Implement and monitor the plan for managing project finances

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Reference no: EM132358273

Undertake Project Work Assignment -

Assessment Task 1 - Case Study

Case Study - Project Name: Development of a new staff recruitment and selection process.

Project Scope - Mercury Institute of Victoria (MIV) is a Registered Training Organisation (RTO) located in Melbourne's CBD. With the current rapid growth of student numbers, we will need to hire more trainers. To accomplish this, we will advertise on job seeking websites and then conduct several rounds of interviews for selection. But before this, we need to generate a new staff recruitment and selection process. We expect to have the whole project completed within one month.

Lisa, MIV's Human Resources Manager, will be responsible for this project. In order to ensure our selection process complies with the industry standard, we must first consult with industry experts or conduct research on which qualifications are necessary for trainers in order to avoid any legal or compliance issues. We should also check our current trainers' profiles to have a better understanding of what qualifications and experience will best match our needs.

New staff members should have the knowledge and skills to be able to complete work that has already been started and they should be able to help other team members when necessary. This recruitment might also bring competition to the existing trainers if the managers compare current employees' performance with the new staff.

The overall expense for the project should be controlled within $2000.

Project Development Strategy - There might be other unsolved issues related to this project but we need to aim at generating a new staff recruitment and selection process. We will use Gantt chart to create a timeline for the project and then break down the whole project into smaller tasks.

A regular update will be provided to all stakeholders in the proper format. A final report should be created within 10 days after the project is completed with a presentation to the CEO and management team.

The main risk that we may encounter during the project is if we make mistakes or are not thorough enough during the selection process, it may be difficult to deal with the new employee if they do not meet our expectations and can't work effectively.

Additional Information and Project Background - MIV aims at being a leader through delivering better learning solutions and quality assessments in tertiary education.

At MIV our core value and objective is to provide our students with a training environment that is efficient and supports both personal and professional growth. Our finance department is currently working on a project to reduce operational costs, considering areas such as teaching equipment, computer software, energy use and human resources. A project regarding implementation of an anti-discrimination policy and procedure in the workplace is currently being processed by the management team, and is expected to be completed within 2 weeks.

Timelines -

  • Current trainers profile check: 16/06/2018 - 23/06/2018
  • Internal requirements generated in written form: 24/06/2018 - 07/07/2018
  • External monitoring requirements generated in written form: 24/06/2018 - 07/07/2018
  • Recruitment process finalised: 07/07/2018 - 15/07/2018
  • Selection process finalised: 07/07/2018 - 15/07/2018

Project Outcomes and Processes

On 25/07/2018, Lisa (HR) attended the project presentation and reviewed the outcomes and processes. The key notes are listed below:

  • Recruitment process was finalised with a report produced on 15/07/2018.
  • Selection process was finalised with a report produced on 20/07/2018.
  • Employees from the financial department are not involved in this project.
  • The CEO and other management team members were not invited for this presentation.

Read the case study provided to you and make sure you access all the contents about this project.

Questions

1. Access and read the case study to identify the scope of this project and extract the following information:

a) Justification - why is the project necessary and valid?

b) Deliverables/objectives - what will the project produce?

c) Acceptance criteria - what are conditions of which the project and all those involved must adhere to for the completion of the project?

d) Available resources - what are the available resources required to undertake the project?

2. Define at least four (4) project stakeholders.

3. Identify one (1) delegating authority within this project that will have decision-making capabilities and explain how you will get clarification from that delegating authority on the project parameters and issues related to that project considering the organisation's policies and procedures.

4. Identify one limitation related to reporting requirements that Lisa might encounter.

5. What information would be covered in the final report and what are the reporting requirements for this project?

6. Analyse and clarify the relationship between this project and other ongoing projects in Mercury Institute of Victoria. How would you ensure that your organisation objectives are achieved?

7. List two (2) resources that this project will require.

8. Review and evaluate the outcomes and processes of the project. What has been achieved and what does not meet the requirements according to the project's scope and plan?

9. Provide at least three (3) strategies or procedures you would take to involve team members in the project review.

10. Outline what you learned from this project and suggest any improvements for future projects.

Assessment Task 2 - Report & Role Play

Part A - Planning

Imagine you are the owner of a café in Melbourne's CBD with two other partners. Due to the extremely high rent, you are no longer able to afford to run the business, so you consult with an expert who will advise you on how to run the business successfully. The expert suggested that you move to a suburb where the rent is affordable. You and your partners like the idea and decide to move to a new location, but before moving you must prepare a report with the help of your partners considering the points listed below.

1. Briefly introduce your project by defining the parameters/scope of the project, including:

  • Project name;
  • Project period;
  • Project objectives;
  • Project stakeholders;
  • Project budget; and
  • Resource requirements and allocation.

2. Break down your project objectives by creating milestones and drawing a Gantt chart to represent the following:

  • Deliverables;
  • Work breakdown;
  • Budget and allocation of resources;
  • Timelines;
  • Risk management; and
  • Recordkeeping and reporting.

3. Identify one (1) Work Health and Safety (WHS) related risk and create a risk management matrix to record your strategies including responsibilities to manage these risks.

4. Develop a project budget and discuss it with your partners for approval.

5. Discuss with your partners whether they are clear about their responsibilities and project requirements and consult with them regarding the next step in the planning process.

6. Complete the project documentations template below and get signed-off from your partners to conclude the project and gain approval.

Part B - Implementing and Monitoring

You and your partners have found a new location to open your café but before opening the business you need approval from the council. Once you've gained approval to open the café, the next step is to implement and monitor the plan. You and your partners must implement the project plan you finalised in Part A by considering the following points below:

1. Identify three (3) types of data for record keeping. How would you ensure financial record keeping is complete and accurate?

2. Develop three (3) strategies you could use to implement and monitor the plan for managing project finances, resources and quality.

3. Review with your partners the project outcomes with your project scope and the plan you prepared in part A.

4. Check your risk management matrix prepared in Part A and ensure your project outcomes are met and deliverables are achieved.

Part C - Role play

Description - You are to perform a 10-minute role play with the help of your class mates, pretending your class mates are your business partners and team members. During the role play you must ensure you encourage your team members to give you feedback and cover the following points:

1. Consult with your team members about planning the project, taking their views into account. Delegate the authority to manage the project.

2. Discuss three (3) ways you would consider supporting a team with regards to specific needs, keeping in mind the quality of the project and ensuring timelines are met.

3. Discuss the quality of your project plan with your team members and implement the project finances and resources.

4. Discuss with your team the new role and responsibilities allocated to the staff at the new location and provide support in the transition period.

Assessment Task 3 - Written Questions and Answers

Knowledge Questions -

1. Give two examples of project management tools and describe how they contribute to a project.

2. Describe at least five (5) types of documents and other sources of information commonly used in defining the parameters of a project.

3. Describe three (3) examples of risk review processes to identify and manage risk in a project.

4. Based on Case Study materials in Task 1, outline how the project helps in meeting Organisation's mission, goals, objectives and day to day operations of Mercury Institute of Victoria.

5. Based on the project you have developed in Task 2, explain what organization's procedures and processes you need to follow related to:

  • Lines of authority and approvals
  • Quality assurance
  • Human resources
  • Budgets and finance
  • Recordkeeping
  • Reporting

6. What are the project work health and safety requirements that apply to the project you have developed in Task 2? Also explain two (2) other legislative and regulatory contexts related to this project.

7. Explain what an organisational chart is and how it can help you to ensure project team members know their responsibilities.

8. Name three different ways you can support a team.

9. How can you check you have achieved deliverables?

10. How can you help to ease the transition of staff involved in the project to new roles or reassignment to previous roles?

11. How can you document lessons learned from the assessment 2 and what particular areas might you focus on?

Note - Need Only Assessment task 2 - part A & B.

Attachment:- Undertake Project Work Assignment File.rar

Verified Expert

The requirement is to answer the questions related to the case study on a cafe relocation. Project background, milestones, risks and charts are all presented.Further, strategies are provided to monitor and control outputs.Project file is attached.References and citations are added.

Reference no: EM132358273

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Reviews

len2358273

8/16/2019 10:05:13 PM

This unit describes the skills and knowledge required to undertake a straightforward project or a section of a larger project. It covers developing a project plan, administering and monitoring the project, finalising the project and reviewing the project to identify lessons learned for application to future projects. This unit applies to individuals who play a significant role in ensuring a project meets timelines, quality standards, budgetary limits and other requirements set for the project. No licensing, legislative or certification requirements apply to this unit at the time of publication.

len2358273

8/16/2019 10:04:46 PM

Competency/Submission Details - For you to achieve competency in this unit, you are required to complete the following assessment and submit on the due date specified in your Training Plan. You must achieve a satisfactory outcome in all assessment tasks. Learning Resources: Student workbook, PowerPoint Presentation,. Mercury Pty Ltd. simulated workplace environment, Samples of Mercury Pty Ltd workplace documentation and other resources normally used in the Mercury Pty Ltd. workplace. This task will require access to and the use of: Case study of Mercury Institute of Victoria; Organisational policies and procedures; and Relevant organisation documents.

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