Just in Time Training project

This paper discusses the preliminary requirements, project scope, budget estimate, schedule estimate, financial analysis, and potential risks of the Just in Time Training project.

Running head: PROJECT MANAGEMENT
Just in Time Training project
Name of the Student
Name of the University
Author’s Note

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PROJECT MANAGEMENT
Table of Contents
1. Preliminary requirements of the project.................................................................................2
1.1 Project scope....................................................................................................................2
2. Budget estimate......................................................................................................................3
2.1 Cost baseline....................................................................................................................4
3. Schedule estimate...................................................................................................................5
3.1 Work breakdown structure...............................................................................................8
4. Financial analysis calculating NPV, ROI and payback figures.............................................9
5. List of potential risks..............................................................................................................9
Bibliography.............................................................................................................................13

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1. Preliminary requirements of the project
The paper mainly reflects on organizing a training program named “Just-In-Time-
Training Program” that helps in offering training approaches as course offering to the
workers that will further helpful in improving their skill. It is found that te preliminary
requirements of the project mainly includes the following:
 Proper training must be arranged for improving the supplier management and
negotiating skill which generally has the highest priority as these areas are significant
for businesses
 Proper arrangement training facility in project management software is also necessary
so that the project team will be capable of managing the projects effectively
 The project will generally include updating of the corporate site for explaining the
training program for allowing the employees for evaluating courses as well as
tracking the training demand
 Development of proper approach for successfully measuring the effectiveness of
training on productivity of annual basis.
1.1 Project scope
The scope of the project incorporate the following:
 Arranging proper training facility for the workers for improving their skills
 Improving negotiation and project management skill
 Development of proper training facility
 Adopting different types of training facility

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2. Budget estimate
As per the assumption, the budget plan that is created reflects that the training
program will be developed within $100,000.
Figure 1: Project budget
(Source: Created by Author)

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2.1 Cost baseline
The cost baseline that is created for developing a training program named “Just-In-
Time-Training Program” is generally reflected below:
April 2019
May 2019
June 2019
July 2019
August 2019
September 2019
October 2019
November 2019
December 2019
January 2020
February 2020
March 2020
$ 0.00
$ 20,000.00
$ 40,000.00
$ 60,000.00
$ 80,000.00
$ 100,000.00
$ 120,000.00
Cost baseline
Cumulative Cost
Figure 2: Cost baseline
(Source: Created by Author)

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3. Schedule estimate
As per the schedule that is created, it is found that around 229 days are generally
required in order to develop proper training program effectively.
WBS Task Name Duration Start Finish
0 Just in Time Training project 229 days Mon 29-04-19 Thu 12-03-20
1 Initiation phase 24 days Mon 29-04-19 Thu 30-05-19
1.1 Developing business case 6 days Mon 29-04-19 Mon 06-05-19
1.2 Feasibility analysis 5 days Tue 07-05-19 Mon 13-05-19
1.3
Project charter
establishment
6 days Tue 14-05-19 Tue 21-05-19
1.4 Appointing team members 7 days Wed 22-05-19 Thu 30-05-19
1.5
Milestone 1: Completion of
initiation phase
0 days Thu 30-05-19 Thu 30-05-19
2 Planning phase 31 days Fri 31-05-19 Fri 12-07-19
2.1 Project plan development 7 days Fri 31-05-19 Mon 10-06-19
2.2 Resource plan development 6 days Tue 11-06-19 Tue 18-06-19
2.3 Financial plan development 8 days Wed 19-06-19 Fri 28-06-19
2.4 Maintaining quality plan 6 days Mon 01-07-19 Mon 08-07-19
2.5 Acceptance plan 4 days Tue 09-07-19 Fri 12-07-19
2.6
Milestone 2: Completion of
planning phase
0 days Fri 12-07-19 Fri 12-07-19
3 Execution phase 162 days Mon 15-07-19 Tue 25-02-20
3.1 Assessing the 10 days Mon 15-07-19 Fri 26-07-19

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organizational training needs
3.2
Defining the objective of
the training
6 days Mon 29-07-19 Mon 05-08-19
3.3 Designing training program 15 days Tue 06-08-19 Mon 26-08-19
3.4 Adopting training principles 16 days Tue 27-08-19 Tue 17-09-19
3.5
Development of training
program
32 days Wed 18-09-19 Thu 31-10-19
3.6
Providing training in
negotiation skill
20 days Fri 01-11-19 Thu 28-11-19
3.7
Providing project
management skill
30 days Fri 29-11-19 Thu 09-01-20
3.8
Developing skill in six
sigma and software applications
33 days Fri 10-01-20 Tue 25-02-20
3.9
Milestone 3: Completion of
execution phase
0 days Tue 25-02-20 Tue 25-02-20
4 Closure phase 12 days Wed 26-02-20 Thu 12-03-20
4.1 Post project review 6 days Wed 26-02-20 Wed 04-03-20
4.2 Stakeholder sign off 2 days Thu 05-03-20 Fri 06-03-20
4.3 Project documentation 4 days Mon 09-03-20 Thu 12-03-20

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Figure 3: Schedule estimation
(Source: Created by Author)

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3.1 Work breakdown structure
Figure 4: Work breakdown structure
(Source: Created by Author)

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4. Financial analysis calculating NPV, ROI and payback figures
Created by: Date:29-04-19
Discount rate 8.00%
Assume the project is completed in Year 1 Year
1 2 3 4 Total
Costs 10,00,000 4,00,000 4,00,000 4,00,000
Discount factor 0.93 0.86 0.79 0.74
Discounted costs 930000 3,44,000 3,16,000 2,96,000 18,86,000
Benefits 10,00,000 10,00,000 10,00,000
Discount factor 0.93 0.86 0.79 0.74
Discounted benefits - 8,60,000 7,90,000 7,40,000 23,90,000
Discounted benefits - costs - (9,30,000) 5,16,000 4,74,000 5,04,000 NPV
Cumulative benefits - costs - (9,30,000) (4,14,000) 60,000
ROI 27%
Financial Analysis for Just in Time Training project
Payback in Year 3
Figure 5: Financial analysis
(Source: Created by Author)
5. List of potential risks
The risks that are mainly associated with the development of the program are
generally elaborated in the table below with proper risk mitigation strategies in order to
mitigate the risks that are associated with the project.
Risk Description Impact Probability Responsible Mitigation
strategies
Budget
shortfall
It is found
that due to
lack of
budget, a
number of
High High Financial
manager
It is quite
necessary to
manage the
project
budget

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financial
issues as
well as
problems
generally
occurs
within the
project.
effectively
for avoiding
different
types of
financial
issues as
well as
challenges
within the
project.
Lack of
training
equipments
It is found
that due to
lack of
training
equipments
it is quite
difficult to
undertake
the training
program
successfully.
Medium Medium Trainer It is quite
necessary to
arrange
proper
training
facilities for
undertaking
the training
effectively.
Schedule
slippage
It is analyzed
that due to
slippage of
project
High High Project
manager
It is quite
necessary to
manage the
schedule of

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PROJECT MANAGEMENT
schedule,
delay in the
completion
of the project
occur that
further
creates
slippage of
project
schedule.
the project
quite
effectively
for avoiding
project
delays as
well as
problems
that are
mainly
associated
with
schedule
slippage.
Improper
management
Improper
management
can create
schedule
slippage as
well as
budget
shortfall that
further can
create
obstruction
Medium Medium Trainer It is found
that in order
to manage
the project, it
is quite
important to
manage the
project
effectively
for avoiding
issues and

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within the
project.
challenges
that are
related with
project

13
PROJECT MANAGEMENT
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