Project management: Time Inc

Running head: PROJECT MANAGEMENT
Project management: Time Inc
Name of the Student
Name of the University
Author’s Note

1
PROJECT MANAGEMENT
Table of Contents
1. Overview about the project..........................................................................................................2
2. Gantt chart...................................................................................................................................2
3. Network diagram.........................................................................................................................4
4. Identification of six milestones using SMART criteria...............................................................6
5. Resources table............................................................................................................................7
6. Project budget..............................................................................................................................8
7. RACI table.................................................................................................................................14
8. Project risks...............................................................................................................................16
9. Probability and impact matrix...................................................................................................23
Bibliography..................................................................................................................................24

2
PROJECT MANAGEMENT
1. Overview about the project
The organization “Time Inc” is an international organization that aims to implement
Time Sheets in 15 different software centres. The committee of the organization is mainly
interest in understanding how time is used by the team members of the project in various centres.
The main interest of the entire committee is to capture different types of metrics including cost of
quality, resource utilization, PM excellence and many more. The organization is mainly
considering the purchase of the Time sheet system which generally works with the Enterprise
PM system software which helps in giving visibility to different projects in different centres of
the organization. It is assumed that the project manager generally acts as liaison between both the
internal as well as externa; project stakeholders and it is expected that the work of Time sheet
implementation will be finished within 8 months of time span by using budget of around
$2,500,000.
2. Gantt chart
Gantt chart is one of the useful graphical tools that helps in reflecting the activities that
are performed against time. One of the major advantages of using Gantt chart is that one can be
able to visualize everything at a single place. Communication is generally considered integral
part for the project which generally helps in improving the relationship with the project team
members. In addition to this, it helps in avoiding resource overload and further assists in
measuring the project progress and as a result the team members can be able to update the
completed percent of each of the project activities (Ong, Wang and Zainon 2016). This particular
information is considered quite important for determining whether the entire project headed in
the correct direction or not. Furthermore, the issue that is associated with the overlapping of the

3
PROJECT MANAGEMENT
activities as well as task dependencies can be avoided. Additionally, the project managers can be
able to practice proper time management by utilizing the Gantt chart. In order to implement the
time-sheet, 8 months’ time is needed which is showcased with the help of below Gantt chart.
Figure 1: Gantt chart

4
PROJECT MANAGEMENT
(Source: Created by Author)
3. Network diagram
The network diagram of the project generally helps in reflecting activities which are
mainly interrelated with one another from the starting of the project. In addition to this, it helps
in reflecting the workflow of the project activities and generally assists in determining different
types of opportunities in order to compress the project schedule effectively (Costantino, Di
Gravio and Nonino 2015). One needs to shorten the duration of the activities of the project when
the project is behind schedule for finishing the project on time then with the help of the network
diagram, the schedule can be compressed (Nisar and Suzuki 2015). It generally helps in
reflecting the activities of the project as well as the total path from the start till the beginning of
the project till the end and therefore it is considered as one of the good instruments that helps in
reflecting the progress of the project.
The network diagram that is provided in the form of critical path method generally helps
in reflecting that the entire project will get executed within 8 months that is 160 days. In addition
to this the diagram showcases ES, EF, LS, LF and slack for each of the project activity. The
network which is shown helps in properly estimating the time and generally helps in making
proper decisions by giving proper opportunities for successful optimization.
Figure 2: Network diagram

5
PROJECT MANAGEMENT
(Source: Created by Author)
4. Identification of six milestones using SMART criteria
The six different milestones which are needed in the project are generally reflected below
with the help of SMART criteria.
 Specific: As the committee of the organization is interested to understand how time is
mainly used in different centres therefore, they want to implement Time sheet system
which will further helpful in providing visibility into the projects across different
software centres.
 Measurable: As the implemented time sheet system helps in keeping track on the time of
the project therefore the time that is needed for a specific project by each of the centre
can be identified easily.
 Attainable: The organization wants to capture various types of metrics including
resource optimization, cost of quality as well as PM excellence which is attainable.
 Realistic: The project will be completed within budget and time that is very much
feasibility as well as realistic.
 Time bound: The time sheet for the time Inc. organization will get completed within 8
months of time.

6
PROJECT MANAGEMENT
5. Resources table
The table that is provided below mainly showcases on the resources that are used in the
project including information about the type of resources as well as standard rate.
Resource
Name
Type
Material
Label
Initials Group
Max.
Units
Std. Rate
Accrue
At
Base
Calendar
Project
manager
Work P 100% $ 55.00/hr Prorated Standard
Project
planner
Work P 100% $ 50.00/hr Prorated Standard
Financial
manager
Work F 100% $ 45.00/hr Prorated Standard
HR manager Work H 100% $ 45.00/hr Prorated Standard
Risk analysis
team
Work R 100% $ 40.00/hr Prorated Standard
PM staffs Work P 100% $ 40.00/hr Prorated Standard
Workers Work W 100% $ 40.00/hr Prorated Standard
IT manager Work I 100% $ 50.00/hr Prorated Standard
Tester Work T 100% $ 45.00/hr Prorated Standard
Contractor Work C 100% $ 40.00/hr Prorated Standard
Hardware Material H
$
800,000.00
Prorated

7
PROJECT MANAGEMENT
Software Material S
$
824,200.00
Prorated
Other
materials
Material O
$
800,000.00
Prorated
6. Project budget
The project budget table which is provided below helps in showcasing that the time sheet
will be successfully implemented within 8 months of time by utilizing budget of around $2,
500,000.
WBS Task Name Duration Start Finish Resource Names Cost
0
Implementation
of Time sheet
system in Time
Inc.
8 mons
Mon 20-
01-20
Fri 28-08-
20
$ 2,500,000.00
1
Project
initiation phase
1 mon
Mon 20-
01-20
Fri 14-02-
20
$ 8,000.00
1.1
Business case
development
6 days
Mon 20-
01-20
Mon 27-
01-20
Project manager $ 2,640.00
1.2
Feasibility
study
4 days
Tue 28-
01-20
Fri 31-01-
20
Financial manager $ 1,440.00
1.3
Project charter
establishment
6 days
Mon 03-
02-20
Mon 10-
02-20
Project planner $ 2,400.00
1.4 Determining 3 days Tue 11- Thu 13-02- HR manager $ 1,080.00

8
PROJECT MANAGEMENT
stakeholders for
the project
02-20 20
1.5
Getting
approval for the
project charter
1 day
Fri 14-
02-20
Fri 14-02-
20
Project manager $ 440.00
1.6
Milestone 1:
Completion of
initiation phase
0 mons
Fri 14-
02-20
Fri 14-02-
20
$ 0.00
2 Planning phase 2 mons
Mon 17-
02-20
Fri 10-04-
20
$ 15,240.00
2.1
Project plan
development
10 days
Mon 17-
02-20
Fri 28-02-
20
Project planner $ 4,000.00
2.2
Resource
optimization
6 days
Mon 02-
03-20
Mon 09-
03-20
HR manager $ 2,160.00
2.3
Resource plan
development
5 days
Tue 10-
03-20
Mon 16-
03-20
HR manager $ 1,800.00
2.4 Financial plan 7 days
Tue 17-
03-20
Wed 25-03-
20
Financial manager $ 2,520.00
2.5
Quality plan
development
4 days
Thu 26-
03-20
Tue 31-03-
20
HR manager $ 1,440.00

9
PROJECT MANAGEMENT
2.6
Development
of risk
management plan
5 days
Wed 01-
04-20
Tue 07-04-
20
Risk analysis team $ 1,600.00
2.7 Communication
plan development
3 days
Wed 08-
04-20
Fri 10-04-
20
Project manager $ 1,320.00
2.8
Getting
approval for
project and
financial plan
1 day
Wed 08-
04-20
Wed 08-04-
20
Project planner $ 400.00
2.9
Milestone 2:
Completion of
planning phase
0 days
Wed 08-
04-20
Wed 08-04-
20
$ 0.00
3
Execution
phase
4.95
mons
Thu 09-
04-20
Tue 25-08-
20
$ 2,473,360.00
3.1
Hiring
consultant to
determine time
sheet system
9 days
Thu 09-
04-20
Tue 21-04-
20
HR manager $ 3,240.00
3.2
Recruiting
staffs
11 days
Wed 22-
04-20
Wed 06-05-
20
HR manager $ 3,960.00
3.3 Embedding 10 days Thu 07- Wed 20-05- PM staffs $ 3,200.00

10
PROJECT MANAGEMENT
PM excellence 05-20 20
3.4
Working with
the PM champions
5 days
Thu 21-
05-20
Wed 27-05-
20
Workers $ 1,600.00
3.5
Short listing
time sheet system
7 days
Thu 28-
05-20
Fri 05-06-
20
Workers $ 2,240.00
3.6
Gaining
agreement with the
stakeholders
8 days
Mon 08-
06-20
Wed 17-06-
20
Contractor $ 2,560.00
3.7
Negotiating
with the vendor
7 days
Thu 18-
06-20
Fri 26-06-
20
Contractor $ 2,240.00
3.8
Getting
assistance from the
purchasing
department
6 days
Mon 29-
06-20
Mon 06-
07-20
HR manager $ 2,160.00
3.9
Implementation of
the time sheet
system
20 days
Tue 07-
07-20
Mon 03-
08-20
IT manager, Workers,
Hardware [1],Other
materials[1],Software[1]
$ 2,438,600.00
3.10 Milestone 3:
Completion of
implementation
phase of the
0 days Mon 03-
08-20
Mon 03-
08-20
$ 0.00

11
PROJECT MANAGEMENT
project
3.11
Measuring
ROI
5 days
Tue 04-
08-20
Mon 10-
08-20
Financial manager $ 1,800.00
3.12
Providing
training to the
users
10 days
Tue 04-
08-20
Mon 17-
08-20
Project manager $ 4,400.00
3.13
Milestone 5:
Completion of
training
0 mons
Mon 03-
08-20
Mon 03-
08-20
$ 0.00
3.14
Maintenance
of the software
centres
5 days
Tue 11-
08-20
Mon 17-
08-20
Tester, Workers $ 3,400.00
3.15
Transitioning
the system
4 days
Tue 18-
08-20
Fri 21-08-
20
IT manager $ 1,600.00
3.16
Determining
further project
3 days
Tue 18-
08-20
Thu 20-08-
20
Project planner $ 1,200.00
3.17
Testing the
system
2 days
Mon 24-
08-20
Tue 25-08-
20
Tester $ 720.00
3.18
Getting
approval for the
performance
1 day
Fri 21-
08-20
Fri 21-08-
20
Project manager $ 440.00
3.19 Milestone 4:
Completion of
0 days Tue 25- Tue 25-08- $ 0.00

12
PROJECT MANAGEMENT
execution phase 08-20 20
4 Closure phase
0.25
mons
Mon 24-
08-20
Fri 28-08-
20
$ 3,400.00
4.1
Post project
review
3 days
Mon 24-
08-20
Wed 26-08-
20
Project manager $ 1,320.00
4.2
Stakeholder
sign off
1 day
Mon 24-
08-20
Mon 24-
08-20
Project planner $ 400.00
4.3 Documentation 2 days
Thu 27-
08-20
Fri 28-08-
20
Project manager, Project
planner
$ 1,680.00
4.4
Milestone 5:
Completion of
closure phase
0 days
Mon 24-
08-20
Mon 24-
08-20
$ 0.00

13
PROJECT MANAGEMENT
7. RACI table
RACI table that is provided below helps in reflecting the participation by different role
in successfully finishing each of the activities of the project. It is considered as one of the key
parts of the entire activities such that it helps in mapping the roles of the stakeholder for finishing
the entire project on time.
Activities Project
manager
Planner Financial
manager
HR
manage
r
Risk
analysis
team
PM
staffs
Workers IT
manage
r
Tester Contractor
Business case
development
R, A C, I
Feasibility
study
I C R, A
Project charter
establishment
C, I R, A
Stakeholder
determination
I C R, A
Resource plan
development
I C R, A
Resource
optimization
I C R, A
Quality plan I C R, A
Risk
management
I C R, A

14
PROJECT MANAGEMENT
plan
Hiring
consultants
I C R, A
Embedding
PM excellence
I C R, A
Working the
PM champions
I R, A C
Shortlisting
time sheet
systems
C R, A I
Gaining
agreement
C I R, A
Negotiating
with vendor
I C R, A
Getting
assistance from
purchasing
department
R, A C I
Implementatio
n of time sheet
system
I C R, A
Maintenance of
software
I C R, A

15
PROJECT MANAGEMENT
Testing the
system
I C R, A
Post project
review
R, A I C
Stakeholder
sign off
I R, A C
Documentation I R, A C
8. Project risks
Ris
k Id
Risk Description Impact Probabilit
y
Responsibl
e person
Mitigation
1 Schedule
slippage
The schedule
slippage helps
in indicating
the amount of
time that is
delayed in the
project as the
project
managers are
unable to track
the progress.
Major Moderate Project
planner
Defining the
critical path of
the project
properly is one
of the
significant tip
that helps in
careful
scheduling and
thus avoid the
chances of
slippage.
2 Budget The budget Major Very likely Financial The budget of

16
PROJECT MANAGEMENT
shortfall shortfall issues
occur due to
the failure of
managing the
schedule
effectively.
manager the project can
be managed if
all the team
members are
kept aware
about the
current status
of the project.
3 Inadequate
resource
Inadequate
resources for
the
implementatio
n of time sheet
system will
create
obstruction in
completing the
project on
time.
Moderat
e
Moderate HR
manager
The project
resources must
be analyzed in
the initial
phase of the
project
properly so
that the entire
project gets
accomplished
on time.
4 Lack of
experienced
workers
The workers
who are
working for
the time sheet
Moderat
e
Unlikely HR
manager
Hiring
experienced
workers for
the

17
PROJECT MANAGEMENT
implementatio
n if not
experienced
and
knowledgeable
then they are
unable to
complete the
work of the
project on
time.
implementatio
n of timesheet
will be quite
helpful for
finishing the
entire work of
the project on
time.
5 Improper
testing
If testing of
the time sheet
system is not
performed
well then it is
quite difficult
for the
workers to
work
successfully
with the
system for
Major Likely Tester It is quite
necessary to
undertaking
testing after
the
implementatio
n of the
project so that
the entire
project gets
accomplished
on time and

18
PROJECT MANAGEMENT
understanding
the utilization
of time in
various
software
centres of
Time Inc.
the system can
work
effectively.
6 Scope creep Scope creep
generally tend
to increase the
lifecycle of the
project and as
a result the
project
generally faces
the problem of
delay. Due to
delay, the
budget that is
necessary for
the project
also increases.
Moderat
e
Likely Project
planner
It is necessary
to create
proper
documentation
for the project
requirements
by setting up
proper change
control
processes so
that the issue
of scope creep
can be avoided
from the
project
effectively.

19
PROJECT MANAGEMENT
7 No help
from
purchasing
department
If proper help
from the
purchasing
department is
not present
then the
resources will
not be
purchased for
the project on
time which
further can
cause delay.
Moderat
e
Moderate HR
manager
It is necessary
to get proper
help from the
purchasing
department so
that the
resources
which are
required for
the time sheet
system can be
implemented
effectively.
8 Lack of
proper
management
If the project
will not be
managed by
the project
team members
then the
completion
date of the
project
generally gets
Moderat
e
Minor Project
manager
Utilization of
proper project
management
strategies are
generally
helpful in
managing the
entire project
effectively so
that the entire

20
PROJECT MANAGEMENT
extended. project gets
completed on
time.
9. Change of
requirements
If any type of
changes is
made in the
requirements
of the project
then it will be
quite difficult
for the project
manager to
handle the
changes
properly and it
would further
create negative
impact on time
and budget of
the project.
Minor Likely HR
manager
It is necessary
to keep proper
touch with the
clients for
avoiding
conflict that
occur due to
change of
requirements.
10. Unclear
specification
s
If the
requirements
of the project
Major Unlikely Project
planner
It is quite
necessary to
specify the

21
PROJECT MANAGEMENT
are not clearly
mentioned
then it would
be quite
difficult for
the project
managers to
manage the
work of the
project
effectively as
well as on
time.
needs and
requirements
of the project
quite
effectively so
that the entire
project gets
implemented
successfully.

22
PROJECT MANAGEMENT
9. Probability and impact matrix
Probability and impact matrix which is provided below generally utilizes proper
combination of probability and impact scores for different risks with proper rank so that the risks
can be handled quite easily.
Impact
Probability
Trivial Minor Moderate Major Extreme
Rare
Unlikely Lack of
experienced
workers
Unclear
specifications
Moderate Lack of
proper
management
Inadequate
resource, no
help from
purchasing
department
Schedule
slippage
Likely Change of
requirements
Scope creep Improper
testing
Very
likely
Budget
shortfall

23
PROJECT MANAGEMENT
Bibliography
Andersen, E.S., 2016. Do project managers have different perspectives on project
management?. International Journal of Project Management, 34(1), pp.58-65.
Badewi, A., 2016. The impact of project management (PM) and benefits management (BM)
practices on project success: Towards developing a project benefits governance
framework. International Journal of Project Management, 34(4), pp.761-778.
Costantino, F., Di Gravio, G. and Nonino, F., 2015. Project selection in project portfolio
management: An artificial neural network model based on critical success factors. International
Journal of Project Management, 33(8), pp.1744-1754.
Golini, R., Kalchschmidt, M. and Landoni, P., 2015. Adoption of project management practices:
The impact on international development projects of non-governmental
organizations. International Journal of Project Management, 33(3), pp.650-663.
Hoda, R. and Murugesan, L.K., 2016. Multi-level agile project management challenges: A self-
organizing team perspective. Journal of Systems and Software, 117, pp.245-257.
Kerzner, H., 2015. Project management 2.0: leveraging tools, distributed collaboration, and
metrics for project success. John Wiley & Sons.
Kostalova, J., Tetrevova, L. and Svedik, J., 2015. Support of project management methods by
project management information system. Procedia-Social and Behavioral Sciences, 210, pp.96-
104.

24
PROJECT MANAGEMENT
Lee, L., Reinicke, B., Sarkar, R. and Anderson, R., 2015. Learning through interactions:
Improving project management through communities of practice. Project Management
Journal, 46(1), pp.40-52.
Marcelino-Sádaba, S., González-Jaen, L.F. and Pérez-Ezcurdia, A., 2015. Using project
management as a way to sustainability. From a comprehensive review to a framework
definition. Journal of cleaner production, 99, pp.1-16.
Nisar, S.A. and Suzuki, K., 2015. Critical Activity Effect on Project Duration in Precedence
Diagram Method Scheduling Network. In ICORES (pp. 314-322).
Ong, H.Y., Wang, C. and Zainon, N., 2016. Integrated earned value Gantt chart (EV-Gantt) tool
for project portfolio planning and monitoring optimization. Engineering Management
Journal, 28(1), pp.39-53.
Padalkar, M. and Gopinath, S., 2016. Six decades of project management research: Thematic
trends and future opportunities. International Journal of Project Management, 34(7), pp.1305-
1321.
Papke-Shields, K.E. and Boyer-Wright, K.M., 2017. Strategic planning characteristics applied to
project management. International Journal of Project Management, 35(2), pp.169-179.
Qazi, A., Quigley, J., Dickson, A. and Kirytopoulos, K., 2016. Project Complexity and Risk
Management (ProCRiM): Towards modelling project complexity driven risk paths in
construction projects. International Journal of Project Management, 34(7), pp.1183-1198.

25
PROJECT MANAGEMENT
Ramazani, J. and Jergeas, G., 2015. Project managers and the journey from good to great: The
benefits of investment in project management training and education. International Journal of
Project Management, 33(1), pp.41-52.
Serra, C.E.M. and Kunc, M., 2015. Benefits realisation management and its influence on project
success and on the execution of business strategies. International Journal of Project
Management, 33(1), pp.53-66.
Trojanowska, J. and Dostatni, E., 2017. Application of the theory of constraints for project
management. Management and production engineering review, 8(3), pp.87-95.