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Project management theory and practices


Project management theory and practices

Word count 4891


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

Analytical tool is still new thing to internal audit and risk management sector in Sri Lanka. Risk and Control department of Hemas Holdings use data analytic tool called “Forestpin” since one and half year before. In this report, it is critically evaluated phase 2 of the forestpin 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, Hemas 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 Hemas Holdings. Risk and control department of the Hemas Holdings currently use data analytics software called “Forestpin” to identify irregularities in their invoices and payments. Hemas holdings has more than 30 SBUs under three main business sectors as wellness, mobility and leisure. Therefore huge number of transactions are proceeded in one day. Hemas Risk and control use this software one and half years and now plan is to give the access to financial teams of other SBUs. As a first phase of the project, it has been planned to introduce this system to Pharmaceuticals, FMCG and three hospitals. Currently this software analysis only the invoices and payments. However this project plan to include data sets such as purchase orders (PO), Good received note (GRN) and receipt. Hemas use SAP as an ERP system and all the data sets need to transfer from SAP to Forestpin for analysis. Correlation, time series analysis, duplication analysis and Benfort Law are the analysis that basically use in this system.
Once project is completed, selected members of the finance team can access to the system and find out trends and irregularities of that particular data sets from the past to now. Further they will receive an alerts through emails daily including all the information of out of trend payments, invoices, POs, GRNs and receipts which has proceed previous day within their SBUs. They can check it and mark it whether this transaction is genuine one, or some process improvement is needed or is there any manipulation. Further employee can comment on it. Simultaneously finance managers are received the details of alerts including responsible persons’ responses. End of the month finance director and general manager or CEO are received the summary of the alerts. Furthermore responsible employee and finaical managers mark each alert whether it is useful or not. Software has machine learning system and it is getting better and send quality alerts based on the feedbacks.
Member of Risk and control department work as project manager and handle the project under guidance of General Manager of Hemas Risk and control. Further whole project is funded by risk and control department budget and there is no any finaical contribution from other SBUs.