Posted: April 24th, 2025
Business Finance – Management Part 3 of Assignment- project management
Please see attached word doc for instructions.
Part 1 and Part 2 have been attached as well for reference ( i got low grade on part 2)
Dominique Elmadi Villeda
Project Management Processes (BADM-623-A02)
14/09/2024
Hello everyone. Today, I’ll be presenting an overview of the project management process, focusing on how we can deliver successful outcomes by integrating best practices.
1
Overview of the Project Management Process
Hybrid Methodology: Waterfall for planning and Agile for flexibility, offering the best of both worlds.
Initiation Phase: Defining project scope, objectives, and criteria for success.
Planning Phase: Creating detailed plans, such as the Work Breakdown Structure (WBS) and Gantt chart.
Execution Phase: Managing resources and tasks according to the defined plan.
Monitoring & Controlling: Tracking progress, budget, and timelines to ensure everything stays on target.
Closure Phase: Finalize the project, review deliverables, and document lessons learned
“In this project, we use a hybrid methodology combining Waterfall for structured planning and Agile for flexibility during execution. The process is divided into five key phases. First, we define the project’s scope and objectives in the initiation phase. Then, during the planning phase, we create essential documents like the Work Breakdown Structure (WBS) and Gantt chart. In the execution phase, we manage resources and tasks, while monitoring ensures we stay on track. Finally, in the closure phase, we finalize deliverables and document lessons learned.
2
Deliverable 1 – Work Breakdown Structure (WBS)
The WBS is visually presented as a hierarchical diagram, breaking the project into manageable tasks.
Project management is broken down into scope statements and risk register tasks.
Risk Register decomposes into identifying, mitigating, and tracking risks.
The development includes critical tasks such as Application Design and Testing.
This visual hierarchy ensures that all deliverables are clearly defined and traceable.
Each task in the WBS is connected to its parent component, showing transparent relationships
3
Deliverable 2 – Gantt Chart
The Gantt chart visually shows the project timeline for all nine applications.
Each bar represents the task’s duration, from the planned beginning to the projected end date.
Overlap of tasks indicates simultaneous work on different applications, maximizing resource efficiency.
Critical Path: Identifies the most crucial tasks that could cause delays if not completed on time.
The chart also highlights potential bottlenecks and opportunities for resource reallocation.
Continuous monitoring allows for adjustments to keep the project on track.
Next, we have the Gantt chart, a visual representation of the project’s timeline. This chart shows the duration of tasks across all nine applications, with each bar representing the planned beginning and end dates. One of the key features of the Gantt chart is the overlap of tasks, which allows for simultaneous work on different applications. This maximizes resource efficiency and helps us meet deadlines more effectively. The chart also highlights the critical path, showing which tasks are crucial to avoid project delays. Continuous monitoring of this chart allows us to adjust as needed and keep the project on track
4
Pictorial Review of Requirement Elicitation and Decomposition
Requirements are gathered from stakeholders through interviews, surveys, and workshops.
These inputs are documented, reviewed, and then decomposed into manageable tasks.
The flowchart shows the process from initial requirements gathering to decomposition into the WBS.
Stakeholders review and approve the requirements before they are finalized.
This ensures that all requirements are correctly interpreted and accounted for.
The process is iterative, with ongoing feedback loops to refine and adjust the requirements.
This slide provides a pictorial review of how we gather and break down project requirements. We use a variety of methods, including interviews, surveys, and workshops, to collect inputs from stakeholders. These requirements are documented, reviewed, and then decomposed into manageable tasks. The flowchart outlines this process from the initial gathering of requirements all the way to their decomposition into the Work Breakdown Structure. The iterative nature of this process allows for continuous feedback loops, ensuring that any adjustments or refinements are made as necessary. This helps us accurately meet stakeholder expectations and keep the project aligned with its objectives.
5
Risk and Stakeholder Management
Five critical risks identified include Budget overruns and Project Delays, with mitigation strategies outlined for each.
Risks are assessed based on their impact and probability of occurring.
Mitigation strategies include using the Gantt chart to track the Critical Path and efficiently allocate resources.
Stakeholders include Executive Leadership, Project Team Members, Resource Managers, Clients, and the Finance Team.
Communication strategies are designed to engage stakeholders through reports and regular updates.
Managing risks effectively ensures that the project remains within budget and on schedule.
Finally, we focus on risk and stakeholder management. In this project, five critical risks have been identified, such as budget overruns and project delays. Each risk is assessed based on its impact and probability, and we have outlined specific mitigation strategies for each. For instance, tracking the critical path using the Gantt chart helps us manage potential bottlenecks and reallocate resources as needed. Effective communication with stakeholders, such as executive leadership, clients, and the finance team, is crucial to keep everyone informed and engaged. Regular updates and reports are part of the communication strategy to ensure that risks are managed and the project stays on track
6
References
Ekemezie, I. O., & Digitemie, W. N. (2024). Best practices in strategic project management across multinational corporations: a global perspective on success factors and challenges. International Journal of Management & Entrepreneurship Research, 6(3), 795-805.
Orieno, O. H., Ndubuisi, N. L., Eyo-Udo, N. L., Ilojianya, V. I., & Biu, P. W. (2024). Sustainability in project management: A comprehensive review. World Journal of Advanced Research and Reviews, 21(1), 656-677.
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Dominique Elmadi Villeda
University of the Cumberlands
A02 Project Management Processes
Dr. Priscilla Watts
09/29/2024
Project Overview Statement
Title of Project : Best Strategic Initiative for all Nine Critical Projects
Project Objective : Completion of all nine different types of interconnected projects in one year while which is mainly adhere to a budget $1200,000.
Scope of Project : All the nine projects must and should be delivered within 395 days and along with the 10% of the budget system (Orieno et al., 2024).
Success Criteria of Project : Project must and should be meet all their deadlines, and then along with the budget constraints and that they can be easily ensure some measurable kind of all the important benefits for an organization (Orieno et al., 2024).
Project Prioritization Process
The main methodology used in this prioritization process is all about the dot voting and the monopoly money to be easily prioritizes all the projects that is completely based on importance of stakeholder and their resource allocation.
Prioritization List
Application 7
Application 2
Application 6
Application 1
Application 5
Application 3
Application 9
Application 4
Application 8
Gantt Chart
Initial Gantt chart which mainly display all the estimated timelines for each application that is completely depends upon the initial estimates.
Updated Gantt chart which is mainly considered as after the resource allocation , and all the timelines are adjusted to be easily reflects on the new kind of an estimates (Orieno et al., 2024).
Budget Breakdown & Important Strategies to Meet 12-Month Deadline
Initial Budget : The total initial budget is all about $1,200,000 and then the more detailed kind of a cost for each application (Ekemezie et al., 2024).
Updated Budget : The updated budget which is reflects on all additional costs from a resource allocation and more total with some resource kind of costs that is to be easily calculated.
Optimization of Resources : Deploy an additional resources in order to be more expedite the completion of high priority kind of an applications (Ekemezie et al., 2024).
Overlapping of Tasks : Utilization of parallel processing where all possible in order to be reduces all the total time of the project (Ekemezie et al., 2024).
References
Ekemezie, I. O., & Digitemie, W. N. (2024). Best practices in strategic project management across multinational corporations: a global perspective on success factors and challenges. International Journal of Management & Entrepreneurship Research, 6(3), 795-805.
Orieno, O. H., Ndubuisi, N. L., Eyo-Udo, N. L., Ilojianya, V. I., & Biu, P. W. (2024). Sustainability in project management: A comprehensive review. World Journal of Advanced Research and Reviews, 21(1), 656-677
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Individual Assignment Part
3
This is the third of a three-part project. Using the process that you developed in
Parts
1
&
2
.
Imagine you’re leading a strategic initiative for a rapidly growing company that has identified nine critical projects essential for its success over the next year. As the project manager, you’re tasked with overseeing these interconnected projects, all of which must be completed within a year, with a strict budget of $1,2
0
0,000.
The company’s leadership is counting on you to deliver results that not only meet expectations but also adhere to stringent success criteria: completing the project within
10
% of the budget and ensuring everything is finalized no later than 3
9
5
days from the start date. While you’ve been provided with a set of predefined resources, you have the flexibility to obtain additional resources if needed, as outlined in the provided table.
Your challenge is to manage these projects efficiently, navigating any obstacles that arise, and ensuring the company can assess how well employees adapt to and benefit from the initiative. Below, you’ll find the essential information and tools to guide you through this critical assignment.
Project Scope:
The project’s scope consists of completing all nine projects within one year. You have been given a total budget of $1,200,000.00. Resources have already been defined; however, if needed, you can obtain additional resources – see the table below.
Success Criteria: The project must be delivered within 10% of the approved budget and no later than 395 days from the project’s start date.
Below are key pieces of information that you can use to manage the project:
· Given the critical nature of the project, the company has developed a high-level budget and potential income for each application.
· Year 0 is the projected cost the company has estimated for the building of the component. This includes a 15% overhead cost for project management work
·
Year 1
–
Year 5
is the revenue the company has estimated for the product.
· The Acceptable Rate of Return for all projects with the company is 10%
If you choose to leverage IRR, NPV, PBP, or PV, you will use the information below:
|
Year 0 |
Year 1 |
Year 2 |
Year 3 |
||||||||
|
Application 1 |
$ ( 12 0,000.00) |
$ 20,000.00 |
$ 22,000.00 |
$ 2
4 ,200.00 |
|||||||
|
Application 2 |
$ (99,000.00) |
$ 12,000.00 |
$ 13,200.00 |
$ 14,520.00 |
|||||||
|
Application 3 |
$ (230,000.00) |
$ 52,000.00 |
$ 5 7 ,200.00 |
$ 6 2,920.00 |
|||||||
|
Application 4 |
$ (75,000.00) |
$ 9,000.00 |
$ 9,900.00 |
$ 10, 8 90.00 |
|||||||
|
Application 5 |
$ (90,000.00) |
$ 15,900.00 |
$ 17,490.00 |
$ 19,239.00 |
|||||||
|
Application 6 |
$ (1 25 ,000.00) |
$ 18 ,000.00 |
$ 19,800.00 |
$ 21 ,780.00 |
|||||||
|
Application 7 |
|||||||||||
|
Application 8 |
$ ( 16 5,000.00) |
$ 40,000.00 |
$ 44,000.00 |
$ 48,400.00 |
|||||||
|
Application 9 |
$ (157,000.00) |
||||||||||
|
Year 4 |
Year 5 | ||
|
$ 26,620.00 |
$ 29,282.00 |
||
|
$ 15,972.00 |
$ 17,569.20 |
||
|
$ 69,212.00 |
$ 76,133.20 |
||
|
$ 11,979.00 |
$ 13,176.90 |
||
|
$ 21,162.90 |
$ 23,279.19 |
||
|
$ 23,958.00 |
$ 26,353.80 |
||
|
$ 53,240.00 |
$ 58,564.00 |
If you choose to use Dot Voting of Monopoly Money, please use the information below:
|
Dot Votes |
Monopoly Money |
||||||
| 10 |
$ 3,500.00 |
||||||
| 12 |
$ 7,500.00 |
||||||
| 9 |
$ 1,600.00 |
||||||
|
$ 3,800.00 |
|||||||
| 5 |
$ 8,500.00 |
||||||
| 16 |
$ 8,000.00 |
||||||
| 25 |
$ 8,700.00 |
||||||
| 21 |
$ 1,200.00 |
||||||
| 18 |
$ 900.00 |
Project Assignment
1.
Describe the methodology that you will use to manage this project.
2. Describe what will be accomplished in each phase of the project.
3. Describe the process you and your team will use to elicit and decompose requirements
4. Develop a Project Overview Statement document for the project
5. Create a WBS for the project – Remember, your WBS is a deliverable base, so there should be a section of your WBS that outlines our project management deliverables. This should align with your structured approach in item 2
The team has determined the following estimates to complete the nine assignments:
|
Optimistic |
Pessimistic |
Most Likely |
||||||||||||||||
| 4 | 6 | |||||||||||||||||
| 8 | 7 | |||||||||||||||||
| 3 | ||||||||||||||||||
| 2 | ||||||||||||||||||
6. Establish a Gantt chart using the data above.
7. Describe two strategies to bring the project into 12 months.
1.
a. You have been given four additional resources to help.
i. Resource A can work on Applications 1, 3, and 5
ii. Resource B can work on Applications 2, 4, and 6
iii. Resource C can work on Applications 7 and 8
iv. Resource D can work on Application 9
b. If you employ your resources, the following changes will be made to your estimates and your costs.
| 1 | ||
| 0 | ||
1.
a. Resource A will have the following cost impact: $75000.00
b. Resource B will have the following cost impact: $55000.00
c. Resource C will have the following cost impact: $35000.00
d. Resource D will have the following cost impact: $30000.00
8. Describe the process you will use to incorporate your team members into the project.
9. Develop a team agreement
10. Prioritize the work using your chosen method.
11. Identify at least five stakeholders for your project and a communication strategy for everyone.
12. Identify at least five risks, including threats and opportunities associated with the project. For each risk, please include the following information:
· Impact
· Probability
· Description of the risk
· Mitigation Strategy
Assignment Requirements:
No narrative paper is required for this project; however, a “narrative PowerPoint slide presentation” should be submitted, including an audio presentation/recording accompanying each slide created.
The slide deck should include the following:
1. Develop a sample team agreement that the team can use to manage the project.
2. Describe your five stakeholders and place them on an interest/influence chart
3. Describe your risks, including impact, probability, description, and mitigation strategy. Create a risk matrix and plot your risks.
4. Describe how the project will/will not meet the success criteria.
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