Project Management: Relocation of Insurance Company

Running Head: PROJECT MANAGEMENT
Project Management: Relocation of Insurance Company
Name of the Student
Name of the University

1PROJECT MANAGEMENT
Table of Contents
Part 1: Project Charter Elements......................................................................................................2
1.1 Project Scope and Objectives................................................................................................2
1.2 Project Business Case............................................................................................................2
1.3 Project Schedule, Milestones and Deliverables.....................................................................2
1.4 Risk Identification.................................................................................................................3
1.5 Project Assumptions and Constraints....................................................................................3
1.6 Estimation of Resources........................................................................................................3
1.7 Stakeholder Identification......................................................................................................3
1.8 Team Operating Principles....................................................................................................4
1.9 Lessons Learned....................................................................................................................4
1.10 Charter Closing and Signatures...........................................................................................4
Part 2: Project Charter for Given Project.........................................................................................4
2.1 Letter to Sponsor....................................................................................................................4
2.2 Project Scope and Objectives................................................................................................5
2.3 Project Business Case............................................................................................................6
2.4 Project Schedule, Milestones and Deliverables.....................................................................6
2.5 Risk Identification.................................................................................................................9
2.6 Project Assumptions and Constraints..................................................................................10
2.7 Estimation of Resources......................................................................................................11
2.8 Stakeholder Identification....................................................................................................14
2.9 Team Operating Principles..................................................................................................14
2.10 Lessons Learned................................................................................................................15
2.11 Charter Closing and Signatures.........................................................................................15
References......................................................................................................................................16

2PROJECT MANAGEMENT
Part 1: Project Charter Elements
A project charter is defined as an overall basic plan for an upcoming project that serves as
the predecessor to the full project plan and emphasizes on some of the basic but critical
components of the project plan. In a project charter, there are a number of different elements that
are discussed below with specific reference to literature.
1.1 Project Scope and Objectives
According to Kerzner and Kerzner (2017), project scope refers to the set of goals and the
overall boundary that has to be successfully fulfilled at the end of the project. On the other hand,
project objectives represent the deliverables of the project and must be defined before proceeding
with the rest of the project.
1.2 Project Business Case
Project business case is defined as a set of various factors related to the project (Harrison
and Lock 2017). These factors include the purpose of project, possible benefits of the project,
appropriate reasoning for conducting the project and others.
1.3 Project Schedule, Milestones and Deliverables
Project schedule is the total estimated time period that is required to complete all the
work in the project. The deliverables represent the work requirements of the project and
milestones represent specific points within the project that reflects the end point of a particular
phase or a group of work in the project (Sharp, Peters and Howard 2017). The deliverables of the
project are assigned with several work packages that are required to fulfill the deliverables.
These work packages are considered for developing the estimated schedule for the project.

3PROJECT MANAGEMENT
1.4 Risk Identification
Risk identification is a customary project activity that is conducted to identify the main
risks associated with the project (Crawford 2014). Identification of the risks early helps to
develop appropriate mitigation plan that will be used to neutralize the impacts of the risks on the
project.
1.5 Project Assumptions and Constraints
As per Flyvbjerg (2014), project assumptions refer to some assumptions that are made
during planning the project. These assumptions are required when there are chances or
possibilities of occurrence of certain impactful events that may or may not occur during the
course of the project. Assumptions are also required during estimation of schedule and budget of
the project. Project constraints are the factors that can hinder the progress of the project. These
constraints must be identified during planning of the project so that possible modifications can be
made on the project to avoid the constraints.
1.6 Estimation of Resources
Any project requires various resources for execution. Again, resources are of two types –
human resource and material resource (Schwalbe 2015). Estimation of resource refers to the
identification of the quantity of the resources (both human and material) that will be required for
successful execution of the project.
1.7 Stakeholder Identification
For successful management of a project, it is important to identify the main stakeholders
associated with the project (Mir and Pinnington 2014). Stakeholders are the personnel who have