Online Investment Portfolio Project Plan for Cornerstone Securities

This project plan outlines the shift of Cornerstone Securities from offline to online services and cloud implementation. It includes objectives, stakeholders, constraints, scope, task list, and budget. The plan aims to make the project feasible and beneficial for the organization.

32541 Project Management – Assignment 2 Part A
Due 6pm 4thJune 2018
Cornerstone Securities
“Online Investment
Portfolio”ProjectPlan
© Alan Sixsmith 2018

Prepared By: [Student Id &Full Name]
[Student Id & Full Name]
[Student Id & Full Name]
Project Managers

Online Investment Portfolio - Project Plan
Table of Contents
1. DOCUMENT PURPOSE___________________________________________4
2. PROJECT BACKGROUND_________________________________________4
3. PROJECT OBJECTIVES___________________________________________5
4. PROJECT STAKEHOLDERS_______________________________________5
5. PROJECT VALUE STATEMENT____________________________________6
6. PROJECT CONSTRAINTS_________________________________________6
7. PROJECT SCOPE________________________________________________7
8. TASK LIST______________________________________________________8
9. PROJECT BUDGET_____________________________________________12
10. PROJECT TIME ESTIMATE_____________________________________12
11. QUALITY MANAGEMENT PROCESS___________________________13
12. RISK MANAGEMENT PROCESS_______________________________16
13. MONITORING AND CONTROL________________________________19
14. IMPLEMENTATION STRATEGY________________________________22
15. RECOMMENDATION(S) AND APPROVALS_____________________23
16. BIBLIOGRAPHY________________________________________________24
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1. Document Purpose
The purpose of the entire document is to put forward a project plan that
would help in turning the business process of Cornerstone Securities from being
an offline organization into implementing online services and further
implementing cloud services. There are various reasons of an offline business to
turn into one available online through cloud implementation, and mostly they are
favourable much more rather than running the business offline. Previously,
Cornerstone Securities had a physical location and used to offer services in
person, phone or emails, just like any other traditional set of companies.
Cornerstone Securities also wants to support their customers into providing
services at any given amount of time. After the organization has received
approval from higher authorities into changing the business process of the entire
organization, Cornerstone Securities now wants to implement this plan initially
through documentation. This document would give the clear idea about the
entire project plan on how to make Cornerstone Securities go online rather being
offline, including the reasons behind the need to do so. The project objectives
would be essentially specified including the involvement of the stakeholders in
the organization as per the project needs. It would then specify the value
statement behind the entire project for helping Cornerstone securities go online
from offline as well as describing the constraints regarding the entire project.
The documentation would also include the task list, along with the budget
allocated for the project and the time required for the completion of cloud
implementation. Furthermore, it would also include the aftermath of the
implementation through quality management, risk management and monitoring
and controlling of the project. Finally, the document would conclude with the
implementation strategy and recommendations for the entire project plan.
2. Project Background
Cornerstone Securities have been successfully providing services to its
customers through their physical presence so far. However, given the changes in
technological environment and the rapidly changing business environment along
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with it has compelled the organization into making further developments by
implementing strategies to make the entire business process shift from being a
physically present organization to be present online. In addition, Cornerstone
Securities wants to move the entire business function to move into cloud.
Cornerstone Securities are in dire need of spreading the business to a much
vaster customer reach, which would not have been possible, had the business
continued to run offline. In addition, going online would give the organization the
opportunity of going absolutely available anytime rather than being available for a
certain amount of time. Therefore, the project management plan is hence
commenced to turn the business process of Cornerstone Securities into moving
towards cloud implementation.
3. Project Objectives
Any organization trying to change its business process would primarily ask
for a project management plan that would be feasible enough to only help in
adding benefits to the organization. Any project that do not satisfy this primary
objective is not fit enough to be implemented. In case of Cornerstone Securities,
the entire business process is in need of changing from being physically available
to be available online and further into the cloud. The primary objective in this
regard is to make the project plan for the change in business process according to
a feasible budget plan and also within a considerable amount of time involving an
appropriate set of people to work as a team. Furthermore, the objective of the
project would be the correct implementation of the theoretical documented plans
into action for the change in business process.
4. Project Stakeholders
Following are the enlisted project stakeholders that would actively be part
of the entire project planning and implementation needed for the change in
business process for Cornerstone Securities:
 Owners of the organization
 Project Directors
 Project Manager
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 Employees involved in the Project
 Vendors
 Contractors
 Clients
5. Project Value Statement
The project management plan states that the entire shift of the business
process of Cornerstone Securities from offline to online and further into cloud
implementation would indeed need some drastic changes in the working structure
of the organization as well as will take up a considerable amount of time,
however, this would only benefit to the organization’s overall development. The
implementation of this project would further help the organization into coping up
with its competitors and also would include strategies so that they can be ahead
of the competitors. The project would require a specific budget, however, it is
ensured that the implementation is most likely to stay within the budget and
would not cause any budgetary fluctuation to the funds of the organization. The
project plan proposed has detailed description about the funds spent and the
scope of the project after utilizing organizational resources. Thus, there is no
chance of overusing the organizational resources and funds.
6. Project Constraints
In any project proposition, three significant constraints are noticeable.
These are project scheduling, project scope and project budget. In this project
proposition where the Cornerstone Software organization wants to change the
business process from being available offline be available online and further to
the cloud, these can become the main project constraints if any obstacle is
noticed during the implementation of the project plan. Any change in the pre-
decided plans would most likely make the project go ahead of the scheduled
timing for the project, increasing the project budget in the process. Therefore,
during the project planning, the risk mitigation plans should also be included
beforehand. In this case as well, the project planning would include strategies to
check the quality of the entire project during the time of its implementation as
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well as the project monitoring and controlling plans would be done during that
time. This would help in noticing any obstacle during the implementation process
and eradicating the risks so that it does not form any constraint to the project. In
this way, the scope of the project would be kept intact along with the budget
decided for the project and the pre-scheduled time required to complete the
project.
7. Project Scope
The scope of this project for changing the business process for Cornerstone
Securities into online services and further into cloud implementation only adds to
the benefit of the organization. Having the offline services had made the scope of
the organization limited. If online business process is implemented, this would
enable unlimited scope for the organization. Online business process would
enable the organization to reach a vast area of customers. This would include
both the existing customers and the probable customers as well. The
implementation of the business process available online would make the
organization serve their customers and provide further support at any time, which
was limited to specific time span given its physical existence. Therefore, there are
unlimited scope of improvement with this project implementation which would
make the organization be ahead of its competitors given the technological change
is the business arena.
8.
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8. Task List
WBS Task Name
0 Cloud Implementation in Cornerstone Securities
1 Initialization
1.1 Analysis of requirements
1.2 Listing the needs for changing the alignment of the activities
1.3 Initiation documents
1.4 Charter Documents
1.5 review of the documents
1.6 submission of the documents
1.7 Sign off the documents
1.8 Project kick off meeting
1.9 D1: Project Initiation Requirement Plan
1.10 M1: Kick off
2 Planning
2.1 Analysis of requirements
2.2 Sorting the needs of the project
2.3 Listing the activities
2.4 Scheduling the project activities
2.5 Making project Plan
2.6 Risk Management Plan
2.7 Cost Management Plan
2.8 Review of the Plan
2.9 D2: Plans
2.10 M2: Plan Completed
3 Designing
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3.1 Selecting database outline
3.2 Listing requirements of database
3.3 database Platform and Methodology is selected
3.4 database Outline is developed
3.5 Complete database is formed
3.6 Database Specification is listed
3.7 database Review
3.8 D3: database
3.9 M3: database Approval
4 Developing
4.1 Database Development
4.1.1 Selecting database outline
4.1.2 Listing requirements of database
4.1.3 database Platform and Methodology is selected
4.1.4 database Outline is developed
4.1.5 Complete database is formed
4.1.6 Design Specification is listed
4.1.7 database Review
4.1.8 D4: database
4.1.9 M4: database Approval
4.2 Cloud Functions Development
4.2.1 Selecting Cloud Functions outline
4.2.2 Listing requirements of Cloud Functions
4.2.3 Cloud Functions Platform and Methodology is selected
4.2.4 Cloud Functions Outline is developed
4.2.5 Complete Cloud Functions is formed
4.2.6 Cloud Functions Specification is listed
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4.2.7 Cloud Functions Review
4.2.8 D3: Cloud Functions
4.2.9 M4: Cloud Functions Approval
4.3 Testing Phase
4.3.1 Selecting Testing outline
4.3.2 Listing requirements of Testing
4.3.3 Testing Platform and Methodology is selected
4.3.4 Testing Outline is developed
4.3.5 Complete Testing is formed
4.3.6 Testing Specification is listed
4.3.7 Testing Review
4.3.8 D3: Testing
4.3.9 M4: Testing Approval
4.4 Implementation Phase
4.4.1 Selecting Implementation outline
4.4.2 Listing requirements of Implementation
4.4.3 Implementation Platform and Methodology is selected
4.4.4 Implementation Outline is developed
4.4.5 Complete Implementation is formed
4.4.6 Implementation Specification is listed
4.4.7 Implementation Review
4.4.8 D5: Implementation
4.4.9 M5: Implementation Approval
4.5 Monitoring and Controlling
4.5.1 Selecting Monitor and Control Plan outline
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4.5.2 Listing requirements of Monitor and Control Plan
4.5.3
Monitor and Control Plan Platform and Methodology is
selected
4.5.4 Monitor and Control Plan Outline is developed
4.5.5 Complete Monitor and Control Plan is formed
4.5.6 Monitor and Control Plan Specification is listed
4.5.7 Monitor and Control Plan Review
4.5.8 D6: Monitor and Control Plan
4.5.9 M6: Monitor and Control Plan Approval
5 Go Live
5.1 Selecting Go Live outline
5.2 Listing requirements of Go Live
5.3 Go Live Platform and Methodology is selected
5.4 Go Live Outline is developed
5.5 Complete Go Live is formed
5.6 Go Live Specification is listed
5.7 Go Live Review
5.8 D7: Go Live
5.9 M7: Go Live Approval
6 Website Maintenance
6.1 Selecting Website Maintenance outline
6.2 Listing requirements of Website Maintenance
6.3 Website Maintenance Platform and Methodology is selected
6.4 Website Maintenance Outline is developed
6.5 Complete Website Maintenance is formed
6.6 Website Maintenance Specification is listed
6.7 Website Maintenance Review
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6.8 D8: Website Maintenance
6.9 M8: Website Maintenance Approval
7 Project Closure
7.1 Final Documents are made
7.2 Submitting the Final Documents
7.3 Review of the final documents
7.4 Completion of the final documents
7.5 D9: Final Documents
7.6 M9: Documentation Completed
7.7 M10: Project Closed
9. Project Budget
WBS Task Name Duration Resource Names Cost
0
Cloud
Implementation in
Cornerstone
Securities
276 days $500,000.00
1 Initialization 16 days $40,000.00
1.1
Analysis of
requirements
2 days Analyst $5,000.00
1.2
Listing the needs
for changing the
alignment of the
activities
2 days Analyst $5,000.00
1.3
Initiation
documents
2 days Documenter $5,000.00
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1.4
Charter
Documents
2 days Documenter $5,000.00
1.5
review of the
documents
2 days Documenter $5,000.00
1.6
submission of the
documents
2 days Documenter $5,000.00
1.7
Sign off the
documents
2 days Project Manager $5,000.00
1.8
Project kick off
meeting
2 days Project Manager $5,000.00
1.9
D1: Project
Initiation Requirement
Plan
0 days $0.00
1.10 M1: Kick off 0 days $0.00
2 Planning 24 days $40,000.00
2.1
Analysis of
requirements
3 days Planner $5,000.00
2.2
Sorting the needs
of the project
3 days Planner $5,000.00
2.3
Listing the
activities
3 days Planner $5,000.00
2.4
Scheduling the
project activities
3 days Planner $5,000.00
2.5
Making project
Plan
3 days Planner $5,000.00
2.6
Risk Management
Plan
3 days Risk Analyst $5,000.00
2.7 Cost Managmenet 3 days Budgeter $5,000.00
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Plan
2.8 Review of the Plan 3 days Project Manager $5,000.00
2.9 D2: Plans 0 days $0.00
2.10
M2: Plan
Completed
0 days $0.00
3 Designing 28 days $40,000.00
3.1
Selecting design
outline
4 days
Designer,Design
tools[1]
$5,000.00
3.2
Listing
requirements of
design
4 days Designer $5,000.00
3.3
Design Platform
and Methodology is
selected
4 days Designer $5,000.00
3.4
Design Outline is
developed
4 days Designer $5,000.00
3.5
Complete Design
is formed
4 days Designer $5,000.00
3.6
Design
Specification is listed
4 days Designer $5,000.00
3.7 DesignReview 4 days IT Engineer $5,000.00
3.8 D3: Design 0 days $5,000.00
3.9
M3: Design
Approval
0 days $0.00
4 Developing 133 days $290,000.00
4.1
Database
Development
35 days $70,000.00
4.1.1 Selecting 5 days Database $10,000.00
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database outline Admin,Database[1]
4.1.2
Listing
requirements of
database
5 days Database Admin $10,000.00
4.1.3
database
Platform and
Methodology is
selected
5 days Database Admin $10,000.00
4.1.4
database Outline
is developed
5 days Database Admin $10,000.00
4.1.5
Complete
database is formed
5 days Database Admin $10,000.00
4.1.6
Design
Specification is listed
5 days Database Admin $10,000.00
4.1.7 database Review 5 days IT Engineer $10,000.00
4.1.8 D4: database 0 days $0.00
4.1.9
M4: database
Approval
0 days $0.00
4.2
Cloud Functions
Development
28 days $70,000.00
4.2.1
Selecting Cloud
Functions outline
4 days Cloud Vendor $10,000.00
4.2.2
Listing
requirements of Cloud
Functions
4 days Cloud Vendor $10,000.00
4.2.3 Cloud Functions
Platform and
Methodology is
4 days Cloud Vendor $10,000.00
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selected
4.2.4
Cloud Functions
Outline is developed
4 days Cloud Vendor $10,000.00
4.2.5
Complete Cloud
Functions is formed
4 days Cloud Vendor $10,000.00
4.2.6
Cloud Functions
Specification is listed
4 days Cloud Vendor $10,000.00
4.2.7
Cloud Functions
Review
4 days IT Engineer $10,000.00
4.2.8
D3: Cloud
Functions
0 days $0.00
4.2.9
M4: Cloud
Functions Approval
0 days $0.00
4.3 Testing Phase 21 days $70,000.00
4.3.1
Selecting
Testing outline
3 days Tester,Testing Tools[1] $10,000.00
4.3.2
Listing
requirements of
Testing
3 days Tester $10,000.00
4.3.3
Testing Platform
and Methodology is
selected
3 days Tester $10,000.00
4.3.4
Testing Outline
is developed
3 days Tester $10,000.00
4.3.5
Complete
Testing is formed
3 days Tester $10,000.00
4.3.6
Testing
Specification is listed
3 days Tester $10,000.00
4.3.7 Testing Review 3 days IT Engineer $10,000.00
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4.3.8 D3: Testing 0 days $0.00
4.3.9
M4: Testing
Approval
0 days $0.00
4.4
Implementation
Phase
21 days $40,000.00
4.4.1
Selecting
Implementation
outline
3 days Developer $5,000.00
4.4.2
Listing
requirements of
Implementation
3 days Developer $5,000.00
4.4.3
Implementation
Platform and
Methodology is
selected
3 days Developer $5,000.00
4.4.4
Implementation
Outline is developed
3 days Developer $5,000.00
4.4.5
Complete
Implementation is
formed
3 days Developer $5,000.00
4.4.6
Implementation
Specification is listed
3 days Developer $5,000.00
4.4.7
Implementation
Review
3 days IT Engineer $5,000.00
4.4.8
D5:
Implementation
0 days $5,000.00
4.4.9 M5:
Implementation
0 days $0.00
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Approval
4.5
Monitoring and
Controlling
28 days $40,000.00
4.5.1
Selecting
Monitor and Control
Plan outline
4 days IT Engineer $5,000.00
4.5.2
Listing
requirements of
Monitor and Control
Plan
4 days IT Engineer $5,000.00
4.5.3
Monitor and
Control Plan Platform
and Methodology is
selected
4 days IT Engineer $5,000.00
4.5.4
Monitor and
Control Plan Outline is
developed
4 days IT Engineer $5,000.00
4.5.5
Complete
Monitor and Control
Plan is formed
4 days IT Engineer $5,000.00
4.5.6
Monitor and
Control Plan
Specification is listed
4 days IT Engineer $5,000.00
4.5.7
Monitor and
Control Plan Review
4 days IT Engineer $5,000.00
4.5.8
D6: Monitor and
Control Plan
0 days $5,000.00
4.5.9
M6: Monitor and
Control Plan Approval
0 days $0.00
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5 Go Live 21 days $40,000.00
5.1
Selecting Go Live
outline
3 days Developer $5,000.00
5.2
Listing
requirements of Go
Live
3 days Developer $5,000.00
5.3
Go Live Platform
and Methodology is
selected
3 days Developer $5,000.00
5.4
Go Live Outline is
developed
3 days Developer $5,000.00
5.5
Complete Go Live
is formed
3 days Developer $5,000.00
5.6
Go Live
Specification is listed
3 days Developer $5,000.00
5.7 Go Live Review 3 days IT Engineer $5,000.00
5.8 D7: Go Live 0 days $5,000.00
5.9
M7: Go Live
Approval
0 days $0.00
6
Wesbite
Maintenance
42 days $37,500.00
6.1
Selecting Website
Maintenance outline
6 days Website Developer $5,000.00
6.2
Listing
requirements of
Website Maintenance
6 days Website Developer $5,000.00
6.3 Website
Maintenance Platform
and Methodology is
6 days Website Developer $5,000.00
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selected
6.4
Website
Maintenance Outline
is developed
6 days Website Developer $5,000.00
6.5
Complete Website
Maintenance is formed
6 days Website Developer $5,000.00
6.6
Website
Maintenance
Specification is listed
6 days Website Developer $5,000.00
6.7
Website
Maintenance Review
6 days IT Engineer $2,500.00
6.8
D8: Website
Maintenance
0 days $5,000.00
6.9
M8: Website
Maintenance Approval
0 days $0.00
7 Project Closure 12 days $12,500.00
7.1
Final Documents
are made
3 days Documenter $2,500.00
7.2
Submitting the
Final Documents
3 days Documenter $2,500.00
7.3
Review of the final
documents
3 days Documenter $2,500.00
7.4
Compeltion of the
final documents
3 days Documenter $2,500.00
7.5
D9: Final
Documents
0 days $2,500.00
7.6 M9:
Documentation
0 days $0.00
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Completed
7.7
M10: Project
Closed
0 days $0.00
10. Project Time Estimate
WBS Task Name Duration Start Finish
0
Cloud Implementation in Cornerstone
Securities
276 days Mon 6/4/18
Mon
6/24/19
1 Initialization 16 days Mon 6/4/18
Mon
6/25/18
2 Planning 24 days Tue 6/26/18 Fri 7/27/18
3 Designing 28 days
Mon
7/30/18
Wed 9/5/18
4 Developing 133 days Thu 9/6/18
Mon
3/11/19
4.1 Database Development 35 days Thu 9/6/18
Wed
10/24/18
4.2 Cloud Functions Development 28 days
Thu
10/25/18
Mon
12/3/18
4.3 Testing Phase 21 days Tue 12/4/18 Tue 1/1/19
4.4 Implementation Phase 21 days Wed 1/2/19
Wed
1/30/19
4.5 Monitoring and Controlling 28 days Thu 1/31/19
Mon
3/11/19
5 Go Live 21 days Tue 3/12/19 Tue 4/9/19
6 Website Maintenance 42 days Wed Thu 6/6/19
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4/10/19
7 Project Closure 12 days Fri 6/7/19
Mon
6/24/19
11. Quality Management Process
The set of procedures that ensure the total deliverables of a team form the
Quality Management Process of an organization. Quality Management ensures
that the product or service of any organization is consistent. Any organization is
bound to have four primary components including the quality planning, quality
control, quality improvement and quality assurance. It is not only focused on the
service and the product quality but is also focused primarily on the ways by which
the products and services of the company is achieved. Quality assurance and
control of processes as well as products are used by Quality Management to gain
a much more consistent quality.
The Quality Management Process needs to undergo the International
Standards for Quality Management or ISO 9001:2015 procedures to mitigate the
management principles in order to implement the best guidelines for quality
management to lead the organization into improved quality of products and
services. This consists of seven principles of quality management applied in
achieving the organizational improvement. The same quality management
principles would be implemented by ABC organization for managing the quality of
its products and services. The principles are enlisted in details as below:
 Customer Focus: For any organization, the primary focus is bound to be
the needs of the customers. The customer range does not only remain
confined in the existing customers but also extends its radar to the future
prospective customers. This leads to the organization aligning their
organizational activities with the customer expectations and needs. It is
needed according to the principles that customer needs must be satisfied
as well as there must a provision to measure the satisfaction levels of the
customers. In addition, it is required that the customer relationship is well
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maintained by the organization. The organization is also expected to
exceed the satisfaction levels of the customers.
 Leadership: There should be a vision and direction for the quality
management led by an effective leader in the organization. This leader
directing the quality management in the organization should set
challenging goals during the product and service generation in the
organization. He or she should also focus on how organizational values
should be modelled. There is a clear disruption that can be noticed if there
is lack of trust between the workforces of the organization. Therefore, it is
the responsibility of the leadership enthusiast to establish trust within the
workforces of the organization. The leaders should also focus on equipping
and empowering employees and recognizing the contribution of each
employee that have added to the production and services of the company.
 Engagement of people: To establish a successful quality management
service, it is essential that the engagements of people are also taken into
account. It is to be ensured that all the abilities of the people involved are
used and valued. Every person involved must be made accountable and
should be enabled for participation in a continual improvement. The
individual performances must be evaluated for every person involved in
the organization. In addition to this, learning and thorough knowledge
transfer must be enabled amongst all the people involved in the
organization. If any problems are faced by the workforce in the
organization there should be a way by which the problems must be openly
discussed and the constraints must be met.
 Process Approach: This principle suggests that every organization should
manage the respective activities as processes. The capabilities of these
activities must be measured to ensure the effectiveness of the activities. In
addition to it, the linkage between these activities must be found to ensure
effective process approach. All improvement opportunities must be
identified and prioritized. The resources for the quality management
should be utilized effectively by deploying the resources.
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 Improvement: It is also required that to maintain quality management in
an organization, organizational performance and organizational capabilities
needs to undergo constant improvement. This could be effectively done by
aligning the improvement activities by identifying on which levels the
organizational properties can be improved in the organization. This is then
should be transferred as organizational knowledge throughout the
company within all the workforce levels. This would empower more and
more people to effectively bring about improvements in the products and
services. Furthermore, the improvements should be measured consistently
and also the improvements must be celebrated in order to boost the
morale of the employees so that they would bring about further
improvements.
 Evidence-based decision-making: To bring about positive changes in
quality management, it is necessary to ensure the accessibility of accurate
and reliable data. Data analysing methods must be applied appropriately
to ensure that effective decisions be taken leading to the improvement of
the organization. It should also be kept in mind that the data thus analysed
should have a thorough link with the practical experiences gathered during
the processing of products and services of the organization. Therefore, it is
necessary that the data analysis must have balance with the practical
experiences.
 Relationship management: This states that suppliers must be identified
in order to manage the organizational costs, create optimum value and
effectively optimize the resources based on the selected supply
management. Relationships should be established, taking into account the
use of both the time span of short term and long term plans. Every
business organization have partners to deal with, and it is essentially
necessary that the expertises of the workforce of the organization, the
knowledge and information about the organizational activities, the
resources and the plans are thoroughly shared with the partners of the
organization. The partners are expected to collaborate for the
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improvement and developmental activities and should be effective in
recognizing the successes of the suppliers.
Thus, all these quality management procedures would be enlisted to put into
action for the organization of Cornerstone Securities for improving the
organizational services and products after implementing the IT services.
12. Risk Management Process
The systematic application of management policies, practises and
procedures to establish the tasks of identifying, analysing, contesting, treating,
assessing, monitoring and communicating is known as Risk Management in an
organization. To establish proper risk management strategy and make it work
effectively, it is necessary that a group be established to work upon the issue of
establishing the risk management process in order to have a good understanding
of the objectives being considered. Following are the process by which effective
risk management strategies can be implied upon an organization in need of a
change in business process:
 Risk identification: It is necessary that the risks that are prevailing in the
organization that might inhibit the organization in meeting the objectives
specified be identified in the first place. For this it is essential that the
knowledge and information transfer be transferred throughout the
organization. If there are chances that there is a delay in passing of
information, there may be a failure in seizing a commercial opportunity
that would have been essentially beneficial to the organization. The
process by which the ability of meeting objectives can be enhanced must
also be taken into account.
 Identification of causes: It is necessary to find out what might be the
actual causes of the occurrence of risks in the organization.It could be
possible that the person in position for identifying the risk is disillusioned
with his or her position and might be head hunting for a different position
elsewhere. Therefore the person on whom the organisation is relying might
not provide the exact data or might be notoriously slow in supplying
search data. Does there is a supervisor required for approving the
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commercialization undertaking that has a high chance of being in risk
averse and might need an extra convincing before tackling the risk.
 Control Identification:There is a high chance of lowering risks in the
likelihood in an organisation if all controls that are in place for completion
of a task in the organisation is identified to be all at place. Controls of an
organisation system is identified then if any risk offer it happens to reduce
the impact of the consequences it bears. For example providing a friendly
work environment in a team and applying multiple skills across all over the
team may reduce the reliance the organisation hands on only one person
and the stress of the need for the requirement of information to be
supplied from time to time or sending reminders about the approaching
deadline and provision of additional information channelizing to the
supervisor.
 Establishing likelihood and consequence descriptors:During risk
management in any organisation there are likelihood descriptors who are
moderately generic however the consequence descriptors are the people
who may depend upon the context of analysis over an organisational risk.
This means that if a risk analysis relates to a work unit in an organisation
any kind of financial loss or the loss of an important staff member will have
a much larger impact on the entire work done or the what unit then it
would have on the organisation all throughout. For example if the company
in cause a loss of an amount of money it will have less impact on the
organisation that it would for a work unit acting individually. It is needed to
be established that these parameters in consultation with the people who
are heading the unit of work done in the organisation.
 Establishing Risk Rating Descriptors:Risk management can only be
done in a proper way if it is seen that the risks that may harm the
organisation are arranged according to the extremity or moderation of the
risk. Therefore an organisational risk management very likely have the
decision upon the risks from the outside so that it could be arranged from
low to high risk needs.
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 Adding additional controls:Any risk for an organisation either rated high
or extreme should possess additional controls that might be applied to it to
reduce the rating to a level that might be acceptable for the organisation
while incurring the risk factors. Sometimes the additional controls might
become a question of being overly expensive for the organisation but
according to the priority it might be placed on the risk management
strategy since it determines in consultation with the organisational
structure how to tackle any particular risk. The higher authorities in the
organisational structure would help in strategizing how this additional
controls might be used in the organisation.
 Making a decision or decision-making:Once all the above processes
come to completion if there are some risks that are still remaining rated as
high or extreme there has to be a decision made that would decide the
fate of the activity of whether or not it will go ahead. Sometimes it could
be seen that some risks have occurred in an organisation that possesses
much higher extremity then is expected or preferred but there is nothing
that can be done to mitigate the risk and benefit the organisation. In the
situations it may be needed that the activity would still be carried out since
the risk that have been witnessed is beyond control however measures are
applied for managing the risk. It would definitely harm the organisation but
there is nothing that could be done to eliminate the risk factor from the
activity. In fact situations it is essentially needed that the activity is gone
through severe monitoring and regular review essentially.
 Monitoring and reviewing:Effective risk management is only
established if not only that its factors in an activity in an organisation is
monitored throughout but a regular review of this risk profile also becomes the
key part of the activity. Therefore it is necessary that risks that cannot be
mitigated are monitored and a regular review of this risk profile is maintained.
13. Monitoring and Control
Amongst the project phases monitoring and controlling is an essential part
of establishing of a process which consists of the requirements to review, track
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and orchestrate the performance and progress of a project. If any changes to the
project management is required monitoring and controlling identifies those areas
very clearly and also initiates the changes that are required to achieve the change
management. The process of monitoring and controlling goes through a set of 11
processes which are to be completed to achieve an effective monitoring and
controlling over a project. These processes are described in details as below:
 Monitoring and controlling the project: It is a generic process which
helps in watching over or monitoring every activity in an organisation
going through a change or handling a project and controlling all the other
activities that fall under.
 Performing the integrated change control: These are the tasks that
are involved in performing a change in a project planning. If there is a
change according to the cost that has been pre-decided, the schedule of
the tasks needs to be changed, or any other area in a management plan
made for a project is necessary to be performed then definitely the plan
needs to be changed as well as shall be re-approved by the sponsor of the
project.
 Validating the scope: When the project deliverables are decided over, it
needs to be approved to continue with the project deliverables.
 Scope controlling: This is the phase of monitoring and control process
that ensures that however changes that have been there in the planning of
the project management still it does not changes the scope of the project
and that the entire project is devoid of any activities that are unauthorised
as well as unfair. The control scope or scope controlling ensures that the
entire project along with the changes needed are absolutely fair.
 Schedule controlling: This phase of monitoring and controlling a process
or a project is involved with the insurance of the project work to be
performed according to the pre decided schedule. This step will ensure
that even though there have been few changes that have been
unavoidable in the entire project yet there has been no added time
scheduled in the pre decided time plan. Thus the schedule controlling
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ensures that even with the changes in the plan of the project the deadlines
are met without omitting any activity as per the schedule.
 Cost controlling: It may occur that due to the changes that has occurred
in the pre decided project management plan they might be addition of
some external activities order deduction of some previously decided
activities that might increase the pre decided budget of the entire project.
They should be cost controlling done during the monitoring and control
process to ensure that all the tasks that are involved within the Change
management plan of the project would stay within the pre-approved
budget as per the client’s choice. It is essentially necessary that the clients
be insured about the cost that they have to incur. If after the changes that
are made in a project the client see that the new changes are making
them go overboard that be decided budget they might not entertain the
changes that otherwise are absolutely necessary. Therefore it is very
important to ensure the project costs are maintained in within the
approved budget.
 Quality Control: It is very necessary to ensure that the quality that the
project was previously going to deliver I even the same and according to
the standards after the changes that have been made in the project
management plan. Just not the cost schedule and scope but also the
quality of deliverables matter a lot to the people in the organisation as well
as the people who are at the receiving end of the products and services
from the organisation. Therefore a standard quality needs to be
maintained and this has to be monitored and control through the quality
control process.
 Communications control: One of the main elements in an organisation is
the communication on knowledge transfer. The passing off of general but
essential information or knowledge about the business organisation to all
the stakeholders of the company including the clients and the customer’s
needs to be propagated throughout without fail. Does providing the
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communication means for each of the stakeholders of a project in the
organisation is absolutely essential.
 Risk control: It is possible that even after the possible risks are identified
and changes are made in a project management plan that could be no risk
from unexpected events that may be seen while managing a project.
Therefore a project needs to be safeguarding from these unexpected
events that might again form a negative impact on the budget of the
project the schedule of the projects the needs of the stakeholders in the
organisation or any of the criteria that otherwise might be the reason of
success for the project. Does while monitoring and controlling a project
management plan it is of utmost importance that for the risks are
controlled and eliminated or eradicated from occurring further in the
project.
 Procurement control: As in this project the Cornerstone Securities is
trying to change the business process from being offline to online there is
a huge chance that the project would include number of subcontractors
and vendors while for the propagation in future. Every projects of
contractor and vendors has to ensure that they would meet the goal of the
project. The monitoring and control process make sure that these
subcontractors and vendors are monitored as well as controlled for the
betterment of the project which will in turn benefit the organisation.
Otherwise if the subcontractors and vendors are not monitored or
controlled over there may be hazardous situations leading to the complete
fall out of the project.
 Stakeholder engagement control: A successful project is only possible
if all the stakeholders happily engaged in the respective works throughout
the project. Just as is necessary for a project manager to entitle the
appropriate stakeholder to be engaged in the project it is also the
responsibility of the project manager to check for whether the stakeholder
is in using entirely to the designated works. If stakeholder ensures being
happy about the project work and are left satisfied what the work they are
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performing in the project it ensures that all the stakeholders of the
organisation are engaged thoroughly throughout the project work
benefiting to the organisation. Otherwise this would only be a matter of
disruption in the organisation with haphazard situations.
14. Implementation Strategy
From the above project management plans set according to the
organizational resources and budget, the implementation strategy should be
made accordingly. The first and foremost implementation strategy would include
restoring all the previous data of the offline business and storing it into the cloud
environment. This would help in restoring the data about all the services provided
to the previous clients including the client information. Following this, it would be
absolutely essential to go exactly with the proposed plan without making any
alterations. The process of implementation needs to be secured in every step to
prevent any data from being mishandled, lost or hacked; since it is very likely that
cloud storage environment is vast enough for incurring a data loss. If all these are
maintained, then the implementation of the new business process would be easier
to attain.
15. Recommendation(s) and Approvals
The changing of business process of Cornerstone Securities from offline
services to online and further into the cloud environment has been approved by
the Project Sponsor and the Executive Team. Therefore, the project would only
require proper planning and implementation. It is recommended that it would be
absolutely essential to go exactly with the proposed plan without making any
alterations. The process of implementation needs to be secured in every step to
prevent any data from being mishandled, lost or hacked; since it is very likely
that cloud storage environment is vast enough for incurring a data loss. It is also
recommended that the project needs to be monitored and checked regularly
throughout the system implementation to look for any obstacles in between that
would increase the project constraints. It will only then be possible to have a
flawless project implementation.
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