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ParkerLtdis a consultancy company specialising in the sport and physical activity sector. The organisations they are commissioned by includes: local authorities, charities, and private sector organisations. The company was founded in 2002and has shown steady growth over the past thirteen years. They trade from office accommodation (80 square metres) in a major city in England. At present the company employs 1 General Manager, 5 Lead Consultants, 3 Administration staff, and 2 Marketing Officers. As Project Manageryou areresponsible for theensuringthe initial opening and operational requirements of the new facilityare identified.You are required to prepare a reportconcerning the main issues to be addressed from a project management perspective.
Banking Academy, Vietnam ASSIGNMENT COVER SHEET UNIVERSITY OF SUNDERLAND BA (HONS) BANKING AND FINANCE Student ID: 149080615/1 Student Name: Tran Quyet Thang Module Code: SIM 335 Module Name / Title: Managing Projects Centre/ /College: College: Banking Academy of Viet Nam Nam Centre Banking Academy of Viet Due Date: 15 May 2015 Hand in Date: 15 May 2015 Assignment Title: Individual assignment Students Signature: (you must sign this declaring that it is all your own work and all sources of information have been referenced) Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam Title page Managing Projects SIM 335 Banking Academy, Vietnam Submitted on 15 May, 2015 Prepared by: Quyet Thang Tran Student ID: 149080615/1 Managing Projects (SIM 335) – May 2015 i Banking Academy, Vietnam Table of Contents Title page i Task Task 2.1 Concerns Schedule Cost – Financial Management Scope Quality 2.2 Project life cycle 2.3 Processes 2.4 Leadership 10 References 12 Appendices 15 Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam Task 1) According to Larson and Gray (2011), the major characteristics of a project are as follows: An established objective A defined life span with a beginning and an end Usually, the involvement of several departments and professionals Typically, doing something that has never been done before Specific time, cost, and performance requirements A project needs to have a clear objectives to make sure that all team members have the same purposes while working together Furthermore, with a specific objective, a project cannot run forever so it will end when achieving or failing its goals There are several resources such as budgets, humans to implement a project One special thing about projects is unique For example, the construction for buildings having the same designs still have the differences in locations, materials… 2) According to PMI (2008), project scope management includes the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully Therefore, to achieve the objective that ensuring the initial opening and operational requirements of the new leisure facility, some activities such as hiring staffs, installing equipment and finding potential customers… need to be done first These tasks can be divided into small pieces by using work breakdown structure (WBS) Figure 1: Work Breakdown Structure for Opening a new leisure facility Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam 3) Assume that this project starts on 05/10/2015, the full project Gantt chart will be shown as follows: Figure 2: The project Gantt chart Based on the Gantt above, the critical path is: A-C-F-H Days to complete the project: days + days + days + days = 22 days 4) In this scenario, the bottom-up estimating and expert judgment can be employed for cost management By combining WBS and bottom-up estimating, the lowest level activities of work can be assigned values and then these estimates can be aggregated in accordance with the WBS tree structure to give higher level totals (Meredith & Mantel, 2009) Furthermore, Parker Ltd is a consultancy company specializing in the sport and physical activity sector for over 13 years, so the company has done many projects like this It means that the past information, documents can be as a guide for estimating the cost for this project 5) In projects, a risk can be almost any uncertain event associated with the work and project leaders must focus on risks that can materially affect project objectives or “uncertainty that matters” (Kendrick, 2015) In this scenario, the risks can be defined from the lowest level of work packages in WBS After that, the risks are analyzed based on both qualitative and quantitative measurements because risks not give the same impacts And then, project leader has to plan specific responses for each types of risk To manage risk efficiently, project team needs to frequently hold the meeting to consider surprises for this project Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam 6) Pinto and Mantel indicate one of three distinct aspects of project performance (outcome) as a benchmark against which to access the success or failure of a project is client satisfaction with delivered project To achieve this satisfaction, customers should be involved to this project in initial stages by using quality function deployment (QFD) QFD is a method for satisfying customers by translating their demands into design targets and quality assurance points (Akao, 2004) There are several benefits from applying this method including: Customer-focused: translating customers’ input and feedback into a set of specific customer requirements Time-efficient: reducing time development because QFD focused on specific and clearly identified customer requirements Teamwork-oriented: because all actions that need to be undertaken are identified as part of the process, individuals see where they fit into the larger picture, thereby promoting teamwork even more Documentation-oriented: one of the products of QFD process is a comprehensive document that pulls together all pertinent data about all process and how they stack up against customer requirements This document is updated regularly (Goetsch & Davis, 1997) Task Parker Ltd is a consultancy company specializing in the sport and physical activity sector Recently, the company conducts a special project concerned with ensuring the initial opening and identifying operational requirements of the new leisure facility This report will outline the activities required to successfully implement this new initiative, ensuring that it can open on-time, and within budget 2.1.Concerns In the first step as a project manager, the critical factors that make a successful project implementation will be concerned According to Pinto and Slevin (1988), a project is generally considered to be successfully implemented if it: Comes in on-schedule (time criterion) Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam Comes in on-budget (monetary criterion) Achieve basically all the goals originally set for it (effectiveness criterion) Is accepted and used by the clients for whom the project is intended (client satisfaction criterion) This is refer to a modern model - quadruple constraints (Appendix 1): schedule, cost, scope and quality It means that if one of these factors changes, it will lead other factors to be changed A paper shows that the project manager should implement the project management methodology around the quadruple constraints as the roof for project success (Tunon, et al., 2005) Therefore, the project managers need to consider these constraints and their impacts to the completion of the projects Schedule Before considering project schedule, the project manager can develop a WBS The WBS will show work packages to achieve deliverable of the project However, the WBS does not illustrate time or resources for completing tasks Therefore, the critical path method (CPM) will be applied to create schedules According to CPM concepts, schedules are created by arranging activities and identifying at least one critical path (CP), by which a group of activities are connected to organize irreducible total activity duration (LIU & KUO-CHUAN, 2009) The project schedule includes the activities like job analysis, recruitment, selection; durations for each activities; precedence Furthermore, the critical path points out the shortest possible time to complete the project The individual tasks on the critical path need to be checked carefully because the tasks off the critical path have float and not make projects delay However, this method does not identify the resources that need to get activities done Cost – Financial Management To manage financial factors for a project, project manager needs to estimate the costs firstly By combining bottom-up estimating method and WBS, the lowest level work packages will be calculated and then sum them up at higher levels All assumptions for estimating the costs have to be in detail such as number of fitness equipment needed, cost of training for each employee, etc In addition, the expert advice is also combined in order to bring out an accurate budget for this project as much as possible Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam In the second step, the budget for this project will be carried out A budget is defined as a comprehensive and coordinated plan, expressed in financial terms, for the operations and resources of an enterprise for some specific period in the future (Khan & Jain, 2007) This will provide project manager the calculations for direct and indirect costs for each task For example, hiring staffs has direct costs like recruitment announcements, qualifying staffs’ profile…and indirect costs like computer use, utilities… Finally, project manager has to control finance by defining possible causes of variance According to the Chartered Institute of Management Accountants (2011), budgetary control (variances) is defined as the establishment of budgets relating the responsibilities of executives to the requirements of a policy, and the continuous comparison of actual with budgeted results, either to secure by individual action the objective of that policy, or to provide a basis for its revision The variances may be the change in price of equipment, the efficiency of employees, etc For example, high inflation rate can lead expenses during implementing the project to increase Moreover, project manager can use earned value management (EVM) This method provides any project manager with early warning tool that send out a signal from as early as the 15% completion point on a project (Fleming & Koppelman, 1998) By calculating budgeted cost of working performance and actual cost of working performance through EVM, project manager can know about current status of budget For instance, if project is over budget, project manager will come to sponsors to explain and discuss about the current situations and convince them put additional budget for completing this project Scope Project scope management is concerned with defining all the work of the project and only the work needed to successfully produce the project goals (Heldman, 2009) For example, in the case of opening new leisure facility, the scope includes what the project team will such as hiring staffs, order and install equipment and attract customers Based on these activities, the requirements with criteria like specific, testability…will be listed The requirements can be defined based on survey, field reports, complaint logs, etc When implementing this project, a lot of surprises can happened, so project manager need to prepare the solutions for these changes Firstly, the budget for this project can be reduced This leads some requirements of this project to be cut down and time for completion also increases In Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam this case, project manager can explain to sponsors about the significant impacts of this change and provide a reasonable explanation for all members to avoid demotivating them In the second case, the schedule of this project can be pushed out The members may be not available for the new deadline and project manager may add more people to meet new deadline It means that the budget for this project is also changed Another situation could be adding more budget for this project In this case, project manager can use MoSCoW method to response for this change The components of MoSCoW include: Must have: fundamental requirements Should have: a high-priority item that should be included in the solution if it is possible Could have: a requirement which is considered desirable but not necessary Won’t have: a requirement that stakeholders have agreed will not be implemented in a given release, but may be considered for the future (IIBA, 2005) This means that project manager can add requirements in “Could have” category for this project Quality The quality of the project can be shown through the customer satisfaction Customer satisfaction means that a project is only successful if it satisfies the needs of intended user (Pinto & Rouhiainen, 2002) This project is opening a new leisure facility for serving the communities, therefore project manager should focus on satisfy customers who directly use the services To this, managers can apply QFD method The QFD process involves four phases: Product planning: house of quality Product design: parts deployment Process planning Process control (quality control charts) (Bouchereau & Rowlands, 2000) In “House of Quality” phase, QFD uses a set of matrices to relate the voice of customer (i.e., customer requirements) to project requirements (Milosevic, 2003) For example, in this project, customer requirements could be taking yoga courses, fitness machines for different types of Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam muscle, etc Based on these requirements, project manager will define specific equipment for this leisure facility to meet customer needs In the next phases, project manager can use Plan-Do-Check-Act cycle also called Deming cycle (Appendix 2) It means that all activities in the lowest level of work packages in WBS will be conducted firstly and then it will be checked with the plan in order to whether this project goes on budget and schedule If there are any changes in budget or schedule, project manager needs to response immediately to make sure the success of this project 2.2.Project life cycle The project life cycle needs to be selected based on the features of the project because a wrong choice can lead to delay deliveries, over-schedule or over-budget For opening a new leisure facility, the waterfall approach should be applied instead of iterative project life cycle The reason is that iterative project life cycle – there are particularly advantageous for complex projects and whenever project goals and the project scope are expected to be subject to modifications (Pica, 2015) Therefore, this type of project life cycle seem to be more suitable for software development or IT projects While the waterfall model is a highly effective project life cycle for short-duration, well-understood projects with stable requirements and few or no dependencies (Hossenlopp & Hass, 2008) With the opening new leisure facility, there may be not too many surprises during conducting project Furthermore, the company has over 13-year experience in this area Therefore, the waterfall project life cycle can be applied 2.3.Processes While implementing the project, there are a lot of processes that project managers have to concern to make sure that the project will be finished successfully especially in plan phase 2.3.1 Identify stakeholders Project managers have to understand the different needs of stakeholders Identifying stakeholders involves creating a list of all involved in the project and determining whether they are: (1) actively or passively involved, (2) positive or negative impacted, and (3) in support of the project (Schibi, 2013) To analyze stakeholders, project manager can use different mapping techniques such as influence-interest grid, power-impact grid and Mendelow’s power-interest grid These mappings will show the positions of each type of stakeholder based on their involvement, authority and concerns in terms of planning and implementing projects Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam In this project, there are several types of stakeholders including project team, suppliers, local authority, customers, etc The figure below will show Mendelow’s power- interest grid for several important stakeholders in this project Figure 3: Power-Interest Grid Note: Low to High power and Low to High interest are counted from – 10 Local authority has very high power (8-10) because local authority contracts to Parker Ltd to have a project manager for opening a new leisure facility for community However, local authority may not involve to the project until there is a problem Therefore, local authority have medium interest (5-6) Project manager has high power (10) in this project because he directly manages all processes in this project Furthermore, project manager is also a person who deal with all surprises that happen during implementing project, so manager has high interest (9-10) Suppliers can impact directly to progress of this project so they get medium power (6-7) However, suppliers not involve too much to this project It means that they get low interest (2-3) Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam Project members are those directly work in this project so they have high interest (8-9) Conversely, members only try to get jobs done efficiently and have low power (3-4) in making decisions Based on the power-interest of each stakeholder, project manager will find out their expectations and carry out suitable treatments 2.3.2 Communications Communications is an integrated and interdependent process between two or more people (Kliem, 2007) Project managers need to find an effective way to communicate to all project team members to make them understand clearly about goals of project According to communication accommodation theory, when people interact they adjust their speech, their vocal patterns and their gestures, to accommodate to others (Turner & West, 2010) For example, when the project budget is reduced by 20%, project manager should speak lightly to explain the current situation for all members and empower them make the decisions instead of screaming Furthermore, the development of technologies also provides new ways for people to communicate to each other like e-mail Walther (1992) suggests that communicators develop individuating impressions of others through accumulated computer-mediated communication messages and based upon these impressions, users may develop relationships and express multidimensional relational messages through verbal or textual cues In addition, the meetings are hold regularly so that all team members can update the information about project progress 2.3.3 Risk management process In first step, risk needs to be identification There are several tools and techniques to detect risks With 13-year experience in this field, project managers can use review the documents or reports from the previous projects to bring out a general view about the uncertainties for this project Furthermore, expert advices also suggest possible risks based on their experience Another method is checklist analysis The checklist helps to remind the project team of common and repeated risks in project management as well as of specific risks involving a particular type of project (Alkuwaiti, 2010) In addition, project manager can apply checklist based on the lowest level of work packages on WBS Next, risks need to be qualified in order to investigate their impacts to project The probability of each risk occurring and the impact if it does happen are added to a register for each Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam risk (Kloppenborg, 2014) Based on this risk register, project manager need to focus more on risks with higher probability and impacts There are several responses to risks such as: Avoiding the risk Reducing the risk (likelihood or impact) Transferring the risk to others (insurance) Contingency plans (to be implemented should the risk occur) Accepting the risk (just monitor the situation) (Field & Keller, 1988) The table below will show a sample risk register for this project Table 1: A sample risk register No Risks Hiring unqualified individual Chance Impact Weight Response Priority 10% 0.5 Reducing after 20% 1.4 Reducing Problems with hiring regulations 10% 0.5 Avoiding Person leaves a month or two month For more types of risk, see Appendix Bad decisions in recruiting staffs like unqualified individual can cause negative impacts especially in financial area, working productivity and time-consuming The US Department of Labor currently estimates that the average cost of a bad hiring decision can equal 30% of the individual’s first-year potential earnings (BBC, 2013) Furthermore, for 13-year steady growth in this field, Parker Ltd has a lot of experience in hiring staffs Additionally, to reduce this risk, project manager needs to find staffs based on clear performance objectives in order to investigate the fit between individual’s skills and job requirements 2.4.Leadership To make project team work efficiently, project managers need to understand the different theories about leadership to treat members fairly According to Goleman (2000), there are six styles of leadership as follows: Managing Projects (SIM 335) – May 2015 10 Banking Academy, Vietnam Coercive leaders demand immediate compliance Authoritative leaders mobilize people toward a vision Affiliative leaders create emotional bonds and harmony Democratic leaders build consensus through participation Pacesetting leaders expect excellence and self-direction Coaching leaders develop people for the future Based on the profile of members, project managers adjust leadership styles to fit each member For example, coaching leaders will be applied to help the low-experience staffs to get jobs done in the most efficient way While for the best staffs, managers can use democratic style to increase the relationship with all members Furthermore, project managers also need to know how to motivate all members to get efficiency of work as much as possible For example, Pink (2009) argues that motivation stems from internal rather than external factors and there are three elements of true motivation – autonomy, mastery and purpose By apply this theory, project manager should give members some autonomy in their work For example, give them an initial guide for a task and let them complete it in the way they see fit Furthermore, each member in project team should be provided Goldilocks tasks in order to push them to a higher level Goldilocks tasks are ones that are not too difficult and not too easy because if task is too easy, people get bored while if it is too hard, people will get anxious or frustrated (Azzam & Pink, 2014) Finally, being purposeful includes setting goals, forming words that clearly illustrates those goals, and following this with policies that are in accordance with these guidelines (Spawr, 2012) It means that project manager needs to inspire the staffs to let them understand clearly about the goals of this project and it is not just about profit Managing Projects (SIM 335) – May 2015 11 Banking Academy, Vietnam References Akao, Y., 2004 Quality Function Deployment: Integrating Customer Requirements Into Product Design s.l.:Taylor & Francis Alkuwaiti, A J., 2010 Study Guide for the PMI Risk Management Professional (R) Exam 1st ed s.l.:Abdulla ALkuwaiti Anbari, F T., 2003 EARNED VALUE PROJECT MANAGEMENT METHOD AND EXTENSIONS Project Management Journal, 34(4), pp 12-23 Arnaboldi, M & Lapsley, I., 2011 Enterprise risk management and budgetary control: a management challenge Chartered Institute of Management Accountants, 7(6), pp 1-5 Azzam, A & Pink, D., 2014 MOTIVATED TO LEARN Educational Leadership, 72(1), pp 1217 BBC, 2013 Available Smart at: strategies to avoid a bad hire [Online] http://www.bbc.com/capital/story/20130719-avoid-costly-hiring-blunders [Accessed 05 05 2015] Bouchereau, V & Rowlands, H., 2000 Methods and techniques to help quality function deployment (QFD) Benchmarking: An International Journal, 7(1), pp 8-19 Field, M & Keller, L., 1988 Project Management 1st ed London: International Thomson Business Press Fleming, Q W & Koppelman, J M., 1998 Earned Value Project Management: A Powerful Tool for Software Projects The Journal of Defense Software Engineering, pp 19-23 Goetsch, D L & Davis, S B., 1997 Introduction to Total Quality: Quality Management for Production, Processing, and Services 2nd ed New Jersey: Prentice-Hall International, Inc Goleman, D., 2000 Leadership That Gets Results Harvard Business Review, pp 79-90 Heldman, K., 2009 PMP Project Management Professional Exam Study Guide 5th ed Indianapolis: John Wiley and Sons Hossenlopp, R & Hass, K B., 2008 Unearthing Business Requirements: Elicitation Tools and Techniques 1st ed s.l.:Management Concepts Inc Managing Projects (SIM 335) – May 2015 12 Banking Academy, Vietnam IIBA, 2005 A Guide to the Business Analysis Body of Knowledge 1st ed Ontario: International Institute of Business Analysis Kendrick, T., 2015 Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project 3rd ed New York: AMACOM Div American Mgmt Assn Khan & Jain, 2007 Financial Management 5th ed New Delhi: Tata McGraw-Hill Education Kliem, R L., 2007 Effective Communications for Project Management 1st ed s.l.:CRC Press Kloppenborg, T., 2014 Contemporary Project Management 3rd ed Stamford: Cengage Learning Larson, E W & Gray, C F., 2011 PROJECT MANAGEMENT: THE MANAGERIAL PROCESS 5th ed New York: McGraw-Hill/Irwin LIU, S.-S & KUO-CHUAN, S., 2009 A framework of critical resource chain for project schedule analysis Construction Management & Economics, 27(9), pp 857-869 Meredith, J R & Mantel, S J., 2009 Project management: A managerial approach 7th ed s.l.:John Wiley & Sons, Inc Milosevic, D Z., 2003 Project Management ToolBox: Tools and Techniques for the Practicing Project Manager 1st ed New Jersey: John Wiley & Sons Pica, M., 2015 Project Life Cycle Economics: Cost Estimation, Management and Effectiveness in Construction Projects 1st ed s.l.:Ashgate Publishing PINK, D H., 2009 Drive: The Surprising Truth About What Motivates Us 1st ed New York: NY: Riverhead Books PINTO, J K & Mantel, S J., 1990 The Causes of Project Failure IEEE TRANSACTIONS ON ENGINEERING MANAGEMENT, 37(4), pp 269-276 Pinto, J K & Prescott, J E., 1987 Changes In Critical Success Factor Importance Over the Life of a Project s.l., Academy of Management Best Papers Proceedings Pinto, J K & Prescott, J E., 1988 Variations in Criticai Success Factors Over ttie Stages in the Project Life Cyde Journal of Management, 14(1), pp 5-18 PINTO, J K & PRESCOTT, J E., 1990 PLANNING AND TACTICAL FACTORS IN THE PROJECT IMPLEMENTATION PROCESS Joumat of Management Studies, 27(3), pp 305-327 Managing Projects (SIM 335) – May 2015 13 Banking Academy, Vietnam Pinto, J K & Rouhiainen, P., 2002 Building Customer-Based Project Organizations 1st ed s.l.:John Wiley & Sons PINTO, J K & SLEVIN, D P., 1987 Critical Factors in Successful Project Implementation TRANSACTIONS ON ENGINEERING MANAGEMENT, 34(1), pp 22-27 Pinto, J K & Slevin, D P., 1988 20 Critical Success Factors in Effective Project implementation Project management handbook, Volume 479, pp 167-190 PMI, 2008 A guide to the project management body of knowledge 4th ed Pennsylvania: Project Management Institute Pries, K H & Quigley, J M., 2010 Scrum Project Management 1st ed Boca Raton: CRC Press Schibi, O., 2013 Managing Stakeholder Expectations for Project Success: A Knowledge Integration Framework and Value Focused Approach 1st ed s.l.:J Ross Publishing SCHULTZ, R L., SLEVIN, D P & PINTO, J K., 1987 Strategy and Tactics in a Process Model of Project Implementation Interfaces, 17(3), pp 34-36 Spawr, A L., 2012 Drive: the surprising truth about what motivates us, Pink, D.H (2009) New York, NY (pp 1-242) Journal Of Community & Applied Social Psychology , 22(1), pp 92-94 Tunon, E., Jaen, J & Coronado, S., 2005 A Case Study On Successful IS Project Management; The Quadruple Constraint as the Root for Project Success EUROCON 2005 - the International Conference on Computer as a Tool, IEEE, pp 1056-1059 Turner, L H & West, R., 2010 "Communication Accommodation Theory" Introducing Communication Theory: Analysis and Application 4th ed New York: NY: McGraw-Hill WALTHER, J B., 1992 Interpersonal Effects in Computer-Mediated Interaction Communication Research, 19(1), pp 52-90 Managing Projects (SIM 335) – May 2015 14 Banking Academy, Vietnam Appendices Appendix 1: Quadruple constraints in project management Figure 4: Quadruple constraints (Source: http://www.projectsmart.co.uk/understanding-the-project-management-tripleconstraint.php) Managing Projects (SIM 335) – May 2015 15 Banking Academy, Vietnam Appendix 2: Plan – Do – Check – Act cycle (Deming Cycle) (Source: http://9001quality.com/plan-do-check-act-pcda-iso-9001/) Managing Projects (SIM 335) – May 2015 16 Banking Academy, Vietnam Appendix – A sample risk register Delivery late 40% 2.4 Contingency plan Wrong quantity or quality equipment 30% 2.1 Contingency plan Suppliers go bankruptcy 10% 0.6 Avoiding 7 Customers give random answers in surveys 50% 2.0 Accepting Disaster like fire 1.6 Transferring Managing Projects (SIM 335) – May 2015 20% 17 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Vietnam Title page Managing Projects SIM 335 Banking Academy, Vietnam Submitted on 15 May, 2015 Prepared by: Quyet Thang Tran Student ID: 149080615/1 Managing Projects (SIM 335) – May 2015 i Banking... Structure for Opening a new leisure facility Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam 3) Assume that this project starts on 05/10 /2015, the full project Gantt chart will be... involvement, authority and concerns in terms of planning and implementing projects Managing Projects (SIM 335) – May 2015 Banking Academy, Vietnam In this project, there are several types of