Managing projects May 2015 (SIM 335)

Banking Academy, Vietnam
ASSIGNMENT COVER SHEET
UNIVERSITY OF SUNDERLAND
BA (HONS) BANKING AND FINANCE

Student ID: 149080615/1
Student Name: Tran Quyet Thang
Module Code: SIM 335
Module Name / Title: Managing Projects
Centre/ /College:
College: Banking
Academy
of Viet
Nam Nam
Centre
Banking
Academy
of Viet

Due Date: 15 May 2015

Hand in Date: 15 May 2015

Assignment Title: Individual assignment

Students Signature: (you must sign this declaring that it is all your own work and all sources
of information have been referenced)

Managing Projects (SIM 335) – May 2015

Banking Academy, Vietnam

Title page

Managing Projects
SIM 335

Banking Academy, Vietnam
Submitted on 15 May, 2015
Prepared by: Quyet Thang Tran
Student ID: 149080615/1

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Table of Contents
Title page ......................................................................................................................................... i
Task 1. ............................................................................................................................................. 1
Task 2. ............................................................................................................................................. 3
2.1.

Concerns ........................................................................................................................... 3

Schedule ................................................................................................................................. 4
Cost – Financial Management ............................................................................................. 4
Scope....................................................................................................................................... 5

Quality.................................................................................................................................... 6
2.2.

Project life cycle ............................................................................................................... 7

2.3.

Processes .......................................................................................................................... 7

2.4.

Leadership ...................................................................................................................... 10

References ..................................................................................................................................... 12
Appendices .................................................................................................................................... 15

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Task 1.
1) According to Larson and Gray (2011), the major characteristics of a project are as follows:


An established objective.



A defined life span with a beginning and an end.



Usually, the involvement of several departments and professionals.



Typically, doing something that has never been done before.



Specific time, cost, and performance requirements.

A project needs to have a clear objectives to make sure that all team members have the same
purposes while working together. Furthermore, with a specific objective, a project cannot run
forever so it will end when achieving or failing its goals. There are several resources such as
budgets, humans to implement a project. One special thing about projects is unique. For
example, the construction for buildings having the same designs still have the differences in
locations, materials…
2) According to PMI (2008), project scope management includes the processes required to ensure
that the project includes all the work required, and only the work required, to complete the
project successfully. Therefore, to achieve the objective that ensuring the initial opening and
operational requirements of the new leisure facility, some activities such as hiring staffs,
installing equipment and finding potential customers… need to be done first. These tasks can
be divided into small pieces by using work breakdown structure (WBS).

Figure 1: Work Breakdown Structure for Opening a new leisure facility

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3) Assume that this project starts on 05/10/2015, the full project Gantt chart will be shown as
follows:

Figure 2: The project Gantt chart

Based on the Gantt above, the critical path is: A-C-F-H.
Days to complete the project:
5 days + 6 days + 8 days + 3 days = 22 days
4) In this scenario, the bottom-up estimating and expert judgment can be employed for cost
management. By combining WBS and bottom-up estimating, the lowest level activities of
work can be assigned values and then these estimates can be aggregated in accordance with
the WBS tree structure to give higher level totals (Meredith & Mantel, 2009). Furthermore,
Parker Ltd is a consultancy company specializing in the sport and physical activity sector for
over 13 years, so the company has done many projects like this. It means that the past
information, documents can be as a guide for estimating the cost for this project.
5) In projects, a risk can be almost any uncertain event associated with the work and project
leaders must focus on risks that can materially affect project objectives or “uncertainty that
matters” (Kendrick, 2015). In this scenario, the risks can be defined from the lowest level of
work packages in WBS. After that, the risks are analyzed based on both qualitative and
quantitative measurements because risks do not give the same impacts. And then, project leader
has to plan specific responses for each types of risk. To manage risk efficiently, project team
needs to frequently hold the meeting to consider surprises for this project.

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6) Pinto and Mantel indicate one of three distinct aspects of project performance (outcome) as a
benchmark against which to access the success or failure of a project is client satisfaction with
delivered project. To achieve this satisfaction, customers should be involved to this project in
initial stages by using quality function deployment (QFD). QFD is a method for satisfying
customers by translating their demands into design targets and quality assurance points (Akao,
2004).
There are several benefits from applying this method including:


Customer-focused: translating customers’ input and feedback into a set of specific
customer requirements



Time-efficient: reducing time development because QFD focused on specific and
clearly identified customer requirements



Teamwork-oriented: because all actions that need to be undertaken are identified as
part of the process, individuals see where they fit into the larger picture, thereby
promoting teamwork even more



Documentation-oriented: one of the products of QFD process is a comprehensive
document that pulls together all pertinent data about all process and how they stack up

against customer requirements. This document is updated regularly.
(Goetsch & Davis, 1997)

Task 2.
Parker Ltd is a consultancy company specializing in the sport and physical activity sector.
Recently, the company conducts a special project concerned with ensuring the initial opening and
identifying operational requirements of the new leisure facility. This report will outline the
activities required to successfully implement this new initiative, ensuring that it can open on-time,
and within budget.
2.1.Concerns
In the first step as a project manager, the critical factors that make a successful project
implementation will be concerned. According to Pinto and Slevin (1988), a project is generally
considered to be successfully implemented if it:


Comes in on-schedule (time criterion)

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

Comes in on-budget (monetary criterion)



Achieve basically all the goals originally set for it (effectiveness criterion)



Is accepted and used by the clients for whom the project is intended (client satisfaction
criterion)

This is refer to a modern model - quadruple constraints (Appendix 1): schedule, cost, scope and
quality. It means that if one of these factors changes, it will lead other factors to be changed. A
paper shows that the project manager should implement the project management methodology
around the quadruple constraints as the roof for project success (Tunon, et al., 2005). Therefore,
the project managers need to consider these constraints and their impacts to the completion of the
projects.
Schedule
Before considering project schedule, the project manager can develop a WBS. The WBS will show
work packages to achieve deliverable of the project. However, the WBS does not illustrate time or
resources for completing tasks. Therefore, the critical path method (CPM) will be applied to create
schedules. According to CPM concepts, schedules are created by arranging activities and
identifying at least one critical path (CP), by which a group of activities are connected to organize
irreducible total activity duration (LIU & KUO-CHUAN, 2009). The project schedule includes the
activities like job analysis, recruitment, selection; durations for each activities; precedence.
Furthermore, the critical path points out the shortest possible time to complete the project. The
individual tasks on the critical path need to be checked carefully because the tasks off the critical
path have float and do not make projects delay. However, this method does not identify the
resources that need to get activities done.
Cost – Financial Management
To manage financial factors for a project, project manager needs to estimate the costs firstly. By
combining bottom-up estimating method and WBS, the lowest level work packages will be
calculated and then sum them up at higher levels. All assumptions for estimating the costs have to
be in detail such as number of fitness equipment needed, cost of training for each employee, etc.
In addition, the expert advice is also combined in order to bring out an accurate budget for this

project as much as possible.

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In the second step, the budget for this project will be carried out. A budget is defined as a
comprehensive and coordinated plan, expressed in financial terms, for the operations and resources
of an enterprise for some specific period in the future (Khan & Jain, 2007). This will provide
project manager the calculations for direct and indirect costs for each task. For example, hiring
staffs has direct costs like recruitment announcements, qualifying staffs’ profile…and indirect
costs like computer use, utilities…
Finally, project manager has to control finance by defining possible causes of variance. According
to the Chartered Institute of Management Accountants (2011), budgetary control (variances) is
defined as the establishment of budgets relating the responsibilities of executives to the
requirements of a policy, and the continuous comparison of actual with budgeted results, either to
secure by individual action the objective of that policy, or to provide a basis for its revision. The
variances may be the change in price of equipment, the efficiency of employees, etc. For example,
high inflation rate can lead expenses during implementing the project to increase.
Moreover, project manager can use earned value management (EVM). This method provides any
project manager with early warning tool that send out a signal from as early as the 15% completion
point on a project (Fleming & Koppelman, 1998). By calculating budgeted cost of working
performance and actual cost of working performance through EVM, project manager can know
about current status of budget. For instance, if project is over budget, project manager will come
to sponsors to explain and discuss about the current situations and convince them put additional
budget for completing this project.
Scope
Project scope management is concerned with defining all the work of the project and only the work

needed to successfully produce the project goals (Heldman, 2009). For example, in the case of
opening new leisure facility, the scope includes what the project team will do such as hiring staffs,
order and install equipment and attract customers. Based on these activities, the requirements with
criteria like specific, testability…will be listed. The requirements can be defined based on survey,
field reports, complaint logs, etc.
When implementing this project, a lot of surprises can happened, so project manager need to
prepare the solutions for these changes. Firstly, the budget for this project can be reduced. This
leads some requirements of this project to be cut down and time for completion also increases. In

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this case, project manager can explain to sponsors about the significant impacts of this change and
provide a reasonable explanation for all members to avoid demotivating them.
In the second case, the schedule of this project can be pushed out. The members may be not
available for the new deadline and project manager may add more people to meet new deadline. It
means that the budget for this project is also changed.
Another situation could be adding more budget for this project. In this case, project manager can
use MoSCoW method to response for this change. The components of MoSCoW include:


Must have: fundamental requirements



Should have: a high-priority item that should be included in the solution if it is possible



Could have: a requirement which is considered desirable but not necessary



Won’t have: a requirement that stakeholders have agreed will not be implemented in a
given release, but may be considered for the future
(IIBA, 2005)

This means that project manager can add requirements in “Could have” category for this project.
Quality
The quality of the project can be shown through the customer satisfaction. Customer satisfaction
means that a project is only successful if it satisfies the needs of intended user (Pinto & Rouhiainen,
2002). This project is opening a new leisure facility for serving the communities, therefore project
manager should focus on satisfy customers who directly use the services. To do this, managers can
apply QFD method. The QFD process involves four phases:


Product planning: house of quality



Product design: parts deployment



Process planning



Process control (quality control charts)
(Bouchereau & Rowlands, 2000)

In “House of Quality” phase, QFD uses a set of matrices to relate the voice of customer (i.e.,
customer requirements) to project requirements (Milosevic, 2003). For example, in this project,
customer requirements could be taking yoga courses, fitness machines for different types of
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muscle, etc. Based on these requirements, project manager will define specific equipment for this
leisure facility to meet customer needs.
In the next phases, project manager can use Plan-Do-Check-Act cycle also called Deming cycle
(Appendix 2). It means that all activities in the lowest level of work packages in WBS will be
conducted firstly and then it will be checked with the plan in order to whether this project goes on
budget and schedule. If there are any changes in budget or schedule, project manager needs to
response immediately to make sure the success of this project.
2.2.Project life cycle
The project life cycle needs to be selected based on the features of the project because a wrong
choice can lead to delay deliveries, over-schedule or over-budget. For opening a new leisure
facility, the waterfall approach should be applied instead of iterative project life cycle. The reason
is that iterative project life cycle – there are particularly advantageous for complex projects and
whenever project goals and the project scope are expected to be subject to modifications (Pica,
2015). Therefore, this type of project life cycle seem to be more suitable for software development
or IT projects. While the waterfall model is a highly effective project life cycle for short-duration,
well-understood projects with stable requirements and few or no dependencies (Hossenlopp &
Hass, 2008). With the opening new leisure facility, there may be not too many surprises during

conducting project. Furthermore, the company has over 13-year experience in this area. Therefore,
the waterfall project life cycle can be applied.
2.3.Processes
While implementing the project, there are a lot of processes that project managers have to concern
to make sure that the project will be finished successfully especially in plan phase.
2.3.1. Identify stakeholders
Project managers have to understand the different needs of stakeholders. Identifying stakeholders
involves creating a list of all involved in the project and determining whether they are: (1) actively
or passively involved, (2) positive or negative impacted, and (3) in support of the project (Schibi,
2013). To analyze stakeholders, project manager can use different mapping techniques such as
influence-interest grid, power-impact grid and Mendelow’s power-interest grid. These mappings
will show the positions of each type of stakeholder based on their involvement, authority and
concerns in terms of planning and implementing projects.
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In this project, there are several types of stakeholders including project team, suppliers, local
authority, customers, etc. The figure below will show Mendelow’s power- interest grid for several
important stakeholders in this project.

Figure 3: Power-Interest Grid

Note: Low to High power and Low to High interest are counted from 1 – 10.
Local authority has very high power (8-10) because local authority contracts to Parker Ltd to have
a project manager for opening a new leisure facility for community. However, local authority may
not involve to the project until there is a problem. Therefore, local authority have medium interest
(5-6).

Project manager has high power (10) in this project because he directly manages all processes in
this project. Furthermore, project manager is also a person who deal with all surprises that happen
during implementing project, so manager has high interest (9-10).
Suppliers can impact directly to progress of this project so they get medium power (6-7). However,
suppliers do not involve too much to this project. It means that they get low interest (2-3).

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Project members are those directly work in this project so they have high interest (8-9).
Conversely, members only try to get jobs done efficiently and have low power (3-4) in making
decisions.
Based on the power-interest of each stakeholder, project manager will find out their expectations
and carry out suitable treatments.
2.3.2. Communications
Communications is an integrated and interdependent process between two or more people (Kliem,
2007). Project managers need to find an effective way to communicate to all project team members
to make them understand clearly about goals of project. According to communication
accommodation theory, when people interact they adjust their speech, their vocal patterns and their
gestures, to accommodate to others (Turner & West, 2010). For example, when the project budget
is reduced by 20%, project manager should speak lightly to explain the current situation for all
members and empower them make the decisions instead of screaming. Furthermore, the
development of technologies also provides new ways for people to communicate to each other like
e-mail. Walther (1992) suggests that communicators develop individuating impressions of others
through accumulated computer-mediated communication messages and based upon these
impressions, users may develop relationships and express multidimensional relational messages
through verbal or textual cues. In addition, the meetings are hold regularly so that all team members

can update the information about project progress.
2.3.3. Risk management process
In first step, risk needs to be identification. There are several tools and techniques to detect risks.
With 13-year experience in this field, project managers can use review the documents or reports
from the previous projects to bring out a general view about the uncertainties for this project.
Furthermore, expert advices also suggest possible risks based on their experience. Another method
is checklist analysis. The checklist helps to remind the project team of common and repeated risks
in project management as well as of specific risks involving a particular type of project (Alkuwaiti,
2010). In addition, project manager can apply checklist based on the lowest level of work packages
on WBS. Next, risks need to be qualified in order to investigate their impacts to project. The
probability of each risk occurring and the impact if it does happen are added to a register for each

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risk (Kloppenborg, 2014). Based on this risk register, project manager need to focus more on risks
with higher probability and impacts. There are several responses to risks such as:


Avoiding the risk



Reducing the risk (likelihood or impact)



Transferring the risk to others (insurance)



Contingency plans (to be implemented should the risk occur)



Accepting the risk (just monitor the situation)
(Field & Keller, 1988)

The table below will show a sample risk register for this project.
Table 1: A sample risk register

No Risks
1 Hiring unqualified individual

Chance Impact Weight Response

Priority

10%

5

0.5 Reducing

3

2 after

20%

7

1.4 Reducing

4

3 Problems with hiring regulations

10%

5

0.5 Avoiding

6

Person leaves a month or two month

For more types of risk, see Appendix 1.
Bad decisions in recruiting staffs like unqualified individual can cause negative impacts especially
in financial area, working productivity and time-consuming. The US Department of Labor
currently estimates that the average cost of a bad hiring decision can equal 30% of the individual’s
first-year potential earnings (BBC, 2013). Furthermore, for 13-year steady growth in this field,
Parker Ltd has a lot of experience in hiring staffs. Additionally, to reduce this risk, project manager
needs to find staffs based on clear performance objectives in order to investigate the fit between
individual’s skills and job requirements.
2.4.Leadership

To make project team work efficiently, project managers need to understand the different theories
about leadership to treat members fairly. According to Goleman (2000), there are six styles of
leadership as follows:
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

Coercive leaders demand immediate compliance.



Authoritative leaders mobilize people toward a vision.



Affiliative leaders create emotional bonds and harmony.



Democratic leaders build consensus through participation.



Pacesetting leaders expect excellence and self-direction.



Coaching leaders develop people for the future.

Based on the profile of members, project managers adjust leadership styles to fit each member.
For example, coaching leaders will be applied to help the low-experience staffs to get jobs done in
the most efficient way. While for the best staffs, managers can use democratic style to increase the
relationship with all members. Furthermore, project managers also need to know how to motivate
all members to get efficiency of work as much as possible. For example, Pink (2009) argues that
motivation stems from internal rather than external factors and there are three elements of true
motivation – autonomy, mastery and purpose. By apply this theory, project manager should give
members some autonomy in their work. For example, give them an initial guide for a task and let
them complete it in the way they see fit. Furthermore, each member in project team should be
provided Goldilocks tasks in order to push them to a higher level. Goldilocks tasks are ones that
are not too difficult and not too easy because if task is too easy, people get bored while if it is too
hard, people will get anxious or frustrated (Azzam & Pink, 2014). Finally, being purposeful
includes setting goals, forming words that clearly illustrates those goals, and following this with
policies that are in accordance with these guidelines (Spawr, 2012). It means that project manager
needs to inspire the staffs to let them understand clearly about the goals of this project and it is not
just about profit.

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References
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at:

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Appendices
Appendix 1: Quadruple constraints in project management

Figure 4: Quadruple constraints

(Source: />
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Appendix 2: Plan – Do – Check – Act cycle (Deming Cycle)

(Source: />
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Appendix 3 – A sample risk register
4 Delivery late

40%

6

2.4 Contingency plan

1

5 Wrong quantity or quality equipment

30%

7

2.1 Contingency plan

2

6 Suppliers go bankruptcy

10%

6

0.6 Avoiding

7

7 Customers give random answers in surveys 50%

4

2.0 Accepting

5

8 Disaster like fire

8

1.6 Transferring

8

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20%

17