The project of ‘Developing a Customized Finance Application’ is developed for developing a customized finance application comprising of the features of the accounting and finance application. The application would support all the financial and accounting related operations for the organization (Harrison & Lock, 2017). It is also feasible that the implementation of the project final deliverable would help the organization for forming the utilization of the existing facilities for implying with the improved transactions and effective financial data management.
The development of the ‘Developing a Customized Finance Application’ project is aligned with the implication of the effective project management operations. The implication of the Software Project Management Plan (SPMP) would be helpful for aligning with the implication of the operations and developing the alignment of the effective project plan development (Heldman, 2018). The software project management plan had seen a considerable growth for the implication of the effective operation development. The implication of the improved operations would also help in forming the utilization of the effective operation development.
The organizational chart for the project of ‘Developing a Customized Finance Application’ is shown below,
The project of ‘Developing a Customized Finance Application’ comprises of three level of organizational structure namely project governance, operational, and managerial level. The project sponsor, steering committee, and project champion forms the project governance. The project managers, team leaders, and supplier project manager forms the managerial level. The operational level comprises of working departments like supplier managers, negotiators, project team, and IT team.
The responsibilities of the project of ‘Developing a Customized Finance Application’ can be narrowed into the three levels of organizational structure namely project governance, operational, and managerial level. The roles and responsibilities of the levels are pointed out below,
|
Organizational Level |
Roles and Responsibilities |
|
Project Governance |
In charge of the key decision making and aligning the implication of the project approval development |
|
Managerial Level |
Management of the project deliverables and operations for forming the implication of the effective final outcome |
|
Operational Level |
Working at the lowest level of project for forming the utilization of the effective and improved technology for the development of the customized financial application |
The project of ‘Developing a Customized Finance Application’ is based on the IT project management principles and the alignment of the improved operation development. The management project objectives would be based for the alignment of the operations for favoring the alignment of the effective implication of the operations (Heagney, 2016). The management of the project would align the implication of the IT infrastructure and knowledge as the first priority. The main objective and highest priority of the project is the development of the Customized Finance Application.
The assumptions of the ‘Developing a Customized Finance Application’ project are,
The ‘Developing a Customized Finance Application’ project is dependent on time, resources, skills and knowledge, and the limitation of the IT equipments and systems.
The priorities of the ‘Developing a Customized Finance Application’ project are development of the customized finance application, development of project plan, and successful implementation of the system.
The probability matrix for the ‘Developing a Customized Finance Application’ project is given below,
|
Impact |
||||||
|
Trivial |
Minor |
Moderate |
Major |
Extreme |
||
|
Probability |
Rare |
|||||
|
Unlikely |
||||||
|
Moderate |
Cost Overrun |
|||||
|
Likely |
Technical Flaws |
|||||
|
Very Likely |
Delay in completion |
The risk response plan for the ‘Developing a Customized Finance Application’ project is given below,
|
Risk Name |
Response Strategy |
Risk Response Plan |
|
Technical Flaws |
Transfer |
External expert should be contacted |
|
Cost Overrun |
Accept |
Provisional budget should be made |
|
Delay in completion |
Mitigate |
Project Crashing should be done |
The risk register for the ‘Developing a Customized Finance Application’ project is given below,
|
Risk Name |
Risk Type |
Probability |
Impact |
Mitigation |
|
Technical Flaws |
Technical |
Likely |
Extreme |
External expert should be contacted |
|
Cost Overrun |
Financial |
Moderate |
Major |
Provisional budget should be made |
|
Delay in completion |
Operational |
Very Likely |
Minor |
Project Crashing should be done |
The scope of the project of ‘Developing a Customized Finance Application’ can be divided into two sections of in scope and out of scope. The in scope items of the project are development of the customized finance application for the organization, development of the project plan, and system testing, implementation of the application, and reports. The out of scope items of the project are procurement plan, contractor works, and transportation requirements.
The specific work packages of the ‘Developing a Customized Finance Application’ project are the sub projects of the project that would combine for forming the development of the final project deliverable. The implication of the successive work packages would be helpful for aligning the utilization of the effective implication of the operations (Mir & Pinnington, 2014). The work packages of the project are,
‘Initializing’: The initializing is the first work package of the project of ‘Developing a Customized Finance Application’ and it is responsible for the initiation of the project activities. The activities included in this work package are requirement analysis, documentation, gathering resources, and submitting the documents. The milestone for the work package is project kick off.
‘Planning’: The planning is the second work package of the project of ‘Developing a Customized Finance Application’ and it is responsible for the development of the schedule for project activities and forming a complete plan. The activities included in this work package are outline plan is formed, review of the planned outline, modification of the plan, and complete plan is developed. The milestone for the work package is plan approval.
‘Designing’: The designing is the third work package of the project of ‘Developing a Customized Finance Application’ and it is responsible for the development of the effective design feasible for the development of finance application. The activities included in this work package are Design Platform is selected, Outline of Design is formed, Design Simulation, and Complete Design is made. The milestone for the work package is Design Approved
‘Executing’: The executing is the fourth work package of the project of ‘Developing a Customized Finance Application’ and it is divided into ‘System Development’ and ‘System Deployment’. The activities included in system development are database integration, user interface is developed, functions are programmed, alpha testing, black box testing, and complete system is developed. The milestone for the work package is system development completed. The activities included in system deployment are implementation plan is formed, system is aligned with organizations operations, maintenance plan is formed, and training to staffs. The milestone for the work package is system deployment completed.
‘Closing’: The closing is the last work package of the project of ‘Developing a Customized Finance Application’ and it includes activities are development of final documents, sign off the documents, and final inspection of the system. The milestone for the work package is project is closed.
The project of ‘Developing a Customized Finance Application’ is an IT project that requires the use of the effective human and material resources for developing the final project deliverable.
Human Resources: The human resources required in the project are analyst, documenter, project manager, planner, designer, tester, database developer, IT engineer, programmer, and trainer.
Material Resources: The material resources required in the project are documents, design tools, simulation tools, database, programming tools, UI development program, testing tools, computer system, maintenance program, and training manuals.
The detailed budget information for the project of ‘Developing a Customized Finance Application’ is shown below,
|
Resource Name |
Duration/Units |
Standard Rate |
Cost |
|
Analyst |
16 |
$30.00 |
$480.00 |
|
Documenter |
56 |
$50.00 |
$2,800.00 |
|
Project Manager |
64 |
$100.00 |
$6,400.00 |
|
Planner |
96 |
$50.00 |
$4,800.00 |
|
Designer |
72 |
$65.00 |
$4,680.00 |
|
Tester |
64 |
$30.00 |
$1,920.00 |
|
Database Developer |
32 |
$70.00 |
$2,240.00 |
|
IT Engineer |
216 |
$95.00 |
$20,520.00 |
|
Programmer |
80 |
$90.00 |
$7,200.00 |
|
Trainer |
56 |
$60.00 |
$3,360.00 |
|
Documents |
2 |
$50.00 |
$100.00 |
|
Design Tools |
2 |
$200.00 |
$400.00 |
|
Simulation Tools |
1 |
$300.00 |
$300.00 |
|
Database |
1 |
$700.00 |
$700.00 |
|
Programming Tools |
1 |
$800.00 |
$800.00 |
|
UI development program |
1 |
$600.00 |
$600.00 |
|
Testing Tools |
2 |
$350.00 |
$700.00 |
|
Computer System |
1 |
$1,100.00 |
$1,100.00 |
|
Maintenance Program |
1 |
$500.00 |
$500.00 |
|
Training Manuals |
1 |
$400.00 |
$400.00 |
|
Total Budget |
$60,000.00 |
The project has been set for a budget of $60,000.00 with the human resource exhausting a sum of $54,400 and rest of the sum of $5,600.00 is considered for material resources.
Conclusion
The report had been made for the project of ‘Developing a Customized Finance Application’ and the final deliverable for the project was the customized finance application comprising of the features of the accounting and finance application. The report had provided an overview of project organization and the analysis of the requirements of the project stakeholders. The analysis had also covered the risk management techniques like probability matrix and risk register for developing the solution to the risk problems identified. The report had also comprised the budgetary information and the project schedule in details.
References
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Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach. Routledge.
Heagney, J. (2016). Fundamentals of project management. AMACOM Div American Mgmt Assn.
Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley & Sons.
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