logo

Project Cost Management - PDF

   

Added on  2021-06-16

28 Pages4565 Words46 Views
Running head: PROJECT MANAGEMENTProject ManagementName of the studentName of the universityAuthor note

1PROJECT MANAGEMENTExecutive SummaryWidget ‘R Us (WRU) is a firm known having expertise in manufacturing and designing ofwidget. The market had become dynamic and the company products are slow to respond and thecompetitors have developed innovative products. The organization had been unable to takecounter measures and forecast the change in product specifications. The organization had alsobeen facing internal issues as well where the internal communication is poor. The majority of theinformation goes to the higher authorities that have authority on the specific information. Thereport had developed a project management plan for mitigating the problems faced by theorganization. The report had depicted the project schedule, milestone, deliverables, risk register,quality management plan, procurement plan, stakeholder management theory and other factorsbased on the given business case.

2PROJECT MANAGEMENTTable of ContentsProject purpose................................................................................................................................3Project Selection Matrix..................................................................................................................4Project Concept – “Transformation”...............................................................................................6Mission........................................................................................................................................6Project objectives.........................................................................................................................6Project requirements....................................................................................................................7Project deliverables......................................................................................................................7Project Key Performance Indicators............................................................................................8Project Feasibility............................................................................................................................9Strengths and Weaknesses of the project.....................................................................................9Approval requirements..............................................................................................................10Project assumptions...................................................................................................................10Known constraints.....................................................................................................................10Possible improvements..............................................................................................................11Project Stakeholders Management................................................................................................11Project organizational chart (Prince 2)..........................................................................................13Human resource and Communication Management..................................................................14Project Schedule Management......................................................................................................14Milestones..................................................................................................................................14Project WBS to 3 levels.............................................................................................................15Project Gantt Chart....................................................................................................................16Schedule Management...............................................................................................................17Project Cost Management..............................................................................................................21Project Quality Management.........................................................................................................26

3PROJECT MANAGEMENTProject Risk Management..............................................................................................................28Project Procurement Management.................................................................................................31Conclusion.....................................................................................................................................31

4PROJECT MANAGEMENTProject purposeWidget ‘R Us (WRU) is a firm known having expertise in manufacturing and designingof widget. Globalization has changed the market scenario where the demands for developingwidgets have increased significantly. WRU has been lagging behind and has been unable tokeep up with the change in demand in the market. The market has become dynamic and thecompany products are slow to respond and the competitors have developed innovative products.The organization has been unable to take counter measures and forecast the change in productspecifications. The organization is also facing internal issues as well where the internalcommunication is poor. The majority of the information goes to the higher authorities that haveauthority on the specific information. The team work between departments is worse and eachdepartment blames other department for problem faced by WRU. Therefore, the organizationwill have to develop a project in order to mitigate the internal issues and the technical issuesfaced by the organization. The current approaches, existing products, technologies are relevant to the new productsas the organizational approaches are inadequate and they lack in innovation and technology. Theorganization has been known for their low cost servings and in order to improve their operationalefficiency the organization will have to use the new approaches and technologies used by rivalcompanies (Schwalbe 2015). The organization requires drastic change in their organizationalpolicy and their product specifications so present approaches, existing products and technologiesin the market are a key to maintaining organizational sustainability. Project Selection Matrix CriteriaWeightProject 1Project 2Project 3rawweightedrawweightedrawweightedRelevancy toorganizationsobjectives30%9528.59528.55516.5Well developed Internal support15%7511.258512.75456.75

5PROJECT MANAGEMENTPotential market(large)10%404959.5555.5Relevancy and realism oftechnology10%303858.5505Can be implemented in sixmonths5%251.25301.5502.5Addresses the organizationalissues25%401060155012.5Low level of risk10%202202505Weighted project scores100%6077.7553.75(Table 1: Summerville, Uzsoy and Gaytán 2015)In this current business case, there are three alternatives to achieving the goals of theorganization and managing their sustainability. Objective To develop widgets that are at par with theproducts offered by the competitors andmitigate the internal structural andcommunicational issuesAlternativesDescription #Project 1: To outsource the technologyservices to meet the client needs and hirenew workforce. According to the first project, theorganization will outsource theirtechnological requirements in areas they arelacking and make drastic changes to theexiting workforce all levels.#Project 2: To invest in superior technology,talent management and organizationalstructure to bring about a drastic change The organization will make investment intechnology to develop widgets that aresuperior to the products offered by the marketcompetitors and restructure the organizationto develop better communication andefficiency.#Project 3: To form merger with rivalcompany to manage the sustainability ofWRUThe organization will form a merger withother rival companies in order to increase theavailability of their resources. Table 2The project selection matrix has been instrumental in evaluating the alternative options inthis business case. The evaluation shows that project 2 is the appropriate project as the weightedscore is highest in the project. The different criteria that are essential for the success andsustainability are set as the parameters of evaluation. The factors are relevancy to organizations

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Project Management Plan Outline
|18
|3937
|161

Problem based Project Management Plan Assignment
|23
|3909
|78

Weighted Soring Model - PDF
|23
|5251
|25

Project Management Plan
|26
|5362
|53

Organization “WRU” Project Management
|29
|5320
|23

Project Stakeholders Management - Doc
|21
|3686
|100