Project Management: Insurance Company Relocation Project
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Added on 2023/04/11
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This document provides a project charter for an insurance company relocation project, including an overview, purpose, scope and objectives, deliverables and milestones, project schedule, assumptions and constraints, project budget, stakeholder roles and responsibilities, and charter acceptance.
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Running Head: PROJECT MANAGEMENT Insurance Company Relocation Project Name of the Student Name of the University
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1PROJECT MANAGEMENT Table of Contents Section 1: Theory of Project Charter Elements...............................................................................2 Section 2: Project Charter for Insurance Office Relocation............................................................4 2.1 Overview of the Project.........................................................................................................4 2.2 Purpose of the Charter...........................................................................................................4 2.3 Project Scope and Objectives................................................................................................5 2.4 Project Deliverables and Milestones.....................................................................................5 2.5 Project Schedule....................................................................................................................8 2.6 Assumptions and Constraints................................................................................................9 2.7 Project Budget.......................................................................................................................9 2.8 Stakeholder Roles and Responsibilities...............................................................................12 2.9 Charter Acceptance..............................................................................................................13 References......................................................................................................................................14
2PROJECT MANAGEMENT Section 1: Theory of Project Charter Elements The main elements of project charter are listed as follows along with their detailed explanation as found in literature. Overview of the Project– This is the introductory section of a project charter that provides an overall background information of the project to the reader (Kerzner and Kerzner 2017). The overview of the project includes the context of the project plan and why it is being executed. The overview also includes the discussion of benefits that are expected from the project. Purpose of the Charter– In this section, the main discussion is based on the reason for developing this charter. There are many projects that do not require project charter and the plans are made differently. Project charter serves its own important purpose that helps the project management to develop a fully fledged project plan (Heldman 2018). Even if the complete project plan is not developed, the charter can act as a preliminary plan that can give the basic idea of the overall project plan. Project Scope and Objectives– Project scope is defined as the boundary that is set during planning such that the project stays within a particular limit. Without the project scope, the project will move out of control at one point causing huge losses to the parent organisation. In a charter, the project scope is mainly defined using a six item checklist that includes objective, key milestones, high level requirements, assumptions and exclusions, issues and risks and key stakeholders (Kloppenborg, Anantatmula and Wells 2018). On the other hand, project objectives define the main outcomes and requirements that are expected as the end product of the project. In
3PROJECT MANAGEMENT mostprojectcharters,theobjectiveisdefinedusingtheSMARTtechnique(Specific, Measurable,Acceptable,Realistic andTime-Based). Project Deliverables and Milestones– In this section, the main deliverables of the project are specified. This is mainly done by developing a work breakdown structure that includes the project phases, sub-phases, deliverables and work packages that are to be executed during the project (Varajão, Colomo-Palacios and Silva 2017). Milestones are specific points within the work breakdown structure that define the completion of a particular part of the project. These milestones are also specified within the work breakdown structure. Project Schedule– Using the work breakdown structure, the project schedule can be developed by adding durations to each of the work packages. This is either done manually or using suitable project management software that can compute the total duration of the project from the durations of the work packages entered (Kerzner and Kerzner 2017). The schedule is generally presented in the form of Gantt chart. Assumptions and Constraints– This section describes the main assumptions that have been made during planning of the project (Heldman 2018). The section also discusses about the constraints that will be faced while executing the project. Project Budget– In this section, the total budget of the project is estimated. In most of the cases, there are two main budget estimation techniques utilized depending on the nature of the project – top down estimation and bottom up estimation (Kloppenborg, Anantatmula and Wells 2018). Bottom up estimation technique is more common and it utilizesthe work breakdown structure developed earlier.
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4PROJECT MANAGEMENT Stakeholder Roles and Responsibilities– This section identifies the main stakeholders that are involved in the project and also defines the roles and responsibilities of each stakeholder. Charter Acceptance– This is the final section of the project charter in which the names and signatures of the stakeholders are provided (Kerzner and Kerzner 2017). The purpose of this section is to sign off the charter after successful review of the same. Section 2: Project Charter for Insurance Office Relocation 2.1 Overview of the Project This project is based on the relocation of an insurance company after expiry of the lease at the current office. The land owner will not extend the contract of the list but has provided a time period of 2 months within which, the office has to be relocated to a new location. Accordingly, a new location has been found in a nearby suburb but there are several conditions for relocation. The main condition is that the relocation process should not disrupt the staffs or the customers in any way. As per this condition, it is proposed that the relocation process will be done within a 4-days window from one Friday shift end to Monday shift beginning but in order to achieve the same, the project team members have to work overtime to reduce downtime as much as possible. 2.2 Purpose of the Charter The purpose of this charter is to develop a plan for the proposed relocation project for the insurance company. The plan should take into consideration several conditions that must be fulfilled during the entire relocation process.
5PROJECT MANAGEMENT 2.3 Project Scope and Objectives The main scope of the project is to relocate the office from one location to another with the least downtime possible and without disrupting regular activities of the clients and staffs. Based on this scope, the objectives are defined using SMART technique as follows. Specific– After clearing out from the existing office space, the relocation is to be done to the new space in the nearby suburban area. Measurable– The relocation must be completed within the two months period provided by the owner of the current office space. Acceptable– The relocation has to be done in such a way that the staff or clients’ activities are not disrupted in any way. Realistic– The relocation process is to be done within a realistic budget and timeline. Time Based– The relocation process has to be done within one weekend so that the activities of the staffs and clients are not disrupted in any way. 2.4 Project Deliverables and Milestones The key deliverables of the project are shown in the following work breakdown structure. WBSTask Name 0Office Relocation Project 1Relocation Planning 1.1Search for New Office Space
6PROJECT MANAGEMENT 1.2Selection of Office Space 1.3Discussion Regarding New Office Location 1.4Receive Approval from CEO Regarding Relocation 1.5Milestone 1: Finalization of Relocation 2Preparation for Relocation 2.1Hire Subject Matter Experts 2.2Develop Project Plan 2.3Determine Schedule 2.4Determine Final Budget 2.5Consider the Constraints of the Project 2.6Finalize Contract with New Office Space Owner 2.7Milestone 2: Completion of Preparations 3Relocation Process 3.1Pack All Office Equipments 3.2Clean Up the Entire Office 3.3Transport the Equipments to New Location
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7PROJECT MANAGEMENT 3.4Set Up the Equipments 3.5Installation and Set Up of Workstations 3.6Milestone 3: Completion of Relocation 4Finalization and Closing 4.1Complete Formalities with Previous Office Space Owner 4.2Sign Off the End Contract 4.3Review the New Office Post Relocation 4.4Milestone 4: Completion of the Relocation Project The main milestones of the project are shown in the following table. WBSTask Name 0Office Relocation Project 1.5Milestone 1: Finalization of Relocation 2.7Milestone 2: Completion of Preparations 3.6Milestone 3: Completion of Relocation 4.4Milestone 4: Completion of the Relocation Project
8PROJECT MANAGEMENT 2.5 Project Schedule The project schedule is shown in the Gantt chart as follows.
9PROJECT MANAGEMENT Figure 1: Gantt Chart of the Project (Source: Created by Author) 2.6 Assumptions and Constraints The main assumptions made for the project are as follows. It has been assumed that the relocation process can be completed within the four- day window. It has been assumed that the new office location is convenient for the staffs and the clients. It is assumed that the relocation can be completed within the budget of $100,000. The main constraints of the project are as follows. The relocation process cannot disrupt the works of the staffs and the clients. The budget cannot exceed $100,000. The entire process including planning, relocating, cleaning up and formalities for handover must be completed within the 2 months period. 2.7 Project Budget The budget has been developed considering various costs as follows. Resource NameStd. Rate Project Manager$200.00/hr Manager of CIT$150.00/hr
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10PROJECT MANAGEMENT Administration Manager$150.00/hr SMEs$350.00/hr Relocation Workers$300.00/hr Transport and Other Costs$25,000.00 Accordingly, the final project budget is developed as follows. Task NameResource NamesCost Office Relocation Project $86,700.00 [TOTAL BUDGET] Relocation Planning$15,600.00 Search for New Office SpaceAdministration Manager$6,000.00 Selection of Office SpaceAdministration Manager$2,400.00 Discussion Regarding New Office Location AdministrationManager, Project Manager $5,600.00 Receive Approval from CEO Regarding Relocation Project Manager$1,600.00 Milestone 1: Finalization of Relocation$0.00
11PROJECT MANAGEMENT Preparation for Relocation$15,600.00 Hire Subject Matter ExpertsManager of CIT$2,400.00 Develop Project PlanProject Manager$4,800.00 Determine ScheduleAdministration Manager$1,200.00 Determine Final BudgetAdministration Manager$1,200.00 Consider the Constraints of the ProjectAdministration Manager$1,200.00 Finalize Contract with New Office Space Owner Project Manager$4,800.00 Milestone 2: Completion of Preparations$0.00 Relocation Process$47,500.00 Pack All Office EquipmentsRelocation Workers$7,200.00 Clean Up the Entire OfficeRelocation Workers$3,600.00 Transport the Equipments to New Location RelocationWorkers, TransportandOther Costs[1] $26,800.00 Set Up the EquipmentsRelocation Workers, SMEs$7,800.00 Installation and Set Up of WorkstationsSMEs$2,100.00
12PROJECT MANAGEMENT Milestone 3: Completion of Relocation$0.00 Finalization and Closing$8,000.00 Complete Formalities with Previous Office Space Owner Project Manager$3,200.00 Sign Off the End ContractProject Manager$1,600.00 Review the New Office Post RelocationProject Manager$3,200.00 Milestone 4: Completion of the Relocation Project $0.00 2.8 Stakeholder Roles and Responsibilities The main stakeholders of the project and their responsibilities are defined as follows. Stakeholder NameDesignationRole and Responsibility Mr. ACEO / SponsorFund the project Mr. BBranchManager/Project Manager Supervise, guide and control the project Mr. CManager of Communications and Information Technology (CIT) Superviserelocationand installationofcomputersand telephones Mr. DAdministration ManagerAssistance and reporting in the project
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13PROJECT MANAGEMENT 2.9 Charter Acceptance NameSignature Mr. A. . . . . . . . . . . . . . . . . . . Mr. B. . . . . . . . . . . . . . . . . . . Mr. C. . . . . . . . . . . . . . . . . . . Mr. D. . . . . . . . . . . . . . . . . . .
14PROJECT MANAGEMENT References Badewi, A., 2016. The impact of project management (PM) and benefits management (BM) practicesonprojectsuccess:Towardsdevelopingaprojectbenefitsgovernance framework.International Journal of Project Management,34(4), pp.761-778. Brioso, X., 2015. Integrating ISO 21500 guidance on project management, lean construction and PMBOK.Procedia Engineering,123, pp.76-84. Demirkesen, S. and Ozorhon, B., 2017. Impact of integration management on construction projectmanagementperformance.InternationalJournalofProjectManagement,35(8), pp.1639-1654. Elias, A.A., 2016. Stakeholder analysis for Lean Six Sigma project management.International Journal of Lean Six Sigma,7(4), pp.394-405. Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute. Heldman, K., 2018.PMP: project management professional exam study guide. John Wiley & Sons. Kerzner, H. and Kerzner, H.R., 2017.Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons. Kloppenborg, TJ, Anantatmula, V and Wells, KN, 2018,Contemporary Project Management, 4th edn, Cengage Learning, Boston, MA, USA. Martin, J. and Haggerty, N., 2017. The Project Charter as a Sensemaking Device.
15PROJECT MANAGEMENT Salmon, M.W., Kosbab, B.D., Coleman, J. and Trujillo, I.E., 2019.PF-4 Seismic Performance Reassessment,LosAlamosNationalLaboratory,ProjectCharterandIntegratedProject Team(No. LA-UR-19-20688). Los Alamos National Lab.(LANL), Los Alamos, NM (United States). Schwalbe, K., 2015.Information technology project management. Cengage Learning. Varajão, J., Colomo-Palacios, R. and Silva, H., 2017. ISO 21500: 2012 and PMBoK 5 processes in information systems project management.Computer Standards & Interfaces,50, pp.216-222.