Project Management: Time Inc. - ISY2004 Project Plan Report

This report presents a comprehensive project plan for Time Inc., developed as part of the ISY2004 Information Systems Project Management course. The plan encompasses various critical components, including a detailed Gantt chart illustrating the project schedule with specific task durations, start and finish dates, and dependencies. A network diagram, also known as a critical path diagram, visually represents the project's workflow and dependencies. The report identifies and defines six milestones using the SMART criteria, ensuring they are Specific, Measurable, Achievable, Relevant, and Time-bound. A resources table outlines the roles and responsibilities, standard rates, and allocation of resources. The project budget is meticulously calculated using MS Project, providing a detailed cost breakdown. A RACI (Responsible, Accountable, Consulted, Informed) table clarifies the roles and responsibilities of stakeholders throughout the project lifecycle. Furthermore, the report identifies six potential risks, assessing their probability and impact, and proposes risk response strategies. A probability/impact matrix visually represents the risks. The report concludes with a summary of the project plan, demonstrating a thorough understanding of project management principles and practices.

PROJECT MANAGEMENT: TIME INC
Project Management: Time Inc.
Name of the Student
Name of the University
Author Note

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PROJECT MANAGEMENT: TIME INC.
Table of Contents
1. Gantt chart..............................................................................................................................2
1.1 Project Schedule in detail.....................................................................................................3
2. Network Diagram (Critical path diagram).............................................................................5
3. Milestones for this project using SMART criteria.................................................................6
4. Resources table.......................................................................................................................6
5. Project budget, as calculated by MS Project..........................................................................6
6. RACI Table............................................................................................................................8
7. Potential risks for this project................................................................................................9
8. The Probability/ Impact Matrix............................................................................................11
Conclusion................................................................................................................................12

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PROJECT MANAGEMENT: TIME INC.
1. Gantt chart
Figure 1: Gantt chart
(Source: created by Author)

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PROJECT MANAGEMENT: TIME INC.
1.1 Project Schedule in detail
WBS Task Name Duration Start Finish
1 TimeSheet for Time Inc. 146 days Tue 18-09-18 Tue 09-04-19
1.1 1st Phase: Inititation 42 days Tue 18-09-18 Wed 14-11-18
1.1.1 Business Anlysis 4 days Tue 18-09-18 Fri 21-09-18
1.1.2 Market analysis 5 days Mon 24-09-18 Fri 28-09-18
1.1.3 Problem identification in different
branches 4 days Mon 01-10-18 Thu 04-10-18
1.1.4 Identification of problems
completed 0 days Thu 04-10-18 Thu 04-10-18
1.1.5 analyzing existing Enterprise
management system 5 days Fri 05-10-18 Thu 11-10-18
1.1.6 Tome sheet for Resource
Optimisation 2 days Fri 12-10-18 Mon 15-10-18
1.1.7 Time Sheet for Cost of Quality 3 days Tue 16-10-18 Thu 18-10-18
1.1.8 Time sheet for Cost of Poor
Quality 2 days Fri 19-10-18 Mon 22-10-18
1.1.9 Proposition of time sheets for all
branches 5 days Tue 23-10-18 Mon 29-10-18
1.1.10 Identification of stakeholders 6 days Tue 30-10-18 Tue 06-11-18
1.1.11 Analysing resource requirement 2 days Wed 07-11-18 Thu 08-11-18
1.1.12 Scope Identification 4 days Fri 09-11-18 Wed 14-11-18
1.1.13 Initiation phase completed 0 days Wed 14-11-18 Wed 14-11-18
1.2 2nd Phase: Planning 32 days Thu 15-11-18 Fri 28-12-18
1.3 3rd Phase: Execution 23 days Mon 31-12-18 Wed 30-01-19
1.3.1 Analyzing hardware requirement 5 days Mon 31-12-18 Fri 04-01-19
1.3.2 Analyzing Systems' requirement 4 days Mon 07-01-19 Thu 10-01-19
1.3.3 Commpatibility analysis
completed 0 days Thu 10-01-19 Thu 10-01-19
1.3.4 Modifying existing system 5 days Fri 11-01-19 Thu 17-01-19
1.3.5 Developing policies 4 days Fri 18-01-19 Wed 23-01-19
1.3.6 Implementing the policies and the 5 days Thu 24-01-19 Wed 30-01-19

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PROJECT MANAGEMENT: TIME INC.
time sheets
1.3.7 Execution phase completed 0 days Wed 30-01-19 Wed 30-01-19
1.4 4th phase: Monitoring and
controlling 28 days Thu 31-01-19 Mon 11-03-19
1.4.1 Document review 3 days Thu 31-01-19 Mon 04-02-19
1.4.2 Progress review 4 days Tue 05-02-19 Fri 08-02-19
1.4.3 Real application 2 days Mon 11-02-19 Tue 12-02-19
1.4.4 Feedback collection 4 days Wed 13-02-19 Mon 18-02-19
1.4.5 Identifying bugs or glitches 3 days Tue 19-02-19 Thu 21-02-19
1.4.6 Report to the project heads 5 days Fri 22-02-19 Thu 28-02-19
1.4.7 Approval for modification 0 days Thu 28-02-19 Thu 28-02-19
1.4.8 Implementing idenfied
modifications 4 days Fri 01-03-19 Wed 06-03-19
1.4.9 Re-evaluating the system 3 days Thu 07-03-19 Mon 11-03-19
1.4.10 4th Phase: completed 0 days Mon 11-03-19 Mon 11-03-19
1.5 5th Phase: Project Closure 21 days Tue 12-03-19 Tue 09-04-19
1.5.1 Project Documentation 5 days Tue 12-03-19 Mon 18-03-19
1.5.2 Lessons Gathered documentation 4 days Tue 19-03-19 Fri 22-03-19
1.5.3 Project checklist development 5 days Mon 25-03-19 Fri 29-03-19
1.5.4 Releasing stakeholders 3 days Mon 01-04-19 Wed 03-04-19
1.5.5 Celebration 4 days Thu 04-04-19 Tue 09-04-19
1.5.6 Project ends 0 days Tue 09-04-19 Tue 09-04-19

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PROJECT MANAGEMENT: TIME INC.
2. Network Diagram (Critical path diagram)
Figure 2: Network Diagram
(Source: Created by Author Using MS Project)

3. Milestones for this project using SMART criteria
Task Name Duration Start Finish
TimeSheet for Time Inc. 146 days Tue 18-09-18 Tue 09-04-19
1st Phase: Inititation 42 days Tue 18-09-18 Wed 14-11-18
Identification of problems completed 0 days Thu 04-10-18 Thu 04-10-18
Initiation phase completed 0 days Wed 14-11-18 Wed 14-11-18
2nd Phase: Planning 32 days Thu 15-11-18 Fri 28-12-18
3rd Phase: Execution 23 days Mon 31-12-18 Wed 30-01-19
Commpatibility analysis completed 0 days Thu 10-01-19 Thu 10-01-19
Execution phase completed 0 days Wed 30-01-19 Wed 30-01-19
4th phase: Monitoring and controlling 28 days Thu 31-01-19 Mon 11-03-19
Approval for modification 0 days Thu 28-02-19 Thu 28-02-19
4th Phase: completed 0 days Mon 11-03-19 Mon 11-03-19
5th Phase: Project Closure 21 days Tue 12-03-19 Tue 09-04-19
Project ends 0 days Tue 09-04-19 Tue 09-04-19
4. Resources table
Resource Name Type Initials Std. Rate
Project Manager Work PM $60.00/hr
Resource Manager Work RM $55.00/hr
IT specialist Work IT $45.00/hr
Business Analyst Work BA $40.00/hr
Market Analyst Work MA $40.00/hr
Project heads Work PH $0.00/hr
IT technicians Work ITI $30.00/hr
Software Engineer Work SE $40.00/hr
Software Material S $1,000.00
Hardware Material H $500.00
Facility manager Work FM $20.00/hr
Contractor Work C $0.00/hr
Sponsors Work SR $0.00/hr
Quality tester Work QT $15.00/hr

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PROJECT MANAGEMENT: TIME INC.
Miscellaneous Material M $500.00
5. Project budget, as calculated by MS Project
WBS Task Name Duration Cost
1 TimeSheet for Time Inc. 146 days ₹ 253,300.00
1.1 1st Phase: Inititation 42 days ₹ 88,760.00
1.1.1 Business Anlysis 4 days 1,280.00₹
1.1.2 Market analysis 5 days 1,600.00₹
1.1.3 Problem identification in different
branches 4 days 5,920.00₹
1.1.4 Identification of problems completed 0 days 0.00₹
1.1.5 analyzing existing Enterprise
management system 5 days 11,200.00₹
1.1.6 Tome sheet for Resource Optimisation 2 days ₹ 10,000.00
1.1.7 Time Sheet for Cost of Quality 3 days ₹ 15,000.00
1.1.8 Time sheet for Cost of Poor Quality 2 days ₹ 25,000.00
1.1.9 Proposition of time sheets for all
branches 5 days 4,600.00₹
1.1.10 Identification of stakeholders 6 days 2,880.00₹
1.1.11 Analysing resource requirement 2 days 3,760.00₹
1.1.12 Scope Identification 4 days 7,520.00₹
1.1.13 Initiation phase completed 0 days 0.00₹
1.2 2nd Phase: Planning 32 days 58,320.00₹
1.2.1 Objective development 3 days 5,400.00₹
1.2.2 Budget estimation 2 days 3,600.00₹
1.2.3 Timeline estimation 3 days 5,400.00₹
1.2.4 Allocation of resources 4 days 3,680.00₹
1.2.5 Stakeholders' role defined 0 days 0.00₹
1.2.6 Risk management 6 days 5,520.00₹
1.2.7 Agreement signoffs 7 days 17,360.00₹
1.2.8 Resource management 7 days 17,360.00₹
1.2.9 Planning phase completed 0 days 0.00₹
1.3 3rd Phase: Execution 23 days 16,020.00₹
1.3.1 Analyzing hardware requirement 5 days 5,100.00₹
1.3.2 Analyzing Systems' requirement 4 days 4,680.00₹
1.3.3 Commpatibility analysis completed 0 days 0.00₹
1.3.4 Modifying existing system 5 days 1,920.00₹
1.3.5 Developing policies 4 days 1,920.00₹
1.3.6 Implementing the policies and the
time sheets 5 days 2,400.00₹
1.3.7 Execution phase completed 0 days 0.00₹
1.4 4th phase: Monitoring and
controlling 28 days 50,720.00₹

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PROJECT MANAGEMENT: TIME INC.
1.4.1 Document review 3 days 4,320.00₹
1.4.2 Progress review 4 days 5,760.00₹
1.4.3 Real application 2 days 5,100.00₹
1.4.4 Feedback collection 4 days 8,700.00₹
1.4.5 Identifying bugs or glitches 3 days 6,900.00₹
1.4.6 Report to the project heads 5 days 10,500.00₹
1.4.7 Approval for modification 0 days 0.00₹
1.4.8 Implementing idenfied modifications 4 days 5,180.00₹
1.4.9 Re-evaluating the system 3 days 4,260.00₹
1.4.10 4th Phase: completed 0 days 0.00₹
1.5 5th Phase: Project Closure 21 days 39,480.00₹
1.5.1 Project Documentation 5 days 9,400.00₹
1.5.2 Lessons Gathered documentation 4 days 7,520.00₹
1.5.3 Project checklist development 5 days 9,400.00₹
1.5.4 Releasing stakeholders 3 days 5,640.00₹
1.5.5 Celebration 4 days 7,520.00₹
1.5.6 Project ends 0 days 0.00₹
6. RACI Table
WBS Task Name PM RM I
T
BA MA PH ITI SE
1 TimeSheet for Time Inc.
1.1 1st Phase: Inititation
1.1.1 Business Anlysis I A C R I I C I
1.1.2 Market analysis I C C A R I I I
1.1.3 Problem identification in different branches R I I C A I C C
1.1.4 Identification of problems completed
1.1.5 analyzing existing Enterprise management system R I C A I I C R
1.1.6 Tome sheet for Resource Optimisation
1.1.7 Time Sheet for Cost of Quality
1.1.8 Time sheet for Cost of Poor Quality
1.1.9 Proposition of time sheets for all branches R I C A I I C R
1.1.10 Identification of stakeholders R I I I I I I I
1.1.11 Analysing resource requirement R R C I C I A
1.1.12 Scope Identification R I I I I I I I

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PROJECT MANAGEMENT: TIME INC.
1.1.13 Initiation phase completed
1.2 2nd Phase: Planning
1.2.1 Objective development A I I I C C I C
1.2.2 Budget estimation R C I I I I I A
1.2.3 Timeline estimation R I I I I I C A
1.2.4 Allocation of resources A R C I I I I C
1.2.5 Stakeholders' role defined
1.2.6 Risk management A C C C I I I C
1.2.7 Agreement signoffs R I I C I A I C
1.2.8 Resource management C R I I I I I A
1.2.9 Planning phase completed
1.3 3rd Phase: Execution
1.3.1 Analyzing hardware requirement I R C I I I I A
1.3.2 Analyzing Systems' requirement I C I C I I A R
1.3.3 Commpatibility analysis completed A I I I C I C R
1.3.4 Modifying existing system I C C A I I C R
1.3.5 Developing policies R C I I A R I C
1.3.6 Implementing the policies and the time sheets R C I I R A I I
1.3.7 Execution phase completed
1.4 4th phase: Monitoring and controlling
1.4.1 Document review R I A C C I I A
1.4.2 Progress review R R I I I A C I
1.4.3 Real application I C R I I A I R
1.4.4 Feedback collection R I A C C I R I
1.4.5 Identifying bugs or glitches I I R C C R C A
1.4.6 Report to the project heads R A I I I I I I
1.4.7 Approval for modification
1.4.8 Implementing idenfied modifications R I I I I C C A
1.4.9 Re-evaluating the system A I I I I I C R
1.4.10 4th Phase: completed
1.5 5th Phase: Project Closure

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PROJECT MANAGEMENT: TIME INC.
1.5.1 Project Documentation A I I I I I I I
1.5.2 Lessons Gathered documentation A I I I I I I I
1.5.3 Project checklist development A I I I I I I I
1.5.4 Releasing stakeholders A I I I I I I I
1.5.5 Celebration A I I I I I I I
1.5.6 Project ends
7. Potential risks for this project
Risk ratings: Very High: V H; High: H; Medium: M; Low: L; Very Low: V L
Sl.
No.
Risk Risk
Owner
Cause or
Reason
Risk Assessment Level
of Risk
Risk
response
strategy
Effect Probability Impac
t
1. Scope
Creep
Project
Manager,
Market
analyst,
Business
Analyst
Inefficient
development of
the strategies
and not
meeting the
milestones of
the project
Failure of the
project
M H Medium Proper
development
of the
strategies in
accordance
to the
objective and
scope
2. Budget and
schedule
Escalation
Project
manager
Unreal
schedule and
budget
estimation
during the
project
planning
Timeline and
budget
enhancement
H H High Proper
planning and
estimations
3. Human
error
IT
specialists
or other
staffs
Less
knowledge, no
evaluation and
monitoring,
Bugs and
glitches in the
timesheets
that could
M V H High Regular
monitoring
and

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PROJECT MANAGEMENT: TIME INC.
unavailability
of quality
assurance
alternatively
minimize the
efficiency
evaluation
4. Standard
software,
external
component
s
Software
engineer
and IT
specialists
The existing
system might
not be able of
allowing the
efficient
deployment of
the
Failure of the
project
L M Medium Chose the
software and
hardware
after
analysing the
environment
5. User
interfaces
not
acceptable
Software
engineer
Development
of a design that
is less
understandable
and complex to
use
Less
understandin
g of the
benefits those
could be used
V L M Low Develop
simple and
useful user
interface
6. Resource
availability
Resource
Manager
Excess
availability of
the resources
or no
availability of
certain
resources
Budget
escalation
and timeline
escalation
V L V L Low Manage the
resources in
efficient and
effective way
8. The Probability/ Impact Matrix
Probability
V HH
3

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PROJECT MANAGEMENT: TIME INC.
M
1 2
L 4
V l
6 5
V L L M H V H
Impact
Conclusion
Based on the above report it can be concluded that the developed strategies in the
above report can be helpful for the implementation of the Timesheets software application
within the existing system of the Time Inc. that uses Enterprise management system. The
required operat6ional activities can be managed in an efficient and effective manner that can
alternatively result in the enhancement of the production and output of the organization.

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PROJECT MANAGEMENT: TIME INC.
Appendix
MS project Screenshots
Screenshot 1
Screenshot 2

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PROJECT MANAGEMENT: TIME INC.
Screenshot 3
Screenshot 4

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PROJECT MANAGEMENT: TIME INC.
MS Project File
ID Task
Mode
WBS Task Name Duration Start Finish
1 1 TimeShe et for Time Inc. 146 days Tue 18-09-18Tue 09-04-19
2 1.1 1st Phase : Inititation 42 days Tue 18-09-18We d 14-11-18
3 1.1.1 Business Anlysis 4 days Tue 18-09-18Fri 21-09-18
4 1.1.2 Market analysis 5 days Mon 24-09-18Fri 28-09-18
5 1.1.3 Problem
identification in
different branches
4 days Mon
01-10-18
Thu
04-10-18
6 1.1.4 Identification of
problems completed
0 days Thu
04-10-18
Thu
04-10-18
7 1.1.5 analyzing existing
Enterprise
management system
5 days Fri 05-10-18 Thu
11-10-18