Discuss about the Project Selection In Project Portfolio Management.
Company retreat plan mostly plays essential and successful role in corporate success. The office administrative service department is responsible to offer different guidelines for helping the project manager to develop the office retreat plan. As soon as the agencies lease the agreements and they find the new location for the office, the tenant improvement is started and simultaneously the company commences planning for the movement.
This report depicts the role of a project manager during retreat of a company to another country. Many reasons are there for which a company requires to retreat. The corporate retreat gives valuable opportunities to the company which helps them to connect with their project team members and also improves the communication and companionship. For company retreat project, the project manager should develop a schedule and work breakdown structure (WBS) to reduce the workload from the project team members that are elaborated in this report. Additionally project priority matrix, cost estimation plan and relative time phased budget and time phased budget graph is also represented in this report.
Project scope should be professionally documented at the very inception of the project planning phase. This is the basic for a project that helps to meet its objective and goals staying within the estimated budget and timeline. Scope of the company retreat project directly impacts the project schedule, budget that helps to develop risk identification and risk management framework also. For this project the scope statement is –“Successful retreat of a company to another country within estimated time and budget”.
Time |
Scope |
Cost |
Remark |
|
Constraints |
For this project the triple constraints are time, scope and budget which helps to increase the total performance of the project. |
|||
Enhance |
Time for the company retreat to another country is important. Thus the project manager instructed to complete the project within estimated time. |
|||
Accept |
According to the time and performance the project cost estimated is absolutely accepted for the project. |
In order to reduce the workload from the project team members it is necessary for the project manager to divide the total work in small work packages. For this particular project the work packages are segmented in 6 parts and the 6 parts are
Task Name |
Duration |
Start |
Finish |
Predecessors |
Resource Names |
Cost |
Project schedule for company retreat plan |
191 days |
Tue 3/27/18 |
Tue 12/18/18 |
$35,544.00 |
||
project initiation phase |
50 days |
Tue 3/27/18 |
Mon 6/4/18 |
$10,576.00 |
||
cost analysis and preparation of data |
10 days |
Tue 3/27/18 |
Mon 4/9/18 |
Project manager, resource manager |
$2,560.00 |
|
planning initial meeting |
7 days |
Tue 4/10/18 |
Wed 4/18/18 |
2 |
HR manager, Project manager |
$1,960.00 |
data gathering |
5 days |
Thu 4/19/18 |
Wed 4/25/18 |
3 |
HR manager, resource manager |
$1,080.00 |
site analysis where the company will retreat |
6 days |
Thu 4/26/18 |
Thu 5/3/18 |
4 |
contractor, subcontractor |
$1,440.00 |
Identifying stakeholders list |
9 days |
Fri 5/4/18 |
Wed 5/16/18 |
5 |
HR manager |
$1,080.00 |
meeting arrangement based on scenario |
3 days |
Thu 5/17/18 |
Mon 5/21/18 |
6 |
resource manager |
$288.00 |
procurement management plan |
5 days |
Thu 5/17/18 |
Wed 5/23/18 |
6 |
HR manager, Project manager |
$1,400.00 |
Contingency planning |
8 days |
Thu 5/24/18 |
Mon 6/4/18 |
7,8 |
resource manager |
$768.00 |
Milestone 1: completion of project initiation phase |
0 days |
Mon 6/4/18 |
Mon 6/4/18 |
9 |
Project manager |
$0.00 |
Permit for project approval |
24 days |
Tue 6/5/18 |
Fri 7/6/18 |
$4,576.00 |
||
Document presentation based on retreat need |
4 days |
Tue 6/5/18 |
Fri 6/8/18 |
10 |
contractor, Project manager |
$1,216.00 |
requesting executive for additional changes |
5 days |
Mon 6/11/18 |
Fri 6/15/18 |
12 |
contractor |
$720.00 |
submitting request to the government |
7 days |
Mon 6/18/18 |
Tue 6/26/18 |
13 |
contractor, subcontractor |
$1,680.00 |
completion of permit for project approval phase |
8 days |
Wed 6/27/18 |
Fri 7/6/18 |
14 |
HR manager |
$960.00 |
Milestone 2: Final approval from the government to implement the retreat plan |
0 days |
Fri 7/6/18 |
Fri 7/6/18 |
15 |
Project manager |
$0.00 |
project planning |
76 days |
Mon 7/9/18 |
Mon 10/22/18 |
$14,352.00 |
||
analyzing the complexity of each activity |
12 days |
Mon 7/9/18 |
Tue 7/24/18 |
16 |
Project manager, resource manager |
$3,072.00 |
Budget estimation for each activity |
6 days |
Wed 7/25/18 |
Wed 8/1/18 |
18 |
finance manager |
$720.00 |
risk management planning |
8 days |
Thu 8/2/18 |
Mon 8/13/18 |
19 |
Project manager |
$1,280.00 |
project priority matrix development |
9 days |
Tue 8/14/18 |
Fri 8/24/18 |
20 |
Project manager |
$1,440.00 |
signing contract to the contractors |
5 days |
Tue 8/14/18 |
Mon 8/20/18 |
20 |
contractor, Project manager, subcontractor |
$2,000.00 |
signing contract to the subcontractors |
8 days |
Mon 8/27/18 |
Wed 9/5/18 |
21,22 |
subcontractor |
$768.00 |
contract with interiors |
5 days |
Thu 9/6/18 |
Wed 9/12/18 |
23 |
Project manager |
$800.00 |
contract with the electricity suppliers |
6 days |
Thu 9/13/18 |
Thu 9/20/18 |
24 |
Project manager |
$960.00 |
contract with architect |
8 days |
Fri 9/21/18 |
Tue 10/2/18 |
25 |
contractor |
$1,152.00 |
analyzing both functional and nonfunctional requirements |
5 days |
Wed 10/3/18 |
Tue 10/9/18 |
26 |
contractor |
$720.00 |
Milestone 3: Completion of project planning phase |
9 days |
Wed 10/10/18 |
Mon 10/22/18 |
27 |
Project manager |
$1,440.00 |
Milestone 4: Completion of project implementation phase |
0 days |
Mon 10/22/18 |
Mon 10/22/18 |
28 |
Project manager |
$0.00 |
project monitoring |
22 days |
Tue 10/23/18 |
Wed 11/21/18 |
$3,320.00 |
||
preparation of project status report |
5 days |
Tue 10/23/18 |
Mon 10/29/18 |
29 |
Project manager, resource manager |
$1,280.00 |
weekly meeting |
8 days |
Tue 10/30/18 |
Thu 11/8/18 |
31 |
HR manager |
$960.00 |
arrangement of weekly conference |
9 days |
Fri 11/9/18 |
Wed 11/21/18 |
32 |
HR manager |
$1,080.00 |
milestone 5: completion of project monitoring phase |
0 days |
Wed 11/21/18 |
Wed 11/21/18 |
33 |
Project manager |
$0.00 |
project closure phase |
19 days |
Thu 11/22/18 |
Tue 12/18/18 |
$2,720.00 |
||
stakeholder signoff |
5 days |
Thu 11/22/18 |
Wed 11/28/18 |
34 |
resource manager |
$480.00 |
final submission of the report |
4 days |
Thu 11/29/18 |
Tue 12/4/18 |
36 |
Project manager |
$640.00 |
Post project maintenance plan |
6 days |
Wed 12/5/18 |
Wed 12/12/18 |
37 |
Project manager |
$960.00 |
Milestone 6: Completion of project closure phase |
4 days |
Thu 12/13/18 |
Tue 12/18/18 |
38 |
Project manager |
$640.00 |
Figure 2: Gantt chart for the company retreat plan
(Source: created by author)
After analyzing the details of company retreat in another country it has been found that in order to deliver all the project objectives and goals it is necessary for the project manager to complete the project within estimated time period. In order to reduce the workload from the project team members it is necessary for the project manager to segment the total project into small segments. For each segment proper cost will be allotted and it is the responsibility of the project manager to complete a particular task within the estimated budget. In addition to this, degree of shared ownership in the key planning issue helps to resolve different organizational problems. The cost estimated for each of the activities should be estimated based on its complexity. Not only estimating but also it has t be completed within the estimation.
References
Bresnen, M., (2016). Institutional development, divergence and change in the discipline of project management. International journal of project management, 34(2), pp.328-338.
Costantino, F., Di Gravio, G. & Nonino, F., (2015). Project selection in project portfolio management: An artificial neural network model based on critical success factors. International Journal of Project Management, 33(8), pp.1744-1754.
Fleming, Q.W. & Koppelman, J.M., ((2016)), December. Earned value project management. Project Management Institute.
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.
Hornstein, H.A., (2015). The integration of project management and organizational change management is now a necessity. International Journal of Project Management, 33(2), pp.291-298.
Kerzner, H. & Kerzner, H.R., (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Kucharska, W. & Kowalczyk, R., (2016). Trust, Collaborative Culture and Tacit Knowledge Sharing in Project Management–a Relationship Model.
Martens, M.L. & Carvalho, M.M., (2017). Key factors of sustainability in project management context: A survey exploring the project managers’ perspective. International Journal of Project Management, 35(6), pp.1084-1102.
Mir, F.A. & Pinnington, A.H., (2014). Exploring the value of project management: linking project management performance and project success. International journal of project management, 32(2), pp.202-217.
Schwalbe, K., (2015). Information technology project management. Cengage Learning.
Takey, S.M. & de Carvalho, M.M., (2015). Competency mapping in project management: An action research study in an engineering company. International Journal of Project Management, 33(4), pp.784-796.
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