Business Monitoring Project Duration and Cost

Question: Describe about the Business Monitoring Project Duration and Cost. Answer: Roles of project team members The team members should be aware of their own responsibilities. The scope of the project should be defined to them. The task division should be planned and communicated well to the team members. The team members should be allocated tasks based on their skills, experience and expertise (e Silva Costa, 2013). They should be made aware of the Project Inititiation Document, that specifies the requirements of the project and its purpose. The work breakdown structure should be communicated to them well. Support to the team members The project requirements should be made clear to the team members. The project timelines should be communicated well to the employees (Kerzner, 2013). For example, the employee must be aware that the offline infrastructure must be completed within the 4th week. The raw materials, equipments, manpower, finances and all other resources must be provided to the team members so that they can complete the projects within the stipulated time frames (Kerzner, 2013). The execution of the project management plans is important in this stage. Monitoring of resources The monitoring of the project resources is essential for the successful implementation of the project. The project should be monitored internally in parameters such as activities done, expenditure, efficiency of the manpower and the adherence to the deadlines (Aliverdi, Naeni Salehipour, 2013). It is also important to ensure the pre-determined quality of the project is met. The internal data regarding the project activities should be collected from the internal sources. There should be continuous checks for any possible deviations, status quo and the milestones. The quality control and the quality assurance procedures should be checked on a regular basis. This would ensure that the project meets its desired objectives. Report to stakeholders The stakeholders should be informed about the status of the project and this requires the establishment of suitable communication channel (Marchewka, 2014). There should be various data concerning the project such as current completion rate, fulfillment of the project objectives, efficient utilization of the resources, budgetary implications, adherence to the deadline and others (Marchewka, 2014). They should also be informed of the potential risks that may come up during the course of the project. This report should be distributed in electronic format. Risk management assessments The risk management is an important component of the project management that involves the identification, analysis and the response to the potential risk factors. The risk management is an ongoing process that should be carried out regularly throughout the entire life cycle of the project. The risk assessment should be carried out after the completion of each milestone and after each of the key deliverables achieved (Haimes, 2015). The risk response would include the avoidance, mitigation and acceptance of the risks. A disciplined process of risk management should be identified which would determine the probable risks involved in the project. Transition of staff The employees should be prepared well for the transition process. A two way communication should be followed and the employees should be provided adequate support for this phase (Hill, 2013). The organizational change from an employees perspective should be understood. The concerned employees should be provided with adequate, coaching and mentoring so that they can cope up with the change well. The managers should be equipped with leadership skills and interpersonal skills so that they can provide adequate support to the employees who undergo a change of job role. End of Project Financial Summary One of the most important factors in the project management is the management of the finances. The Financial Summary is prepared at the end of the project. Fig: End of Project Financial Summary Source: Created by author Post Project Report It is important to evaluate the success of a project. It is important to measure if the project meets the objectives of the project. The E-Commerce Project was successful in addressing the needs of the customers. This project can be improved further so that there is more products available to the customers. The project should be able to serve the preferences of a wide range of target audience. It is learnt that it is important to stick to the project deadlines and complete each milestone within the required time frame. This would result in the timely delivery of the project. This lesson should be implemented in the future projects as well. The project was successful in creating a simple user interface that would be acceptable by the customers. The convenience of the website would be attracting the consumers. The milestones of the project was delivered on time and adhered to the pre-set deadlines. The objective of the project was accomplished as it reached out to a large audience base due to its user friendly interface. It is important to adhere to the Major Milestones and the Work Breakdown Structure of the project in order to complete the project within the given deadline. It also enhances the quality of the project. This is one of the important leasson learnt from this project. References Aliverdi, R., Naeni, L. M., Salehipour, A. (2013). Monitoring project duration and cost in a construction project by applying statistical quality control charts.International Journal of Project Management,31(3), 411-423. e Silva, L. C., Costa, A. P. C. S. (2013). Decision model for allocating human resources in information system projects.International Journal of Project Management,31(1), 100-108. Haimes, Y. Y. (2015).Risk modeling, assessment, and management. John Wiley Sons. Hill, G. M. (2013).The complete project management office handbook. CRC Press. Kerzner, H. R. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Marchewka, J. T. (2014).Information technology project management. John Wiley Sons.