Project Management Report and Analysis: First National Bank Project

This report presents a comprehensive project management analysis, focusing on a project undertaken for the First National Bank. It includes a status report detailing project milestones, schedule, budget, and issues. The report highlights the project's progress, indicating it is on track to be completed within the expected timeframe and budget. The report includes a daily log of activities, detailing tasks completed, outcomes, and their relation to the project, along with supporting commentary and reflection. The project utilizes PPM principles and portfolio management, with emphasis on stakeholder management and budget estimation. The report also addresses communication gaps, schedule slippage, and resource management issues, along with project risks such as budget shortfalls and management challenges. The student reflects on the effective use of PPM and portfolio management principles in resolving project challenges, emphasizing the importance of communication, risk mitigation, and strategic objectives.

Running head: PROJECT MANAGEMENT
Project management
Name of the Student
Name of the University
Author’s Note

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PROJECT MANAGEMENT
1. Daily log of activities as part of the project
Status Report 09-05-2019
Project Name First National Bank
Report Prepared By <Please Fill>
Academic Supervisor <Please fill>
Industry Supervisor (If Any) N/A
Attachments N/A
MILESTONE OVERVIEW:
ID Milestones (minimum three) Status
Baseline
Completio
n Date
Expected
Completio
n Date
Change
? (Yes,
No,
New)
E1 Completion of initiation phase
Complete
d
26-03-19 26-03-19 No
E2
Completion of planning phase Complete
d
15-04-19 15-04-19
No
E3
Completion of execution phase In
progress
22-05-19 22-05-19
No
E4
Completion of closure phase Not
completed
03-06-29 03-06-29
No
PROJECT STATUS SUMMARY:

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Narrative Summary of Status Schedule: GREEN Budget: YELLOW Issues: RED
The status of the project that is undertaken for the First National Bank generally reflects that the project is on
track and it will be completed successfully within the expected budget and time. As per the present report, it is
reflecting that the project will be completed in 60 days by utilizing budget of around $$70,000. Presently, the
only issue that the project is facing is managing the budget of the project for avoiding any type of financial
issues and challenges.
PROJECT MILESTONE STATUS REVIEW:
Project
Plan ID
Project Milestones Status
Baseline
Completio
n Date
Expected
Completio
n Date
Issues
Exist
(Yes/No)
E1 Completion of initiation phase
Complete
d
26-03-19 26-03-19 No
E2
Completion of planning phase Complete
d
15-04-19 15-04-19
No
E3
Completion of execution phase In
progress
22-05-19 22-05-19
No
E4
Completion of closure phase Not
complete
d
03-06-29 03-06-29
No

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PLANNED ACCOMPLISHMENTS SUMMARY:
Planned accomplishments for the coming two weeks:
The planned accomplishments for the coming two weeks are generally listed below:
 Use of portfolio management principles
 Stakeholder management
 Proper estimation of project budget
 Post project review
PROJECT ISSUES SUMMARY:
I
D
Priorit
y
Issue Description
Impact Summary
(Milestone, Schedule
Scope, Resources,
Space…)
Action Steps
1 3 Miscommunication between the
team members creates confusion
about the project objectives.
Miscommunication can
cause delay in the
project and thus create
impact on schedule.
The communication gap
between the team members
must be removed.
2 1 Schedule slippage occurs in the
initial phase of the project
which generally creates lot of
problem in keeping the project
on track.
Schedule slippage can
cause delay in the
project and thus create
impact on schedule.
The problems of schedule
slippage must be avoided by
keeping track on the schedule.
3 2 Improper analysis is done in the Improper analysis Proper analysis must be

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initial phase of the project about
the project resources.
creates impact on
schedule and resources.
undertaken for avoiding
problem related with resources
of the project.
PROJECT RISK SUMMARY:
I
D
Priorit
y
Probabilit
y of
Occurren
ce
Risk Description
Impact Summary
(Milestone, Schedule
Scope, Resources,
Space…)
Response Strategy
1 1 High Due to the rising
cost of project
resources, the
chances of budget
shortfall is one of
the major issue
that can create
number of
problems.
It generally create
impact on the milestone,
schedule as well as
budget of the project.
Keeping track on the project
budget can avoid the risks
related to budget shortfall.
2 2 Medium If the entire
project might not
be managed then it
can create number
of problems in
It generally create
impact on the milestone
and schedule of the
project.
It is quite necessary to utilize
proper management strategies
for managing the project.

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completing the
project.
ASSISTANCE REQUESTS:
I
D
Description including reference to milestone
impacted Action Requested
1 Problems in completing the execution phase of the
project due to slippage of schedule
Tracking the schedule would be helpful in
successfully executing the project.
2 Problem in closing the project due to improper
information about project closure.
Proper information related with project closure
must be provided to the project team.
2. Description of tasks that have been achieved
Log Sheet
First Name: <Please fill> Surname: <Please fill>
Name of the organization: First National Bank
Day Date Details of tasks completed during this period

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3 days 16-04-19 Identification of issue: The issues that the first national bank is identified
in this phase (Kerzner & Kerzner, 2017). The issue is identified so that
further step can be taken for resolving the problem that First National Bank
faces.
4 days 19-04-19 Determining root cause of the issues: The main root cause of problems
that are faced by the First national bank are generally determined.
6 days 25-04-19 Use of PPM principles: It is found that different types of PPM principles
are mainly used in the project so that project can utilize those principles for
managing the project effectively.
6 days 03-05-19 Utilization of portfolio management principles: In this phase, portfolio
management principles are mainly utilized.
4 days 13-05-19 Stakeholder management: In this particular phase, the stakeholders who
are associated with the project are managed (Kerzner, 2017).
4days 17-05-19 Proper estimation: The budget for the project is estimated so that the
project does not face financial issues and the entire project get completed
within the assumed budget.
I confirm that this is an accurate summary of work performed in this period
Signature: <Please Fill> Name:
Date: 04-04-19
<Please Fill>

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3. Explanation about the outcome and how it is related to the project
A progress report is one of the report of work that is generally accomplished during the
specific time of the project. The progress report that is developed for the project of First National
Bank generally helps in reflecting that the entire project is on track and it will be completed
successfully within the expected budget and time (Hornstein, 2015). Monitoring the
performance of the project on weekly basis would be helpful in keeping track on the progress of
the project and generally helps in progressing with the entire project. The successful progress of
the project helps in reflecting that proper knowledge as well as skills associated with the project
as well as portfolio management practices are elaborated quite effectively (Joslin & Muller,
2015). In addition to this, it is found that by conducting the project of First National bank,
proper principles of PPM as well as portfolio management are used in the project for resolving
the challenges and issues that are faced by the project managers.
4. Supporting commentary and reflection
While undertaking this project, I have found that utilization of PPM principles and
portfolio management principles are used properly in order to resolve the problems that the First
National Bank faces. The log sheet as well as project status report that is developed for the
project helps in reflecting that the entire project is on track and will be executed successfully
within the expected time. Thus, I have learnt that proper tracking of project progress on weekly
basis as well as reporting of project generally assists in identifying risks, managing cost as well
as help in controlling the entire project quite effectively. Moreover, it is found that utilization
portfolio management are mainly utilized in the project as it helps in determining the expected
value of each project for making the best financial investment based on the risk that is generally
identified within the entire project. Furthermore, the PPM principles that are utilized within this

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project is helpful in providing proper idea about the ways in which the entire project is managed
with the help of those principles (Kaiser, El Arbi & Ahlemann, 2015). The project management
principles help in cutting costs, resolving risks, achieving strategic objectives of the project as
well as helps in creating proper competitive advantage. In addition to this, it is analyzed that
communication is one of the significant PPM principles that are helpful in mitigating the issues
that occur due to communication gap within the project. It is analyzed from the project that
effective communication is quite important for achieving success which further helps in
minimizing the project risks as well as challenges (Kerzner, 2017).

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