Establishing Bendigo Bank Branch in University
This reflection paper is about establishing Bendigo bank branch in the University building. For this project, the project charter has already been approved by the client that included the scope overview, business case, milestone schedule, and team operating principles, risk involved, stakeholder list, resources required, and statement of commitment.
The work has been started on the project after the approval of charter document with the expected outcomes mentioned in the charter. The risk assessment and the roles and responsibilities are defined in the Project charter and the last segment belongs to the lessons learned from the previous project that are extremely important to be included in the charter such that the same mistakes are not repeated.
The lessons which were learned previously state the clear understanding of the roles and responsibilities will facilitate the smooth workflow that will help the project to get completed on time. Keeping a simultaneous watch on project goal and timeline, while completing it, is extremely essential such that the team members try to resolve the issues quickly. The team members have to mutually agree on the project scope such that the outcome can be aligned to the project.
The aim of this reflection paper is to discuss three important elements of the PMBOK knowledge guide applied in this project. The first one caters to organizing and initiating the project, second refers to planning projects, and third gives an indication of performing projects. The PMBOK guide is a book that works to integrate, iterate, and collaborate the different parts of the project. It consists of 10 knowledge areas and 5 process groups that need to be integrated. It has an iterative approach by starting the planning at high level and then moving on in further detail as the work performance approach with high level of information. The project methodology implemented in this project is ‘Agile Methodology’.
The first part of organizing and initiating the project include strategic planning, knowledge of organizational structure and culture, project life cycle, and project management roles. It also discusses the project charter involving formal authorization of the project charter that authorizes the Project Manager for applying organizational resources to the project activities. These involve key milestones, major risks, and few other things.
The second part of the book involves information about Project Planning that goes into more detail of the project such as the information about project stakeholders, their desires, and prioritizing decisions. It also includes Communication planning in order to keep the project stable and manage it well. It also involves the explanation of Work Breakdown Structure that involves the project hierarchy defined with the roles and expectations of the persons associated with the project in terms of cost, time, assigning resources, managing them, and holding them accountable for the outcomes.
After that it defines the project schedule involving the planned dates, durations, milestones, and resources. It lists down the order in which the tasks need to be accomplished, their duration, and schedule calculation. This will help in estimating the resource availability after which the expenses need to be calculated and the budget is prepared. Once the budget gets prepared a contingency plan is required for estimating the risks associated with events and activities of that is going to have a shocking effect on the cost planning, cost control, budget and estimation, of the overall project.
It also discusses in detail about the technology application in the project quality concepts that will provide satisfaction to sponsors, stakeholders, powerful performance, fact-based management, and process management. The method of integration of different sections of the project involves the judgments that need to be applied and the kick off meetings to be held.
Part 3 is based on performing projects that is based on supply chain concepts and its method of performance improvement, doing make or buy analysis and contracting leaders through procurement plans. It also involves contract management of fixed supplies and services as per the agreement terms. It also identifies the need of resources in the project, team, and the organization. It assesses the team member’s potential, monitoring the work, management and improvement of their decisions that will maintain enthusiasm, and effective team management. The management and control of stakeholder engagement in the project is essential.
This involves the estimation of actual performance data for analyzing the achievement of the desired performance such that corrective and preventive actions can be taken. It involves the calculation of earned value analysis that determines how the actual cost and the scheduled work has progressed with the project plan. This will involve the actions like overcoming barriers, change management, conflict resolution, reprioritization of work, and creation of transition plan, leading to customer acceptance of project deliverables. According to these PMBOK guidelines, the project has reached to its final stage successfully.
The lessons that have been learnt in this project that scheduling has to be done appropriately taking into consideration the extra time required for completing the office set up according to the project. The lack of resource availability should not act as a hurdle to timely completion of the project. For making the project charter value strengthen itself, a detailed plan needs to be prepared with respect to time management, quality management, and risk management that would be followed throughout the remaining parts of the project.
The primary change that has to be implemented for the betterment of the project in the functioning of the management team is to adopt an iterative and incrementing development outlook. This will also change the work practices of the other stakeholders of the project. For this implementation to be successful, the approach needs to be progressive and adaptive to take the issue to the managerial stakeholders of the project. It wants the entire team to adapt the change and expect that this change is going to be fruitful for the continuous improvement of the project.
The successful project implementation also needs real leadership that need to be different from the fake slogans that superficially relate with the signs, instead pulling up socks, immediate and direct leadership that will give appropriate directions for the project. It is to be hoped that the lessons learnt in this project are vital and don’t require any further amendments to make the project successful. It is also advised that before preparing the project charter the PMBOK guide needs to be referred such that the project can be made according to the timelines given by the client without any delay.