Research Project #1 - Group Submission

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Company Overview:

. Company A has hired your team because you are experts in defining a process and delivering projects on time. Company A has only been in business for ten years, and they have experienced a large turnover in the project management area;which has prompted senior leadership to investigate.

. Senior leadership has determined that Project Managers are frustrated with the amount of required documentation, which has impacted their ability to successfully manage projects. In addition, project budgets are coming in over budget, and projects are being delivered late, also resulting in PMs' inability to meet performance guidelines.

. A recent review of the current process has determined that Company A has spent between 30-40% of its total project budget on projects' overhead costs to include project management costs, which are typically between 20-25%. Project Management overhead includes the PM's time to manage the project, attend meetings, and develop the required documentation.

. Company A has hired your team to create a new project management process to meet the strategic goals and ensure the project meets the financial objectives.

4. Goals of the new process

1. The company must have a view into total life cycle project costs to include what has been spent to date, baseline budget, any changes to the budget, remaining budget, and cost of the project at completion

1. The company must have a view into the project activities to include what has been completed, what is remaining

1. The company must have a view into project status issues, risks, any changes to dates

Project Description

. Company A has been hired to develop an algorithm(s) to combat fake news on the internet . The contract developed by the company has identified multiple popular platforms that the algorithm must work on to include:

1. Facex

1. Tickbox

1. Application X

1. Application Y

1. Application Z

Assignment

· Identify a project manager. This individual will ensure that a schedule is created for each item and that team members are completing their assigned work on time.

· I will act as the sponsor both for the project and for the methodology build-out. Any questions should be directed to me.

Part 1. Build a Methodology

· Describe the process you created to include both a pictorial formal and narrative description of the process.

· Identify, describe, and outline the deliverables required for your process.

· Identify and describe your methodology review and updates process to include frequencies

· What process can be used to identify the order of implementation for each of the platforms, which should include rationale? Look at options like PV, IRR, NPV, Pay Back Period

· Identify and describe any risks you see with the new process. Ensure that you have mitigation strategies included

· Identify and describe the optimum organization layout for your methodology and why.

· Identify and descripe how life cycle costing will be handled for your methodology

· Identify and describe when project reviews will be conducted

Part 2. Use your methodology to define the project

· Document project scope

· Create a WBS for the project. Remember your WBS is a deliverable base, so there should be a section of your WBS which outlines our project management deliverables

· Determine the prioritization of the work using the following key pieces of data included in the attached spreadsheet

· Identify at least ten stakeholders for your project. Research tools that can be used to identify and document stakeholders

· Complete a life cycle project model for the project. Information is included in the attached document

· Identify at least five risks (threats and opportunities) associated with the project. For each risk, please include the following information:

6. Category

6. Impact

6. Probability

6. Description of the risk

6. Mitigation StrategyRisk Strategy

Paper Requriements:

· Your response should be between 15 -20 pages only, including all auxilliary pages such as Title page, Reference page and Table of Content.

· This research project requires you to tie together the key components of project management.

· Ensure all responses you provide (including numbers and facts) are supported with information from the journal, or where necessary, provide appropriate assumptions and additional information from external sources. However facts from the journal will trump all external sources. This journal including all other external sources should be correctly referenced.

· Use effective APA in-text citation to help the reader know exactly where you are picking your facts from.

· Your groups should help you bounce off ideas off each other, since no one person knows it all.

· If there are any questions or clarifications needed, the PM may contact me. All the best!