Evaluating RaNX Project Management Theory and Methodologies

This report provides an evaluation of the RaNX project, focusing on the application of project management theory and methodologies. The project's main objectives include configuring RaNX accounting and reporting data, migrating legacy systems from New York, London, Luxembourg, and Sydney, establishing operational procedures, and providing staff training. The business drivers emphasize improving operational efficiency through an integrated accounting and reporting technology solution. The report details the project's estimated costs, timeline, assumptions, and constraints. It includes a communication plan, work breakdown structure (WBS), activity list, network diagram, and a risk register to identify and mitigate potential issues. The project aims to replace four existing accounting systems with a single RaNX system, enhancing efficiency and reducing operational costs. Key elements include software development, data migration, procedure formation, and system installation, with a phased migration approach across different locations.

EVALUATING THE USE AND
APPLICATION OF PROJECT
MANAGEMENT THEORY AND
METHODOLOGIES

Project overview
 Main objectives of this project are: Configure rules of RaNX
accounting and reporting data for all the clients of RaNX,
 Migrate legacy from all the four main places that are New York,
London, Luxembourg and Sydney to RaNX. Other project main
objectives that are required to be delivered are:
 Formation of accounting or RaNX operational procedures, provide
training to NBB accounting staff in New York, London, Luxembourg
and Sydney for new RaNX systems. Last objective is to
decommission legacy systems for all the four places that are New
York, London, Luxembourg and Sydney.
 Business Drivers: the main reason of doing this project is to develop
a project management plan that can be used to bring improvement
within overall operational efficiency by bringing changes with private
clients, reporting and accounting system.
 They need to develop an integrated accounting and reporting
technology solution or a platform and rationalize private Client Data
system in an accurate manner.
Expected Benefits: There are various kinds of benefits
that this project is focused upon to be achieved, that are:
• First benefit is that instead of using four different
kinds of accounting and legal systems, all of these four
systems will be replaced by a single replaced by RaNX
system.
• This project will help in enhancing overall efficiency
of the project and will further helps in reducing overall
operational cost in a much appropriate manner

CONT..
Estimated cost
 Overall cost associated with this project is £5 million.
 New IT infra- £1 million
 Staff salary- £ 50000
 Maintenance – £ 1 million
 Training cost- £35000
Assumptions
The project may be completed before Jan 2022.
It might be difficult to store data from all centres in Ranx system
The accounting procedure may not match with NBB requirements
New talented and experienced staff needs to be hired.
Constraints
LPS project will work with BB team and accounting staff so that it can follow all
NBB standards of PM controlling. Monitoring and reporting.
LPS Ranx team is based in Bangalore
Project need to be completed till JAN 2022
The legacy accounting requirement must be followed properly.
• Estimated timescale
• Rationalization of the project commencement will
start in January 2021. By the end of August, 2021
• Sydney location will be the first to migrate to
RaNX system. When Sydney location migrate or
move to RaNX, then other locations will be
migrated to a new system by following a phased
migration.
• By the end of January, 2022 whole project is
required to be completed including RaNX system
operation in all location and decommissioning of
the legacy systems.
•

Communication plan
Communication Method Frequency Goal Owner
Project status Email Weekly Review overall project status
and issues faced
Project manager
Team progress Face to face meeting Daily Discuss what team members
did yesterday and what they
will be doing next
Project manager
Project review Face to face meeting After achieving
every milestone
Present deliverables achieved
till now, gather feedback
from all the team members
and discuss further steps to
be taken
Project manager
Task progress updates Team Gantt chart Progress is
shared daily
and weekly
In this daily and weekly
progress made on project
task is done
Project manager
Review after
implementing system
at one location
Face to face meeting After
implementation
of system at
one of the
locations
Review from team members
is taken whether system was
implemented successfully
and is working properly or
not
Project manager and technology lead

WBS
RaNX project
Project
initiation Planning
Design IT
infra
Configuration
of design
Drafting
procedure
Implementin
g procedure
Software
development
Integration
of server
Migration of
data
Forming of
procedure
Training
Install RaNX
system Test of system
Monitoring of
system

Activity list
 It describes overall activity of project that has to be undertaken within it. Moreover, it shows
description of that activity as well as precedes in it. This enable in making things easy and effective
execution of project.
Activity ID Activity name Description Duration
1 Project initiation Start of project 1 month
1.1 Planning Doing planning 3 month
1.2 Design of IT infrastructure Interface of IT infra 1 month
1.3 Configuration of design Type and specifications of system
required 1 month
2 Software development Doing programming 1 month
2.1 Integration of server into software Connecting software with server 3 weeks
2.2 Migration of data from New York Transfer of data 1 week
2.3 Migration of data from London Transfer of data 1 week
2.4 Migration of data from New Luxembourg Transfer of data 1 week
2.5 Migration of data from Sydney Transfer of data 1 week
3 Forming of accounting procedure Forming policy, guidelines, etc. 2 week
3.1 Drafting of procedure Making final corrections 2 week
3.2 Implementing procedure Apply guidelines 2 week
3.3 Giving training to staff Taking practical sessions 3 months
4 Installing of Ranx accounting system Install of system 5 months
4.1 Testing of system Running of system 2 months
4.2 Monitoring of system Tracking use of system 2 months
5 Completion of project 1 month

Network diagram and critical path

Risk register
 It is necessary to develop a risk register so that various risk can be identified and measures are taken to
mitigate its impact.. Similarly, in NBB project as well risk register is as follows :
Risk Likelihood Impact Mitigation Risk factor
Low = 1
High = 5
Increase in cost 3 3 In this a proper budget will be
prepared to identify cost of
project
3
Lack of resources 2 3 There will be proper monitoring
of resources done to ensure its
efficient utilization
4
Delay in project 2 3 For this ghantt chart is prepared
and activities are prioritized.
5
Technical failure 4 5 In this there will be proper
testing done of each system and
software and then only it will be
installed
4
Issue in software 1 3 The software will be tested and
regularly updated and then
installed.
3
Low quality of IT
infrastructure
2 4 The systems and equipments
purchased will be accordingly to
set criteria and standards. Also,
quality will be checked through
monitoring
2

REFERENCES
Books and journals
 Saltz, J. and Crowston, K., 2017. Comparing data science project management methodologies via a
controlled experiment.
 Rosenberger, P. and Tick, J., 2018, November. Suitability of PMBOK 6 th edition for agile-developed
IT Projects. In 2018 IEEE 18th International Symposium on Computational Intelligence and
Informatics (CINTI) (pp. 000241-000246). IEEE.

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