Assessment_3_Brief_Memo_Module
ASSESSMENT 3 BRIEF
Subject Code and Title Project Planning and Budgeting
Assessment
Cost and Schedule Management Written Activity (Memo – Change
Request and Justification)
Individual/Group Individual
Length 1000 words
Learning Outcomes The Subject Learning Outcomes demonstrated by successful
completion of the task below include:
(a) Evaluate and apply a range of project management
tools, techniques and practices to diverse global
projects.
(b) Evaluate budgetary and planning outcomes against project
success measures, including stakeholder expectations.
(c) Analyse and demonstrate effective communication methods
to articulate planning outcomes to key stakeholders.
Submission Due by 11:55 pm AEST/AEDT Sunday of First Half of Module 5
Weighting 15%
Total Marks 100 marks
Assessment Task
In this assessment you will complete an individually written activity, in the form of a 1000-
word memo that addresses the Assessment 3 scenario question outlined in the Case Study
given to you by the Learning Facilitator.
Please refer to the Instructions for details on how to complete this task.
Assessment 3 Scenario Question
Due multiple stakeholder availabilities during the project and quality issues, some activities have
een impacted, therefore the following changes have been applied in the project:
- 3.4 Customise a risk framework for the Red Bank - Delay by 3 days
- A new activity "Red Bank internal audit and process review" for 4 days between 4.7 and 4.8
Red Bank have asked you to analyse the impact on the project and consider how these changes
might be managed (the entire project duration might be extended) by applying project cost and
schedule management tools and techniques.
Context
Project Schedule and cost management are two interconnected aspects of project
management. Along with scope, they form the triple constraint and a common traditional
measure of project success, as ‘on time, on budget, and to specification'.
Project Schedule Management includes all processes involved in planning, estimating,
sequencing, managing, and controlling the project schedule. Project Cost Management
includes planning, estimating, budgeting, funding, managing, and controlling costs to ensure
the project is completed within budget.
Instructions
1. Download the Case Study and the Memo template from the Assessments section in
Blackboard, provided by your Learning Facilitator.
2. Analyse the provided case study, paying particular attention to project schedule and cost
complexities.
3. Write a 1000-word memo to the Project Sponsor (your Learning Facilitator) using the
provided template, in response to the Assessment 3 question. In your memo, outline the
following:
a. Your individual recommendations for managing the project. You
ecommendations should leverage the scope management plan and scope
statement you submitted in Assessment 2.
. How you would apply project time schedule and cost management tools and
techniques to respond to the scenario described in the question in the assigned
case study.
4. You should use academic sources to support your analysis, including learning resources
and academic or industry literature. All sources should be cited using co
ect APA
Referencing. The reference list is not included in the word count.
Referencing
It is essential that you use the most recent APA style for citing and referencing research. Please
see more information on referencing in the Academic Skills webpage.
https:
li
ary.to
ens.edu.au/academicskills/apa/tool
JP_Red Bank Case Study
J.P - Red Bank Project
The Red Bank is a key player in Australia financial market. With
consideration of continuous raise of cash rate, the Red Bank plans to
improve its risk management practice in loan approval and repayment
control. J.P Consultancy upholds its exceptional world- wide reputation
in providing financial consultation services and advice to commercial
anks. Therefore, when the Red Bank approaches J.P to seek its
services, J.P’s Business Development Executive (Lachlan Smith)
suggested a four-month end to end project to assist the Red Bank to
eform its risk management system, processes and practices.
The objectives for the project include: (1) to research and customise a
isk management framework for the Red Bank; (2) to on-site deliver the
newly designed risk management framework and ensure the
implementation in the Red Bank; (3) to evaluate the new framework and
eady for whole organisation rollout.
The project contains five phases and multiple hurdles to be crossed. A
drafted action list is presented in Table 1. Potential budgetary allocation
is suggested in Table 2. J.P has a sufficient talent pool, and many
capable staff could be assigned to this project. The available staffing mix
is shown in Table 3.
Your tasks:
This case study provides you with an opportunity of drawing on you
acquired project planning, scheduling, budgeting and quality
management skills and materials covered in this course. You are
esponsible for addressing all tasks and requirements listed in Section 1
and Section 2, in addition to Assessment
iefs, according to the case
study.
Section 1 refers to Assessment 2 (Pai
assessment) Section 2 refers to Assessment 4
(Individual assessment)
1-1) Scope management planning
Section 1
● Describe the entire scope of the work including project background, a list of
specific project goals, milestones deliverables, acceptance criteria, constraints
and assumptions.
● Create a Work Breakdown Structure (at least three levels for tasks are ove
10 working days) for the project that aligns with the project activities. Furthe
esearch is required.
1-2) Quality management planning
● Develop the quality management planning components of your Quality
Management Plan.
● Select at least Three work ID to develop Quality Assurance activities
accordingly.
● Apply quality management tools to ensure the project performance is
consistent with the quality management plan. Justify your selection.
Section
2
2-1) Project Scheduling
● Construct an original Gantt chart for the project using project activities given in
Table 1.
● Conduct a critical path analysis and carefully apply the 3-point estimate
technique on identified critical activities to develop an estimated project
schedule.
It is assumed that all critical activities will accelerate 15% if Project team
performs the best efficiency. On the other hand, without an appropriate
collaboration or control, the entire durations from Phase 3 will creep by 30%.
2-2) Cost management planning
● Develop and aggregate the cost of resources needed to complete each
activity, and determine the detailed budget of the project. Your cost estimation
must incorporate relevant resources given in Table 3 for each phase of the
given activities. Develop and justify the resource allocation and cost
management planning components in your Cost Management Plan.
● Present your final budget to the client: the Red Bank, and ensure 30% of the
profit (before tax) as minimum for J.P. Assume Red Bank will agree to pay
maximum $200K for the project. Both detailed cost estimation and a baseline
must be produced in alignment with the project schedule.
● Assume it is now the 20th day into Phase 4: On-site delivery, perform an
Earned Value Analysis (EVA) to demonstrate the project progress. (Bonus
item
Table 1 – The Project Activities
ID Descriptio
n
Duratio
n
(Day)
Predecesso
Phase 1: Project engagement setting
1.
1
Touchpoint to J.P BDE for potential services 3 NA
1.
2
J.P. consultant internal
iefing XXXXXXXXXXSS+1)
1.
3
Client meeting for problem
isk identification 12 1.2
1.
4
Agreement and contract with cooling off period
of 5 days
XXXXXXXXXX
Phase 2: Structure a J.P Project Team
2.
1
Lachlan Smith appoints Project Manager XXXXXXXXXXSS)
2.
2
Project manager forms a team 15 2.1
2.
3
Project team skills mapping XXXXXXXXXX
2.
4
Conduct Project team and Consultant
workshops
10 2.3
2.
5
Assign and agree responsibilities XXXXXXXXXXFF+2)
Phase 3: Production plan
3.
1
Assessment of Red Bank risk management
maturity level
XXXXXXXXXXSS+8)
3.
2
Analysis of the Enterprise Risk Register 5 3.1
3.
3
Research cu
ent risk management practice in
industry and similar consultancy projects XXXXXXXXXXSS+2)
3.
4
Customise a risk framework for the Red Bank 6 3.3
3.
5
Modify existing frameworks to fit in the new one 3 2.5 FF, 3.4
3.
6
Check APRA compliance XXXXXXXXXXFF)
3.
7
Finalise the product XXXXXXXXXX
Phase 4: On-site (Red Bank) delivery
4.
1
Presentation and validation of the J.P-Red
Bank risk framework
3 3.7+3
4.
2
Explain implementation roadmap 2 4.1
4.
3
Key risk management personnel nomination 5 4.2
4.
4
Conduct Responsibilities workshops XXXXXXXXXXSS)
4.
5
J.P and Red Bank system integration and
adaption
20 4.4
4.
6
De-bug (discrete work XXXXXXXXXXFF)
4.
7
Launch and manage a Pilot work 5 4.6
4.
8
Project de-
ief for Red Bank senio
management
2 4.7 (FF)
Phase 5: Lessons Learned and Closure
5.
1
Evaluation platform set-up 5 4.6
5.
2
Lessons learned data collection J.P 10 5.1
5.
3
Lessons learned data collection Red Bank XXXXXXXXXXSS)
5.
4
Problems solving and/or disputes 5 5.2
5.5 Closure and Sign-off 1 5.4
Table 2: Budget Allocation Suggestion
Project phases Budget percentage
Phase 1 15
Phase 2 10
Phase 3 30
Phase 4 35
Phase 5 10
Table 3: Staffing Mix in J.P
Position / Rate
Name
Nathan
B
Elva S Mark F Yuki Y Muchi
A
Amed
H
Howard
O
David
W
Salina
C
Full time / Part time FT FT FT PT PT PT FT FT FT
Hourly rate Paid (AUD$ XXXXXXXXXX XXXXXXXXXX
Hourly rate Charged
(AUD$)
XXXXXXXXXX XXXXXXXXXX
Senior Project Manager X
Project Manager X
Risk Consultant X
Compliance officer X
Graphic designer X
System / Process
merge
X
Senior Project Officer X
Project all-rounder X X X X X
----------------- XXXXXXXXXXEnd --------------------------------