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20 Nov
2020

Project management tools

Category:ACADEMICIAN

SOLUTION AT Australian Expert Writers

The purpose is to give you the opportunity to plan all aspects of a new project through a comprehensive outline plan, and to organise, coordinate, and evaluate all the necessary activities. You must decide what type of business to start, develop performance objectives/goals, determine personnel needs, determine resource requirements, prepare and analyse the project budget (for start-up activities and for annual ongoing operations), develop an implementation schedule through the use of project management tools, develop annual revenue and profit projections for five years, and conduct a risk analysis. This project will require a substantial amount of research effort in planning for the new business. You will need to develop cost estimates for personnel, plan basic resource allocation, coordinate facilities/equipment/other resources, and any services needed. You will need to determine realistic time frames and duration estimates for the various start-up activities. Some of this information may be available from the Internet, while you may need to contact vendors, industry associations, or other organisations for other information. (Best guess estimates may be used for some costs if no other cost information is easily obtainable, but these estimates should be as realistic as possible. Information about where your cost information is from should be included in your references.) After you have decided what type of new business to plan for, you will need to decide what tasks will need to be accomplished for your project. You will also need to identify key areas on which to report on the project’s progress. In the appendix of your project report, you should include a Gantt chart showing your different tasks required in accomplishing the project and a schedule for these tasks. Finally, design and prepare closure evaluation and reports for the project. The target reader for your project report will be potential investors in your new company. You will find instructions for the feasibility study below.
Feasibility Study: Remember, this is just a draft to get you going on the way to the final Project Management Plan. Feasibility studies aim to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to follow through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained. Generally, feasibility studies precede technical development and project implementation. A feasibility study evaluates the project’s potential for success and is an unbiased approach to provide information upon which decisions can be based.
Create a title page:1point•Include the name of your company, title of the project, and key members of your organisation on the title page.
Project overview:10 points•The project proposal begins with an overview, which is a summary of the project.•It does not include specific aspects or details of the proposal but should paint an overall picture of what is contained within the proposal.•The project overview is commonly written last, although it is included as the first section of the proposal. The project overview should tie the entire proposal together, and oftentimes writing it last works much better to accomplish this.•The overview is what creates an impression in the mind of the reader, so it is important that it is written strongly.
Statement of the problem:9points•This section of the proposal begins discussing the problem that is being solved through this project.•Use this section also to prove that this project is definitely needed and therefore funding should be approved.•Outline the scope of the project.•Write a short introduction describing the project.•This introduction should include a brief description of the project, the stakeholders, and the timeline.
Define and write the project goals and objectives:10 points•Create goals that are attainable and objectives that are measurable.•This includes a timeline and milestones throughout the life of the project.
Define and write the project deliverables:15 points•These are physical deliverables that are defined based on the project goals.•Each goal should produce a set of deliverables.
Create a work breakdown structure:15 points•This is one of the most important components when writing a project plan.•A work breakdown structure describes each task involved in meeting goals and producing deliverables.•You should attach a timeline, usually described in hours, to each task along with someone responsible for completing the task.•It is good practice to include a list of deliverables attached to each task.
Key personnel and resources:10 points•This section of the project proposal is used to list all key people that will be a part of the project. •This also shows that the organisation has planned thoroughly and has the necessary resources to complete the project successfully.•Describe each team member and their role in the project.•Include other resources that will be necessary to complete the project, such as any equipment needed.Budget:15 points•Determine and write up a budget for the project if funds are needed to complete the project (in local currency).•Be sure to include a detailed explanation describing why you are requesting the funds.•Be as realistic as possible. If the funding is not high enough, the project may not be successful because of lack of funds.
Risks: 15 points•Conduct a risk analysis of important potential factors/events that might negatively affect the implementation and operation of the new business.•What are some of the key issues of which to be aware when starting a business in Cambodia?
Learning outcomes:1) Discuss and explain the fundamental concepts of project management and the tasks required in managing a project.2) Outline the project process and evaluate projects, preparing and analysing project budgets.3) Identify and apply project management tools in scheduling; understand and plan basic resource allocation.4) Be able to report on a project’s progress; design and prepare closure evaluation and reports.

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