#1774830 Topic: project charter week 3

Running Head: PROJECT VISION AND COMMUNICATION 1

PROJECT VISION AND COMMUNICATION 2

Project vision and communication

Project vision and communication

Introduction

Provision of all necessary information is very vital for successful completion of any project. The result of any project is a function of the type of information that is provided, without accurate information the end outcomes cannot be certain. Quality information helps the project to be completed on time and to be within the limit of the budget. The discussion is on the identification and communication of any project vision, and it shall outline company’s background, goals and objectives, scope and budget limit of the project.

Background of the Organization

XYZ is a microfinance company that offers financial and banking service on a small scale to its customers. The company began its operation in the year 2010, and it has grown rapidly over the years. Due to the rapid increase in size the company has seen it necessary to invest in new technology system to continually offer improved services to the customers effectively and efficiently. The project on new technological system aims at reducing the cost of operation, enhancing management and improve the competitiveness of the company in the market.

Goals and Objectives of the Project

Less time spent in the queue

The adoption of the new technology will see customers spending less time in the banking hall because most of the services will be automated. The project comprises an online banking application from which the customers can apply for loans, check their bank balances and transfer money without coming to the bank. For the withdrawal and deposit of money, the project has adopted installation of ATMs from which customer will be receiving such services. Customers will spend less time in the bank as there will be no big ques.

Increase customer base

The turnaround time for each customer is going to reduce significantly as using the new technology the time used in serving one customer will be serving more than ten. The reduction in turnaround time shows that the company has a potential of increasing its customer base by more than 10 percent.

Easy storage and retrieval of information

The new technology is going to have a database for each customer. Therefore, retrieving information for a customer will be taking less time which will increase the productivity of the company by a big margin.

The Scope of the Project

The project includes the creation of online banking soft wares for computers and applications for mobile phones. The projected is expected to be on test for six months where the members of staff will try it before it is rolled out to the customers. The project will also include installation of ATMs at all our branches across the country and creation of a database for each customer. The prospect of the project is to increase the profit of the company by reducing the cost of operation.

Budget Limitation

The project is facing a limitation in finance because the fund that was set aside for the project is not enough. The costs that led to the outrun the budget is the hiring of experts and training the staff.

Conclusion

The study has outlined the information that is fundamental to the success of any project by identifying and communicating the vision of a project. The new project is expected to increase efficiency and effectiveness of the company in delivery of services to its customers. The technological program introduces new compliance policies that members of staff are to observe.

References

Pilkington, A. (2016). Communicating Projects: An End-to-End Guide to Planning, Implementing and Evaluating Effective Communication. Abingdon: Routledge.