Managing Projects to Meet Goals

1.0 Introduction

The management of project is the approach of planning, initializing, executing and closing of the project with an aim to achieve the specific goals or results. The primary challenge that exists in the management of project is to achieve all the specific goals within the deadline. It is the application of skills, tools and techniques which is used in order to meet actual objective of project. The project manager plays an important role as they communicate with the stakeholders regarding project evaluation which includes risk management and budget allocation. The growth of a project depends on how the manager is managing the team as well as well as members of team implementing each stages of project.

2.0 Company Overview

Revolut is a British financial technology company located in London, United Kingdom.

The company offers banking services like GBP, Currency exchange, stock-trading and many others

The company is founded on the year 2015 and CEO of the company is Nikolay Storonsky.

Revolut is a new established company which specialized in financial services like currency exchange, cryptocurrency and many others. The company is founded in the year 2015 and CEO of the company is Nikolay Storonsky. The company is not that established like a traditional bank but a type of electronic money institution and planning to expand the business.

3.0 Project

Project is a group of task that is needed or required to be completed in assigned deadline to reach the desired outcome

Project can be simple or complicated depending on the goals or field of company.

Project can be defined as the series of task or an activity that is implemented either by an individual or group of people. The project is allocated to the group of people or an individual and deadline is fixed for every job within which it needs to be submitted. The project helps the company to grow and also gain outcome that is necessary for achieving the actual objective (Meredith et al. 2017).

4.0 Company Project

The company plans to implement a project to convert cubical work space to that of an open office plan.

Revolut is newly established company and planning to converts its cubical working space to that of the open area office. This will help the company to increase the collaboration in workplace and also the culture can get influenced with more territorial spaces in working area. The cubical space is limited to small area where there is lack of human interaction and conversion of it into open office can help in increasing the trust and engagement of every employee.

5.0 Characteristics of Project

Scope of the project

The project of converting cubical space to open office will help the company to increase collaboration in workplace.

It will allow the employee to become more mobile as because of higher non-territorial spaces.

Creates an environment of equity and fairness where every staff can share the benefits and beliefs of new work environment.

Risk

Lack of support from staff as they might think that this can leads to loss of privacy

The personal information of any individual can be revealed easily to others.

The project of converting the cubical space to that of open office can be flexible for the company Revolut as it can enhance the culture and staff engagement. It will also help the employee to get environment of equity and fairness where everyone can share the beliefs and trusts among themselves. But there are some of the risks associated with it which cannot be ignored like the budget allocation as it requires large number of resources and for that excessive cost is needed. The lack of support from the staffs is also one issue in project as they might feel that open office can easily revealed their personal information to the others. Thus company needs to assure that the risk management is done properly before implementing the project as it can restricts the growth and actual objective of it.

6.0 Role of Project Manager

Project manager is responsible for successful implementation of project stages.

Project manager motivates and appreciate every member within the team after every goal achievement.

Project manager interacts with stakeholders regarding the project execution and requirement of resources and budget and also discuss the present progress of it.

Project-manager identifies risks and assured that it is solved and has no impact on design or the outcome.

Job sequencing as well as cost and time estimation of project is important role played by manager of project.

The project manager plays one of the important roles in the growth of project for any company like Revolut. The project manager assures that all the stages of project that is initiation, planning, designing, execution and closure is properly executed and guide team if they face any issues. The manager of project also motivates team to achieve goal and assured that risks are properly resolved and it does not impact the actual outcome. The manager of the project allocates job to the each member of team as per their skills and knowledge and assigned a deadline for it. The project manager then monitor progress of each member of team after every stages and provide feedback so that they can work on the improvement area. The proper estimation of cost and time is also executed as one of the task by manager of the project. The manager associated with the project of open office plan of company Revolut interacts with the stakeholders and discuss the resources and budget that is required to convert cubical space to open office. They also share final design with the members who will be responsible for design and construction with that of stakeholders associated with project so that both of them agree with demands and start working on it (projectsmart.co.uk, 2020)

7.0. SMART objectives:

8.0 Methodologies

Agile Methodology: Agile is one of the best methodologies that can be chosen by the business as it increases collaboration that exists in between stakeholders and the group of developers of project. It is the best framework that can provide accurate attention to the technical details and also the design of the project. The methodology basically focused mostly on increasing the customer satisfaction and also enables face to face interactions. The best thing about this model is that it can be controlled even at any stage of project. The company Revolut can use this model to implement the plan of open office as it provides better framework and methods through the each stages of project.

Waterfall Model: The waterfall model is also useful approach as it increases the satisfaction of customer regarding the project. The requirements of the stakeholder and the customer is gathered or collected at very beginning of project and then the planning is done to execute those demands. The waterfall model can be helpful in productive planning and designing of the entire project. The maintenance of project can also be done just like Agile in any stage of the project (Fleming and Koppelman, 2016).

Scrum: Scrum methodology can be better for the company as they can break the task or activity associated in the project into two or more sprints. The team is divided into various roles like scrum-Master, project owner and team member.

Packaged Enabled Reengineering methodology: The leader of the project uses this methodology to redesign the system or any infrastructure of organization from very beginning or from ground stage. The PER method can also be helpful in maximizing the return on investment of company from new project.

Prince2 Methodology: Prince2 methodology can allow the company to have better resource control and also enhance the risk management in project. Thus the leaders can easily divides clear and well structured allocation of the responsibilities into team members using this methodology. The best thing about this methodology is that project remains consistent throughout the stages from starting till closure of it (toggl.com, 2020).

9.0 Team Management and Communication

The weekly meeting will be held to resolve any issues or problems that the team is facing.

The feedback is collected from employee regarding any changes that they think can be useful for business.

The collaborative tools like Google Drive or other cloud platform can be used to share progress of the project and access is provided to every employee.

The design of open office can also be shared through various cloud application with the team members and stakeholders and then next action will be discussed through this.

The team can easily be managed by weekly meeting in which the issues or any critical problems will be discussed regarding the evaluation of project. There are different communication channels which can be used like email, video conference through which the project coordinator or manager can directly interact with the stakeholders. The feedback that is collected from the employee of company can be used to add some changes or improvement according to their opinion. There are various collaborative tools like Google drive which can be useful here as it allows real time sharing of progress report related to project at any interval of time. The access can be provided to employee also as they can able to know the progress of the ongoing project for open office plan. The manager can share the design related to the open office and after that the next action is planned once the stakeholder and every member associated with the project is agree with the project requirements.

10.0 Stakeholders associated with project

Directors

Employees

Suppliers

Investors

The list of stakeholder who are associated with the project are Directors, employees, Suppliers, Customers and Investors. The directors are responsible for the decision making regarding evaluation and deadline of project and the employees can be anyone who are working in the company. The suppliers are the external stakeholders who plays massive role in implementation of open office plan of company Revolut. If the suppliers does not supply the materials needed for project in time then it can delay the work process and plan might not completed like expectations. Thus it is necessary to create positive relationship with suppliers and manager should timely communicate with them if any material is required for project. The Investors also impact the growth of project as proper budgeting in project can only helps the organization in converting from cubical space to that of open office (Papke-Shields and Boyer-Wright, 2017).

11.0 5Ms of management: [Resource management]

Here the project manager of Revolut will use the following process to manage the resources required for the project:

12.0: Risk assessment framework:

Risk assessment is the important stage of project manager in which project manager determine, execute, monitor, analyses and eliminate the possible risks associated with the project (Fleming, and Koppelman, 2016). Here the project manager of Revolut is going to implement following risk assessment framework that will assist the company to deal with any possible risk effectively.

Determine risk:

In this stage the project manager of Revolut will determine as well as execute the possible risk that is associated with carrying out the project. Here the possible risks are:

Insufficiency of fund

Lack of high skilled and highly trained staffs fu carrying out project

Evaluation of risk:

In this stage the project manager of Revolut will measure the severity of possible risks which assist manager to take relevant strategies to eliminate the risk accordingly.

Examine solution:

In this stage, the project manager of Revolut will make proper strategies to deal with possible risk. For example, project manager will approach investors and shareholders to get consistent fund flow for the project to assure that the project will not face fund insufficiency.

Implementation of solution:

Here the project manger of Revolut will implement the selected strategy in effective manner into the work process that will assist company to be protected from the risk.

Monitor result:

In this stage, the project manger of Revout will analyses the usefulness of the strategies and solution that are implemented in project management process. For example, the project manger will supervise that whether the entire project management process is running successfully

13.0 Conclusion

The project management is one of the crucial approaches which need to be implemented properly for the growth of any project. The methodologies like PER, Prince2 and Agile can be useful in implementing the plan of converting the cubical space into that of the open office. It is also needed that company must identify the risks like lack of support from some of the staff and budget allocation at an earlier stages with the discussion of stakeholders. The project manager plays an important role as they manage the entire project by estimating the cost and budget and also discussing with stakeholders about resources and risks. There are many stakeholders who are associated with the project like suppliers, directors, employees, customers and many others. The supplier can play important role as if they don’t deliver materials in time then the actual deadline for project implementation might get delayed.

Reference List

Meredith, J.R., Mantel Jr, S.J. and Shafer, S.M., 2017. Project management: a managerial approach. UK: John Wiley & Sons.

Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute.

Papke-Shields, K.E. and Boyer-Wright, K.M., 2017. Strategic planning characteristics applied to project management. International Journal of Project Management, 35(2), pp.169-179.