1.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 $1,200,000.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 395 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 1Year 2Year 3Year 4Year 5Application 1 $ (120,000.00) $ 20,000.00 $ 22,000.00 $ 24,200.00 $ 26,620.00 $ 29,282.00Application 2 $ (99,000.00) $ 12,000.00 $ 13,200.00 $ 14,520.00 $ 15,972.00 $ 17,569.20Application 3 $ (230,000.00) $ 52,000.00 $ 57,200.00 $ 62,920.00 $ 69,212.00 $ 76,133.20Application 4 $ (75,000.00) $ 9,000.00 $ 9,900.00 $ 10,890.00 $ 11,979.00 $ 13,176.90Application 5 $ (90,000.00) $ 15,900.00 $ 17,490.00 $ 19,239.00 $ 21,162.90 $ 23,279.19Application 6 $ (125,000.00) $ 18,000.00 $ 19,800.00 $ 21,780.00 $ 23,958.00 $ 26,353.80Application 7 $ (120,000.00) $ 20,000.00 $ 22,000.00 $ 24,200.00 $ 26,620.00 $ 29,282.00Application 8 $ (165,000.00) $ 40,000.00 $ 44,000.00 $ 48,400.00 $ 53,240.00 $ 58,564.00Application 9 $ (157,000.00) $ 18,000.00 $ 19,800.00 $ 21,780.00 $ 23,958.00 $ 26,353.80If you choose to use Dot Voting of Monopoly Money, please use the information below: Dot VotesMonopoly MoneyApplication 110 $ 3,500.00Application 212 $ 7,500.00Application 39 $ 1,600.00Application 412 $ 3,800.00Application 55 $ 8,500.00Application 616 $ 8,000.00Application 725 $ 8,700.00Application 821 $ 1,200.00Application 918 $ 900.00
Team Available - The company has identified the following individuals who are available to support the application development. Each individual can work on a single application. Application Developer 1$75.00 per hourApplication Developer 2$60.00 per hourApplication Developer 3$55.00 per hourApplication Developer 4$60.00 per hour1 Contractor (Application Developer)$135.00 per hourProject Assignment
Describe the methodology that you will use to manage this project.
Describe what will be accomplished in each phase of the project.
Describe the process you and your team will use to elicit Develop a Project Overview Statement document for the project
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 PessimisticMost LikelyApplication 1465Application 2687Application 3354Application 4243Application 5465Application 6687Application 7576Application 8243Application 9465
Establish a Gantt chart using the data above.
Describe two strategies to bring the project into 12 months.
You have been given four additional resources to help.
Resource A can work on Applications 1, 3, and 5
Resource B can work on Applications 2, 4, and 6
Resource C can work on Applications 7 and 8
Resource D can work on Application 9
If you employ your resources, the following changes will be made to your estimates and your costs.
Optimistic PessimisticMost LikelyApplication 1132Application 2243Application 3243Application 4021Application 5465Application 6243Application 7243Application 8021Application 9243
Resource A will have the following cost impact: $75000.00
Resource B will have the following cost impact: $55000.00
Resource C will have the following cost impact: $35000.00
Resource D will have the following cost impact: $30000.00
Describe the process you will use to incorporate your team members into the project.
Develop a team agreement
Prioritize the work using your chosen method.
Identify at least five stakeholders for your project and a communication strategy for everyone.
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, only a PowerPoint presentation. The PowerPoint slide should be submitted and should include the following:Part 1
Overview of the Project Management Process used to manage the project
Build 2 deliverables for your project and use project-level information to complete the deliverable.
A pictorial review of how requirements will be elicited and decomposed
Full Answer Section
Slide 2: Project Overview
- Project Scope: 9 interconnected projects, 1-year timeline, $1,200,000 budget.
- Success Criteria: Within 10% budget, within 395 days.
- Key Data: Budget/Revenue projections, resource costs, time estimates.
- Voice-Over: "We'll manage nine projects within a year, staying within budget and on time. We'll use financial data, resource info, and time estimates to guide our strategy."
Slide 3: Project Management Methodology
- Methodology: Hybrid approach: Agile for development, Waterfall for overall structure.
- Agile: iterative development, flexibility.
- Waterfall: structured phases, clear milestones.
- Justification: Agile allows for responsiveness to changes, Waterfall ensures overall control and adherence to deadlines.
- Voice-Over: "We'll use a hybrid approach: Agile for development flexibility, and Waterfall for structured control, ensuring we meet our deadlines and budget."
Slide 4: Project Phases
- Phase 1: Initiation & Planning (Days 1-30):
- Project Overview Statement, WBS, Gantt Chart, Team Agreement.
- Phase 2: Requirements & Design (Days 31-90):
- Detailed requirements, design specifications, stakeholder engagement.
- Phase 3: Development & Testing (Days 91-300):
- Agile sprints, continuous testing, resource management.
- Phase 4: Implementation & Deployment (Days 301-365):
- Application deployment, user training, transition.
- Phase 5: Closure & Evaluation (Days 366-395):
- Final deliverables, budget reconciliation, performance evaluation.
- Voice-Over: "We'll follow a structured phase approach, from planning to closure, ensuring clear milestones and deliverables."
Slide 5: Project Overview Statement (Deliverable 1)
- Project Goals: Complete 9 projects, within budget, on time.
- Scope: Development and deployment of 9 applications.
- Stakeholders: (List 5 stakeholders - leadership, users, developers, etc.)
- Success Metrics: Budget adherence, timeline compliance, user adoption.
- Voice-Over: "The Project Overview Statement defines goals, scope, stakeholders, and success metrics, ensuring everyone is aligned."
Slide 6: Work Breakdown Structure (WBS) (Deliverable 2)
- Level 1: Project Name
- Level 2: Phase (Initiation, Requirements, etc.)
- Level 3: Deliverables (Project Overview, Gantt Chart, Application 1 Development, etc.)
- Level 4: Tasks (Design, Code, Test, Deploy, etc.)
- Project Management Deliverables: Project Overview, WBS, Gantt chart, Team agreement, status reports, final report.
- Voice-Over: "The WBS breaks down the project into manageable tasks, including project management deliverables, ensuring clear accountability."
Slide 7: Requirements Elicitation Process
- Techniques:
- Interviews with stakeholders.
- Workshops and focus groups.
- Document analysis.
- Prototyping.
- Diagram of a flow chart of elicitation process.
- Voice-Over: "We'll use a mix of interviews, workshops, and prototyping to gather requirements effectively."
Part 2: Planning and Execution
Slide 8: Gantt Chart (Using Provided Estimates)
- Visual representation of project timeline, tasks, and dependencies.
- Optimistic, pessimistic, and most likely estimates used for task duration.
- Critical path analysis.
- Software used to create chart.
- Voice-Over: "The Gantt chart visualizes the project timeline, helping us track progress and identify critical paths."
Slide 9: Strategies to Meet 12-Month Deadline
- Strategy 1: Resource Allocation:
- Utilize additional resources (A, B, C, D) to shorten development times.
- Prioritize critical path activities.
- Strategy 2: Agile Sprints:
- Implement short, iterative development cycles.
- Continuous testing and feedback.
- Flexible adaptation to changes.
- Voice-Over: "We'll use additional resources and Agile sprints to shorten timelines and adapt to changes, ensuring we meet the deadline."
Slide 10: Team Integration Process
- Team Agreement:
- Roles and responsibilities.
- Communication protocols.
- Decision-making processes.
- Conflict resolution.
- Communication:
- Regular team meetings.
- Project management software (e.g., Jira, Asana).
- Open communication channels.
- Voice-Over: "A team agreement and clear communication channels will ensure smooth collaboration and efficient workflow."
Slide 11: Work Prioritization (Dot Voting/Monopoly Money)
- Show the result of the dot voting/monopoly money.
- Explain why the chosen method was selected.
- How this data will be used.
- Voice-Over: "Dot voting/Monopoly money will be used to prioritize projects based on team and stakeholder input, ensuring we focus on the most valuable tasks."
Slide 12: Stakeholder Communication Strategy
- Stakeholders: (List 5: Leadership, users, developers, etc.)
- Communication Methods:
- Regular status reports (leadership).
- User demos and feedback sessions (users).
- Daily stand-up meetings (developers).
- Email updates and project dashboards.
- Project website for information sharing.
- Voice-Over: "We'll use tailored communication methods to keep all stakeholders informed and engaged throughout the project."
Slide 13: Risk Management
- Risk 1: Budget overruns.
- Impact: High, Probability: Medium, Mitigation: Regular budget tracking, contingency planning.
- Risk 2: Timeline delays.
- Impact: High, Probability: Medium, Mitigation: Agile sprints, resource allocation.
- Risk 3: Scope creep.
- Impact: Medium, Probability: Low, Mitigation: Strict change control, requirements management.
- Risk 4: Resource unavailability.
- Impact: Medium, Probability: Low, Mitigation: resource backup plans, cross training.
- Risk 5: Technology failures.
- Impact: Medium, Probability: Low, Mitigation: redundancy, regular backups.
- Voice-Over: "We'll proactively manage risks through mitigation strategies, ensuring project success."
Slide 14: Resource Utilization Impact
- Show the new Gantt chart reflecting the new times, and cost.
- Explain the cost benefit analysis.
- Explain the new timeline.
- Voice-Over: "By utilizing the extra resources, we can significantly reduce the project timeline."
Slide 15: Conclusion
- Recap of key strategies and deliverables.
- Emphasis on meeting budget and timeline constraints.
- Highlighting the importance of team collaboration and stakeholder communication.
- Voice-Over: "By implementing this plan, we'll successfully deliver the projects, meeting all success criteria and ensuring the company's growth."