Business case for establishment of an it project management

Assignment Help Project Management

Reference no: EM133545244

Principles of Project Management

Business Case for establishment of an IT Project Management firm

Topic :- project risk management in construction

Purpose: To apply for a new business grant

Assignment Brief

BACKGROUND
Assume that a granting body called Business Grants Foundation (BGF) is offering grants of up to $100K for strong applications regrading establishing new businesses (note BGF is a made up name for the purpose of the assignment, and the scenario is hypothetical). BGF is requesting applicants to prepare and submit a business case for the establishment of their proposed company.

You and your teammates decide to apply for this grant to be able to establish a small Information Technology (IT) project management firm, and thus you need to prepare a business case which addresses the requirements requested by BGF.

You are planning for your new IT Project Management firm to focus on the development, supply and after sales service of specialised stand-alone software product to assist in the management of specific areas of the Project Management process. Your software product/s are designed to help project managers with the key aspects of project management delivery (for example risk management, stakeholder management, cost management, task allocation, resource management, project meeting management etc.). While your new firm may potentially develop other modules or a full integrated suite of relevant PM software modules, for this funding application you are asked to focus on one module (product) only, like ‘Risk Management' or 'Resource Management'. Please note, no more than one group can work on a specific software module, and your suggested software type should be approved by the teaching staff in session 1.

Note you can choose if you'd like your firm to operate in a specific industry (or generic) or for a specific type of projects (or generic) or for specific clients. It is important to find a business opportunity which is realistic and feasible for your proposed firm to address. Note you are treating the establishment of your proposed project management firm and making it ready for operation as a project.

Please note, this assignment/project is ‘not' about any specific technical aspect of software development, code, or the like, it's essentially about a ‘project' to start a new business, an IT Project Management Firm. The actual software products referenced will need to be generally described, in particular in reference to any key aspect or functionality for competitively positioning your firm's new product into its intended market. Marks may be deducted for overly technical information not relevant for this assignment.

Submission Requirements

Your business case should include the items below:

• Cover Letter and Executive Summary;
• Business need: Establish a business opportunity which your firm can address, and provide your firm's value proposition with particular reference to marketing and business development activities to achieve an early revenue cash flow for the business.Compare your proposed software with the products already in the market and explain what is the added-value of your software.
• Identification of the scope: Listing and fully explaining the features and services that your proposed software can offer. Whether your firm will be operating in specific industry/sector or generic.Provide examples of potential clients and what your proposed firm can do for them. Based on your in house skill set, you will need to identify key market sectors (or niche markets) that you will be focussed on to establish an early revenue cash flow.
• An introduction to your proposed Project Management firm. Where your firm will be located? What is its structure? Identify goals and objectives for your proposed firm. This will likely need to be staged and developed in line with available revenue and profits.
• Details of your proposed team structure and roles for this project, including Curriculum Vitae for each nominated team member, their past ‘relevant' experience, roles and responsibilities in the project.
• Gap analysis for capabilities needed for the project versus existing capabilities of your team (be realistic).If you will be recruiting more staff, their roles and responsibilities.
• Identify and explain known risks in the process for establishing your firm should you are successful in obtaining the grant. Also explain all the known constraints and assumptions.
• Identify critical success measures. What does success look like for this project? How will success be measured? What factors may impact success? Explain the financial measure you will be using for the project.
• Provide an implementation approach which includes the likely scheduling parameters for this project, considering project sequencing (the order of major activities), key project phases and key milestone dates;
• A3 year monthly cash flow analysis of the proposed venture in the form of a spreadsheet will need to be prepared for your application, with the objective of being financially profitable whenever the grant money is finished (ideally within months and not years). Including the following key elements:
o Admin overheads: These are non-revenue generating expenses of the company including admin staff, insurances, compliance costs, office accommodation, HR, finance, marketing and business development expenses.
o Operating revenue (money in) and operating expenses (money out): Operating expenses are the actual revenue generating expenses offset against actual revenue achieved by the business. These are referred to as the cost of revenue. These direct costs include project management salaries and any other expense associated with actually managing the project and earning revenue. The revenue here involves direct fees earned through delivery of the project (In this operations section of your cash flow your "operating" profitability is the difference between your expenses and revenue from which your admin overheads will also be deducted to determine the business's overall profitability).
o Please do not include any grant funding (the $100K) in either of the above sections. These moneys are a below the line cash flow adjustments to offset any early losses in the monthly cash flow.
o Your objective is to ensure your business is cash flow positive before you run out of grant money.
o Under normal circumstances this cash flow would be discounted over time to consider interest rate and inflation, however we will assume that both of these factors are relatively stable in the current market and as such no discount would be required. A straight line cash flow is all that is expected for this assignment.

• Project management principles: Explain how your proposed firm will operationalise the 12 principles of project management provided in PMBOK 7. No need to define the principle here. For each principle, you need to write at least half a page explaining in details how exactly you want to operationalise that principle.

• Listing contribution of each group member to the report.

Progress Report

Upload a progress report containing the following items. Make sure you attach an assignment coversheet which is signed by all members. This report should be 2-3 pages max excluding the coversheet and title page.

- Explain in one paragraph what your software will do. Run a brief research to find out if anyone has released such software before. In one paragraph, introduce and explain at least one competitor software.

- Provide a preliminary break down (list only) of the project cash flow categories and items (eg, admin overheads, operating revenue and expenses, plus a below the line item for the use of grant funding to offset any early losses or start up costs).

Attachment:- Project Management.rar

Reference no: EM133545244

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