PROJ6002_Assessment_1.docxASSESSMENT 1 BRIEFSubject Code and Title Project Planning and BudgetingAssessment Project Scope and Quality Management Discussion ActivityIndividual/Group...

PROJ6002_Assessment_1.docx ASSESSMENT 1 BRIEF Subject Code and Title Project Planning and Budgeting Assessment Project Scope and Quality Management Discussion Activity Individual/Group Individual Length 500 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. Assessment Task Critically analyse the Assessment 1 question as outlined in the Case Study provided by the Learning Facilitator by end of Module 1. Then, respond to the question with a 500-word discussion forum post and a 250-word critique of another student's initial post. Please refer to the Instructions for details on how to complete this task. Context Project Scope Management involves processes to ensure that the project incorporates all work required to complete it successfully. Managing project scope involves defining and controlling what is included in the project. One of the keys to project success is effective scope management. Uncertainty about a stakeholder's needs or problems leads to a misleading definition (scope of work). Rework and extra effort may impact project costs and timelines. Documenting how the project will demonstrate compliance with quality requirements and standards is the process of project quality management planning. This process helps to manage and validate quality throughout the project. For a project to be successful, the performing organisation must define and implement quality policies, objectives, and responsibilities. Critically analyse the Assessment 1 question outlined in the Case Study and conduct research related to the topics outlined in the question. 1. Write a 500-word initial post analysing the question and key issues. Cite all sources used to inform your post, including learning resources and academic or industry literature. The reference list is not included in the word count. 2. Read another student’s post. Consider their post and compare it with the research you have conducted. This approach will allow you to “critique” their view. You can do this by highlighting your agreement and/or disagreement with their post. You must justify and explain your critique. You will need to cite industry and academic literature. Your answer must be 250 words. The reference list is not included in the word count. Referencing It is essential that you use the most recent edition of APA style for citing and referencing research. Please see more information on referencing in the Academic Skills webpage. Submission Instructions Submit your answers in an academic style, including both in-text citations and a full reference list using the correct APA style of referencing. Your assessment will be formally graded via the Grade Centre by your Learning Facilitator and feedback will be provided through My Grades. https://library.torrens.edu.au/academicskills/apa/tool JP_Red Bank Case Study(1).docx 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.