Project Management Processes (Case Study)

Project Management Processes:

This is the process of applying knowledge, skill, tools and techniques for the execution and successful completion of a project to achieve some rational or irrational, tangible or intangible objectives.

IF we assume that we have to invest in a project providing Financial Services to a specific group of individual or organization. So we have to pass through number of steps and processes for this.

Project Initiation Stage:

The first step in project management process is the initiation stage, when we are at the beginning of a project. In this we have to perform following functions:

        I.        Project Charted

The document showing what actually is project all about and can be accessed by anyone. 
            
In this we will answer some question like, why to undergo this project? What are our expectations from this project? Who will be our target customer? In this we have to identify that what sources we have to accumulate either these will be internally or externally. 
            
How funds will be generated. The budget and duration of the project will also be talked about and will be noted in this document.

     II.         Identifying Stakeholders: 

At this stage we have to identify our stakeholder that who are the stakeholders in this project. It is to be define internal stakeholders like investors (banks in our case), employees, management and connected stakeholders like customer (govt. or non-govt. organizations in our case), suppliers, competitors (banks, insurance companies, saving centers etc. in our case), etc. and also external stakeholders like government, pressure groups (substitute product producers), etc.

Project Planning Stage:

Project planning comes next to initiation stage and it is the most critical point in time and contributes much in project success and failure.

1.      Project Management Plan: 

      It is consists of series of plans that guide the project manager and its team during the execution and controlling of a project. Project management plan covers the whole theory and guide line of the project. 

      One of the valuable project management plans includes the project strategies with scope, objective and goals to achieve.

2.         Project Management Planning Process:

a.     Collecting requirement for project – we have to allocate our sources and resources

b.     Defining Scope – in scope we have to decide that how large our project will be?

c.     Creating WBD – In work break-down structure we will have to break our project into number of different activities. Steps include will be,

·        Define activities – what are our key activities to perform and what types of activities we have to perform?

·        Define resources for activities – We have to think out that by whom these activities will be carried out?

·        Estimate the duration of activities – what is the time limit for each activity.

·        Arrange or sequence the activities – Arrangement of activities in executing order will be made.

·        Develop schedule for activities – We have plan that when what activity will be carried out?

d.     Estimate costs – what are costs associated with each activity and in total project:

·        Determine Budget – In budget we have to estimate our costs and how these cost should met?

e.     Quality Plan – What quality product we are offering to customers?

f.        Planning for HR – what kind of skill will be need by the employee to execution of project.

g.     Procurement Plan – what kind of customers we are looking for. Who will be our suppliers of raw material and what our customer’s target group is.

h.     Risk Management Plan –in this stage we have to decide how risks will be handled.

·        Identifying Risks - what kind of risk (internal or external) may arise.

·        Qualitative Risk Analysis – SWOT analysis will generally help us to determine. qualitative risks

·        Quantitative Risk Analysis – these can be found by analysis historic data, determining beta co-efficient, variances, etc.

·        Plant risk responses – in which a project manager determines that if certain risk appears how it will be handled or responded

i.        Communication Plan – In project management the communication is multi-dimensional and project manager has to respond to employees, customers, external stakeholders and top management. So we have to develop proper communication channels before the execution of a project because communication is the key to success.

Execution Stage:

After planning being a project manger we have to execute the work as planned. But before execution we must ensure that all before has done well and in future there will be not any hurdle that will badly affect the project and if there will be, it could be handled in easy way. Steps in execution may involve:

1.      Acquire project team – that will handle or execute the project. They can be acquired from inside the organization as well as out side the organization. But in our case we have to find that how experienced and non-experienced personnel will be hired. 

      Being a project manager the only thing which must be ensured, is the capability of project team, either they will better execute the project or not.

2.      Develop Project Team – If our team has some deficit or nature of work in our project is different from the market then we have to provide some specific training that will help the project team to learn the methodologies for execution of work. So, that in future there should not be any miss-conception.

3.      Management Project Team – During the executing we will have to manage the project team in such a way so that each and every activity that is planned should be executed in time and completed in time.

4.      Managing Stakeholder’s Expectations – Here we will have to meet the stakeholder’s expectation. In other words, we have to see that whether our financier’s expectations are met for which he is providing us the capital. And whether or not the potential customers are getting more and more benefit from our services.

5.      Distributing Information – the best way I think to get work done from the employee is to getting them involved in decision making and providing all the information about the project. So we will have to ensure that our communication channels are working properly.

6.      Performing quality assurance – At this we will have to perform quality checking that all the quality standards are set because it is the stage when actual work starts if there is any discrepancy this will lead to customer dissatisfaction in the future .

      Compare our work done with the quality standards that were established at the time of planning. If there is any kind of deficiency or otherwise, we may have take corrective action as well.

7.      Conduct Procurements – at this stage we will have to make contracts and should interact with the suppliers specifying the quality, time, price, scope, payments, place of delivery, warranty, limitation of liability, incentives, and every thing that might affect our project either positive or negative.

Monitoring and Control:

At this stage we have monitor and control those things which we are executing in this project. In our case we have to see that whether our customers are getting maximum benefit from our project and if not so what are the mean reasons, where is the deficiency? 

How internal stakeholders are performing their work and what are the expectations of our customers. Shortly, we have to monitor each and every thing we have planned.

1.      Verifying Scope – In this we will have to ensure that whether our project is customer oriented and targeted the potential customers.

2.      Quality control – whether or not our financial services are according to our customer’s needs.

3.      Performance – All the employees are working effectively and efficiently.

4.      Risks Control – what kind of risks are actually negatively affecting our project and what potential measure should we have to undertake. If the risks are systematic we will have to take preemptive measures to outcome these risks. And if the risks are un-systematic then we will have to take those steps which synthesize our project less-affective.

5.      Control Costs – controlling the costs is to much critical because we will not like to project be costly and on the other hands if we cut the costs the quality standards does not met. We will also ensure that all the activities are done within the budgetary estimates.

6.      Control Scope – We will have to does things that were discussed in project planning and will not exceed the boundaries of our project because this may result in delay of project and also costs and time may increase.

7.      Control Schedules – The important thing we will have to see that whether all the organized activities (in WBS) are done at time with the same costs as proposed. 

      We will have execute all the activities at their time because it may that these activities are linked with one another and delay of activity may cause delay of other and so resulting in delay of the whole project.

8.      Control Procurements – At this stage will have to see the performance of contract with supplier and manage the procurement relationship and make necessary changes as needed. 

      We will have to ensure that both parties are working under their limitations of liability and the consent of both has not been negatively affected.

Final Words:

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