Project Management for ABC Company's Annual Report Stakeholder Event

This project management assignment focuses on the planning and execution of an event to launch ABC Company's annual report to stakeholders. It begins with a project initiation document (PID) outlining the event's background, purpose, objectives, scope, deliverables, constraints, assumptions, and budget. The assignment then delves into the characteristics and roles of the project manager, highlighting essential skills like problem-solving, communication, monitoring, delegation, and motivation. It explores theoretical frameworks such as Prince2 and PMI's PMBOK, emphasizing their principles and methodologies for effective project management. The composition and management of the project team are also discussed, including the roles and responsibilities of team members like the project manager, finance executive, technical staff, support staff, and inventory management staff. The document provides a comprehensive overview of the key elements involved in organizing the event, from initial planning to team management and risk assessment, ensuring a successful launch and stakeholder engagement.

PROJECT MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
Project initiation document..........................................................................................................1
Characteristics and role of project manager................................................................................2
Theoretical framework and methodologies.................................................................................3
Composition and management of team.......................................................................................4
Project management plan.............................................................................................................7
Measuring risk and controlling....................................................................................................9
Evaluation of project success and failure..................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
APPENDIX....................................................................................................................................14

INTRODUCTION
Project management can be defined as process, application of knowledge that aids project
manager in accomplishng the entire task on time and achieving the project objectives. This
methodology supports business in justifying their investments and developing effective
management plan (Kerzner and Kerzner, 2017). Present study is based on ABC firm that is
planning to organise an event to launch the annual report to stakeholders. Audience for this event
are project sponsor and board members. Current assignment will explain theoretical frameworks
within project environment. Furthermore, it will produce project initiation document (PID) for
this event. In addition, study will measure and control the risk involve in this entire activity.
TASK
Project initiation document
Project title To organise an event to launch the annual
report to stakeholders of ABC company
Background ABC company is operating its business in
manufacturing industry. Recently it has one
branch in London and now it has planned to
organise an event to present annual report of
the firm to its stakeholders (Harrison and Lock,
2017).
Purpose  The main agenda of organising this
event is to enhance trust of stakeholders
and convince them to invest more
amount in business
 Purpose of this event is to increasing
funding of ABC so that it can expand
its business and can generate more
revenues.
Objectives  To increase profitability
 To enhance loyalty of stakeholders
Project scope Organising an event to launch the annual report
to stakeholders will be beneficial for ABC
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because by this way it would get opportunity to
get more investments from sponsors.
Furthermore, this event will enhance
development chances of the organisation to
great extent (Nicholas and Steyn, 2017).
Exclusion from scope This event will exclude the end user of
products and services of ABC company.
Deliverables Project plan, requirement documents, system,
milestones
Constraints Time, financial resources, scope, schedule
Assumptions Efforts of human being
Estimated budget The budget of organising this event is £12000
Costs Planning cost-£3000
Accommodation cost- £2000
Furnishing cost-£2000
Technical cost- £1500
Miscellaneous expenses-£3500
Characteristics and role of project manager
Project manager (PM) plays significant role in any project. Person has to handle all issues
and have to schedule activities so that actual; task can meet with its objective. The main aim of
existing project is to organise an event to launch annual report to stakeholder of ABC Company
(Muller, 2017). Role of PM in this project are described as below:
Problem solver
Project manager of this event project is responsible for resolving the issues that occur in
organising this event. There are many issues face by the person in order to organise an event
successfully. These constrains may be related with human resource, financials etc. But PM has
to find out suitable solution for each problem so that task can be completed on time and with
quality (Jalal and Koosha, 2015).
Communicator
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Project manager of ABC Company needs to have good communication skill. This
characteristic helps them person in interacting with all stakeholders, sponsors efficiently and
communicating annual report to them significantly. Clear an effective coordination may support
in influencing their mind and making the audience positive towards brand. By this way they will
be ready to invest more amounts in ABC firm. PM is responsible to coordinate with team
members well so that progress can be measured timely (Tsaturyan and Müller, 2015).
Monitor
PM must have good monitoring skills, individual has to monitor entire tasks and have to
ensure overall progress. If project manager of ABC Company does not have good monitoring
skills, the individual will not be able to measure progress and will not be able to take timely
actions in order to minimise issues.
Task delegator
This is another most important characteristic of project manager; PM has to allot
responsibilities to all team members. PM must have capabilities to analyses skills of all
employees so that individual can allot them work accordingly. This supports person in
performing their role significantly and organising a successful event to present annual report of
ABC Company to all stakeholders (Ramasesh and Browning, 2014).
Motivator
Project manager has to face many difficulties in order to accomplish the project
successfully with quality. Sometimes complexities create problems for team members and their
moral gets reduced. In such condition, PM of ABC Company must boost their moral by
motivating them. Individual may give them reward or recognition so that they feel motivated and
perform their job effectively.
Theoretical framework and methodologies
Prince 2
Prince 2 is most essential project management methodology. This method is helpful in
order to make effective control over resources. This is highly structured methodology and a
modern approach for completing project requirements successfully (Silvius and et.al., 2017).
Prince 2 approaches concentrates more on planning so that issues can be minimised and overall
quality of proposal can be maintained. Principles of this method are described as below:
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 It is very important that project must justify its objectives. Its benefits must be realistic
and assessment of cost needs to be effectively. As in the current project ABC Company
has to organise event to present its annual report to its stakeholders. Prince 2
methodologies ensure effective allocation of resources so that cost can be managed and
overall goal of business unit can be achieved. This is beneficial in order to meet the
overall objective of task.
 Principle of project methodology describes that team members have to continuously work
to raise their knowledge. This would be better for raising efficiency of each activity
(Webb, 2017).
 Prince 2 methodology explains that it is essential for project manager that to make its
team members aware with their role and responsibilities. PM has to give necessary
training to its staff members so that all can perform their job significantly. Quality needs to be maintained, PM has to ensure maintaining the standards and quality
of any project so that complexity can be minimised.
PMI’s PMBOK methodology
This is another most essential project methodology that ensures managing projects
significantly and maintaining standards as well. Initiation, planning, execution, monitoring,
closure are essential phases that need to be followed by PM. This is modern approach that aids in
establishing the universal benchmark so that project can meet with its requirements. This is
significant approach that ensures involvement of best practices so that project can get completed
as per the industry standards (Paquin, Gauthier and Morin, 2016). This methodology generally
applies in big proposals. This is beneficial in order to recognise good practices. Project
integration management is most essential part of this method that supports PM to define,
combine and coordinate the various activities significantly.
Composition and management of team
In order to accomplish the project successfully, PM is required to involve skilled people.
In the absence of skilled and qualified team members, this task cannot be completed
significantly. Composition and management of team support in meeting the requirements and
controlling over entire proposal significantly. As in the existing project of organising event for
presenting annual report to stakeholders PM of ABC Company is required to compose efficient
team and manage team members appropriately (Brioso, 2015). Project manager of firm has to
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recruit people those who can contribute well in achieving the overall objective of business unit
and can support in gaining benefit.
Team members Name Role Skills require
Project manager Mr John Manager of ABC
company is responsible
for organising
activities and
scheduling plan so that
task can be divided
into sub activities
efficiently.
Furthermore, it is duty
of PM that to control
over entire event
activities so that
presenter can present
the annual report in
front of stakeholders
efficiently (Maylor and
Söderlund, 2015).
PM must have good
communication,
Monitoring,
technological, problem
solving and motivating
skills.
Finance executive Mrs Mariya As the event is
organising by ABC
company to inform all
stakeholder about
annual report of
business so financial
executive is
responsible for
preparing report,
involving data so that
good presentation can
Technical skill
Financial executive must
have good knowledge
about accounting
standards and principles.
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be made. Individual is
responsible for
analysing cash inflow
and out of the firm so
that profit can be
calculated (Saltz, and
Crowston, 2017).
Technical staff Mr. Cena Technical team is
responsible for
handling the technical
issues. As PM will
require excel to prepare
the data and manage it
well. Furthermore
power point software
will be needed so that
presentation can be
give significantly. If
any kind of technical
issue arises then person
will be liable to resolve
such technical errors.
Individual has to
ensure that while
giving the presentation
no issues gets created
and software works
properly.
Technical skill
Communication skill
Logical skill
Problem solving skill
Supportive staff Mr. Lijo Support team members
will be responsible for
gathering all data so
Communication skill
Researching skill
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that annual report can
be presented
effectively in front of
stakeholders. This will
help in influencing
mind of stakeholder
and encouraging them
to spend more amounts
in ABC company.
Support team will help
PM in preparing
presentation and
organising this event.
Inventory management
staff
Individual will be
responsible for
managing stock so that
cost can remain
maintained (Paquin,
Gauthier and Morin,
2016)
Good knowledge of
inventory management
Coordination skill
Problem solving skill
Project management plan
Task Name Duration Start Finish Predecessors
Planning phase 13 days Tue 12/11/18 Thu 12/27/18
Set event objectives 3 days Tue 12/11/18 Thu 12/13/18
Agree meeting schedule 5 days Fri 12/14/18 Thu 12/20/18 2
Draft event program 2 days Fri 12/21/18 Mon 12/24/18 3
Collate measurement-
attendees, volume of press
coverage
2 days Tue 12/25/18 Wed 12/26/18 3,4
producing summary report 1 day Thu 12/27/18 Thu 12/27/18 5
Guest list preparation 10 days Fri 12/28/18 Thu 1/10/19
draft guest list 2 days Fri 12/28/18 Mon 12/31/18 6
send invitation 3 days Tue 1/1/19 Thu 1/3/19 8
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produce attendance list 1 day Fri 1/4/19 Fri 1/4/19 6,8,9
follow up communication 4 days Mon 1/7/19 Thu 1/10/19 10
Program 11 days Fri 1/11/19 Fri 1/25/19
draft program 2 days Fri 1/11/19 Mon 1/14/19 11
confirm host 2 days Tue 1/15/19 Wed 1/16/19 13
organize accommodation 3 days Thu 1/17/19 Mon 1/21/19 14
confirm program 4 days Tue 1/22/19 Fri 1/25/19 14,15
Catering 8 days Mon 1/28/19 Wed 2/6/19
obtain quote 2 days Mon 1/28/19 Tue 1/29/19 16
view and agree menu 3 days Wed 1/30/19 Fri 2/1/19 18
Confirm final numbers 3 days Mon 2/4/19 Wed 2/6/19 19
communication 4 days Thu 2/7/19 Tue 2/12/19
print invitation 2 days Thu 2/7/19 Fri 2/8/19 20
post event promotion 2 days Mon 2/11/19 Tue 2/12/19 20,22
Presentation 1 day Wed 2/13/19 Wed 2/13/19
Present annual report in
front of audience 1 day Wed 2/13/19 Wed 2/13/19 23
closure 1 day Thu 2/14/19 Thu 2/14/19
end of event 1 day Thu 2/14/19 Thu 2/14/19 25
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Measuring risk and controlling
Risk analyses
ABC company will be engaged in doing risk analysis so that they can overcome the
various risk factors. They can be involved in doing
Risk identification: Risk identification is the process of determining risks that could
potentially prevent the program, enterprise, or investment from achieving its objectives (Kerzner
and Kerzner, 2017). It includes documenting and communicating the concern to all over the
organisation. It is one of the most important task for the ABC company to identify the risk as
they have to present there annual report to the stakeholders. Firm needs to engage in assessing
probability of arising of threat to them. By identifying the risk factors, company can plan
strategies to overcome the risk which includes human resource, technical and financial.
Risk prevention: Risk can be prevented by ABC company by using various techniques
and strategies. It includes all the methods related to planning, forecasting and the use of best
practices. Also, risk related to showing annual report can be prevented by ABC company by
doing market analysis about competitors and external environment. This can support
organisation in overcoming the threat Kerzner and Kerzner, 2017. Also, analysing of risk can
help ABC company in gaining competitive advantage. It can help in preventing Un-seeable and
foreseen risk.
Risk management: Risk management is the process of identification, analysis and
acceptance or mitigation of uncertainty in investment decisions. It is very necessary for ABC
company to manage risk as it can support them in analysing barriers for managing change.
Company will implement risk mitigation model which will help the firm in managing successful
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changes for which steps where the firm will be able to identify its risk potential and measures to
overcome risk (Nicholas and Steyn, 2017). ABC company will implement risk management
models, because it will help the firm in matching difference of actual and standard performance.
Moreover, risk identification at initial stage helps the company in matching requirements of set
budget which helps in preventing financial risk. It will assist them in making good image in front
of stakeholders. Further, risk management plan will be shared with key stakeholders which will
assess in gaining there trust over changes planned in business.
Risk monitoring: Risk monitoring plays a crucial role in evaluating areas which requires
extra attention for mitigating threats. ABC company will overview entire project plan and will
outline areas of threats which needs to managed at certain stages. However, monitoring also aids
in overcoming threats which can be faced by industry during sharing annual report to
stakeholders.
RISK DESCRIPTION PROBABILITY IMPACT
Financial risk It bis the most
common risk which
occurs due to
incurring cost which
can not b controlled.
When managing
changes in business. It
is important for the
management to have
smooth flow of funds
to reduce barriers in
completion of works.
In accordance with
High High
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