Remote Deposit Capture Project: Cost, Quality, and Feedback Analysis

This project report focuses on the Remote Deposit Capture (RDC) project, addressing challenges in cost and quality management. The project manager, Harold Johnson, is concerned about potential cost overruns and implements strategies to mitigate these risks. The report details corrective actio...Read More

Remote Deposit Capture Project

TABLE OF CONTENT
PART 4 PROJECT COST MANAGEMENT.................................................................................1
1. Corrective actions to control cost overrun...............................................................................1
PART 5 PROJECT QUALITY MANAGEMENT..........................................................................1
1. Developing a list of quality standards.....................................................................................1
2. Gathering consumer feedbacks................................................................................................2
REFERENCES................................................................................................................................3

PART 4 PROJECT COST MANAGEMENT
1. Corrective actions to control cost overrun
Harold Johnson is worried about overrunning cost of Remote Deposit Capture (RDC)
project. Although the issue has been discussed with the in-charge officers, still, they just said that
they are putting their best efforts; hence, the problem remains unsolved. In such circumstance,
first being a project manager, it is necessary to determine cost variance (CV) by comparing
actual money spent against the budgeted amount to know adverse deviations. If actual spending
goes beyond the expected budget limit, then, under-performing areas will be found along with
the reasons through tracing project progress reports and actual observation. Earned value
measurement will be used to assess project progress and total costs incurred and matched with
the targets for the same (Markgraf, 2016). EV will determine the percentage of work completion
and find variances whether actual cost is under the control or not, if not, then PMO will convey
internal team members of the poorly performing division and aware them about the same. The
functional counterpart will be alert about excessive cost occurrence may be due to excessive
resource usage, poor monitoring and control, scope creeping theft or ineffective utilization of
funds. Contracts will be developed with software providers considering the specifications and
also with the scanner manufacturers targeting the set budgetary limit. Moreover, in case of any
modification, a change control request for resources, scope and budget will be presented to
change implementation authority for cost management.
PART 5 PROJECT QUALITY MANAGEMENT
1. Developing a list of quality standards
As it is stated, that RDC project will not probably meet the scheduled delivery goal to
develop the high quality service product. Thus, in order to overcome such issues and meet
stakeholders, Harold and Tricia and customers’ expectations following standards would be
complied:
Renegotiation: As project is expected to require more time, thus, designed project plan
will be renegotiated to either reduce possible scope activities or increase scheduled period. It will
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allow team to dedicate enough time on critical tasks so that they can complete by time (Marle
and Vidal, 2016).
More resource allocation: As Code Corp and Scanner manufacturers already charge high
about expected cost, thus, it is possible that project may exceed budgetary limit, hence, required
resources needs to be allocated with tight control.
Devoting more time: Internal team member’s dedicated time to the project will be
increase to maximum: 24 hours in all the 7 days to ensure on-time completion.
Fast tracking: It will be use to compress schedule in shorter time by carrying out some
activities parallel or before the scheduled date (Brown and Hyer, 2010).
2. Gathering consumer feedbacks
Mobile RDC works as a game changer for the banks and US gains leading position in
personal remote deposit offerings. In order to obtain feedback from the potential users using
early version of the system, some existing customers will be surveyed online to know the key
problems associated with existing system. Their responses will be used to improve functionality
of new RDC system by introducing innovative features at the user testing and verification stage.
It will help meeting out quality expectations of all the stakeholders and consumers appropriately.
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REFERENCES
Books and Journals
Marle, F. and Vidal, L.A., 2016. Managing Complex, High Risk Projects. Springer.
Brown, K.A. and Hyer, N.L., 2010. Managing projects: a team-based approach. McGraw-Hill.
Online
Markgraf, B., 2016. Project Cost Control Techniques. [Online]. Available through: <
http://smallbusiness.chron.com/project-cost-control-techniques-72603.html>. [Accessed on
21st December 2017].
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