Challenges And Benefits In Project Setup †Myassignmenthelp.Com

Question: Discuss About The Challenges And Benefits In Project Setup? Answer: Introducation Project A is developed to offer financial services to customers located in Australia and New Zealand. Its expectation is that the 80 employees will continue to offer competitive financial services despite its small size and complexity of tasks (Hedman 2013, pp.46). In order to achieve that target a financial regulatory performance framework need to be formulated that will define their performance standards, and how they will interact with various stakeholders when carrying out functions. Implementation of the framework requires a suitable project management methodology that will take consideration of the various components and needs of the stakeholders. A choice of project management methodology framework is a high management level function (Gido Clements 2014, 33). Senior managers in Project A need to plan and document it as part of their organization policy framework. The implementation of the methodology is carried out by the project board, project manager and project team. PRINCE2 project methodology is suitable for Project A because of the small size and complexity of the project. The PRINCE2 works on the principle that project activities can be delegated to project managers and team for them to perform effectively (Bourne 2015, pp. 38). The senior managers in Project A can delegate authority to a project manager to execute and control the project. The PRINCE2 methodology involves seven steps to be followed they include: starting up, directing, initiation, controlling, managing product descriptions, managing stage boundaries and project closure (Kendrick 2013, pp.67). The seven stages need to be implemented fully to ensure that project deliverables are achieved as per the expectations and standards of the organization. The senior managers will approve the project manager to employ the project methodology in implementing the project. Prince2 Implementation The project manager first step in the project methodology is to submit a new project request to the senior managers in the startup phase (Cleland 2013, pp.45). The request is implementation of financial performance regulatory framework in the organization. The request is to explain the goals, aims and justification of the project. The request will be followed by a project brief that shows the resources and actions used to accomplish the project once the approval is done by the senior managers. The next step follows a policy approval stage by the senior managers known as directing a project. The senior manager decisions are to appraise and evaluate the project viability based on the methodology provided. Once they are satisfied the project is approved and the project manager is given the authority to execute the project. The first step in the execution process is for the project manager to document a project plan. The project plan documented should cover 6 performance targets: quality, cost, time, scope, benefits and risks. Examples of the indicators are provided in the appendix section. The quality plan provides a plan of how quality control and assurance will be achieved. Work breakdown structure and network diagrams will provide schedules for activities and basis of allocating resources. Work breakdown structure is a tool that divides the project into smaller units, work packages and deliverables. Risks will be maintained in a risk management plan in form of a risk register. Once the targets are provided the project are given a clean bill of health to continue. During the execution of the project its goal is divided into smaller work packages and delegated to project team to achieve them. The division of work into smaller units falls under the controlling stage of PRINCE2 project management method ology. The project manager is then mandated to oversee that activities go as per the project briefs and plans developed. Each of the financial performance regulatory frameworks content is delegated to project team players to implement them. Part of the implementation process is to ensure that the product delivery is managed and executed well (Heagney 2016, pp.76). The project manager will need to check project progress against the project brief/plan to ensure that deliverables meet the expectations before the approvals are made. The second last stage of the project involve both senior managers and project managers evaluating the stages of implementing the financial performance regulatory framework according to the set standards and requirements. The findings of the evaluation will provide a record of lessons learnt and future correction measures. Once the project goal has been met and senior managers are satisfied the project manager closes the project. A project closure checklist will provide procedures and activities that will be closed down which may include: documents, accounts and assets (Larson 2014, pp.67). The project manager then hands over the project to the owners. Prince 2 Challenges And Remedies The implementation of PRINCE2 project methodology in Project A faces the following challenges: The project methodology focuses on the tasks and client role to much which may bring a constraint or relationship between them, there are other stakeholders that the project needs to look and work with. No suitable method of communication is provided to the stakeholders. Information sharing is important of project because it eliminates risks and uncertainties in the entire process (Burke 2013, pp.56). In order for the mentioned challenges to be addressed stakeholder involvement should be integrated at each stage to facilitate information sharing. Project managers need to carry out a stakeholder analysis during initiation and starting phases of the project. The methodology it needs to focus on the resources available to accomplish the tasks rather than focusing on the tasks alone. In conclusion, PRINCE2 is beneficial for project needs because it provides standardization of all the procedures , it is time and cost effective, and its techniques are based on best practices. The methodology adopted by Project A have been tried and tested in several countries and available at free to be used in projects. Reference lists Bourne, L 2015, Making projects work:effective stakeholder and communication management. CRC press, New Delhi. Burke, R 2013, Project management: planning and control tecniques. Wiley publishers, New Jersey. Cleland, D 2013, Project management handbook. Van Nostrand Reinhold, New York, United States. Gido Clements 2014, Successful project management. Nelson Education, Chicago. Heagney, J 2016, Fundamentals of project management. AMACOM: American management association Hedman, K 2013, Project management professional exam study guide. Wiley, Indianapolis. Kendrick, T 2013, The project management tool kit: 100 tips and techniques for getting the job done right. . AMACOM Div: American management Assn. Larson, E 2014, Project management: the managerial process. New York: Mc Graw Hill, New York.