Principles of Project 2022

Running head: PRINCIPLES OF PROJECT
PRINCIPLES OF PROJECT
Name of the Student
Name of the University
Author Note:

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Table of Contents
Introduction..........................................................................................................................2
Three New Projects for obtaining Strategic Objective........................................................2
Project Selection Method.....................................................................................................3
Initiating Process Group......................................................................................................5
Conclusion...........................................................................................................................6
References............................................................................................................................7

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Introduction
SingularLogic stand out to be a leading software and integrated company which is based
in Greece. The company aims to provide complete integrated solution for both private and public
sector domains. The company comes up with strength of 740 skilled professionals out which 300
are certified IT consultants (Liu et al., 2019). The company has personnel about cost of R&D
investment inclusive of software licensing and related equipment’s. Research and development
activity is carried out with the department charged with software project management. R&D
comes up with much close linkage with customer interface. R&D comes with suggested budget
and funding from external bodies (Morton, Keisler & Salo, 2016). The outcome of research and
development project focus on incremental developments. The complete cycle of product and
services is complete based on client group and approach for marketing.
The reports provides an overview regarding three new project which SingularLogic need
to adopt in order to meet strategic objective. The next section deals with project selection
methods used for selecting one project out of three. The last part deals with initiating process
group for the project.
Three New Projects for obtaining Strategic Objective
The three new projects which Singular logic can implement in order to achieve its
objectives. It merely focus on different kind of ideas which the organization can implement.
Implementing latest Technologies: Technology plays a key role in overall effectiveness
and efficiency of SingluarLogic. Making use of computer system and smartphone will help in
enhancing the overall efficiency of organization (Karasakal & Aker, 2017). Software and related
tools are required for keeping members of team completely updated. Technological professional

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focus on different professionals for analyzing the best way in order to protect the business.
Software programs are designed in such a way for enhancing the overall efficiency and effective
in SingularLogic.
Implementing team for monitoring service quality: Client of SingularLogic plays a key
role in its overall effectiveness. This business need to analyzing the quality level of provided
product and services. The goal of Singular Logic is to improve their products without excess
value in budget (Gür, Hamurcu & Eren, 2016). Organiziational leaders need to focus on the
process of decision-making. Various professionals are asked in different areas of business for
product improvement without increase in overall cost in material.
Implementing Good human resource team: For SingularLogic, this particular
department plays a key role in its effectiveness. This particular department provides complete
assistance and effectiveness to organization. Human resource professional play a major role in
complete design of strategies related to new business (Read et al., 2017). Involvement of human
resource professionals requires complete design and implementation of changes within
SingularLogic.
Method of Project Selection
It can be defined as the method of project evaluation or even group of projects (Morton,
Keisler & Salo, 2016). After this, a choice is made regarding implementing a suitable one. This
merely set up goal which SingularLogic can easily achieve. It stand out to be formal process by
which a given project is approved by committee of senior managers (Pedersen, 2016). This
merely ensures that various conditions are taken into account prior to taking up the project.
SingularLogic needs to make investment regarding huge sum of money on these new project. It

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becomes very much vital for this organization to ensure that all the made investment are
completely safe. This will ultimately ensure that organization can different kind of opportunities
for overall investment in order to have the benefits (Yang, Su & Song, 2019). The whole method
of analyzing benefits for new project will help in decision-making regarding the project.
In this scenario, the most suitable category of project selection is benefits measurement
methods (Osei-Kyei, Chan & Dansoh, 2019). This method makes use of comparative way of
studying various benefits within this project.
Cost-benefitt analysis: Apart from the project, there is need for investing huge amount of
money in the selected project. The complete ratio to cost should not be greater than 1.
Payback Period: The time where the complete investment in the project can be easily
recovered (Jia, 2019). Right after the payback, the organization need to start making profit. This
is the time period where projects are completely lowered.
Net Present value: It is the complete difference in sum present value of revenue and sum
of present value for investment (Yilmaz & Antmen, 2019). It is for the selected project should be
greater than zero, then only required profit can be obtained.
Scoring Model: It is required for studying different project which have options regarding
certain parameter. It done by assigning score to it for each of the parameter.
Economic value added: It merely highlight that project stand out to be profitable right
after complete deduction of cost related to capital.

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Opportunity cost: This concept is used for analyzing what is lost by selecting that
particular project. It can be used when an individual give up benefit along with selecting some
other kind of benefit.
Initiating Process Group
It comprises of processes which are carried out in order to define the project
(implementation of technology). This is all about new stage of selected project by having
authority for beginning of project. In this initiation processes, all initial scope of the project are
completely defined (Cheng, Liou & Chiu, 2017). Project Manager understand how it much
becomes to handle the complete details of project. Project initiation document stand out to be as
one of the significant factors in the domain of project management. This merely provides
complete foundation regarding this business project. PID aims to handle all the required
information beginning of the project.
In first stage of project lifecycle where two aspects project and feasibility are measured.
In order to successive carry out this, two tools are evaluated like business case document and
feasibility study (Rathi, Khanduja & Sharma, 2016). When the project is passed through these
two-stage then test can be assigned to both team members and designed project office. During
this particular stage, the team is assembled with a business case and created to defin the details of
project.
Business Case: It is required to explaining the main reason behind the starting of this
project. Business case is used for explaining the major reasons behind starting this project. The
business case focus on adaptability, fitting the size and proposal risks. The business structure of

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this project comprises of preface, table of content, executive briefing, introduction, analysis of
assumption and lastly conclusion.
Creating a project Charter: The project charter focus on the main aspect of the project
and how it is structured and completely execution. The mere vision is on the objective, scope and
project deliverables. In addition, responsibilities of both project team and its stakeholders are
also highlighted in details.
Project Charter
1.0 Project Identification
Name
Description To adopt technology within SingularLogic
Sponsor
Project
Manager
Project
Team Resources
2.0 Reasons for project
To be leader in the domain of software and integrated IT solution in whole Greece.
To have large software base in terms of software and market share among 100 companies.

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3.0 PROJECT OBJECTIVES (PURPOSE)
To provide more than 40 software products in the upcoming years
To enhance the research and development as per the cyclic nature of the business
To improve the business so that it can survive in the difficult times.
4.0 PROJECT SCOPE
To implement technology in order to enhance the current business process.
To provide technology that will help in collaborating with team members
To easily meet the growing demand of customers
To easily target audience in an effective way
To enhance the balance in between work and life.
5.0 KEY PROJECT DELIVERABLES
Name Description
Framework To provide a clear path by outline some of the important
components for recognizing activities
Project charter
Logic Model Highlighting different aspects like measures, outcome and
some key activities
Research
summary
To carry out a corporate research for both general and jurisdiction

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Guidelines To provide proper technological guidelines
Tools and
resources
To make use of survey, quotes and tips used by any other
organization
Communication/
Implementation plan
Establish communication among stakeholders by making use of
communication plan
Website To come up with framework, guidelines, tools and resources
needed by a department along with current initiatives.
6.0 MILESTONE DATES
Item Major Events / Milestones Dates
1. Conducting a research summary 2/3/2020
2. Developing some technological guidelines for the
project
5/3/2020
3. Consulting with other organization 8/3/2020
4. Developing proper resources 12/3/2020

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6.0 MILESTONE DATES
5. Implementing and communicating with
different stakeholder groups
22/3/2020
7. Risks
All the possible risk in implementation of technology within the organization
Security of stored Information
Social media
Risk management and governance
Resource management
Proper management of infrastructure
Monitoring of any fraud activity
Disaster Recovery
Regulatory compliance
8.0 PROJECT’S CRITERIA FOR SUCCESS
 Focusing on awareness and linkage about various departments within the firm
 Providing a good and supportive environment
 Enhancing awareness and practices in the organization

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9.0 CRITICAL SUCCESS FACTORS
 Focusing on an effective communication
 Focusing on employee input throughout the organization
 Realizing the benefits the efforts of employee within the organization
 Focusing on activities which support the values of this organization.
10.0 SIGNOFF
Project Sponsor:
Date:
Conclusion
The report provides an idea regarding SingularLogic Company, which comes up with
large base for its software. It stand to be leader in the domain of market share for Top 100
organization and aggregation of SME in Greece. In the year 2006, the software portfolio aims to
cover around 40 software products solution. The business of SingularLogic is completely divided
into three division and has different market segments with range of activities. Enterprises DIS
Division focus on complete design and implementation of IT integrated solution. It is merely
done for large enterprise of private sectors, which includes complete distribution and support.
Software division of the company focus on complete development and distribution of different
business software. On the contrary, integrator division emphasize on complete design and

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implementation of proper IT solution for various sectors organization. The division also focus on
collation and broadcasting of result of election in European program.

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References
Cheng, C. H., Liou, J. J., & Chiu, C. Y. (2017). A consistent fuzzy preference relations based
ANP model for R&D project selection. Sustainability, 9(8), 1352.
Gür, Ş., Hamurcu, M., & Eren, T. (2016). Using analytic network process and goal programming
methods for project selection in the public institution. Les Cahiers du MECAS, 13, 36-51.
Jia, Y. (2019). Designing a project selection toolkit for Philips' value based care studios.
Karasakal, E., & Aker, P. (2017). A multicriteria sorting approach based on data envelopment
analysis for R&D project selection problem. Omega, 73, 79-92.
Liu, F., Chen, Y. W., Yang, J. B., Xu, D. L., & Liu, W. (2019). Solving multiple-criteria R&D
project selection problems with a data-driven evidential reasoning rule. International
Journal of Project Management, 37(1), 87-97.
Morton, A., Keisler, J. M., & Salo, A. (2016). Multicriteria portfolio decision analysis for project
selection. In Multiple Criteria Decision Analysis (pp. 1269-1298). Springer, New York,
NY.
Osei-Kyei, R., Chan, A. P., & Dansoh, A. (2019). Project selection index for unsolicited public–
private partnership proposals. International Journal of Construction Management, 1-12.
Pedersen, K. (2016). IT project selection: Politics, experience and good friends. Electronic
Journal of Information Systems Evaluation, 19(1), 55.
Rathi, R., Khanduja, D., & Sharma, S. (2016). A fuzzy MADM approach for project selection: a
six sigma case study. Decision Science Letters, 5(2), 255-268.

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Read, L., Madani, K., Mokhtari, S., & Hanks, C. (2017). Stakeholder-driven multi-attribute
analysis for energy project selection under uncertainty. Energy, 119, 744-753.
Yang, J., Su, J., & Song, L. (2019). Selection of manufacturing enterprise innovation design
project based on consumer’s green preferences. Sustainability, 11(5), 1375.
Yilmaz, D. E., & Antmen, F. (2019). Project Selection Method Based on Balanced Scorecard
Framework. Business and Economics Research Journal, 10(5), 1179-1187.