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Applied Project Assessment Assignment Sample

Applied Project Assessment

1. Explain the phase of the project life cycle

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Initiating

Best & Less is an Australian travel agency with the help of high-quality accommodation. More than 170 staff is spread over the three offices with the various ski resorts. Initiating is the first phase of the project life cycle and that has following new methods to develop a business case. The specific goals of the business are continuously following both the PLC and appropriately improving the feasibility of the project. Project initiation is an appropriate method and that trying to significantly enhance more chances of achieving a succession plan (Wuni and Shen, 2020). Project initiation is the first phase of PLC and that established basic requirements for meeting clear goals as well as objectives. The communication link of the business is trying to attract more customers into the business.

Planning and executing

The document governing meets numerous requirements of Best & Less, Australia. However, the specific company is aware to increase public demand through the survey methods. The available websites are trying to connect with numerous customers and that has to improve the organization through efficient planning. The management and information system is trying to enhance the business activity by using numerous skills and e-commerce applications. The planning as well as executing method is potential and appropriate for raising the basic requirements of the business (Dahlke et al. 2020). Efficient planning and execution are accurate methods for enhancing organizational long-term opportunities. In order to develop implementation is the main motive of Best & Less and constantly following new services. Project planning of Best & Less is required an additional hardware system to make positive support to the individual customers. 

Monitoring and controlling

The specific phase is most important and played a major role in a business maintaining necessary changes the business. The third step is necessary to control numerous difficulties of the authorized project. Monitoring and controlling are followed by Best & Less to meet business sustainability. The specific methods keep following the business growth rate by enhancing the basic skills and techniques of the individual project managers (Abdel-Basset et al. 2019). In order to control necessary changes of Best & Less continuously monitoring and controli8ng phase are potential. The advantages, as well as numerous opportunities of the business, are minimizing the business issues and the appropriate controls and verifying the numerous scope of the project.

Closing

The closing phase of PLC is the necessary and the last phase and that can be approved the formal recognition to complete the appropriate project. The closing phase is potential in the business and Best & Less has tried to follow PLC to enhance long-term growth (Bestandless.com.au 2022). The last stage of PLC is an essential element in the business and that can be finalizing the overall activity of the entire travel agency. High-quality accommodation and the appropriate environment of the resorts are engaging more customers in the business process. The phase of PLC is potential and that can able to monitoring the overall business process of the organization.

2: Stakeholder Register and Communication Management Plan

2.1: Stakeholder register

The preparation of stakeholder register is considered to be an area of perennial importance for the implementation of holiday projects for the Best and Less Ltd. The stakeholder association considering the project feasibility and reliability for Best and Less is an area of significance as it allows the functional and streamlined structural conduct of the project. Almasifar et al. (2021) stated that the stakeholders of the project mainly consist of its internal members who include James Vic, Tim Jones, Rage Munde, Jack Lucas, Emeka Steven, and Daniel Okw and Ric Nelson. All these key personnel hold key project positions of operations, sales, IT, finance and the chairman and board member. The stakeholder matrix additionally, includes the role of federal and beauractric bodies as well as customers intending to associate with the project specifications. The feasible preparation of stakeholder register has been further precisely mentioned as follows.

S.L.No

Stakeholder Name

Role

Group (Internal/External)

Interest

Influence

Role /Action

Address

1

Emeka Steven

Director

Internal

High

Medium

The role of the first director should encourage the reliable implementation of project tactics as well as look after the streamlined conduct of daily project operations for Best and Less.

Melbourne, VIC

2

Daniel Okw

Director

Internal

Medium

Medium

The role of the second director needs to encourage a higher project significance and involvement for ensuring the suitable revenue generation for the project in both the summer and winter seasons.

Sydney, NSW

3

Ric Nelson

Director

Internal

High

High

The role and responsibility of the third director are to encourage the coherent association of external stakeholders, directly or indirectly with the catering accommodation project.

Melbourne, VIC

4

James Vic

Customer Service Manager

Internal

Moderate

High

The customer service manager is duly responsible for providing quality assurance for products that are offered in the market and simultaneously enhancing the acceptance of new clients for making the accommodation project a successful one.

Melbourne, VIC

5

Tim Jones

IT manager

Internal

Low

Low

In order to ensure a significant contribution of the IT team for ensuring smooth implementation of the project, necessary importance is needed for creating attractive digital exploration platforms.

Sydney, NSW

6

Rage Munde

Accountant

Internal

Low

High

Specific attention is needed to enhance the role of accountant and finance team. The financial parameters of a project are crucial for estimating the actual and future outcomes of the project.

Melbourne, NSW

7

Jack Lucas

Quality Assurance Manager

External

Low

Medium

The action required for encouraging the incremental role of quality assurance manager is largely attributed to the potential purchase of quality raw materials associated with the accommodation products.

Sydney, NSW

8

Government and Legislative bodies

Adherence to business regulations

External

Medium

High

Governmental and bureaucratic adherence is a perennial factor for the Best and Less Ltd. management to consider a fruitful accomplishment of accommodation project metrics.

Melbourne, VIC

9

Customers

Purchase and buying of accommodation products and tenant

External

High

High

The upliftment of customer demands and needs is perennial for the project to achieve its designated milestones and objectives.

Australia and New Zealand.

Table 1: Stakeholder Register

(Source: Created by Learner)

2.2: Communication Management Plan

The preparation and adherence to a communication management plan can be further strengthened by the addition of a suitable communication management plan. The feasible communication management plan describing the various functions needed to be implemented is mentioned as follows (Abayad, 2018).

S.L. No

Description

Frequency

Goals

Method of Communication

Audience

Responsible Person

1

Meeting with Project Team

Fortnightly, after an interval of 14-15 days.

Primary goal is to understand how the accommodation project is progressing.

Face to Face

Project Team

Project Manager and Director

2

Updates related to stakeholder association

Needs to be conducted after a time period of 25 days.

Major goals and objectives are related to identifying stakeholder integration with the new project.

Online through web streaming platforms

Internal and External Stakeholders

Director and Customer Service Manager

3

Meeting related to making possible changes in project structure

Needed to be conducted once every month.

The main goal is to make necessary project-related changes for encouraging a higher success ratio.

Face to Face

Project Board and work contract executioner

Project and Quality Assurance Manager

4

Project Review

Needed to be conducted within a time span of 45 days.

Main goal and objective are to monitor the current progress and status of the project.

Face to Face

Project Board and

Director and Project Manager

5

Interim Outcome

Needs to be conducted once every quarter.

The main aim is to identify the potential results and outcomes of the new project and how it is relevant to the Australian tourism and hospitality industry.

Face to Face

Director, Accountant and Project Manager

Project Manager

Table 2: Communication Management Plan

(Source: Created by Learner)

3: Project Charter

A project charter is an important aspect of ensuring successful completion and implementation of a project, especially concerning the project development for the tourism and hospitality industry. Moreover, the preparation of project charter is further important as the phase-wise project implementation of project structure can be further conveyed through the preparation of project charter. The features of a project charter can be further classified on the basis of project implications, which justify the main purposes of the project implementation as well as estimating the large-scale project requirements. As per explanations and opinions of Schmitz (2018), the features of a project charter also include the summary milestone schedule as well as an evaluation of the high-level risks. The preparation of a project charter for the project implementation for Best and Less Ltd. is further determined as follows.

Project Name: Gites Holiday Cottages

Project Description

The project description mainly implies developing a suitable digital platform for ensuring hassle-free ticket booking facilities for Best and Less Ltd. The additional emphasis of this project shall be provided on increasing the potential for incremental sales and revenue generation in the Australian tourism and hospitality market.

Project Objectives

The project objectives mainly include findings suitable avenues for justifying the perennial growth in the bookings for cottages and holiday accommodation in Australia.

The parameters of measuring project success

In order to measure the success of the project, the following criteria are needed to be examined.

? An increase in the total number of holiday bookings via the new website

? Significant rise in the overall customer base and a favourable result owing to the suitable assessment of the target market.

? Significant rise in the customer orientation associated with the direct or indirect involvement with tourism and holiday bookings.

Project Participants

Name

Role

Emeka Steven

Board of Directors

James Vic

Customer Service Manager and Sales Supervisor

Grace Moore

Accounts manager and senior supplier

Tim Jones

IT manager

Available Resources

The available resources mainly include the internet development costs for AUD $ 384,000 as well as the feasibility of acquiring customer orientation through websites and android platforms.

Milestones

Status

Due

Deadline

Building a new website to attract a plethora of customers.

10.02.2021

18.03.2021

Developing an additional online booking tool through the incremental support from android applications

21.02.2021

14.04.2021

Possible Risks

The possible risks associated with the accomplishment of project milestones mainly include the risks attributed to inefficiency of team members in achieving the goal at prescribed deadline. The additional risk attributed to the achievement of project-related milestones can be further attributed to the likelihood of the project management team exhausting the prescribed budget required to comply with completion of the objectives.

Approval

Title and Name

Date

Director : Emeka Steven 

15.06.2021

Finance Manager: Grace Moore

15.06.2021

IT manager: Tim Jones

15.06.2021

Table 3: Project Charter

(Source: Created by Learner)

The above table of project charter considering project implementation for Best and Less Ltd portrays the necessary objectives and structures associated with the suitable conduct and roll-out for the project. As per demonstrations and explanations of Logrieco et al.(2018), the consideration of all above elements in the project charter is further necessary to justify suitable project-oriented outcomes. This further relates to the best possible project metrics and encourages a substantial increase in the growth patterns for a particular project. The final important factor of consideration as per the project charter includes the approval and acceptance of project nuances, which are to be done by the concerned project implementing bodies and spearheads. Therefore, the significance and relevance of a project charter for the implementation and successful rollout of Gitts Holiday Cottages is necessary for justifying suitable project-related outcomes and consequences.

4: Project Network Diagram

The importance and significance of a project charter is an important consideration for the project to achieve full-fledged flight in its normal duration to achieve true justification of the project objectives. In order to further achieve solidified project justifications for Best and Less Ltd, additional emphasis is being provided on the composition of a network diagram. The network diagram contains all major activities and sub-activities associated with the implementation and functioning of the project basics.

Figure 1: Network Diagram

(Source: Created by Learner)

The above graphical representation of the network diagram provides the actual order of the work structure that is required to be implemented for achieving the required project-oriented outcomes. The network diagram mainly consists of activities that are needed to be conducted from 2nd November 2020 to 23rd June 2021. As per the explanations and illustrations of Tereso et al. (2019), the creation of a network diagram further provides additional impetus to the starting elements of the project. The starting elements of the project mainly consist of assigning a work contract executioner to successfully complete the project within a stipulated time frame. The additional emphasis of this project shall be further given to the assigning of a suitable project manager to successfully achieve requisite project outcomes. The role of a project manager is further significant and important as that individual is solely held responsible and accountable for encouraging favourable project indicators.

The project indicators can be further classified on financial and non-financial aspects, in which the financial aspects of a project indicator mainly comply with the optimisation of internal resources with bare minimum costs. The added impetus to feasible completion of a project is further given to the potential scope for incurring lower project implementation costs for justifying a large share of profitability. Seo and Htike (2018), further expressed and demonstrated that the major implications of non-financial aspects mainly include the legislative and operational scheme of things. The legislation and adherence to regulatory project-oriented frameworks are important considerations to attain a high level of project sustainability in the near and distant future. The operational scheme of things attributed to the implementation of a certain project relates to how efficiently Best and Less Ltd can manage its available organisational resources to attain the highest possible favourable project outcomes (seekingalpha.com, 2022). The added emphasis as per the above drawn up network diagram is being further provided on the Internet and Information technology related parameters.

The consideration of Internet and IT-related parameters is further essential for the project board of Best and Less Ltd as their entire project metric relies on the robustness and reliability of Internet and IT. Therefore, it is perennially important to consider a suitable IT manager for ensuring true and diligent adherence to implementing sound IT and internet structure. As per explanations and illustrations of Poinet, Stefanescu and Papadonikolaki (2020), the role of a suitable and competent manager is to facilitate the encouragement and nourishment of Information Technology protocols, which translates into higher revenue numbers for an organisation. Therefore, the development of a suitable website is crucially important for the project structures and paradigms of Best and Less Ltd as it shall directly allow new customers to directly engage with booking their requisite accommodations across Australia. Subsequent importance is also required to be showered for the development of an android based application to further justify the suitable functioning and increase in ticket booking for Gitts Holiday Cottages.

The present industry benchmark across the globe has been highly influenced by the arrival of smart phones and android based applications to garner higher concentration levels from users. The higher level of mobile usage by users leads to the potential generation of a higher number of customers, thereby generating a higher revenue share. As stated and explained by (), the additional emphasis on the project network relates to the final approval and acceptance by the board members and the project board. According to Yang (2018), this is mainly carried out after checking all requirements of the project are met successfully and a final nod of approval is thus given.

5: Calculation of Project Cost and NPV

5.1: Project Cost

The financial aspect of implementing the project sustainably and suitably is perhaps the most important factor of consideration concerning the main project spearhead for Best and Less Ltd. In order to further achieve true justification for the financial metrics of the project, special emphasis has been provided to encourage a suitable estimation of the project cost. The project cost for employing new technology for the development of a networking based technology. As opined and demonstrated by Moghadam et al. (2019), the assumption of a correct and accurate project cost is a necessary implication for Best and Less Ltd to follow as the projected roadmap and estimated success of the project can be further assumed in an easy manner (globenewswire.com, 2022).

As per the explanations and illustrations of Kuksenko (2019), Moreover, it becomes essential to project a suitable information technology cost considering key economic features including market crisis and lean seasons in the tourism and hospitality industry to upkeep the interests of organisations and customers. Additionally, the impacts of cost increment should also be kept as key provisions during the project tenure to further establish suitable project-related outcomes in the long as well as short run. An initial investment of $ 384,000 has been slated for the procurement of technology related to the application of IT and website protocols.

5.2: Calculation of NPV

In order to further establish reliability and credibility of a project, the major area of emphasis by the organisational spearhead of Best and Less Ltd has been provided on financial and numerical calculations. The calculation of Net Present Value is considered to be the most important attribute in further defining the robustness of the project. The calculation of NPV further includes an initial investment of $ 384,000 has been considered and cash inflows have been considered to be $ 90,000 annually with an expected additional cash inflow of $ 75,000. The project tenure or life span has been estimated to be four years starting from the year 2021 and ending in 2024. The cost of capital has been assumed at 10% for the entire duration of the project.

Year

Cash Outflow

Cash Inflow

Discounting Factor @ 10%

Discounted Cash Inflows

2021

 $ 384,000.00

1

2022

 $ 165,000.00

0.909090909

 $ 150,000.00

2023

 $ 165,000.00

0.826446281

 $ 136,363.64

2024

 $ 165,000.00

0.751314801

 $ 123,966.94

 $ 384,000.00

 $ 410,330.58

Net Present Value

 $ 26,330.58

Table 3: Calculation of Net Present Value

(Source: Created by Leaner)

As per the above table of Net Present Value calculations, the expected Net Present Value is slated to be $ 26,330.58 after four years. Therefore, it is considered a significant and precise indicator that the managerial spearhead of Best and Less Ltd considers accepting the project, owing to the positive NPV attributes. Hence, a positive NPV generally leads to the acceptance of a project, thereby signifying fruitful project returns in the near and distant future (pv-magazine-australia.com, 2022).

6: Work Breakdown Structure

The adherence to the perspiration of a work breakdown structure is also considered an important aspect of the project to encourage favourable project outcomes. Rianty, Latief, and Riantini (2018), explained that the salient features of a work breakdown structure (WBS) mainly lie in the reliable steps needed to be undertaken by the project implementing bodies to achieve sustainable outcomes and results. The structural and functional implication of a WBS mainly allows the project implementing bodies of Best and Less Ltd to subcategorize and divide the larger work structures into smaller sets of work structures. The following WBS has been created for Best and Less Ltd to successfully identify and implement suitable project-oriented strategies to achieve the required deliverables (Abd Rahman, Zaki and Husain, 2019).

Figure 2: Work Breakdown Structure

(Source: Created by Learner)

As per the above drawn up a graphical representation of the WBS, it can be clearly outlined the project contains large activities consisting of Project Start, assignment of an IT manager and Project approval. The project start and commencement have been further categorised as assigning contracts for executing the project, assigning a project manager and fetching suitable approval. This is an important area of consideration as the new Gitts Cottage Project is r\directly related to large customer integration and the presence of these important sub-structures further signifies the accurate project approaches. As per the opinions and demonstrations of Saputra and Latief (2020), the second category of assigning an IT manager has been further divided into development of a website and development of an application. The consideration for development of websites and applications is further crucial as direct integration of customers and achieving higher revenues is potentially feasible by employing this approach. Necessary amendments and modifications are needed to be implemented in the development of a website and android application to make it more appealing and gleefully accepted by a large share of customers (Lestari, Herzanita and Latief, 2021).

The final adherence towards the preparation of a suitable WBS is further attributed to the suitable preparation of project approval. The project approval is further classified to be an important consideration for the board members to consider for ensuring timely completion and delivery of the project. As per illustrations and opinions of Ikarwitaza, Riantini and Latief (2021), the project approval can be further divided into approval from board and approval from the project director. This significantly allows the additional room to fit in necessary last-minute amendments for ensuring the glorified assurance and dominance of the new Gitts Cottage Project in the Australian market to meet its destined project objectives.

Reference list

Journals

Abd Rahman, W.W., Zaki, N.M. and Husain, M.A., 2019. A review of work breakdown structure and man-hours estimation method used in shipbuilding production. International Journal of Mechanical Engineering and Technology10(01), pp.1141-1158.

Abdel-Basset, M., Atef, A. and Smarandache, F., 2019. A hybrid Neutrosophic multiple criteria group decision-making approach for project selection. Cognitive Systems Research57, pp.216-227.

Abyad, A., 2018. Project management, motivation theories and process management. Middle East Journal of Business13(4), pp.18-22.

Almasifar, N., Canbolat, T.Ö., Akhavan, M. and González-Lezcano, R.A., 2021. Proposing a New Methodology for Monument Conservation “SCOPE MANAGEMENT” by the Use of an Analytic Hierarchy Process Project Management Institute System and the ICOMOS Burra Charter. Sustainability13(23), p.13174.

Dahlke, F.T., Wohlrab, S., Butzin, M. and Pörtner, H.O., 2020. Thermal bottlenecks in the life cycle define the climate vulnerability of fish. Science369(6499), pp.65-70.

Ikarwitaza, P.A., Riantini, L.S. and Latief, Y., 2021, July. Development of Dictionary and Checklist based on WBS (Work Breakdown Structure) of Structure Works in Stadium Construction for Safety Planning. In IOP Conference Series: Earth and Environmental Science (Vol. 794, No. 1, p. 012045). IOP Publishing.

Kuksenko, S.P., 2019, June. Preliminary results of TUSUR University project for the design of spacecraft power distribution network: EMC simulation. In IOP Conference Series: Materials Science and Engineering (Vol. 560, No. 1, p. 012110). IOP Publishing.

Lestari, A.D., Herzanita, A. and Latief, Y., 2021, July. Development of Safety Plan Building Based on Work Breakdown Structure (WBS) in Campus Area of UI Depok to Reduce Work Accident. In Journal of International Conference Proceedings (JICP) (Vol. 4, No. 1, pp. 104-116).

Logrieco, A.F., Miller, J.D., Eskola, M., Krska, R., Ayalew, A., Bandyopadhyay, R., Battilani, P., Bhatnagar, D., Chulze, S., De Saeger, S. and Li, P., 2018. The Mycotox Charter: Increasing awareness of, and concerted action for, minimizing mycotoxin exposure worldwide. Toxins10(4), p.149.

Moghadam, E.K., Sharifi, M., Rafiee, S. and Chang, Y.K., 2019. Time–Cost–Quality Trade-Off in a Broiler Production Project Using Meta-Heuristic Algorithms: A Case Study. Agriculture10(1), p.3.

Poinet, P., Stefanescu, D. and Papadonikolaki, E., 2020, May. SpeckleViz: a web-based interactive activity network diagram for AEC. In SimAUD 2020: Proceedings of the 11th annual Symposium on Simulation for Architecture and Urban Design (SimAUD) (pp. 419-428). The Society for Modeling and Simulation International (SCS).

Rianty, M., Latief, Y. and Riantini, L.S., 2018. Development of risk-based standardized WBS (Work Breakdown Structure) for quality planning of high rise building architectural works. In MATEC Web of Conferences (Vol. 159, p. 01019). EDP Sciences.

Saputra, P.D. and Latief, Y., 2020, April. Analysis of safety cost structure in infrastructure project of precast of precast concrete bridge based on Work Breakdown Structure (WBS). In IOP Conference Series: Materials Science and Engineering (Vol. 830, No. 2, p. 022074). IOP Publishing.

Schmitz, K., 2018. A three cohort study of role-play instruction for agile project management. Journal of Information Systems Education29(2), pp.93-103.

Soe, P.H. and Htike, T.M., 2018. Critical path analysis programming method without network diagram. In MATEC Web of Conferences (Vol. 192, p. 01027). EDP Sciences.

Tereso, A., Ribeiro, P., Fernandes, G., Loureiro, I. and Ferreira, M., 2019. Project management practices in private organizations. Project Management Journal50(1), pp.6-22.

Wuni, I.Y. and Shen, G.Q., 2020. Critical success factors for management of the early stages of prefabricated prefinished volumetric construction project life cycle. Engineering, Construction and Architectural Management27(9), pp.2315-2333.

Yang, W., 2018, January. Research on Computer Algorithm and Display Method of Network Diagram. In 2017 4th International Conference on Machinery, Materials and Computer (MACMC 2017) (pp. 159-162). Atlantis Press.

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