factors should be reviewed and analyzed to frame a perfect
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project evaluation framework. Using such framework, project could be closed effectively.
During this, the opinions and recommendations of both internal and external stakeholders have
been taken into consideration.
Closure checklist
The closure checklist informs the project manager and team members that all tasks should be
completed before final sign-off. All activities present in the checklist should be done before final
closure of the project. Following closure activities should be followed to ensure that project is
completed successful before Go-Live (Fuller et al., 2017):
Task description Status Date completed
Gap analysis between current system and
proposed system
Completed
Documentation of requirements Completed
Work Breakdown structure tasks fulfilled Completed
Prepare project charter goals achieved Completed
Development of business logic follow
industry standards
Completed
Verification and validation activities are
done
Completed
Resources are trained Completed
Resources are released Completed
Project evaluation Outline
Project evaluation is defined as the extent to which the project is able to achieve its goals under
the allocated budget and time. It confirms whether the developed the project stands on the
client’s needs. MOV developed in the above shall fulfill the requirements of customers.
Value Metric Expected Time
Frame
Actual Time Frame
Enhancement in operational
effectiveness
Increase the
accuracy for
2 months TBC
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seller crop
prices.
Increase in revenue due to
increase in the number of
online transactions.
Reduction in
overall
manpower by
20%
12 months TBC
Increase in availability for
bidding
Decrease in
the waiting
time for
buyers/sellers
by 1 day.
12 months TBC
Increase in transparency
between seller and buyer.
Increase in
buyer queries
by 30%.
12 months TBC
Increase in number of
advertising partners.
Increase by
30%
14 months TBC
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References
Cooper, R.G. & Sommer, A.F., 2018. Agile–Stage-Gate for Manufacturers: Changing the Way
New Products Are Developed Integrating Agile project management methods into a
Stage-Gate system offers both opportunities and challenges. Research-Technology
Management, 61(2), pp.17-26.
Dugué, B. & Petit, J., 2018. 313 The involvement of the employees in the project management: a
key issue for efficiency and health at work.
Fossum, K.R., Danielsen, B.E., Aarseth, W. & Johnsen, S.O., 2018. A project management issue
of new technology developments: A case study on lack of human factors’ attention in
human–robot interaction. Proceedings of the Institution of Mechanical Engineers, Part
O: Journal of Risk and Reliability, 232(2), pp.164-173.
Fuller, M.A., Valacich, J.S., George, J.F. & Schneider, C., 2017. Information Systems Project
Management: A Process and Team Approach, Edition 1.1. Prospect Press.
Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley &
Sons.
Joseph. Phillips, p. M. P., cbap, i., & pmp, c. (2018). Pmp project management professional
study guide. Mcgraw-hill education.
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