The JP-Red Bank project (Statistics Project Sample)

The JP- Red Bank Project Name of Student Institutional Affiliation Course Name and Number Instructor Date Table of Contents TOC \o "1-3" \h \z \u 1.Estimation Methods, Tools, and Techniques for Managing Schedule and Budget PAGEREF _Toc120715153 \h 32.Section 1 PAGEREF _Toc120715154 \h 42.1.Scope Management Planning PAGEREF _Toc120715155 \h 42.1.1.Work Breakdown Structure PAGEREF _Toc120715156 \h 42.2.Quality Management PAGEREF _Toc120715157 \h 62.2.1.The Three Work ID PAGEREF _Toc120715158 \h 73.1.Project Scheduling PAGEREF _Toc120715159 \h 83.2.Cost Management Planning PAGEREF _Toc120715160 \h 8 The JP- Red Bank Project The primary goal of this project is developing a plan by mapping out J.P and Red Bank strategy for enhancing risk management of loan approval and repayment control. It includes providing project cost, project schedule, as well as project quality management approaches that will help the implementation of the strategy. Project schedule refers to the establishing and developing timelines for a given undertaking. This is different from project quality management which involves controlling the plan during implementation to ensure a quality outcome. It involves micromanaging the contracting, procuring, and completing of the strategy by J.P Consultancy. Project cost management covers appropriate tracking, allocation, and control of the budget. While focusing on Red Bank, this research explores the schedule, cost, and quality management of the project seeking to create effective loan approval and repayment control strategies. 1 Estimation Methods, Tools, and Techniques for Managing Schedule and Budget The estimation methods used in the project include detailed baseline schedule and work breakdown structure. Risk identification and resource allocation are other estimation alternatives that can be utilized (Kenneth, 2005). Estimating the costs in the project is done by calculating the resource calendars with corresponding activity cost measures, funding requirements for the project, cost performance baseline, as well as the scope baseline. According to Krezner (2014), the cost of project budgeting is subject to the scheduling and task duration. For this reason, there is need to develop a better scheduling strategy. Tools and techniques that can be used in the project is network diagram using the critical path method and Gantt Chart. The latter is crucial as it provides a clear timeline plotted in a horizontal bar. A network diagram displays the tasks starting with the initial planning till the final phase. 2 Section 1 1 Scope Management Planning The primary objective of the strategy by Red Bank to improve its loan management systems. It ensures project planning and execution is done successfully. Studies assert that efficient management of schedules, costs, and quality alleviates 90% of the project risks that exists during planning (Morris & Sember, 2008). The specific objectives for the project include researching and customizing a risk management framework that is effective specific to Red Bank. Another objective is for J.P Consultancy to make an on-site delivery of the freshly designed risk management framework that involves addressing loan approval and repayment control and system for the bank. The last objective is to evaluate the developed frameworks to determine whether it is ready for the mass rollout. Summarily, project covers risk assessment, evaluation, and reduction coupled with plans for contingencies as well as risk reporting and monitoring. 1 Work Breakdown Structure The work breakdown structure for Red Bank and JP Consultancy project includes smaller milestones. According to Ballard et al. (2015), project scheduling only comprises of milestones such as gate review or end of a given phase. The work breakdown structure factors in smaller developments that cannot be added in the chart. It is crucial for the project management at Red Bank because it requires prompt reporting when an issue that might affect the schedule arises. Such awareness will ensure that preventive actions are put in place to avoid slips that delay the project. The project manager then informs the entire team about the modifications that have been made and would affect a milestone and eventually delay a deadline. center81280Risk Management System, Processes and Practices Risk Management System, Processes and Practices 54321712851402960065294640169692329400529626573843004102455278740373075287147037307428714700 126553096317Phase 2: Structure a J.P Project Team 00Phase 2: Structure a J.P Project Team center97206Phase 3: Production Plan00Phase 3: Production Planright90018Phase 5: Evaluation and Closure00Phase 5: Evaluation and Closure367195186690Phase 4: On-site (Red Bank) Delivery00Phase 4: On-site (Red Bank) Deliveryleft96799Phase 1: Client Diagnosis00Phase 1: Client Diagnosis 411099022258000547908621031200295534223225700168178423685536924993527304.1. Demo for Red Bank risk framework 004.1. Demo for Red Bank risk framework 3789422283960 256733095253.1. Explore Red Bank issues 003.1. Explore Red Bank issues 506049395765.1. Evaluate platform set up005.1. Evaluate platform set up126431195252.1. Appoint project manager (PM)002.1. Appoint project manager (PM)left428241.1. Approach J.P 001.1. Approach J.P left3489201.2. Consultant briefing 001.2. Consultant briefing 3862071785620 370880649024.2. Explain implementation framework004.2. Explain implementation framework255300449023.2. Examine JP’s existing risk framework003.2. Examine JP’s existing risk framework126553049020506780832265.2. Feedback data collection J.P 005.2. Feedback data collection J.P 126398132772.2. PM forming a team002.2. PM forming a team 37161222542294.3. Personnel nomination for risk management 004.3. Personnel nomination for risk management 50827182306575.3. Feedback data collection Red Bank005.3. Feedback data collection Red Bankcenter2676393.3. Research current practice 003.3. Research current practice 12787122671832.3. Team skills mapping 002.3. Team skills mapping 0000left2692401.3. Problem/ Risk Identification001.3. Problem/ Risk Identification3861571138940 25530042042413.4. Customer risk framework for Red Bank003.4. Customer risk framework for Red Bankright180569Problem solving/ disputes00Problem solving/ disputes37307522042414.4. Conduct responsibility workshop004.4. Conduct responsibility workshop12789412025652.4. Team and Consultant workshop002.4. Team and Consultant workshop3950225062200-12192100841.4. Agreement and Contract001.4. Agreement and Contract 1711757-12435800 right1390145.5. Closure and sign-off005.5. Closure and sign-off37360091755404.5. System integration and adaption 004.5. System integration and adaption center1822193.5. Modify existing framework 003.5. Modify existing framework 12781791968502.5. Assign and agree on responsibilities002.5. Assign and agree on responsibilities 2559558112523.6. Check APRA compliance 003.6. Check APRA compliance 3765626115324.6. De-bug 004.6. De-bug 3772891516894.7. Launch and manage pilot work 004.7. Launch and manage pilot work 25527001319023.7. Finalize product 003.7. Finalize product 37646101055624.8. Project de-brief for senior management004.8. Project de-brief for senior management Figure SEQ Figure \* ARABIC 1: Work Breakdown Structure for J.P and Red Bank Project The milestone deliverables does not breakdown the project into sub-steps. For this project, it highlights the major actions that will be taken to fulfill the risk management framework for Red Bank as shown in Table 1. It provides the finish date for the milestone in a measurable manner. Table SEQ Table \* ARABIC 1: Milestone Deliverables for J.P- Red Bank Project Milestone Description Start Date Finish Date Phase 1: Client diagnosis Information gathering about the issue at Red Bank 2nd Dec 2022 6th Jan 2023 Phase 2: Structure a J.P project team Allocation of duties to team members 11th Jan 2023 7th Mar 2023 Phase 3: Production plan Strategic planning for risk management framework 8th Mar 2023 17th Mar 2023 Phase 4: On-site (Red Bank) delivery Pilot launch and delivery of services 18th Mar 2023 26th Apr 2023 Phase: 5 Evaluation and closure Evaluating project using feedback 11th Apr 2023 27th Apr 2023 2 Quality Management Quality management is among the primary components of planning. It focuses on quality assurance, quality control, and quality improvement (Romero et al., 2018). The main objective of this aspect is achieving customer satisfaction and quality standards including ISO:9000. One approach to achieving quality is planning with vision and goals for the project. Red Bank will achieve a better and effective risk management framework from J.P if there proper planning. This includes the addition of procedures, objectives, strategies, and tactics which are used to define a good quality plan (Gonzalez, 2019). Failure Modes and Effects Analysis (FMEA) chain can be used to determine the quality in the risk management framework developed for Red Bank. Figure SEQ Figure \* ARABIC 2: FMEA Chain process retrieved from http://www.qmindset.com/index.php?page=fmea The process ensures that the right team is selected for the project by advising that it should be cross-functional. It also advises on the importance of definition of scope with processes. Besides, it identifies the possibility of failure and areas which are high-risk to failure. 2 The Three Work ID While quality assurance describes the methods as well as procedure to give clients better services. It provides solutions that help to satisfy the customer (Sturtevant et al., 2022). The main objective of this concept is reducing errors while meeting the expectations of the client. J.P and Red Bank can use both quality assurance and quality control to ensure better delivery of the risk management framework. The latter involves t...