Banking Management System Project Charter: Overview And Analysis

Critically discuss how your experience in Assessment Task 2 aligned (or did not align) with project management principles. Analyse your experience against at least three (3) knowledge areas. You may choose to use positive or negative experiences, although students tend to learn more from reflecting on negative experiences in a reflective essay
 

The banking management is the oversight of various activities. This is a multidisciplinary area that is involved in preparing people having experiences, training and interest for various positions of management.

In this report the case banking management system project at bank is considered. At first the theory behind every element of the charter is discussed here. Next, the actual project charter is analyzed in this section.

Project scope:

The scope of the banking sector consists of wide range of businesses. They provide services and various facilities like gaming, beverage and food, accommodation and various related products.

Every sectors to international and domestic markets consists of notable driving financial growth worldwide. Here, they has been indicating a wide range of business services and types and at many cases they are interlinked (Heldman 2018). Here, for instance tourism includes the complicated assimilation of various overlapping sectors. This includes the resorts, holiday parks, hotels and exhibition and events and effects of retail and transportation sectors. Besides, this has been including accommodation, transport and catering, audio-visual systems. Further, the financial activities are extensive around those interrelated areas and also affecting various industries.

For the present project on banking management, there are necessities of various services and items contributing to fulfill the objective of the project. This is created by project processes. Apart from this, the measurable outcomes has been confirming to the realization of the daily objectives of the project (Badewi 2016). Moreover, these deliverables has been also proving the team work’s adherence to various requirements of the project. Besides, the sin-off deliverables by the external and internal customer has been confirming that the deliverable is complying with various the standards of the customers.

On the other hand, the milestone has been demonstrating the project status as shown by the moment and event at which the more activities of the project to be finished. Again, the milestones has been representing the ending of the primary tasks of the project and the conclusions that has been reached and the queries answered. This has been affecting the schedule of the project significantly (Milosevic and Martinelli 2016). Here, for instance, the current processes of the document and the requirement of the documents are the milestones supporting the development of the deliverables of the greater level of requirements. These are milestones supporting the development of the deliverable of the requirements of high levels for the help desk project of implementation (Brioso 2015). Here, for instance, the document requirements and documenting of current processes are the milestones supporting the development of the high-level requirement deliverable for the implementation of the help desk. Overall, the milestone indicates the finishing of the important steps of the project. It needs the commitments of particular quantity of effort, resource and time. Moreover, it has been suggesting the development to be made towards the finishing one and more amount of deliverables (Varajão, Colomo-Palacios and Silva 2017).

Milestones

The assumptions and constraints are documented and determined at the higher-level of initiation of project. In the present project of documented and refined details of defining scope processes in project planning are considered. These are the inputs for various processes of project management. Moreover, the analysis of the assumption is the part of the process of risk management (Torres 2016). The plan of project management requires the modifications as the assumptions or constraints are proven to be wrong. The assumptions and constraints are required to be determined, effectively controlled and tracked as the project life cycle goes on.

At first the rates of resource costs are to be determined. Here, resource costs indicates the materials and labors. Then the vendor bid analysis is to be done. Further, more than one contractor can be needed to bid on the tasks. The tool is to analyze the bids and go for the one to be accepted. Then a reserve analysis is to be done. It is required to set aside the costs for overrunning the costs. As one understands the project comprise of risk of anything costly to occur, it is smarter to have cashed that are available to be dealt with. Here, the reserve analysis indicates the putting of cash away as the overrun take place. Lastly, the cost of quality to be involved to track the expense of the activities (Heagney 2016).

The government is the first stakeholder. This assure that the business under banking follow the planned regulations and policies. Then the industrialists are to be considered. They are the vital stakeholders for banking sector. They are the transport agencies, organizations in industry and travel agencies. Then the customers are tourists are the significant stakeholders of banking (Carstens, Richardson and Smith 2016). Next, the employees are the internal stakeholders of banking sector. They consist of huge level of interest for the internal policies of banking sector. Lastly, they are the local communities. They are helpful to attract the tourists and affect the intentions to visit specific places.

This includes the following.

• The project team members owe of communicating to others.
• They are needed to be careful to make assumptions about others and business.
• They must be concentrating on bigger problems instead of smaller problems.
• Regular meetings are to be met, through that has been just the sharing of data.
• They must be making clear roles of decision-making of the individuals and groups.
• Challenging questions are to be asked since each other’s priorities are to be understood and portray others in the most effective light.
• They never assume that anything is indcat5ed in adverse manner.

The log of lesson learnt is a useful method to be utilized as the controlling and execution goes on. Here, the project manager is liable to update and create that. This comprises of various elements. It comprises of performance and change consequences, causes, lessons learnt, activities and change of processes (vom Brocke and Lippe 2015).

Here, the project charter is the initial document. It states that the beginning requirements for the project can be met with the stakeholder expectations. It is to be signed to make the agreement between the business that has been committed to generate the service or product and the clients requesting and receiving the service and product (Martin and Haggerty 2017).

Assumptions and Constraints

Letter to sponsor:

To:

From: Project Manager

This project charter should be confirming the business case and scope of the project. It is meant for our bank. Here, time bound, relevant, attainable, measurable and specific information is used to demonstrate our proposal. This charter involves the schedule of milestones, outline the criteria of success and determine the risk assumptions and various constraints along with needed resources. The charter is developed to understand the project on secured banking syst5em. It is helpful to generate a banking system that can be accessed easily by the clients. It will help to decrease the flow of human traffic along with long queues at the banks. It also intends to reduce the time that is wasted to go to banks for staying over the queues. Besides, effective banking for the banks can be promoted through concentrating on the services that needs the physical presence at the hall of banking. Its main aim is to automate the process that is carried out in the bank that is developed through realizing and performances of effective banking. Further, some of the goals of the project includes managing the details of students who are registered with bank and can appropriately send the details regarding the latest policies for every clients. Moreover, it is useful to fetch the customer details and generate a statistical report for facilitating the economic department of work. Apart from this, the activities such as deletion of records, modification and up-dating are also easier.

Apart from this, the stakeholders are determined, presenting the team charter through including the previous lessons learnt from past projects. This is helpful to provide proves to be considered prior the consideration to proceed with that proposal. This charter witnesses the program to manage the capacities better as per the employee and guest workloads. Apart from signing and approval, the charter also provides the strategic plan.

Conclusion:

The study is helpful to use the presence and visibility of the presence under the local community. This is beneficial to deliver the advantages of competitive employments with the help of useful industry training. Apart from this, the tasks aimed to shed the light over the necessities of development in various activities of accounting and ways to gain the success, reliability, effectiveness and efficiency of the promising future. Thus through deploying the system, the bank can sustain the direct relation with its end users through the web and can support the personal characterization of the interface through providing the extra services that are customized.

References: 

Badewi, A., 2016. The impact of project management (PM) and benefits management (BM) practices on project success: Towards developing a project benefits governance framework. International Journal of Project Management, 34(4), pp.761-778.

Blomquist, T., Farashah, A.D. and Thomas, J., 2016. Project management self-efficacy as a predictor of project performance: Constructing and validating a domain-specific scale. International Journal of Project Management, 34(8), pp.1417-1432.

Brioso, X., 2015. Integrating ISO 21500 guidance on project management, lean construction and PMBOK. Procedia Engineering, 123, pp.76-84.

Carstens, D.S., Richardson, G.L. and Smith, R.B., 2016. Project management tools and techniques: A practical guide. CRC Press.

Heagney, J., 2016. Fundamentals of project management. Amacom.

Heldman, K., 2018. PMP: project management professional exam study guide. John Wiley & Sons.

Martin, J. and Haggerty, N., 2017. The Project Charter as a Sensemaking Device.

Martinelli, R.J. and Milosevic, D.Z., 2016. Project management toolbox: tools and techniques for the practicing project manager. John Wiley & Sons.

Milosevic, D.Z. and Martinelli, R.J., 2016. Project management toolbox: tools and techniques for the practicing project manager. John Wiley & Sons.

Torres, A.C., 2016. Is this work sustainable? Teacher turnover and perceptions of workload in charter management organizations. Urban Education, 51(8), pp.891-914.

Varajão, J., Colomo-Palacios, R. and Silva, H., 2017. ISO 21500: 2012 and PMBoK 5 processes in information systems project management. Computer Standards & Interfaces, 50, pp.216-222.

vom Brocke, J. and Lippe, S., 2015. Managing collaborative research projects: A synthesis of project management literature and directives for future research. International Journal of Project Management, 33(5), pp.1022-1039.