Project Management Plan: Stakeholders, Risks, Time, and Cost Analysis

This report presents a project management plan for the opening of a new bamboo bicycle store, focusing on the application of the PRINCE2 methodology. It addresses key aspects such as stakeholder concerns, risk management, time and cost analysis, and project deliverables. The report highlights th...Read More

PROJECT
MANAGEMENT
PROJECT

Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
PROJECT MANAGEMENT PLAN that will address stakeholders’ concerns; risks; time; cost
and benefits realisation; and project execution challenges..........................................................2
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
1

INTRODUCTION
A project management plan is a collection of baselines and subsidiary plans that include:
Baselines for scope, schedule, and cost. Management plans for scope, schedule, cost, quality,
human resources, communications, risk, and procurement. The planning is been done so that any
risk related to the project can be overcome. This can be considered as the guide for the execution
of project and control related to the same. The main aim of the plan is to communicate the useful
information related to project to every stakeholder. It also consists of the deliverables and project
scope. Present report will lay emphasis on opening of the new Bamboo bicycle store. Study will
also focus on series of identifiable tasks, or alternatively a project oriented task. It will discuss
series of identifiable tasks, or alternatively a project oriented task with an overview of the
PRINCE 2 technique.
MAIN BODY
PROJECT MANAGEMENT PLAN that will address stakeholders’ concerns; risks; time; cost
and benefits realisation; and project execution challenges.
PRINCE 2 can be considered as one of the most effective tool for the management of
project. It provides the details in which how the project objectives can be achieved. It has been
analysed that project manager needs to possess fundamental skills which is really necessary for
the achievement of project set targets and objectives. It can be considered as the backbone for the
information system related to management which can be needed for any project (Krysiński. and
Miller, 2016). In this the various decisions are been taken related to how the plan is to be
executed. There are also various advantages and dis-advantages of making use of the PRINCE 2
technique while doing the project management planning. It has been analysed that the main
benefit of using it that this technique focuses more on the output and also it assist the project
manager in achieving the goals and objectives and also continuous improvement is possible
while implementing the project (Jaziri, El-Mahjoub and Boussaffa, 2018). This methodology can
also assist in learning continuously which is really necessary so that the effective decisions can
be made. Project team can learn from the each step which has been defined in the PRINCE 2
methodology (Siegelaub, 2017). There are also various weakness of using the PRINCE 2
technique. Like at every stage there are so many documents which needs to be maintained and
kept record of. The plan includes the following steps:
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Project brief: In the following project the owner is been involved in opening a new
Bamboo bicycle store. In this the new bicycle store will be engaged in creating, designing and
making the product by using Bamboo. The project will take approx. a period of 6 months. It has
been analysed that the entrepreneur is been involved in providing quality of bicycle to their
consumers, so that they can establish their store and this will also assist them in increasing their
profitability (Krysiński and Miller, 2016). The project scope is to design, deliver and create the
Bamboo bicycle according to the needs and demands of consumers. It is basically related to the
enhancing the satisfaction of consumers by providing them bicycle according to their wants. This
will also assist the firm in growing and increasing their profitability as well as revenue. The
Budget which is set for the project is a budget of £50,000. The project is been expected be
completed in the period of 6 months. It is really necessary for the project manager to complete
the project on time.
Stakeholders concerns: There are various stakeholders which are been involved in the
implementation of the new project which is opening up the new Bamboo bicycle store. There
concerns must be considered by the project manager so that they can be satisfied and the project
can be implemented successfully (Jamali and Oveisi, 2016). The concerns related to stakeholders
can be based on risk, cost or issues. There are various stakeholders which are involved such as
owners, project managers, team members, employees. The concerns can also affect the status and
quality of project which is going to be implemented by the project manager. There can be
various concerns of the other stakeholders too such as project schedules, time management,
safety, change management. Below is the table which has show the top concerns of stakeholders
which needs to be analysed and maintained in order to successfully implement the project. It
includes the following:
Top concerns Owner administration Project administration Facilities
administration
1. Communication is one
of the most top
concern of owner.
They need to be
engaged in thinking
about how to interact
One of the main
concern of project
manager is to work
with team and making
them understand their
roles and
The project manager
concern is financial
management. They
want to ensure that the
cost and expenses
related to project do
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with the team
members and other
employees.
The other concern of
owner of Bamboo
store is coordinating
with the team. This is
one of the most top
concerns.
responsibilities so that
project can be
implemented
successfully.
not rise up.
2. Project cost is also the
major concern. Owner
need to be involved in
doing the proper
planning so that the
cost do not increases
and also the project
objective is been
achieved easily.
Communicating with
staff members can be
difficult and hectic, so
this can be taken as
one of the major
concern of the project
manager
Training the staff
members and
managing all their
task can also be
considered as an issue
which needs to be
mitigate by the
facilities manager.
3. The other concern
which can be faced by
the owner includes
managing
expectations of the
team members. They
also need to be
involved in thinking
about managing the
financial issues. This
will help the owner in
successfully
implementing the
Policies and
procedures related to
implementation of
project can also be
one of the main
concern. They need to
be engaged in
defining the proper
policies and
procedures. This will
assist in achieving the
proper project goal.
Safety management
can also be one of the
major concern that
can be faced by the
stakeholders. They
also need to be
involved in making
policies and
procedures related to
same. This will assist
in successful
implementation of the
project.
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project plan and also
the goals and
objectives will be
achieved.
Project deliverables: One of the main deliverables of the project is Bike with all the
useful items such as brakes, wheels, horn, tyres, seat. It will also provide the details related to
technical information and warranty information related to the new Bamboo bicycle. This
information’s is really necessary to be provided as this will help consumer in making decision
whether to purchase the product or not.
Scope management: The scope of the project is really wide, the project manager is been
involved in designing, delivering and making the Bamboo bicycle available to consumers as per
their needs. They are going to open up the new bicycle store. The main objective is to enhance
the quality of bicycle which will be delivered by the new bicycle store. In the principles of
PRINCE 2 technique will also be implied so that the set target and objectives can be achieved.
The scope of the present project is wide. The scope of the present project is really wide, it will
assist the new bicycle store in increasing their profit and also they will be able to make better
bond with customers which can support the organization in increasing the good will and public
image of bicycle store.
Time management: In this the time which is managed successfully and the progress
made in the project will be defined. The better time management activities will includes
planning, controlling and monitoring of the activities. The set time for the completion of project
is 6 months. In this for the proper time management work break down structure can also be
created. This will assist in achieving the target on time and also there will be no delay in the
making of bicycle according to the needs and demands of the consumers. It has also been
analysed that poor time management can also reduce down the effectiveness of decision making
which has been made by the project manager. This is really necessary for the new project
initiation to have proper plan. This will also help in achieving the objectives.
Risk: There are various type of risk which can be faced by the project manager while
they have been involved in implementing the new project. The risk register can be prepared and
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managed by the project manager, so that there are various ways to mitigate the risk faced by
them. Although the risk are controllable but they can be controlled by the project manager
through various ways. The project which has been implemented by the new bicycle store can
face various risk and there can be different constraints related to the risk. The risk register can
assess the project manager in having the idea where the threats and opportunities can be created
by it. It also includes the ways to overcome it. The ways includes the following:
Risk Likeliness of appearing Ways to mitigate the risk
Procurement issues with
bamboo supplier
High There are various through
which this type of risk can be
mitigated. In this the project
manager needs to be engaged
in making sure that the they
have an improved relationship
with the suppliers so that there
is no shortage related to the
Bamboo and the bicycles can
be designed easily (Fabiano,
Francesc and et.al., 2019).
Financial issues Medium In this the project manager of
new Bamboo bicycle store can
be involved in doing the
planning related to the cost
and expenditure which will
occur when designing and
creating of the new bicycle.
Human resource issues Low In this the project manager can
also be involved in providing
the proper training to the
workers with them, so that the
bicycle can be delivered on
timely basis to the consumers.
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This strategy will also be
engaged in reducing down the
risk factor related to human
resource
Failure of primary component
(bamboo bike frame)
High This can be mitigated by
having skilled mechanics
which can be involved in
fixing the issues which are
been faced in the Bamboo
bicycle. This strategy will
assist in mitigating this type of
risk.
Cost and benefits realisation: In this the project manager will make sure that the benefits are
been derived from the output. For the present report the set budget is £50,000. The owner will
make sure that the revenue is been increased and also the return of investment is greater which
has been invested (Vaníčková, 2017). This will assist them on achieving their set goals and
targets. It also consists of the document which have activities that is been necessary for the
achievement of the set target which has been thought by the entrepreneur. In this the owner will
be involved in ensuring that the project is been achieved on time and also the objectives are been
achieved. Ensuring this will help in making sure that the expenses are not been increased. This is
really necessary for the project manager to look upon it as it will help in increasing the return on
investment and it will also help them in achieving and making the project successful. It will also
support in increasing the return of investment which they have planned for. This will also help
the project manager in making sure whether the project will be able to earn the profit or not. It
has also been analysed that expenses must be made in such a way that return on investment will
be more than the amount invested. This will assist the project manager in successfully
implementing the new project and will also assist in gaining the success.
Project execution challenges: Various challenges can be faced by the project manager
while implementing the new project which is opening up the Bamboo bicycle store. It has been
analysed that the first challenge can be designing and creating of bicycle according to the needs
7

and demands of the consumers (Mousaei and Javdani, 2018). It has also been analysed that the
other challenge which can be faced can include meeting out the set time line. It can be really
hectic for the project manager to complete all the task with the deadline. Project manager for this
needs to be engaged in doing the proper planning so that there is no delay in making project.
This will also help the project manager in making the new implemented project successful. It has
also been analysed that engaging in proper planning can also assist the project manager in
reducing down the cost and expenditure that is been linked to the project. It has also been
evaluated that the other challenge that can be faced by the project manager and owner of the new
bicycle store that the meeting with whom they are working can be unskilled. It will be really
challenge full and hectic to train the team and make the product. It can also increase the project
cost and also if this challenge is been faced they will be not able to successfully achieve the set
target and also the project will not be successful. It will also reduce the efficiency of project.
These are the challenges which can be faced by project manager.
CONCLUSION
From the above study it has been summarised that There are various stakeholders which are
been involved in the implementation of the new project which is opening up the new Bamboo
bicycle store. There concerns must be considered by the project manager so that they can be
satisfied and the project can be implemented successfully. They have various concerns that needs
to be analysed by the project owners. It has also been analysed that there has been various
challenges which has been faced by the project manager during the time of execution of project.
It has also affected the efficiency of project. It has also been evaluated from the report that the
project has the wider scope. The scope of the project is really wide, the project manager is been
involved in designing, delivering and making the Bamboo bicycle available to consumers as per
their needs. It has also been evaluated that various concerns can be faced by the stakeholders
which needs to be taken care off. This has assisted in making better decisions and also it has
helped in achieving the set target and objective. It has also been analysed that the project
manager has also been involved in doing the planning related to the time and cost management.
The set time for the completion of project is 6 months. In this for the proper time management
work break down structure can also be created. The role and responsibilities of each employee
has been made clear.
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REFERENCES
Books and journals
Mousaei, M. and Javdani, T., 2018. A new project risk management model based on scrum
framework and Prince2 methodology. International Journal of Advanced Computer
Science and Applications, 9.
Vaníčková, R., 2017. Application of PRINCE2 project management methodology. Studia
Commercialia Bratislavensia, 10(38), pp.227-238.
Siegelaub, J.M., 2017. How PRINCE2® Can Complement the PMBOK® Guide and Your
PMP®. APMG International.
Krysiński, M. and Miller, P., 2016. The Role of Conflict in Project Management in the PRINCE2
Methodology. Ekonomika i Organizacja Przedsiębiorstwa, (6), pp.3-12.
Fabiano, Francesc and et.al., ." In 2019 10th IEEE International Conference on Intelligent Data
Acquisition and Advanced Computing Systems: Technology and Applications (IDAACS),
vol. 2, pp. 730-734. IEEE, 2019.
Jamali, G. and Oveisi, M., 2016. A study on project management based on PMBOK and
PRINCE2. Modern Applied Science, 10(6), pp.142-146.
Jaziri, R., El-Mahjoub, O. and Boussaffa, A., 2018. Proposition of a Hybrid Methodology of
Project Management. American Journal of Engineering Research, 7(4), pp.113-127.
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