Project Management: ABC Firm

Introduction

There is a need for good management practices to facilitate the success of a project since most such projects in organizations are within a specific budget range. The potential of running a project, especially from its initial point and initiating it, requires the maximum utilization of the various project management concepts, skills, methods, and policies. According to a study, project management can be established as using different principles, skills, knowledge, processes, tools, and other processes that are much needed to reach the goals of a particular project as per the necessities of the project and in the provided timeframe. In understanding the concept of project management, you will find out that it facilitates expectations revolving around how much, what, and when it will be delivered. The study, therefore, illustrates extensive information concerning a project that I have conducted within ABC firm.

Web Portal Project

The firm (ABC) is a notable organization that has been engaged in the provision of different services related to financial consultation among the states of the USA for so many years. However, a significant challenge was brought about by the COVID-19 pandemic, which has made the working environment very difficult for the organization, derailing its many services in various locations. That has been chiefly enhanced by the many factors related to the pandemic, such as curfews, social distancing, and lockdowns. The COVID-19 pandemic has forced most of the prospective clients for the firm to consider the online platforms where their needs are catered for, thus posing a significant challenge through competition and forcing the ABC firms to consider other alternatives. The company had to ensure its competitive environment, thus seeking the necessary solutions and tools.

The company had to maintain most of its clients, especially those it has previously worked with and its current customers. It also had to ensure it operated within the competitive bracket. To facilitate that, ABC firm considered new methods that would help to work within the remote environment so that it could control most of its resources and the virtual teams, planning and monitoring the initiation progress. Therefore, the company suggested an online platform that will put the firm in the same position of providing services related to financial consultancy. The platform that was opted for by the firm would take the form of a website that would provide most of its clients an opportunity to make a request and purchase the intended services. The portal will also play a vital role in allowing the workers to engage together while operating from different departments, the same case as physically operating from the office. That will help in maximization of quality services to the clients. Therefore, the web portal project is crucial for the firm, and its creation has numerous activities. At the same time, its initiation went handily with the project management skills, policies, concepts, and procedures (Stevenson, 2018).

Work Breakdown Structure

Gantt Chart

The organization’s project can efficiently be planned and scheduled through a Gantt chart. The Gantt chart is vital, especially in displaying the activities of the project, the dates when the project began, and the duration it lasted for the project to be completed. It is illustrated as shown below:

Benefits to the Project

The Gantt chart proved to be efficient in completing various activities. A significant factor is that it ensures that the sponsors and team members for the project are up to date concerning the project’s and shows the completion of project activities. A different reason for its use includes scheduling planning and project planning. It gives project managers the know-how about the time needed for one operation concerning the project and how long it will take to end (Galli, 2018). The tool is considerably efficient in monitoring the progress of the project at hand, especially after kicking off since, as a manager, you get informed on what needs to have taken place during a specific date. A particular activity that is derailing can easily be aligned as required.

According to a study, utilizing a Gantt chart is vital for the project, especially in identifying overlapping activities and task dependencies; they show the various activities that depend on each other hence members of the project get clearer concerning a particular activity and motivation. There is often the need to provide a clear path and understanding of the activities of a project by the project manager. That is where the Gantt chart displays the various issues related to the project and facilitates planning so that the project can reach its completion in the required period. That is evident since the Gantt chart provides a visual display showing a particular task’s timeframe, facilitating the identification, interpretation, and management of different operations revolving around a project (Kabeyi, 2019).

Probabilistic (t0, tp, and tm) and deterministic time estimates

Table 1: Probabilistic (t0, tp, and tm) time estimates

Arriving at Estimates

It is worth mentioning that the time frame for every task in project management aligns with a probability distribution and is not a distinct value. The various parameters for the period used include most likely, optimistic and pessimistic time. The parameters for the used time got influenced by various elements that would impact the project activity and the ending period and sometimes earlier than the stipulated time. In an analysis of the most likely time parameter, you will note that it gets influenced by all the project resources without hesitation. The optimistic time was used to influence the good slack time (Wideman, 2022). Arguably, the pessimistic time was determined by possible project risks, such as inadequate resources and the team members’ withdrawal. Calculations for the deterministic time were centered on schedules for the activity and determining the operations to be done before other tasks.

Determining Hypothetical Costs

Table 2: Hypothetical Costs

Rationale

The analysis of various expenses in the budget in response to the project was analyzed through the utilization of values of similar projects that different organizations carried out. The total budget was accessed by calculating the overall cost centered on the completed activity percentage. The various activities with higher cost margins than the budgeted cost display a underbudget scenario and thus show a negative outcome. Other activities whose expenses are less projected than the budgeted cost display an over budget, and thus a positive impact is shown by their value. In an analysis of the project from the table, it can be established that for the hypothetical costs, the overall budget always stayed within budget. Consequently, good management practices help in the proper management and success of the project.

Project Management Tools

The success of project management tools includes the kind of automation it facilitates for the project. It is a significant factor in establishing a rigid platform for the project, necessary deliverables, mapping out the milestones, and other significant roles, especially for the project managers. It is especially crucial in monitoring the progress of the project. That is significant since it enables planning and ensuring the meeting of the project’s budget and deadlines (Stevenson, 2018).

Conclusion

The study illustrates extensive information concerning a project I have conducted within ABC firm. The COVID-19 pandemic proved a significant barrier to the company’s progress since it limited physical meetings. The use of the online platform through the web portal project proved vital in facilitating online interaction since it goes as by the project management skills, policies, concepts, and procedures. The Gantt chart helps boost organizational projects by showing the activities of the project at hand, the dates when the project began, and the duration it lasted for the project to be completed. It is also significant to understand that the period for a particular project management activity mostly goes handily with a probability distribution and not a distinct value. The utilization of values is essential in determining the different costs that have been budgeted for the project. Project management tools should also be considered in planning and help the project managers reach their targets and meet deadlines.

References

Agrawal, A., Catalini, C., Goldfarb, A., & Luo, H. (2018). Slack time and innovation. Organization Science, 29(6), 1056-1073.

Galli, B. J. (2018). Can project management help improve lean six sigma? IEEE Engineering Management Review, 46(2), 55-64.

Kabeyi, M. J. B. (2019). Evolution of project management, monitoring and evaluation, with historical events and projects that have shaped the development of project management as a profession. Int J Sci Res, 8(12), 63-79.

Stevenson, W. (2018). Operations management (13th Ed.). New York, NY: McGraw-Hill Irwin. ISBN-13: 9781259667473

Wideman, R. M. (2022). Project and program risk management a guide to managing project risks and opportunities. Project Management Institute, Inc.