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MBA 530 Managing Strategic Business Projects
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MBA 530 Managing Strategic Business Projects
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Course Code: MBA 530
University: University Of North Carolina Wilmington
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Country: United States
Questions:
Use the specifics of your project to construct and submit a portfolio that comprise the below project management documents. Templates for most of these documents are uploaded in Moodle, the rest are discussed in the class at various lectures.1. Adopt System Approach to Analyze an Initiative2. Select Business Initiative/Project Using Weighted Approach3. Identify Project Stakeholders4. Determine the Project’s Assumptions and Constraints5. Develop the Business Case to Obtain Senior Management Support6. Develop the Project Charter7. Develop the Stakeholder Communication Matrix8. Study the Relationship Using the Triple Constraint View9. Develop Project Scope Statement10. Develop the Work Breakdown Structure (WBS)11. Develop the Responsibility Assignment Matrix (RAM)12. Adopt the Program Evaluation and Review Technique (PERT)13. Use the Critical Path Methodology (CPM)14. Develop Project Gantt Chart15. Compare the Costs Estimate Techniques16. Apply the Earned Value Management (EVM) to Monitor Progress17. Adopt the Cause and Effect Approach in Quality Management18. Issue Progress Report19. Identify Project Risks20. Manage Risks (Risk Registers and Response Strategies)21. Manage Project Change Request
Answer:
System Approach
It is found that for analyzing the initiative of the project from its initial stage, it is the responsibility of the project manager to hire experienced as well as right stakeholders of the project. The project managers must also engage in creating proper project schedule that not only elaborates the activities that are required to be performed within the project but also reflects on the budget that is needed in order to finish the project. In addition to this, the project must reflect the requirement of resources for each of the project activities so that depending on their ability and experience they are appointed within the project.
Business Initiative
E-business can be helpful in driving the approach of buying property to much more advances that not only satisfy the customers bit also minimizes the time. With the help of help of e-business, an individual can get information about the property sellers and can select their right choice by not wasting much time.
Identify Project Stakeholders
The stakeholders who are involved within the project are listed below:
Project manager
Broker
Organizer
Solicitor
Contractor
Project Planner
Assumptions and Constraints
Assumptions
The assumptions of the project are as follows:
To complete the project within the time that is around 40 days
To finish the project within the budget that is around $1,051,640
To follow the scope of the project
Constraints
The constraints of the project are listed below:
Time: It is the responsibility of the project manager to manage the time of the project effectively for finishing the entire project within the expected time.
Budget: The project manager must finish the entire project within the budget that is approved.
Scope: The scope of the project must be followed properly for finishing the project effectively within the expected time and budget.
Business Case
The paper mainly focuses on “buying a summer apartment in Big Ben, London”. It is found that due to the absence of summer apartment, the family members face lot of problems and challenges in spending their summer holidays. In order to resolve the challenges, the family wants to buy an apartment in the area of Big Ben is so that they can relax and can enjoy their days of summer holidays properly.
Develop the Project Charter
Project description
The project reflects on buying a summer apartment in Big Ben area of London. A summer apartment is generally needed by the family so that the problems that they face in absence of a summer apartment got resolved and they will get the chance of enjoying their summer holidays with their family members. The project of buying an apartment will be completed within 40 days by utilizing budget of around $1,051,640.
Project deliverables
The deliverables of the project are as follows:
Viewing apartment in London
Valuation survey
Property survey
Building or structural survey
Finalizing an offer
Proper communication
Conveyancing and searches
Exchange of contracts
Enquiries on the property
Transfer of funds
High level project deliverables
The high-level deliverables of the project are as follows:
Arranging a solicitor
RICS condition report
RICS homebuyer report
Finalizing the mortgage
Exchange of contracts
Signing contracts
Transfer of funds
Setting mutually agreed completion date
Team members and roles
The team members and their roles are provided in the below table:
Team member
Roles
Mobile
Signature
Project manager
The project manager manages the entire project.
NA
NA
William Watson
Broker
The broker engages in searching for the summer apartments.
NA
NA
James Anderson
Organizer
The organizer engages in organizing the paper works for the apartment.
NA
NA
James Anderson
Solicitor
They generally help in surveying valuation as well as property.
NA
NA
Andrew Lee
Contractor
The contractor engages in taking the contract for buying an apartment.
NA
NA
James smith
Project Planner
The project planner engages in making proper planning for the project.
NA
NA
Stephen smith
Stakeholder Communication Matrix
The stakeholder’s communication matrix is provided in the table below:
Purpose
Frequency
Responsible person
Ways of communication
To know about the value of the property
Once
Project manager
Video conference, face to face
To finalize the offer
Once
Contractor
Video conference, face to face
For exchanging the contracts
weekly
Contractor
Video conference, face to face
For organizing finances
Weekly
Organizer
Video conference, face to face
Triple Constraint View
The triple constraint view of the project is provided below:
Time:40 days
Scope: To buy summer apartment
Cost: $1,051,640.00
Project Scope Statement
Business Process
The paper reflects on buying an apartment in Big Ben, London for providing the facility of proper relaxation as well as enjoyment during the months of summer to the family members.
Project Goals
The main goal of the project is to buy a summer apartment in Big Ben area in London in order to can relax can enjoy the days of summer holidays properly.
Project work statement
The project work statement reflects that the entire project will be completed within the time period of 40 days by utilizing budget of around $1,051,640. The work statement of the project also helps in elaborating the activities and deliverables of the project.
Deliverables
The deliverables of the project include:
Viewing apartment in London
Valuation survey
Property survey
Building or structural survey
Finalizing an offer
Milestones
Milestone
Completion date
Milestone 1: Completion of initiation phase
Thu 02-08-18
Milestone 2: Solicitor arrangement phase completion
Wed 22-08-18
Milestone 3: Mortgage finalization completion
Fri 07-09-18
Milestone 4: Completion of closure phase
Mon 17-09-18
Constraints
The constraints of the project include:
Completion of the project within the expected time that is 40 days
Buying the apartment within the budget that is around $1,051,640.
Work Breakdown Structure
WBS level
WBS
Task Name
Duration
Responsible
0
Buying a summer apartment in London
40 days
1
1
Initiation phase
8 days
2
1.1
Developing plan
1 day
Project manager
2
1.2
Organizing finances
3 days
Organizer
2
1.3
Register with MylondonHome
1 day
Project planner
2
1.4
Search for property
1 day
Broker
2
1.5
Viewing apartment in London
1 day
Project manager
2
1.6
Putting forward an offer
1 day
Project planner
1
2
Arranging a solicitor
14 days
2
2.1
Valuation survey
2 days
Organizer
2
2.2
Property survey
2 days
Broker
2
2.3
RICS condition report
3 days
Contractor
2
2.4
RICS homebuyer report
2 days
Organizer
2
2.5
Building or structural survey
3 days
Contractor
2
2.6
Finalizing an offer
1 day
Project planner
2
2.7
Proper communication
1 day
Project manager
1
3
Finalizing the mortgage
12 days
2
3.1
Offer accepted
1 day
Contractor
2
3.2
Conveyancing and searches
2 days
Project planner
2
3.3
Exchange of contracts
1 day
Contractor
2
3.4
Enquiries on the property
2 days
Solicitor, Apartment cost [1]
2
3.5
Exchange of contracts
2 days
Project manager
2
3.6
Signing contracts
1 day
Project manager
2
3.7
Transfer of funds
2 days
Broker
2
3.8
Setting manually agreed completion date
1 day
Project manager
1
4
Closure phase
6 days
2
4.1
Remaining money owed
2 days
Organizer, Other cost [1]
2
4.2
Paying a mortgage account fee
2 days
Contractor
2
4.3
Paying solicitor bill
1 day
Solicitor
2
4.4
Completion
1 day
Project planner
Responsibility Assignment Matrix
Responsibility assignment matrix (RACI) illustrates the participation of different roles in competing various tasks or deliverables of the project within the business process. RACI stands for:
R-Responsible
A-Accountable
C-Consult
I-Informed
Activities
Project manager
Broker
Organizer
Solicitor
Contractor
Project planner
Developing plan
R, A
I
C
Organizing finances
I
R, A
C
Register with MylondonHome
R, A
I
C
Search for property
I
R, A
C
Viewing apartment in London
I
R, A
C
Putting forward an offer
I
R, A
C
Valuation survey
C
R, A
I
Property survey
C
R, A
I
RICS condition report
C
R, A
I
RICS homebuyer report
C
R, A
I
Building or structural survey
C
R, A
I
Finalizing an offer
I
R, A
C
I
Proper communication
I
R, A
C
Offer accepted
I
R, A
C
Conveyancing and searches
I
R, A
C
Exchange of contracts
I
R, A
C
Enquiries on the property
R, A
C
I
Exchange of contracts
R, A
C
I
Signing contracts
I
R, A
C
Transfer of funds
I
R, A
C
Setting agreed completion date
I
R, A
C
I
Remaining money owed
I
R, A
C
I
Paying a mortgage account fee
I
R, A
C
Paying solicitor bill
I
R, A
C
I
15. Costs Estimate Techniques
The most important cost estimate techniques are compared in the table below:
Analogous estimating
Parametric estimating
Three-point estimating
Bottom up estimating
This technique is generally used for estimating the cost of the project when very much less detail about the project is present
It generally utilizes historical data in order to calculate the cost but it generally utilizes statistical data.
This technique is generally utilized for reducing the biases as well as uncertainties in the cost estimation technique
This technique of estimation is considered to be very much accurate as well as time consuming.
It is considered as the fastest technique for estimating cost accurately
This is much more accurate than analogous estimation
It is more accurate than analogous and parametric techniques
This is the most accurate technique.
Earned Value Management
The progress of the project is identified with the help of the earned value management that is provided below:
Task Name
Planned Value – PV (BCWS)
Earned Value – EV (BCWP)
AC (ACWP)
SV
CV
EAC
BAC
VAC
Buying a summer apartment in London
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 1,051,640.00
$ 0.00
-$ 1,051,640.00
Initiation phase
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 2,360.00
$ 0.00
-$ 2,360.00
Developing plan
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Organizing finances
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 840.00
$ 0.00
-$ 840.00
Register with MylondonHome
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Search for property
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 240.00
$ 0.00
-$ 240.00
Viewing apartment in London
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Putting forward an offer
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Arranging a solicitor
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 3,920.00
$ 0.00
-$ 3,920.00
Valuation survey
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 560.00
$ 0.00
-$ 560.00
Property survey
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 480.00
$ 0.00
-$ 480.00
RICS condition report
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 840.00
$ 0.00
-$ 840.00
RICS homebuyer report
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 560.00
$ 0.00
-$ 560.00
Building or structural survey
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 840.00
$ 0.00
-$ 840.00
Finalizing an offer
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Proper communication
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Finalizing the mortgage
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 1,003,600.00
$ 0.00
-$ 1,003,600.00
Offer accepted
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 280.00
$ 0.00
-$ 280.00
Conveyancing and searches
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 640.00
$ 0.00
-$ 640.00
Exchange of contracts
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 280.00
$ 0.00
-$ 280.00
Enquiries on the property
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 1,000,640.00
$ 0.00
-$ 1,000,640.00
Exchange of contracts
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 640.00
$ 0.00
-$ 640.00
Signing contracts
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Transfer of funds
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 480.00
$ 0.00
-$ 480.00
Setting mutually agreed completion date
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Closure phase
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 41,760.00
$ 0.00
-$ 41,760.00
Remaining money owed
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 40,560.00
$ 0.00
-$ 40,560.00
Paying a mortgage account fee
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 560.00
$ 0.00
-$ 560.00
Paying solicitor bill
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Completion
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 320.00
$ 0.00
-$ 320.00
Quality Management
Case and Effect approach is considered as one of the tool that is mainly utilized by the project managers in order to improve the project quality. The critical steps that are generally required to be carried out in the project activities helps in defining the cause. It is identified that a fish bone diagram is generally represented for the project “buying a summer apartment in London. The cause and effects of the project is reflected
Issue Progress Report
The report helps in elaborating the progress for buying a summer apartment in London. For this project, four phases are generally undertaken which are initiation, solicitor arrangement phase, finalizing mortgage phase as well as closure phase.
Initiation phase: In this phase, finances are organized and proper initiation for property search started.
Solicitor arrangement phase: In this phase, proper arrangement for the solicitor is made
Mortgage finalize: In this phase, mortgage of the apartment is finalized.
Closure phase: In this phase, money to mortgage account is paid.
Project Risks
The risks that are associated with the project are listed below:
Finding wrong broker: If the broker is not right then the project manager can face financial challenges.
Inappropriate survey: Due to inappropriate survey, the project manager does not get proper idea about the value of the apartment.
Lack of knowledge: Due to lack of knowledge the owner can face lot of challenges including financial issue.
Inappropriate document verification: The documents of the owner are not verified properly and as a result legal issue can arise.
Manage Risks
The risks that are associated with the project can be managed with the help of the steps that are elaborated in the table below:
Risk
Impact
Probability
Mitigation
Finding wrong broker
High
High
Right broker must be identified.
Inappropriate survey
High
Medium
Proper survey needs to be conducted in order to resolve the issue.
Lack of knowledge
Medium
Medium
Proper knowledge about the apartment needs to gained before buying.
Inappropriate document verification
High
High
All the documents must be properly verified.
21. Manage Project Change Request
The changes that is needed in the project is that the project manager does not want s to contact a broker and wants to buy the apartment with the help of online procedure so that the challenges that is present in finding the right broker got resolved.
Issue Lesson Learned Report
From this project, it is analyzed that before buying a property we need to gain proper knowledge about it. It is also necessary to undertake the survey properly for getting appropriate information about the value of the property. In addition to this, proper document verification is important for the project.
Issue Project Closure Report
The project manager engages in reviewing the project closure report.
Documents
Roles
Feasibility report
To analyze that the project is feasible
Status report
To focus on the progress of the project
Final document
It reflects that the project is completed successfully.
Stakeholder’s signoff:
Position
Signoff (Signatures)
Project manager
William Watson
Broker
James Anderson
Organizer
James Anderson
Solicitor
Andrew Lee
Contractor
James smith
Project Planner
Stephen smith
Bibliography
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Conforto, E. C., Salum, F., Amaral, D. C., da Silva, S. L., & de Almeida, L. F. M. (2014). Can agile project management be adopted by industries other than software development?. Project Management Journal, 45(3), 21-34.
Costantino, F., Di Gravio, G., & Nonino, F. (2015). Project selection in project portfolio management: An artificial neural network model based on critical success factors. International Journal of Project Management, 33(8), 1744-1754.
Drouin, N., Sankaran, S., & Muller, R. (2016). The nature of organizational project management and its role as an organizational capability. Manageable Cooperation?.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute.
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Joslin, R., & Müller, R. (2015). Relationships between a project management methodology and project success in different project governance contexts. International Journal of Project Management, 33(6), 1377-1392.
Kucharska, W., & Kowalczyk, R. (2016). Trust, collaborative culture and tacit knowledge sharing in project management–A relationship model.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A. M. E., & Villanueva, P. (2014). Project risk management methodology for small firms. International journal of project management, 32(2), 327-340.
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Sánchez, M. A. (2015). Integrating sustainability issues into project management. Journal of Cleaner Production, 96, 319-330.
Svejvig, P., & Andersen, P. (2015). Rethinking project management: A structured literature review with a critical look at the brave new world. International Journal of Project Management, 33(2), 278-290.
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