1.1: Principles of Project Management:
1. Identify Goal/Tasks – Evaluate the project as a whole and break it down into smaller, manageable steps to ensure thorough completion. Identify what the key tasks are and prioritise them into a logical sequence.
2. Identify Key Stakeholders – Based on key tasks of the project, group tasks into categories. Link the categories to stakeholders with key skills and experience in their particular field of expertise e.g. IT staff will specialise in IT related tasks, Finance department will specialise in overseeing financial tasks.
3. Agree Deadlines – Based on ...view middle of the document...
3. Improve Growth & Development in Your Project – Tasks that are completed efficiently and within deadline timeframes will inspire your project members to motivate themselves and others to new heights. The standards will be set so high through a well planned project that confidence will be instilled in all to carry out tasks that will reflect on future work.
1.3: S.W.O.T. (Strengths Weaknesses Opportunities Threats) Analysis:
Definition: Covers all angles of a business/project, be it positive or negative. S.W.O.T. is used to measure what are the strengths of your business? E.g. Customer relations, product/service quality etc., so a project manager can focus on weaknesses (what the business lacks or is below par on) e.g. a particular service, outdated technology etc. Then opportunities can be acknowledged to see how ones business can expand or exploit a potential market share whilst also analysing threats to your business due to future changes in technology or increased competition from other firms. Using these criteria is a perfect way to gauge internal/external influences on your business/project from an initiation perspective.
In relation to Regal Bank, here is a typical S.W.O.T. Analysis:
* Regal Bank have full use of the other main banks ATM network
* Pilot scheme paid for and initiated
* Access limited to their four capital city branches
* Maintenance is beyond Regal Banks control, leaving them powerless to make changes or repairs
* Very small market presence compared to their competitors
* Opportunity to develop their own ATM network while utilising the other major banks networking system to offer a full service to their clients and expand on a nationwide level
* Develop a market presence and bolster customer relations by gaining the reputation of their major competitors
* Potential to lose market share or be frozen out by the other major banks as Regal Banks pilot scheme will take six months to develop
1.4: Risks to Completion of Projects:
1. Time Delays – This can relate to a project going over budget and paying out additional funding to staff to ensure completion, therefore deadlines have not been met. Client relations can suffer also if the allotted time that was quoted in a SLA (Service Level Agreement) was not met. It can also relate to resources (hardware/equipment as an example) not being available at the time of carrying out tasks after initiation and planning has been executed.
2. Expertise Dependencies – If an expert in any particular field fails to live up to expectations that were promised, the project can suffer extreme consequences. The impact could be that one department that is essential to another suffers and has a knock-on effect on others in the project. E.g. A building contractor is in charge of acquiring materials for building a house and because of the collective quality of the materials used, the house is...