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Project management theories and practices


Project management theory and practices

Word count 4649


1. Critically evaluate the importance of the project to corporate strategy of the organization. Describe the portfolio management process.
2. Preparation of WBS appropriately.
3. Preparation of Network Diagram accurately. Mark EST, EFT, LST, LFT and Slack for each node in the diagram.
4. Critical preparation of project budget and cost distribution plan. Use of EST for accurate cost planning is a key concern.
5. Critical preparation of a sound quality management plan. Use appropriate quality planning, quality assuring and quality controlling techniques.
6. Preparation of risk management plan. Identification, assessment and mitigation plan for identified risks with required detail level.
7. Preparation of a strong communication plan to ensure smooth functioning of the project. And also the coverage of stakeholder management in the communication plan.

Additional information

Table of Contents

Executive summary
1.0 Introduction
2.0 Project portfolio management
3.0 Work Breakdown Structure (WBS)
4.0 Critical Path Diagram (CPD)
5.0 Responsibilities matrix of the project
6.0 Budget and cost analysis
7.0 Quality management process
8.0 Key stakeholders of the project and stakeholder management
9.0 Communication plan for different shareholders
10.0 Risk management of the project


Executive summary

In modern business world, many large companies use Business Intelligence (BI) tools for decision making process. Business development department of John Keells Holdings (JKH) currently use BI tool called “MITS” since one and half year before. In this report, it is critically evaluated phase 2 of the MITS project. Secondary data sources such as company publication, industry related books, journal articles have been used to conduct this study. Time, quality and cost aspects of the project have been extensively evaluated in this project by using different project management tools and techniques such as work breakdown structure, critical path diagram, quality planning, assurance and control methods. Further stakeholder management and different communication strategies need to be used to manage the different stakeholders have been discussed here. There need to be proper risk management process in any project and in here risk mitigation action plans have been developed based on the impact and likelihood of the project. By implementing this project, JKH management expect that this project will be supported to improve the preventive and detective internal control process of the selected SBUs.

1.0 Introduction

Project can be defined as a unique set of connected activities which has clear start and finish, conducted by an individual, team or an organization to achieve definite objectives within specific time schedule, performance and cost parameters. Currently most of the projects achieve most of the tasks as a project basis. The objective of this report is extensively discussed the project management aspects of John Keells Holdings. Business development department of the JKH currently use BI tool called “MITS” to fine-tune the decision making process. JKH has more than 60 companies under seven industries. Therefore huge number of transactions are proceeded in one day. JKH use this software one and half years for super markets and FMCG sector and now plan is to give the access to other sectors too. As a first phase of the project, it has been planned to introduce this system to leisure, transportation and financial services. Mainly this tool use for make decision regarding growth, investment, profitability, cash flow, market share and etc. JKH use SAP as an ERP system and all the data sets need to transfer from SAP to MITS for analysis. Correlation, time series analysis and various analytical techniques can be applied through this system.
Once project is completed, selected members of the higher management in finance team, marketing team can access to the system and find out different analytics of that particular data sets from the past to now. Simultaneously directors can get summary of the finding through the system. This tool has machine learning system and output of the system develop itself based on the feedback of users
Member of business development department work as project manager and handle the project under guidance of General Manager of business development department. Further whole project is funded by business development department budget and there is no any financial contribution from other SBUs.