Business Finance - Management Part 3 of Assignment- project management
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DOMINIQUEPMPINDIVIDUALASSIGNMENTPART11.pptxDominique 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.
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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.
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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
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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
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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.
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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
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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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