Stakeholder management assessment – 4 Individual assignment 50% Students will be required to develop a stakeholder management strategy to guide a theoretical project team...

The MYKI Project
The MYKI Project
Purpose: Analysis of the public transport ticking system
Executive Summary
MYKI is a new ticketing system for public transport to streamline the bottlenecks faced by Victoria. It offers people to utilise the public transport much more effectively and efficiently. As evident from the case, the system experiences many problems which hampers the utility of the public transport and degrades the overall experience. For instance, one of the major problem faced by the Victoria's public transport is the challenge of card expiration, incorrect account charges, lack of communication and refunds.
One of the more complicated Smart Card ticketing systems took its place after this provided a ticketing system. The entire project was given a budget of nearly $1 billion, which was used to develop the project. A contract was signed that said the project would be run for ten years. Indeed, it goes without saying that the investment decisions were mostly based on the hope that the ticketing system will make public transportation in Victoria more effective, dependable, and appealing to commuters, making it an inherent and significant benefit to the population. This project was initially found to be the most economical option with the lowest cost of living.
State government of Victoria had invested approximately $1 billion in July 2005 to develop a sound project of MYKI and to completely replace the obsolete MetCard transport system. The system of MYKI was forecasted to deliver strong benefits to the common public with its wide spectrum of value offerings like reliability, sustainability, entrepreneurial and effective transport system. However, while the government performed audits in the MYKI project and found concerning results. Along with the significant breach in deadline, poor structure of the operations and escalation of costs which has compromised with the results of overall business expectations and advantage. It was a classic example of poor project management and planning in the original MYKI contract. By the virtue of this assignment, I have performed an extensive analysis on the MYKI case study, deeply researched about the demographics of Victoria and pain areas experienced at ground level. Therefore, in this report you will find sections that offers deep-dive into issues faced while updating the system instead of re-inventing the wheal to bring a completely new system in action. Furthermore, as the system is familiar to the common public, they would prefer using what is already known to them instead of learning a completely new system.
Contents
Executive Summary    1
Background of the case    2
Literature review on stakeholder management strategies    5
Recommendations & Conclusion    9
References    12
Background of the case
In Victoria, the public transport formerly depends on different services done through metros, trams, trains and buses. In the year 2005, the Victoria focused on revamping the public transport and invested heavily in this vision. As evident from the case, falling in the July, 2005, the ticketing system was developed with the intention of establishing a smart public transportation ticketing system that would succeed Australia's previous Metcard system. It was named as MYKI and was a reloadable ticketing system for public transportation that was also an intelligent ticketing system the size of a credit card. It was used to pay for fares electronically on most public transportation in Melbourne and the Victoria region of Australia. Kean Australia Micropayment Consortium was the company that came up with this idea for a ticketing system for public transportation. Public transportation system in the city, which started out as a contract and became one of the largest electronic ticketing systems, completely adopted this system. The Transport (Compliance and Miscellaneous) (Ticketing) Regulations of 2017 and the Victorian Fares and Ticketing Manual take into account the ticketing requirements for buses, trains, and trams in Melbourne.
The system allows passengers to purchase smart cards that they can use to pay at railway stations, major bus stops, and interchanges. However, the project ultimately failed due to inadequate and ineffective initial planning and early implementation, which was clearly detrimental to the entire project management team. It was thought that the project would fail because it took roughly five years to start and the total cost of the project was too high to meet the predetermined time and budget, so it failed. The effective consideration of the project as a whole need to be examined in terms of cost and time management, as well as all of the processes that were involved in conducting an accurate analysis of the project's work breakdown structure. In addition, this discussion will consider focusing on the project's estimated time and cost as well as the risk factors. The risk assessment, the project network, and an efficient analysis of the project's responsible stakeholders will also be the focus of this particular discussion.
Weakness of the Project
The project was a failure initially because of variety of...