MIS Project Status: First National Bank Follow-Up Report

This status follow-up report provides an overview of the MIS project management at First National Bank, detailing the project's milestones, current status, planned accomplishments, and identified issues and risks. The report highlights the completion of system updates, operational analysis, testing, and implementation. It addresses key challenges such as potential delays, budget overruns, and resource allocation, along with proposed action steps and response strategies. The document also covers assistance requests, change requirements, and the need for robust risk management and performance monitoring. This resource, available on Desklib, offers students valuable insights into real-world project management scenarios and solutions.

Status Follow up report

Status Follow up Report 5/16/2019
Project Name MIS Project Management at First National Bank
Report Prepared By <Please Fill>
Academic Supervisor <Please Fill>
Industry Supervisor (If Any) <Please Fill>
Overview of the Milestone
ID Milestones Status
Baseline
Completio
n Date
Expected
Completio
n Date
Change
? (Yes,
No,
New)
M
1 System update Complete
d
3/17/2019 3/19/2019 Yes
M
2
System operational analysis and testing Complete
d
4/1/2019 4/5/2019 No
M
3
System implementation and closing Complete
d
4/12/2019 4/20/2019 No
After analyzing the project case scenario details it is learned that, most of the project development
activities are conducted during the project planning phase. The complexity of each project development
phases are analyzed in this week to identify all possible actions those can be taken for the successful
design and implementation of the project planning phase. In order to execute the project appropriately
within assigned timeline and budget the Information System should be prepared followed by all technical
and non technical requirements. Within estimated budget and cost the project planning activities are all
must be identified. In this week a quality review will be conducted for each project work packages and sub
tasks.
Organizational context: In the financial industry of Midwest the Financial National Bank is one of the
key players. The aims of the project are to design and develop an Information System focusing on
importance of staffing in the Bank to increase its overall functional and operational efficiency. This is a
status follow up report which demonstrates the current status of the project that is whether the project is
completed meeting all the primary objectives or not.
PROJECT MILESTONE STATUS REVIEW:
Project Milestones Current Status of the project
System update Completed
System operational analysis and testing Completed
System implementation and closing Completed

PLANNED ACCOMPLISHMENTS SUMMARY
The purpose of the project is to design and develop a properly working Information System to enhance the
activities of the banking industry. By achieving the project milestones within time and budget the project
success would be measured. The project has been completed successfully however some of the activities
components are identified which requires further development. The change management plan is not yet
developed but before final launching of the project the below identifies issues are needed to be resolved.
PROJECT ISSUES SUMMARY
ID Priority Issue Description
Impact Summary
(Milestone, Schedule
Scope, Resources,
Space…)
Action Steps
1 High Delay to deliver the task Overall effect on project
delivery time
The project manager need to
follow proper control and
monitoring actions
2 High Overrunning project budget The complete project
would be affected
Before initiation of the project,
project manager should conduct
a feasibility analysis to check
that whether the IS will be
implemented in FNB within
assigned budget
3 Moderate Over allocation of resources
leading overrunning resources
The expected project
outcome will be
impacted negatively
After measuring the complexity
of each activity proper resource
management plan is needed to
be conducted by the project
associates
PROJECT RISK SUMMARY
Priority
Probability
of
Occurrenc
e
Risk Description
Impact Summary
(Milestone, Schedule
Scope, Resources,
Space…)
Response Strategy
High Possible Lack of numbers
of associate
experts
Scope management
plan
Before assigning proper team
members their skills and
activities are needed to be
measured
Low Severe Inadequate
identification of
project resources
Resource management
plan
Based on project requirements
needful resources should be
identified
Moderat
e
Most likely Overrunning
budget
Budget management
plan
The finance manager requires
to estimate possible budget at
the project initiation phase

ASSISTANCE REQUESTS
ID Description including reference to milestone
impacted Action Requested
M1 Project executed beyond estimated time frame Before initiation the project manager should
estimate the time line for the project
M2 Budgeting process was failed due to poor project
planning
The project manager should execute the project
plan appropriately
Change requirements
1. Incorporating encryption mechanism to secure the information stored in the server
2. Alternative assurance mechanism over the non functional performance measures
Some potential risks are identified that interrupt the project success criteria. The performance of the
project associates are monitored and controlled respectively. The public sector entities will be reported
publically based on their performance as part of the accountability obligations. The audit is being follow
based on the progress and effectiveness of the departments in implementing the change management
requirements. Based on the risks proper response strategies are needed to be prepared to avoid overrunning
cost and over allocation of resources. The respective risk management plan are being developed and
applied in FNB but some of the identified change requirements are under progress and processing.