Project management theory and practices


Project management theory and practices

Word count 4667


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 Portfolio management process of Hemas Pharmaceuticals
2.1 The decision making process supporting project selection.
3.0 Work breakdown structure (WBS) and Critical Path Diagram (CPD)
3.1 Work breakdown structure (WBS)
3.2 Critical path diagram (CPD)
4.0 Project responsibilities
5.0 Budget and cost contribution plan
6.0 Quality management
6.1 Quality planning
6.2 Quality assurance and controlling
7.0 Risk Management Plan
8.0 Project stakeholder management
9.0 Communication plan


Executive summary

The objective of this report is to provide a broad understanding about the project that is going to implement by Hemas Pharmaceuticals. Instead of distributing medical drugs, Hemas supply medical equipment and machines to hospitals and other healthcare institutes. Therefore this project is about to develop integrated customer management system to track the machines and equipment. Time, cost and quality management aspects will be discussed here through technique such as work breakdown structure, critical path diagram, various quality assurance technique and etc. The critical challenges that has to face my project team is manage the stakeholders. Communication plan for different stakeholders will be further discussed here. Proactive risk mitigation actions will be developed for identity risks. Secondary data such as journal article and subject related books have been used to conduct this study. Success of this project will lead to provide quick machine troubleshooting service to customers and further lead to significant cost saving trough efficient and effective integrated operation process.

1.0 Introduction

Project management has become very important part of the current dynamic and competitive business environment. In this report it will be comprehensively discussed about the project management process of the Hemas Pharmaceuticals. Hemas Pharmaceuticals is a leading pharmaceutical company of Sri Lanka which has highest market share of the industry. Hemas Pharmaceuticals import various range of clinical machines and fix them in hospitals and other medical institutes. According to agreement between Hemas Pharmaceuticals and customers, Hemas need to maintain the machines once customers need it. However there are different terms in the maintenance agreement according to contract. Therefore some machines are not come under maintenance agreement after sometimes.
However currently there is problem to track the contracted machines in various clients’ places. There is mainly because of Hemas Pharmaceuticals work with number of principals and there are not centralized process to track the machines. One of main issue faced by Hemas Pharmaceutical maintenance officers is physically identify the specific machines which come under service contract. Sometimes maintenance engineers repair the machines which asked by the clients regardless of them covered by management agreement. Further there are only manual records about some old machines. This cause to increase the overhead cost and difficulties in the process of troubleshooting and fixing the issues.
Therefore Hemas Pharmaceuticals has decided to implement a new project to eliminate these issues. This project has two components. One thing is barcode system which carries all the machine information and other thing is online mobile software application to acquire information from the barcoded machines. This is a short term project which probably will be finished within less than one year.
This project will be completely funded by Hemas Pharmaceuticals and project will be planned, implemented and monitored by a project manager and his project team. Further engineers who visits client sites to troubleshoot and fix issues need to directly involve to the project. Hemas need the support of its stakeholders such as management, employees and clients to make the project success.

2.0 Portfolio management process of Hemas Pharmaceuticals

There are mainly few criteria which Hemas Pharmaceuticals consider before selecting the project. First one is that project should be aligned with the vision and corporate strategy of the company. Hemas Pharmaceuticals vision is to passionately deliver the outstanding products and services thus enriching the customers’ life and creating superior value to our shareholders. Further Hemas Pharmaceutical’s corporate strategy is to provide better service and products for affordable price. Therefore both vision and corporate strategy of the company match with this project since this project helps to provide much better service to customers.