MNG00785 Project Charter: Analysis and Development for Banking System

This report examines a project charter developed for a banking system. The first part of the report provides a theoretical overview of project charter elements, including project scope, business case, milestone schedules, risk assumptions, resource estimates, stakeholder identification, team operating principles, and lessons learned. It draws heavily on project management theory and PMBoK guidelines. The second part analyzes an actual project charter, including a letter to the sponsor, and details how the charter addresses the specific needs of a banking system, such as improving customer service and streamlining banking processes. The report highlights the importance of the project charter in defining project goals, identifying stakeholders, managing resources, and mitigating risks to ensure project success. The document includes references from relevant sources.

Running head: UNDERSTANDING PROJECT CHARTER FOR BANKING
Understanding project charter for banking
Name of the student:
Name of the university:
Author Note

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Executive summary
The banking management involves various tasks under multidisciplinary conditions. Here, the
project of banking system is analyzed. The theory beyond all the elements of the project charter are
demonstrated. Besides, the real project charter is discussed at last.

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Table of Contents
1. Introduction:......................................................................................................................................3
2. Part A: The theoretical demonstration of element of all the project elements:.................................3
3. Part B: Analysis of actual charter of the project:...............................................................................7
4. Conclusion:........................................................................................................................................8
5. References:........................................................................................................................................9

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1. Introduction:
The banking management is the oversight of various activities. This is a multidisciplinary
area that is involved in preparing people having experiences, training and interest for various
positions of management.
In this report the case banking management system project at bank is considered. At first the
theory behind every element of the charter is discussed here. Next, the actual project charter is
analyzed in this section.
2. Part A: The theoretical demonstration of element of all the project elements:
Project scope:
The scope of the banking sector consists of wide range of businesses. They provide services
and various facilities like gaming, beverage and food, accommodation and various related products.
Business case:
Every sectors to international and domestic markets consists of notable driving financial
growth worldwide. Here, they has been indicating a wide range of business services and types and at
many cases they are interlinked (Heldman 2018). Here, for instance tourism includes the
complicated assimilation of various overlapping sectors. This includes the resorts, holiday parks,
hotels and exhibition and events and effects of retail and transportation sectors. Besides, this has
been including accommodation, transport and catering, audio-visual systems. Further, the financial
activities are extensive around those interrelated areas and also affecting various industries.

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Milestone schedule and deliverables:
For the present project on banking management, there are necessities of various services and
items contributing to fulfill the objective of the project. This is created by project processes. Apart
from this, the measurable outcomes has been confirming to the realization of the daily objectives of
the project (Badewi 2016). Moreover, these deliverables has been also proving the team work’s
adherence to various requirements of the project. Besides, the sin-off deliverables by the external
and internal customer has been confirming that the deliverable is complying with various the
standards of the customers.
On the other hand, the milestone has been demonstrating the project status as shown by the
moment and event at which the more activities of the project to be finished. Again, the milestones
has been representing the ending of the primary tasks of the project and the conclusions that has
been reached and the queries answered. This has been affecting the schedule of the project
significantly (Milosevic and Martinelli 2016). Here, for instance, the current processes of the
document and the requirement of the documents are the milestones supporting the development of
the deliverables of the greater level of requirements. These are milestones supporting the
development of the deliverable of the requirements of high levels for the help desk project of
implementation (Brioso 2015). Here, for instance, the document requirements and documenting of
current processes are the milestones supporting the development of the high-level requirement
deliverable for the implementation of the help desk. Overall, the milestone indicates the finishing of
the important steps of the project. It needs the commitments of particular quantity of effort, resource
and time. Moreover, it has been suggesting the development to be made towards the finishing one
and more amount of deliverables (Varajão, Colomo-Palacios and Silva 2017).

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Risk assumption and constraints:
The assumptions and constraints are documented and determined at the higher-level of
initiation of project. In the present project of documented and refined details of defining scope
processes in project planning are considered. These are the inputs for various processes of project
management. Moreover, the analysis of the assumption is the part of the process of risk management
(Torres 2016). The plan of project management requires the modifications as the assumptions or
constraints are proven to be wrong. The assumptions and constraints are required to be determined,
effectively controlled and tracked as the project life cycle goes on.
Resource estimates:
At first the rates of resource costs are to be determined. Here, resource costs indicates the
materials and labors. Then the vendor bid analysis is to be done. Further, more than one contractor
can be needed to bid on the tasks. The tool is to analyze the bids and go for the one to be accepted.
Then a reserve analysis is to be done. It is required to set aside the costs for overrunning the costs.
As one understands the project comprise of risk of anything costly to occur, it is smarter to have
cashed that are available to be dealt with. Here, the reserve analysis indicates the putting of cash
away as the overrun take place. Lastly, the cost of quality to be involved to track the expense of the
activities (Heagney 2016).
The government is the first stakeholder. This assure that the business under banking follow
the planned regulations and policies. Then the industrialists are to be considered. They are the vital
stakeholders for banking sector. They are the transport agencies, organizations in industry and travel
agencies. Then the customers are tourists are the significant stakeholders of banking (Carstens,
Richardson and Smith 2016). Next, the employees are the internal stakeholders of banking sector.
They consist of huge level of interest for the internal policies of banking sector. Lastly, they are the

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local communities. They are helpful to attract the tourists and affect the intentions to visit specific
places.
Team operating principles:
This includes the following.
 The project team members owe of communicating to others.
 They are needed to be careful to make assumptions about others and business.
 They must be concentrating on bigger problems instead of smaller problems.
 Regular meetings are to be met, through that has been just the sharing of data.
 They must be making clear roles of decision-making of the individuals and groups.
 Challenging questions are to be asked since each other’s priorities are to be understood and
portray others in the most effective light.
 They never assume that anything is indcat5ed in adverse manner.
Lessons learned:
The log of lesson learnt is a useful method to be utilized as the controlling and execution
goes on. Here, the project manager is liable to update and create that. This comprises of various
elements. It comprises of performance and change consequences, causes, lessons learnt, activities
and change of processes (vom Brocke and Lippe 2015).
Charter signatures:
Here, the project charter is the initial document. It states that the beginning requirements for
the project can be met with the stakeholder expectations. It is to be signed to make the agreement
between the business that has been committed to generate the service or product and the clients
requesting and receiving the service and product (Martin and Haggerty 2017).

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3. Part B: Analysis of actual charter of the project:
Letter to sponsor:
To:
From: Project Manager
This project charter should be confirming the business case and scope of the project. It is meant for
our bank. Here, time bound, relevant, attainable, measurable and specific information is used to
demonstrate our proposal. This charter involves the schedule of milestones, outline the criteria of
success and determine the risk assumptions and various constraints along with needed resources. The
charter is developed to understand the project on secured banking syst5em. It is helpful to generate a
banking system that can be accessed easily by the clients. It will help to decrease the flow of human
traffic along with long queues at the banks. It also intends to reduce the time that is wasted to go to
banks for staying over the queues. Besides, effective banking for the banks can be promoted through
concentrating on the services that needs the physical presence at the hall of banking. Its main aim is
to automate the process that is carried out in the bank that is developed through realizing and
performances of effective banking. Further, some of the goals of the project includes managing the
details of students who are registered with bank and can appropriately send the details regarding the
latest policies for every clients. Moreover, it is useful to fetch the customer details and generate a
statistical report for facilitating the economic department of work. Apart from this, the activities such
as deletion of records, modification and up-dating are also easier.
Apart from this, the stakeholders are determined, presenting the team charter through including the
previous lessons learnt from past projects. This is helpful to provide proves to be considered prior
the consideration to proceed with that proposal. This charter witnesses the program to manage the

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capacities better as per the employee and guest workloads. Apart from signing and approval, the
charter also provides the strategic plan.
4. Conclusion:
The study is helpful to use the presence and visibility of the presence under the local
community. This is beneficial to deliver the advantages of competitive employments with the help of
useful industry training. Apart from this, the tasks aimed to shed the light over the necessities of
development in various activities of accounting and ways to gain the success, reliability,
effectiveness and efficiency of the promising future. Thus through deploying the system, the bank
can sustain the direct relation with its end users through the web and can support the personal
characterization of the interface through providing the extra services that are customized.

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5. References:
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.
Blomquist, T., Farashah, A.D. and Thomas, J., 2016. Project management self-efficacy as a predictor
of project performance: Constructing and validating a domain-specific scale. International Journal
of Project Management, 34(8), pp.1417-1432.
Brioso, X., 2015. Integrating ISO 21500 guidance on project management, lean construction and
PMBOK. Procedia Engineering, 123, pp.76-84.
Carstens, D.S., Richardson, G.L. and Smith, R.B., 2016. Project management tools and techniques:
A practical guide. CRC Press.
Heagney, J., 2016. Fundamentals of project management. Amacom.
Heldman, K., 2018. PMP: project management professional exam study guide. John Wiley & Sons.
Martin, J. and Haggerty, N., 2017. The Project Charter as a Sensemaking Device.
Martinelli, R.J. and Milosevic, D.Z., 2016. Project management toolbox: tools and techniques for
the practicing project manager. John Wiley & Sons.
Milosevic, D.Z. and Martinelli, R.J., 2016. Project management toolbox: tools and techniques for
the practicing project manager. John Wiley & Sons.
Torres, A.C., 2016. Is this work sustainable? Teacher turnover and perceptions of workload in
charter management organizations. Urban Education, 51(8), pp.891-914.

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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.
vom Brocke, J. and Lippe, S., 2015. Managing collaborative research projects: A synthesis of project
management literature and directives for future research. International Journal of Project
Management, 33(5), pp.1022-1039.