Athenkosi Wabanie 55989

IT Project Management

3rd Semester second year

QUESTION ONE
1.1 The Project Management Life Cycle has four phases: Initiation, Planning, Execution and Closure. Each project life cycle phase is described below, along with the tasks needed to complete it.

Initiation
Develop a Business Case Undertake a Feasibility Study Establish the Project Charter Appoint the Project Team Set up the Project Office Perform Phase Review

Planning
Create a Project Plan Create a Resource Plan Create a Financial Plan Create a Quality Plan Create a Risk Plan Create an Acceptance Plan Create a Communications Plan Create a Procurement Plan Contract the Suppliers Define the Tender Process Issue a Statement of Work Issue a Request for Information Issue a Request for Proposal

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IT Project Management

3rd Semester second year

Create Supplier Contract Perform Phase Review

Execution
Build Deliverables Monitor and Control Perform Time Management Perform Cost Management Perform Quality Management Perform Change Management Perform Risk Management Perform Issue Management Perform Procurement Management Perform Acceptance Management Perform Communications Management

Closure
Perform Project Closure Review Project Completion

1.2 1.2.1 Jobbing or one-off production, involves producing custom work, such as a one-off product for a specific customer or a small batch of work in quantities usually less than those of mass-market products. Job production is most often associated with classical craft production, small firms making railings for a specific house, building/repairing a computer for a specific customer, making flower arrangements for a specific wedding etc.

Athenkosi Wabanie 55989

IT Project Management

3rd Semester second year

1.2.2 Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. 1.2.3 In retail systems, the cost price represents the specific value that represents unit price purchased. This value is used as a key factor in determining profitability, and in some stock market theories it is used in establishing the value of stock holding.

QUESTION TWO
2.1 2.1.1 Project management is the discipline of planning, organizing, motivating, and controlling resources to achieve specific goals. The primary challenge of project management is to achieve all of the project goals and objectives while honoring the preconceived constraints. It is different because it offers a structured approuch to managing projects. 2.1.2 Implementing project management initiatives is the breakdown between the corporate strategy and the project teams. Looking at the number of projects initiated each year, there is no denying that companies are actively engaged in running their businesses. The question must then be this: Are companies proactively or reactively engaged? The answer to that question will usually determine the likelihood that a project team will be effective. 2.1.3

2.1.4 Project managers can have the responsibility of the planning, execution and closing of any project, typically relating to construction industry, architecture, Aerospace and Defence, computer networking, telecommunications or software development.Many other fields in the production, design and service industries also have project managers.

QUESTION THREE
3.1.1Departmental Considerations- Internal project selection is often a random process that uses ideas generated by the marketing department or managers with needs for better capabilities. These ideas often do not have the payback capability or are optimistic in the

Athenkosi Wabanie 55989

IT Project Management

3rd Semester second year

outcomes and results. Developing projects may require that some brainstorming techniques are used, but the most benefit should be gained through a better selection process. Selecting projects for the business is critical to ensure continuity of the organization in a profitable mode. Random methods typically will not optimize the projects being pursued and will not enhance the organizations growth.

3.1.2 Payback period- in capital budgeting refers to the period of time required for the return on an investment to repay the sum of the original investment. 3.1.3 Discounted Cash flow-discounted cash flow (DCF) analysis is a method of valuing a project, company, or asset using the concepts of the time value of money. The discounted cash flow formula is derived from the future value formula for calculating the time value of money and compounding returns. E.g. an asset may be purchased for $1,000. It is expected to generate $100 in income per year for 10 years, after which time it is expected to sell for $1,200. Discounted cash flowanalysis shows that the internal rate of return on the investment is expected to be 11.2% per year. 3.1.4 Breakeven analysis- the break-even point represents the point where there is no net loss or gain because costs and revenue are equal.

Example

Question 4 4.1.1.1 As a comprehensive overview of the project, the project charter allows all parties

Athenkosi Wabanie 55989

IT Project Management

3rd Semester second year

involved(stakeholders) to reach agreement and document major aspects of the project such as theobjectives, the scope, the deliverables, and the resources required. The charter supports thedecision-making process and is also often used as a communication tool.

The project charter should normally be developed by the project sponsor or a manager externalto the project team. In practice, however, the project manager often plays a major role in thedevelopment of the charter. 4.1.1.2. Project Scope Management follows a five step process; Collect Requirements, Define Scope, Create WBS, Verify Scope, and Control Scope. 1. Collect Requirements this first step is the process by which we define and document

the requirements needed to meet all project objectives. 2. Define Scope this step is critical to project success as it requires the development of a

detailed project/product description to include deliverables, assumptions, and constraints and establishes the framework within which project work must be performed. 3. Create WBS this process breaks project deliverables down into progressively smaller

and more manageable components which, at the lowest level, are called work packages.. 4. Verify Scope this is the process by which the project team receives a formalized

acceptance of all deliverables with the sponsor and/or customer. 5. as Control Scope this is the process of monitoring/controlling the project/product scope

well as managing any changes in the scope baseline. 4.1.1.3

Athenkosi Wabanie 55989

IT Project Management

3rd Semester second year

4.1.1.4 The documents are used to control what is in and out of the scope of the project by the use of a Change Management system. Items deemed out of scope go directly through the change control process and are not automatically added to the project work items. The Project Scope Management plan is included in as one of the sections in the overall project management plan. It can be very detailed and formal or loosely framed and informal depending on the communication needs of the project. 4.1.1.5 First of all, I will check if there was a problem with check-lists. Second,Make sure all pertinent documents and deliverables have been signed off by the customer Get a final signoff on implementation/solution acceptance. Conduct a lessons learned session with the customer and your team. Hold a proper handoff to tech support. Keep in touch with the customer post-deployment.

4.1.1.5 Project closeout is gathering project records and disseminating information to formalize acceptance of the product, service or project as well as to perform project closure. As the project manager, you will want to review project documents to make certain they are up to date. Update your resource assignments as well. Some team members will have come and gone over the course of the project; you need to double-check that all the resources and their roles and responsibilities are noted. Question 5 5.1.1 People wont be able to work on the output of the project due to the flood disabling even the team members of the project not to work therefore losing business.

Athenkosi Wabanie 55989

IT Project Management

3rd Semester second year

Sudden winds, heavy rains and lightning can cause power-cuts disallowing the whole output of the project to function. Earthquake which is beyond a project managers control may destroy the entire project as well as harming the people who worked on the project. Fire can do almost similar damage as an earthquake in a way that the whole project maybe destroyed; this also affects the system analysts who test the implementation of the project.

5.1.2 Generate a list of risks/problems that can impact your project Assign a probability and impact rating Prioritize the risks with those most serious at the beginning of your list Develop strategies to minimize or eliminate the risks

5.1.3 a. A factor of controlling a disaster recovery is developing a project according to statistics of the floods and select a place that has less flood chances e.g. CBD. b. The project manager can make use of a UPS (Uninterruptable Power Supply) which provides emergency battery power to electronic devices for a specific length of time depending on the size of UPS unit when power from a company has been interrupted. c. Similar to avoiding an earthquake, implement the project on a suitable area which has less possible chances of earthquakes. d. For fire the project can make use of a fire extinguisher and avoid interacting with a lot of flammable resources.

5.1.4 If by any chance a flood or fire occurs the project manager can make means of having another server outside the premises of the project connected to the server in the premises of the project. That way data can be retrieved and backups can be made.

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IT Project Management

3rd Semester second year

Saving every 5minutes can enable the team members to be up-to-date with their project in case of a power-cut. Another way can be the use of a UPS so as to save the work while the UPS provides power supply.

Question 6

6.1. 1

6.1.2

6.1.3

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IT Project Management

3rd Semester second year

6.3 Conclusion Considering the myths and facts one can say that a recipe which guarantees the success of a project does not exist but there are many ways to identify myths and risks which cause failures. Even the most perfect project planner cannot give a 100 percent guarantee that the project is successful because of unexpected events like natural disasters which could destroy the whole infrastructure of a company and could make the execution of the project impossible.

The easiest way to minimize risks and to identify myths is to animate all of the members within a project to think critically about everything they do. It should be common in a team that suggestions are mentioned and discussed in order to improve the quality. The project leader has to explain the importance of success and a well-planned project is in the interest of the whole group. But it is also important to make them aware of the possible risks of failure and that they know the principle. If you do things well, it does not necessarily mean a good result.