Please read the instructions in the case study and brief.
JP_Red Bank Case Study J.P - Red Bank Project The Red Bank is a key player in Australia financial market. With consideration of continuous raise of cash rate, the Red Bank plans to improve its risk management practice in loan approval and repayment control. J.P Consultancy upholds its exceptional world- wide reputation in providing financial consultation services and advice to commercial banks. Therefore, when the Red Bank approaches J.P to seek its services, J.P’s Business Development Executive (Lachlan Smith) suggested a four-month end to end project to assist the Red Bank to reform its risk management system, processes and practices. The objectives for the project include: (1) to research and customise a risk management framework for the Red Bank; (2) to on-site deliver the newly designed risk management framework and ensure the implementation in the Red Bank; (3) to evaluate the new framework and ready for whole organisation rollout. The project contains five phases and multiple hurdles to be crossed. A drafted action list is presented in Table 1. Potential budgetary allocation is suggested in Table 2. J.P has a sufficient talent pool, and many capable staff could be assigned to this project. The available staffing mix is shown in Table 3. Your tasks: This case study provides you with an opportunity of drawing on your acquired project planning, scheduling, budgeting and quality management skills and materials covered in this course. You are responsible for addressing all tasks and requirements listed in Section 1 and Section 2, in addition to Assessment briefs, according to the case study. Instructions 1. Study the assigned Case Study provided on Blackboard by your Learning Facilitator. 2. Analyse the project from your own perspective as an up-and-coming project manager 3. Devise your own, individual set of subsidiary Project Management plans for Schedule and Cost based on the assigned Case Study. a. Although all students will receive the same case study, you are expected to complete this task individually. b. These project schedule and cost management plans and supporting documentation must contain, but are not limited to, the following components: ● Description of Estimation Methods, and Tools and Techniques for managing Schedule/Budget ● Overview of Schedule and Budget Methodology ● Network Diagram using the Critical Path Method ● Project Schedule ● Cost Baseline ● Project Budget, including detailed estimates and cost control methods. 4. Write 1500 words and describe the processes, tools and techniques applied in your schedule and cost management plans, as well as a justification of your budget and schedule. 5. You can use the templates in this subject’s Learning Resources or create your own templates to devise the subsidiary cost and schedule project management plans. 6. Submit a schedule and a network diagram using the critical path method (CPM). Scheduling software such as ProjectLibre or Microsoft Project can be used to design your schedule. Alternatively, you can hand-draw and scan your network diagram. 2-1) Project Scheduling ● Construct an original Gantt chart for the project using project activities given in Table 1. ● Conduct a critical path analysis and carefully apply the 3-point estimate technique on identified critical activities to develop an estimated project schedule. It is assumed that all critical activities will accelerate 15% if Project team performs the best efficiency. On the other hand, without an appropriate collaboration or control, the entire durations from Phase 3 will creep by 30%. 2-2) Cost management planning ● Develop and aggregate the cost of resources needed to complete each activity, and determine the detailed budget of the project. Your cost estimation must incorporate relevant resources given in Table 3 for each phase of the given activities. Develop and justify the resource allocation and cost management planning components in your Cost Management Plan. ● Present your final budget to the client: the Red Bank, and ensure 30% of the profit (before tax) as minimum for J.P. Assume Red Bank will agree to pay maximum $200K for the project. Both detailed cost estimation and a baseline must be produced in alignment with the project schedule. ● Assume it is now the 20th day into Phase 4: On-site delivery, perform an Earned Value Analysis (EVA) to demonstrate the project progress. (Bonus item Table 1 – The Project Activities ID Descrip tion Duratio n (Day) Predecesso r Phase 1: Project engagement setting 1.1 Touchpoint to J.P BDE for potential services 3 NA 1.2 J.P. consultant internal briefing 2 1.1 (SS+1) 1.3 Client meeting for problem/risk identification 12 1.2 1.4 Agreement and contract with cooling off period of 5 days 5 1.3 +5 Phase 2: Structure a J.P Project Team 2.1 Lachlan Smith appoints Project Manager 2 1.4 (SS) 2.2 Project manager forms a team 15 2.1 2.3 Project team skills mapping 5 2.2 +1 2.4 Conduct Project team and Consultant workshops 10 2.3 2.5 Assign and agree responsibilities 3 2.4 (FF+2) Phase 3: Production plan 3.1 Assessment of Red Bank risk management maturity level 12 1.3 (SS+8) 3.2 Analysis of the Enterprise Risk Register 5 3.1 3.3 Research current risk management practicein industry and similar consultancy projects 15 3.2 (SS+2) 3.4 Customise a risk framework for the Red Bank 6 3.3 3.5 Modify existing frameworks to fit in the new one 3 2.5 FF, 3.4 3.6 Check APRA compliance 5 3.5 (FF) 3.7 Finalise the product 3 3.6 +3 Phase 4: On-site (Red Bank) delivery 4.1 Presentation and validation of the J.P-Red Bank risk framework 3 3.7+3 4.2 Explain implementation roadmap 2 4.1 4.3 Key risk management personnel nomination 5 4.2 4.4 Conduct Responsibilities workshops 15 4.3 (SS) 4.5 J.P and Red Bank system integration and adaption 20 4.4 4.6 De-bug (discrete work) 5 4.5 (FF) 4.7 Launch and manage a Pilot work 5 4.6 4.8 Project de-brief for Red Bank senior management 2 4.7 (FF) Phase 5: Lessons Learned and Closure 5.1 Evaluation platform set-up 5 4.6 5.2 Lessons learned data collection J.P 10 5.1 5.3 Lessons learned data collection Red Bank 10 5.2 (SS) 5.4 Problems solving and/or disputes 5 5.2 5.5 Closure and Sign-off 1 5.4 Table 2: Budget Allocation Suggestion Project phases Budget percentage Phase 1 15 Phase 2 10 Phase 3 30 Phase 4 35 Phase 5 10 Table 3: Staffing Mix in J.P Position / Rate / Name Nathan B Elva S Mark F Yuki Y Muchi A Amed H Howard O David W Salina C Full time / Part time FT FT FT PT PT PT FT FT FT Hourly rate Paid (AUD$) 90 75 65 55 45 45 45 35 35 Hourly rate Charged (AUD$) 120 100 100 80 70 70 70 60 60 Senior Project Manager X Project Manager X Risk Consultant X Compliance officer X Graphic designer X System / Process merger X Senior Project Officer X Project all-rounder X X X X X Assessment_4_Brief_Plans Subject Code and Title : Project Planning and Budgeting Assessment Project Schedule and Cost Management Plans Individual/Group Individual Length 1500 words Learning Outcomes The Subject Learning Outcomes demonstrated by successful completion of the task below include: a) Evaluate and apply a range of project management tools, techniques and practices to diverse global projects. b) Evaluate budgetary and planning outcomes against project success measures, including stakeholder expectations. c) Develop effective communication methods to articulate planning outcomes to key stakeholders. Assessment Task Devise project schedule and cost management plans that articulate the schedule and cost approaches for a project using the assigned project case study provided by your Learning Facilitator. Please refer to the Instructions for details on how to complete this task. Context The backbone of a project manager’s work is the Project Management Plan. This plan is the document that describes how the project will be executed, monitored and controlled. It integrates and consolidates all of the subsidiary plans and baselines from the planning processes. In this assessment, you will create subsidiary cost and schedule components of a Project Management Plan for your assigned Case Study. Project Schedule Management includes all the processes of planning, estimating, sequencing, managing, and controlling the schedule for a timely completion of the project. Project Cost Management includes the processes of planning, estimating, budgeting, financing, funding, managing and controlling costs so that the project can be completed within the approved budget. Instructions 1. Study the assigned Case Study provided on Blackboard by your Learning Facilitator. 2. Analyse the project from your own perspective as an up-and-coming project manager 3. Devise your own, individual set of subsidiary Project Management plans for Schedule and Cost based on the assigned Case Study. a. Although all students will receive the same case study, you are expected to complete this task individually. b. These project schedule and cost management plans and supporting documentation must contain, but are not limited to, the following components: ● Description of Estimation Methods, and Tools and Techniques for managing Schedule/Budget ● Overview of Schedule and Budget Methodology ● Network Diagram using the Critical Path Method ● Project Schedule ● Cost Baseline ● Project Budget, including detailed estimates and cost control methods. 4. Write 1500 words and describe the processes, tools and techniques applied in your schedule and cost management plans, as well as a justification of your budget and schedule. 5. You can use the templates in this subject’s Learning Resources or create your own templates to devise the subsidiary cost and schedule project management plans. 6. Submit a schedule and a network diagram using the critical path method (CPM). Scheduling software such as ProjectLibre or Microsoft Project can be used to design your schedule. Alternatively, you can hand-draw and scan your network diagram. Referencing It is essential that you use the most recent APA style for citing and referencing research. Please see more information on referencing in the Academic Skills webpage. https://library.torrens.edu.au/academicskills/apa/tool Sheet1 STEP 1FROM TABLE (SIMILAR TO TABLE 3)FROM SNYDER Resource$/hour$/day (8 h)$/week (5d)WBS IDQWksResourceDirect CostIndirect CostActivity Contingency ReserveEstimateMethodAssumptions/ConstraintsSUBTOTAL Facilitator$ 45.0$ 360.0$ 1,800.01.012Education Manager $ 5,200.0$ 5,200.0Parametric2 weeks$ 57,607.5 Speakers$ 70.0$ 560.0$ 2,800.052Education Staff$ 16,000.0$ 16,000.0Parametric2 weeks Education Manager & Department Managers$ 65.0$ 520.0$ 2,600.022Department Managers$ 10,400.0$ 10,400.0Parametric2 weeks Education Staff & HR Staff$ 40.0$ 320.0$ 1,600.052Staff representatives$ 12,000.0$ 12,000.0Parametric2 weeks AV Staff$ 38.0$ 304.0$ 1,520.012Facilitator$ 3,600.0$ 3,600.0Parametric2 weeks Facilities Staff$ 35.0$ 280.0$ 1,400.012Project Manager$ 4,800.0$ 4,800.0Parametric2 weeks Staff representatives$ 30.0$ 240.0$ 1,200.02Recruitment (Facil+PM)$ 4,000.0$ 400.0$ 4,400.0ExpertOnly recruit once Orientation Task Force$ 90.0$ 720.0$ 3,600.012Overheads$ 1,150.0$ 57.5$ 1,207.5Parametric & AnalagousN/A IS Trainer$ 42.0$ 336.0$ 1,680.02.0 Project Manager$ 60.0$ 480.0$ 2,400.03.0 STEP 2 OTHER$/day $/week$/InstanceCost Estimate Technique Direct Costs Training venue$ 5,000$ 25,000Expert Judgement Video Conference App$ 1,000Analogous Audio-visual equipment$ 5,000Analogous Recruitment Consultant$ 2,000Expert Judgement Indirect Costs (Overhead) Utilities$ 15$ 75Parametric Office rent$ 500Analogous $ 575 EQUIPMENT MATERIALS Sheet2 Task (WBS)SUBTOTALJanFebMarchAprJul 1. Orientation task force launched$ 57,607.5$ 57,607.5 2. Compile orientation evaluations for areas of improvement$ 35,000.0$ 17,500.0$ 17,500.0 3. Evaluate the Prepared Proposal$ 25,000.0$ 20,000.0$ 5,000.0 4. Orientation Presentations Enhancement$ 1,000.0$ 1,000.0 5. Review evaluation tool to measure outcomes$ 1,000.0$ 1,000.0 6. Facilitate physical changes necessary to orientation room$ 12,000.0$ 12,000.0 7. Implement revised orientation program$ 5,000.0$ 5,000.0 8. Evaluate feedback from the first orientation session$ 30,000.0$ 30,000.0 9. Present findings to executive team$ 4,000.0$ 4,000.0 10. Evaluate feedback from the initial six orientation sessions$ 30,000.0$ 15,000.0$ 15,000.0 11. Develop continuous process improvement process for feedback results$ 15,000.0$ 10,500.0$ 4,500.0 TOTAL$ 215,607.5 SUM$ 93,607.5$ 44,500.0$ 48,000.0$ 10,000.0$ 19,500.0 BASELINE$ 93,607.5$ 138,107.5$ 186,107.5$ 196,107.5$ 215,607.5 Cost Baseline JanFebMarchAprJul93607.5138107.5186107.5196107.5215607.5 Example of Critical Path Analysis S. No. Activities Predecessors Duration in days 1 A NONE 14 2 B NONE 3 3 C 1 7 4 D 1,2 3 5 E 3 4 6 F 4,5 10 Forward Pass Backward Pass