Mission and objectives
The project’s mission aimed to maintain accountability and oversight of the company’s financial projects and assist the finance department with efficient provision of updated financial resources in support of institutional objectives and priorities. In consistence with this mission, the project targeted to:
The project targeted to introduce new updated financial systems between February 2020 and November 2020 in Bayclif Corporation. It was accomplished by procuring online systems similar to those utilized in banking facilities. It was necessary that the project’s scope is understood by all stakeholders and all project tasks are conducted within the framework of the scope statement. The project deliverables included:
The need for the project
The need for the project was identified by internal stakeholders especially those from the finance department. Finance officials discovered that the financial tools in use were rather ineffective as transactions and billing processes were regularly delayed. The company’s competitors seemed to undertake their financial processes with increased precision and speed and provided better customer service. They also had a higher number of customers and partners. Consequently, this prompted the finance officials to request a reassessment of the company’s financial systems. The heads of the finance department and managers of the company held a meeting to identify the strategies that could resolve the problem. They ensured that they evaluated the capabilities that would enable the enhancement and effective implementation of proper financial systems. Further, they assessed the risks and benefits of introducing new systems. After the evaluation, the main stakeholders including management officials proposed the launch of a project that targeted the improvisation of the company’s financial systems.
Project costs and funding
The costs consisted preparatory fees , project overheads, operation and maintenance costs , financing costs and contingency costs that accumulated to an estimated 840,000$.Funding was mainly obtained from commercial loans and sponsorship. Prior to borrowing loans, a banking facility that provided loans at minimal interest charges and had consistent cash flow, was identified. A sponsorship brief including the benefits and opportunities for sponsorship were defined to attract prospective sponsors. To effectively manage project expenditure, development had to be phased. Great importance was directed to the initial planning of the project to prevent under-estimating the costs. It was preferred that surplus funds were allocated to expand the project than to minimize necessary components later as the project progressed. Careful planning to avoid costs on temporary facilities was undertaken and development was programmed to match up available financial resources from wherever they may originate. Efficient cost management was paramount to prevent the escalation of mismanaged costs, which could disrupt project completion.
|Select a team and project manager|
|Procure tools and resources|
The team members executed the project tasks. In essence, they were involved in the production of project deliverables. They asserted that they completed tasks assigned to them within the required time. They also ensured that tasks were executed efficiently and accurately. Team members were encouraged to work cohesively and ensure that they report to the project manager after the completion of tasks.
The project manager was regarded the highest level of authority in the project. The manager was accountable for the project’s progress and the design of the project plan (Haughey, 2018).He ensured that project deliverables were produced accordingly within the set schedule and on budget. He led the team by assigning tasks, providing the required resources, setting deadlines, and regularly meeting with team members to address project progress. He also ensured that all project stakeholders were satisfied with project outcomes by allowing all stakeholders involvement. The project manager was also involved in documentation of project status by collecting oral and written status reports.
The sponsors offered financial support, established a project funding model and approved sources of financing. The sponsors also governed change management and escalation processes.
The project stakeholders identified the end-users who would benefit from project results. The stakeholders were significant in determining suitable sponsors who would greatly impact the project. This was important because the sponsors would have a stake in the project, and assume the role of advisor to preserve their investments.
The steering committee advised the team members, ensured the delivery of project outputs and the attainment of desired project outcomes.
Steps to ensure project success
To ascertain a successful project, a clear mission and objectives were identified to ensure direction and working within the scope. Team members were required to understand the scope of the project, intended goals and objectives and their roles and responsibilities (Sudhakar, 2016). Executive support was gained to ensure that project team acquired the necessary tools, resources and proper training. Regular meetings were held to ensure constant communication on the status of project lifecycle. The team members were constantly motivated and rewarded for good performance. Project closure was crucial once the project was completed. All project stakeholders were informed on the success of the project, and the objectives that were achieved were identified .The stakeholders were asked to mention the lessons learnt throughout the project.
How project success was measured
The success of the project was measured by assessing six critical factors including the scope, budget, schedule, customer satisfaction, quality of work and team satisfaction. The successful completion of the project on time, on budget, and within the scope signified that the project was successful. Additionally, the satisfaction of all stakeholders alongside the achievement of intended project outcomes was equated to project success.
Project management and project success
Project management was significant to the project’s success because through the manager’s capability of carefully planning and leading other team members, project tasks were accomplished. The project manager fostered leadership skills to encourage the team to follow direction willingly. He communicated the vision and motivated the team to accept it and strive to achieve the set goals. He set reasonable and clear expectations for team members, and ensured that they were accountable for achieving those expectations. Constant communication from the project manager motivated the team members to work hard.