Phases of Project Life Cycle, Stakeholder Register, Project Charter, Project Network Diagram, Project Cost and Net Present Value

Assessment 3

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
1. Explanation of phases of project life cycle..............................................................................1
2. Creation of stakeholder register and communication management plan.................................3
3. Creation of project charter.......................................................................................................5
4. Creation of project network diagram.......................................................................................6
5. Calculation of the project cost and net present value..............................................................7
6. Creation of project work breakdown structure........................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Project management could be defined as the process of controlling, planning, determining
and handling a project so that all the activities related to it could be performed in systematic
manner. When the individuals working on it will not be able to perform all the tasks that are
related to it then it may result in failure of the project (Delisle, 2019). In order to make sure that
all the desired outcomes are achieved it is very important for managers to pay attention towards
project management. Main aim of this report is to understand the key aspects which are required
to be focused while working on a project. It is mainly based upon Sunshine Homes which has
decided to outsource web development. This assignment covers various topics such as phases of
project life cycle, stakeholder register, communication management plan, project charter, project
network diagram, project cost, net present value etc. Apart from this, project work breakdown
structure is also created in this report.
MAIN BODY
1. Explanation of phases of project life cycle
Sunshine Homes is one of the real estate agencies of Australia which is involved in the
business of rental accommodation. It has grown rapidly in last few years and it is employing
around 90 agents and apart from this, it has opened 5 new offices. The entity has planned to
develop a cloud-based management information system and upgrade the IT infrastructure. It has
been planned by it that the web development will be outsources by the entity and a contract for
the same is signed with PB web design (Görög, 2016). While working on the project it will be
very important for all the managers to make sure that they pay attention towards all the stages of
project lifecycle as it can help to carryout all the activities related to project in systematic
manner. While moving throughout the completion of the project all of them will be followed by
the managers. Discussion of all of them in context of the project of Sunshine Homes is as
follows:
Initiation: It is first stage of project lifecycle where the managers initiate the project. At
this stage the upper management of the entities analyse the strategic need for business so that the
business could be developed with the help of further planning. If they will not pay attention
towards the need of business then it will be very difficult for them to make sure that all the needs
and expectation of the entity are met (Heagney, 2016). As the management in Sunshine Homes
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decided to develop a new cloud-based management information system and upgrade the
company IT infrastructure so it is very important for managers to make sure that it is needed for
business or not. At this stage all the managers working within the entity will be responsible to
assure the effective initiation of the project of development and upgradation.
Apart from this, directors have also planned to outsource the web development from PB
web design company so all the activities related to this task are also required to be performed in
systematic manner. Here the managers will elaborate the description, risks and conditions of the
project to all the individuals who will be involved in it so that they can work effectively. Apart
from this, they will also be required to formulate the objective of the project. The objective of
development and upgradation project of Sunshine Homes is to develop the business with the help
of new management information system and IT infrastructure (Hoda and Murugesan, 2016).
Planning: It is second stage of the project life cycle where the managers are responsible
for organising and preparing. Main purpose of this phase is to analyse the detailed strategy of the
way in which whole project should be performed and completed successfully. At this stage all
the plans for future which are required to be implemented are formulated so that the staff
members can work on them properly to meet the project goals and objectives. It has been
estimated by the management and directors of Sunshine Homes that the project of development
and upgradation will take almost 3 years to get completed (Kerzner, 2017).
In order to complete it in the set time period it will be very important for all the managers
to make sure that they assign responsibilities to all the individuals according to their capabilities.
It will help to enhance the engagement level of them in the tasks that will be assigned to them. It
has been planned by the management teams that the progress of the project will be measured on
weekly basis. Apart from this, it has also been planned that funds will be allocated in monthly
basis according to the requirements of different teams that are working on project. It will help to
complete the project successfully within the predetermined budget. A plan regarding
identification of different alternatives for IT infrastructure is also been planned as it is required to
select the best one for the development of business (Kerzner, 2019).
Execution: It is third phase of project lifecycle which is focused with execution of all the
plans that are formulated in the planning stage of the project. In other words, it could be
described as the set of activities that are performed to carry out project according to
predetermined activities. As the managers planned to complete the project of Sunshine Homes in
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