Project Management of Ekelow: Selection, PMBOK, and Process Groups

This report provides a comprehensive analysis of project management strategies suitable for the company Ekelow, which specializes in risk management and information security services. The report begins by identifying the Benefit Measurement Method as the most appropriate project selection ...Read More

Running Head: PPM
Project management of Ekelow
Name of the Student
Name of the University
Author Note

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The application of methods, knowledge, experiences, processes and skills to obtain the
desired goal and objective of a project is known as an effective project management with
considering all the possible constraints of a project.
Considering the scenario of the company Ekelow, it provides several services related to
risk analysis, risk management and identifies threats for the business of the clients. It provides
measures to the clients related to information security of their business. Their services ranges
from setting the targets of the information technology system to hiring of information security
officer. There services also consist of providing assistance to the clients related to system
security, vulnerability management, crisis management, physical security and incident handling
(HERTZ, 2018). They aim to improve the current research of their services that they offer, clear
sponsorship management, effective market survey and finance without losing money from the
ordinary business process.
Hence, there exists two method for project selection one is the Benefit Measurement
Method and the other one is the Constrained Optimization Method. The Benefit Measurement
method is more suitable for small and simple projects (Yu-Hong et al., 2016). In contrast the
Constrained Optimization Method is useful for large and complex projects.
For the taken case study and their project Benefit Measurement method will be best
suitable for it. This technique follows the path of present value of the undertaken cash inflow and
outflow. There are several other techniques that comes under this method such as Benefit/cost
Ratio, Net present Value and Internal rate of Return and so on (Bin-bin, 2015).
Benefit/ Cost ratio- This technique consist of the ratio of the present value of the undertaken
inflow of the amount invested in the project with the present value of the undertaken outflow that

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will be received from the project. The projects that has high Benefit-Cost Ration is preferred
over the low Benefit-Cost Ration.
Net Present value- This technique is the basis of current value of the project cash flow and the
cash outflow of the project. It is expected that the value of the NPV is always positive. It’s
another benefit is that considers the value of the money that will be coming in the future. As a
coin consists of two side, the NPV also has its demerits such as, it does not show the loss or
profit that the company may have from focusing on a particular project and in order to deliver
the discounted value there is no particular method that is eventually used in the calculation of the
present value.
Internal Rate of Return- This technique is about the considered rate in which the value of the
NPV becomes zero, and this occurs only when the present value of the inflow becomes same to
the present value of the outflow. It is also defined as the discounted rate that makes the overall
cash flow zero from the investment in that project. If the project has higher IRR then it gets
priority and the probability to getting successful becomes higher.
Another method is the constrained Optimization which is typically a mathematical
method for selecting a project and generally this method is used for large and complex projects,
also this method contains certain mathematical calculation (Gonçalves et al., 2017). The
techniques under thus method is the linear, non-linear, integer, dynamic and multiple objective
programming.
However, Benefit Measurement Method is preferred over Constrained Optimization
Method. Therefore, as per the considered project of the Ekelow company the suitable method to
carry out the project is the benefit measurement method as it is a simple and small project.

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In order to conduct the above methods, the knowledge areas of the PMBOK are considered,
such as:
 Integration management deals with the task that are assigned individually in a single
project such as, project charter, knowledge, management plans, changes in the project,
etc. (Nasir et al., 2015).
 The scope management is about managing the scope of the project that may change due
to the change in demand of the project that can range from project requirement till the
WBS change of the project.
 The schedule management is about arranging the overall project with time. The project is
divided into several task and the person to complete the task is scheduled separately.
 The cost management is about fixing the budget of the project according ti the
requirement of the project (Burger, Verster & Zulch, 2015). Hence, all the undertaken
task is estimated a certain amount and then accumulation all of them the final budget of
the project is prepared.
 The management of quality is dependent on the constraints such as time, quality and cost
related to the undertaken project. These are decided at the planning phase of the project.
 The management of the resource consist of the required resource of the project and the
best suitable resources are collected to obtain the required output. Also the members of
the team are considered to be the biggest and most important resource of the project
hence their output is also an important aspect to be manage in the project.
 The communication of the team members and the stakeholders of the project are engaged
for several interval of time so that better communication can be conducted between them

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(Binder, 2016). It eventually helps in the smooth conduction of the project. This is call as
communication management.
 The project will also be related to certain risks hence, it is highly required that the risk
management of the project is done in before-hand and this is usually conducted at the
planning phase of the project (Bowers & Khorakian, 2014).
 The management of procurement is always related to the third party involvement in the
considered project which are responsible for the completion of a certain portion of the
project.
 The management of the stakeholder is initiated at the initial [phase of the project so that
demand of the stakeholders are clear and planning of the project can well accommodate
the needs of them (Eskerod & Jepsen, 2016). Hence, effective stakeholder management
is required throughout the project.
Therefore, for the project of Ekelow the Benefit Measurement method can be carried out on the
basis of the above mentioned knowledge areas, as sequential following of the knowledge areas
can only help in carrying out the project selection method in an efficient manner. Also for
conducting effective project management practices in the project of Ekelow the following of the
knowledge area will be much practical in actual practice and its relevancy is high.
The initial process group that will be present in the considered project is mainly for
protecting the new services that the company is expecting to work on, carrying pout the ad hoc
project group so that they can become nearer to their client and understand their demand and
making the part time worker as fully devoted as possible.
The process group as per the PMBOK are described below for the undertaken project:

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 The process group starts with the initiation of the project, this this phase the project is
expected to start and the feasibility of the undertaken project is estimated along with the
additional requirement of the project (Simonette, Magalhães & Spina, 2015).
 The next phase is related to the planning of the project in which, the blue print of the
project is created and throughout the process of the project the planned events are
followed so that the project can be kept within the track.
 Then comes the execution phase, this phase consist of carrying out of the plans that is
done in the prior phase such as, forming the team of the project, engagement of meeting
of the team members and the stakeholders, changes demanded by the stakeholders and so
on.
 The monitoring phase comes, the tasks which are divided as per the plan is monitored and
compared with the schedule of the project (Team, 2013). If any changes are observed
then again meeting are conducted and required steps are taken so that processes can be
carried out as per the planning.
 The last phase consist of the closure of the project, in this phase all the task of the project
is completed, the budget of the project is fulfilled, all the desired objective are met and
the goal of the project is achieved. At the ending of the project the final documentation of
the project is done so that the stakeholders have no question regarding the project.
Therefore, as per our project is concerned, following of this process group will help in achieving
the project and implementing the requirement made by the company. The addition of the new
services, adding employees to the company can be done as per the planning of all the steps,
executing them step by step and monitoring every steps taken by the company (Burke, 2013).
Like if the employees are hired for carrying out the IT work they must not be assigned to already

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existing work and make money from them, proper hiring of the employees must be done with the
criteria categorized in two section and following them throughout the project. The incorporating
of the new service must be done as per the budget set at the time of budget management and the
management of the company will be well involved throughout the project.

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