ITC 505 Project Management: Rapid Pay System Development

Desklib provides past papers and solved assignments for students. This project details the development of a payment system.

ITC 505 Project Management Assessment Item 3
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Contents
Introduction......................................................................................................................................4
Project Description..........................................................................................................................5
Part 1: Measurable Organisational Value........................................................................................6
Identification of the desired area of impact.................................................................................6
Values associated with a project..................................................................................................7
Identify the measurable organizational value..............................................................................8
Determine the timeframe for achieving the MOV.......................................................................9
Summary of measurable organizational value.............................................................................9
Part two..........................................................................................................................................11
a) Define Scope and produce a Scope Management Plan.........................................................11
Key Deliverables.......................................................................................................................12
Acceptance Criteria...................................................................................................................12
List of the Resources.................................................................................................................13
Part 3..............................................................................................................................................14
Work Breakdown Structure.......................................................................................................14
Milestone and Deliverables.......................................................................................................14
Budget............................................................................................................................................19
Part 4..............................................................................................................................................20
Project risk analysis and plan........................................................................................................20
Assumptions..............................................................................................................................20
Identification of the risks in the Project.....................................................................................20
Risk Analysis, allocation and suitable strategy.........................................................................23
Part 5..............................................................................................................................................25
Quality Management Plan.............................................................................................................25
Statement reflecting team philosophy.......................................................................................25
Verification and Validation activities........................................................................................25
Part 6..............................................................................................................................................27
Closure and Evaluation..................................................................................................................27
Annotated bibliography.............................................................................................................27
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Closure Checklist.......................................................................................................................28
Project Evaluation......................................................................................................................28
Conclusion.....................................................................................................................................29
References......................................................................................................................................30
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Introduction
Management is essential on every single aspect of work so that different activities and operations
become effective. It is essential to understand the major requirement of a project so that it gets
executed in a right and suitable direction. All aspects of a positive and suitable project
management have to undertake by managers so that they can incorporate beneficial outcome.
The project which will be going to define in this assessment determine as Rapid Pay, software
developed by Virtucon for clients Globex. Thus, different aspects will be going to undertake in
this assignment to derive suitable and relevant outcome. This project will be going to define
measurable organizational value with impact on distinct areas. This project will be included data
about the scope and scope management attribute of a project. Work Breakdown structure will be
prepared so that all activities are done by the responsible and suitable individual. Risk
assessment and quality management attribute will be going to underpin in a project with relevant
data about closure and evaluation of a project.
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Project Description
Globex Corporation is a famous agricultural solution provider which enables farmers to resolve
their farming related issues. The company wants to explore themselves and enhance the variety
of operations. Thus, to manage this aspect, they will be going to launch a project with the name
"Rapid –Pay". This project will be going to initiate by Virtucon as famous software developers
of Australia and define many projects for different multinational companies. This software/
application are helpful to manage online cash payment system so that transparency among
customers gets maintained. This payment mode will be launched and establish an as best and
most secure payment system for every single person whether farmers or a single individual. For
more clarity about this project, certain objectives have been prepared by the project manager.
Following are the objectives and critical factors which enforce reason behind the execution of the
project:
 To reduce the interference of the middle man while making any transaction or payment.
 To maximize client satisfaction with the rapid and fastest transaction.
 To enhance the transparency in the transaction attribute.
 To multiply the experience of parties involved in any sort of transaction.
All these are essential aspects and elements which define under a project. Virtucon has prepared
these objectives and align their operations in an efficient manner. Thus, with the assistance of
such targets and objectives, a relevant and suitable outcome has been analyzed which enables a
firm to remain competitive in the keen market world.
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Part 1: Measurable Organisational Value
Measurable organizational value is a group of distinct norms and attributes which relate to a
project. A project manager is responsible to understand such values and measure their relevancy
with a business (Zwikael and Smyrk, 2011). It is essential to determine such values and their
influence on operations and activities. With an effective understanding of such values and
aspects, the project manager can derive suitable and relevant outcome. Project manager of Rapid
Pay has identified certain aspects of MOV which standardize as follow:
 A goal of a project
 Success measurement criteria
 Measurement of targets
 Define values to a business
 Verified by management
 Align operations with strategy and goals
Values of MOV impacts rapid pay in a differential manner. MOV is helpful for rapid pay to
execute in a right and suitable manner. It is also helpful to manage the value of a project for a
long duration so that sustainability gets maintained. Project manager of Rapid Pay will be going
to define the most impact area.
Identification of the desired area of impact
The first and fundamental thing for a venture is the evaluation of values associated with a
project. The project manager has to understand such values so that the project can move in a
proficient manner. Project Manager needs to find out the hierarchical esteem so that all activities
lead to get done in a right and positive manner. The four zones which are distinguished as the
major areas of effect would be:
 Strategy
 Customer
 Financial
 Operational
 Social
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Below is a table which represents the most area of impact as well as a description of each. This
table is helpful to understand the impact of each section in an effective and suitable manner. The
project manager has to undertake all such aspects properly so that they can evaluate and estimate
relevant and suitable outcome:
Impact area Ranking Description
Strategy 4 The strategy is the most impact aspect while commencing a
project. The project manager has to prepare certain strategy so
that Rapid Pay can be formulated in an effective manner.
Operational 5 Operations have made an impact on a project in a positive
context and negative context. Thus, project manager of Rapid
pay has to manage the consideration of operation and guide the
team towards a positive and effective direction.
Financial 2 Finance is the backbone of every project and needs effective
utilization by managers. Thus, the project manager has to use
the fund in an effective manner without hampering the quality.
Social 3 Society is a critical aspect for a project and made more and
more influence rather than other elements. If social aspects are
not standardized comments in favor of project then it might get
led down. Hence, the project manager has to take a view from
social groups so that a suitable and relevant project will be
executed.
Users 1 The most critical and impactful area is users or customers of a
project. It is essential to determine the desire of customers so
that key features will be added in the project.
Values associated with a project
Values of a project are important to understanding so that key ingredients added to it. The project
manager has to understand the major and key values of a project so that all aspects and things
went into right and suitable direction (Opoku-Anokye and Tang, 2013). Project manager of
Rapid Pay has described certain values which align with the project:
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 Better: One value which has been defined by the project manager is a better use. It has
provided a view that Rapid Pay is better than other application because it helps to manage
transparency among the transaction.
 Faster: Another value which has been determined with Rapid Pay by project manager
would faster. The project manager has provided a statement that Rapid Pay is a faster
mode of transaction and update transactions instantly as compared with another online
banking system.
Identify the measurable organizational value
MOV is essential to determine by project manager so that all aspects and things went into right
and beneficial direction. It is essential to determine the values of an organization and measure it
in the relevancy of a project (Rašula, et. al., 2012). With this frame, an effective project will be
executed. Rapid Pay has to understand the MOV effectively to define things properly. Thus,
metrics have been developed to analyze the values in an efficient manner:
Values Metrics Stakeholders Resource Methods
Quality Base Metrics Customers,
social groups
Effective quality
raw material,
Identify view of
clients, Adequate
budget
Key performance
indicator
Total Quality
management
Time Cycle time
metrics
Board of
directors,
Employees,
Globex
To manage time,
the company has
to prepare Gantt
Chart, WBS and
divide work
among the group.
Checklist
Gantt Chart
Work
Breakdown
Structure
Cost Unit cost vs.
benchmark
Employees,
Customers,
Globex
For managing
cost, the
company has to
use relevant steps
and allocate
Computing cost
method
Storage cost
method
Excel, SAP
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budget to each
team. This will
be going to assist
in manage the
cost of a project
and remove
deviations.
Determine the timeframe for achieving the MOV
The time frame is essential to determine in advance by project manager so that all aspects get
done in a suitable manner. With appropriate time division, company become able to ascertain
targets effectively and in less time duration. Project manager of Rapid Pay has determined
certain stages and time for completing them. This will be resulted to manage efficacy in a project
for a long term:
Serial
number
Task name Duration (in days)
1 Name of the project 5
2 Values, Targets, Objectives of a project 12
3 Division of team 11
4 Area of impact 15
5 Metrics to control values 8
6 Determination of key stakeholders group 20
7 Checklist 10
8 Closure and evaluation 3
Summary of measurable organizational value
Based on the survey of measurable organization value for a project, it has been distinguished that
clients and technique consider as the most important aspect of a venture. With all these,
reasonable advances and viewpoints are required to embrace so that negative area can be
controlled. Moreover, the qualities which are related to a venture found as far as better and
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quicker strength of utilization. A time period has helped in distinguish the term of an undertaking
with the goal that all quantifiable.
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Part two
a) Define Scope and produce a Scope Management Plan
The scope is an important part of a project which needs to understand in advance so that manager
can add some key ingredients to it. With scope identification, the company becomes able to use
effective material to execute a project in the right direction (Kerzner and Kerzner, 2017). Project
manager of Rapid Pay is working on a project and use suitable resources for identification of
scope. The objectives which enable the project manager to decide scope is defined as follow:
 To eradicate middle man from the transactional activity.
 To support transparency for managing things in the right direction.
 To enhance the level of the economy.
Project manager of Rapid Pay has found broad nature of a project. It is essential for a project
manager to use relevant scope identification process so that all essential outcomes anticipate
properly. A diagram will be supported this argument better to conclude the scope of a project:
Figure 1: By Author
Rapid pay winds up successful programming with the utilization of suitable degree and elements.
This has included effective approaches so that all things and attribute get done in a suitable and
relevant manner. In-scope of the project is significant as Rapid-Pay has reasonable assets to
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Input
Planning about
resources
Charter
Communication plan
Team plan
Tools and Techniques
Advise from experts
Output
Scope management plan
Closure and checklist

complete the things in an appropriate way. Virtucon has controlled out-scope of business as they
are endeavoring to complete a task in characterize cost.
Key Deliverables
Deliverables are an essential outcome which depicts the completion of a project. The project
manager has to understand the final outcome so that all activities directed and align as per such
consideration (Heagney, 2016). Rapid Pay is key software which brings revolution in the
farming industry and support farmers to manage their instant payment for grains. Thus, the
project manager has assumed certain key deliverables which depict with the completion of a
project:
 Support system to manage transactions properly and independently
 Eradicate the role of a middle man so that all aspects executed in an effective manner
 Work on the quality of goods and services
Above are certainly assumed deliverables which ascertain on the basis of project work. These
have helped to upgrade the work and support to expand Rapid-pay in different regions and areas.
Project administrator needs to attempt all such key deliverable with the goal to define maximum
benefits for Globex (Goetsch & Davis, 2014).
Acceptance Criteria
Acceptance criteria belong to validation and verification of all set of activities that indulge in a
project. It is important to determine that all such activities and operations effective for a project
or not. The project manager has to create certain criteria so that the project gets accepted
ethically and work in a systematic manner. Thus, manager of Rapid Pay has evaluated certain
acceptance criteria and present it to the manager so that they can provide approval:
 It is easy to access from any location of the globe from any device.
 Access all the time in an effective manner even without internet connection but only for a
receiver of payment via bar code.
 Abide under legal constraints like Data Protection act, Health and Safety act etc.
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