Business Project Management Long Term Scholarship

Question: Describe about the Business Project Management for Long Term Scholarship. Answer: Background of the project The project is prepared to help the organization to maintain a long term sustainability in the business field. AEGON was founded in the year 1998 and the company provides direct insurance for the administrative services from policy servicing, fulfillment, billing with retention of the customer and managing the claims of the customer (www.aegon.com, 2016). The company needs to change the information system of the business for efficiently manage the customer records and analyze the behavior of the customers to provide them the best recommendation of products. Need for change within a firm or organization For AEGON Australia the factors that affects the organization to change its business are as follows: Restructure of the financial condition in Australia Population growth and demographic attribute change Diversification of the cultural background Social dimension change Political factors Domestic purchase increase (Kerzner, 2013) Negligence of the policies of financial products Increase in competition Inefficiency in the current process Measurable objectives Business goal and objectives Description To report accurately and on time Deployment of web based tools would help to report at a real time and increase the accuracy of the report (Taneja, Sewell Odom, 2015) To improve the efficiency of the staffs It can be increased with the employment of less HR and payroll employees To reduce the turnover of the employees The flexibility of the company would address the concerns of the employees and the manager would be able to look at the billable task (Cummings Worley, 2014) To reduce the overhead cost of the company The overhead cost of the company can be reduced with decreasing the number of staffs Current situation There is a need to migrate the current technology of the organization from the present platform to improve the business process and efficiently manage the business operations. The current system is dependent on a mainframe system that manages the payroll of the employees and the other administrative functions of the company (Schwalbe, 2015). With the increase in the number of employees and client the system is unable to manage the day to operations. Thus the company is getting negligible return from the investment and there is no option to improve the current situation using the current information system (Mohapatra, 2013). Thus the company needs to migrate the framework and improve the working of the organization. Problem/ Opportunity Statement The current system is not able to prepare report and analyze the behavior of the client and thus it needs an up gradation. From the present system, the reports can be prepared manually, thus increases the possibility of errors, and increases the time required for the preparation of the report (Pryke Smyth, 2012). There is an opportunity to automate the current system and reduce the time consumption and thus increase the free time of the managers and they can proceed with management of the employees. Project Assumption It can be assumed that no problem would be faced during the migration of the technology. With the advancement of the planning of project more assumption is required to be made and they are added later. The following assumption are made The employees would be provided training regarding the usage of the new information system The project would be completed within the proposed budget (Verzuh, 2015) The budget would be enough for purchasing new hardware for the implementation of the web-based platform The project would be completed on time and have support from all level of managers Project Constraints For the progress of the development of the project the project manager is responsible to assume some constraints that may arise during the deployment of the project and they are as follows: Limitation in the skills of the development team Limitation of the IT resources required for the development of the project Lack of support from the developers after the development of the new system Analysis of the options There are different options available and it should be analyzed for the successful implementation of the project. Status Reason for not selecting the option Keeping the mainframe system during the migration Increase in the unnecessary expense due to increase in the staffs (Christensen, 2013) Continuation of the increased number of error data Poor reporting produced untimely Limitation in automation Outsourcing the web based implementation Increase in the cost Non utilization of the in house experts Not understanding the internal requirement of the organization (Ulaga Loveland, 2014) Development of the software internally Lack of skilled employees Increased cost associated with the designing of the software Takes more time to complete the project Recommendation After the analysis of the various available options and analyzing the current business process of the organization it is recommended that, the development should be done with the involvement of some consulting company. It would be the best process for migrating the technology and implement new information system that can efficiently manage the current business operation and meet the future needs. The newly developed web based platform should be compatible with the current system such that no organizational data is lossed during the migration. Customization of the system- The employees must be able to read the organizational resources residing the system from any remote location. Generation of the report- The payroll and the bills must be auto generated which would reduce the human errors and decrease the involvement of the staffs Increasing the efficiency- the developed web based platform must be responsive and generate real time data and the suggest options to the user for increasing the usability and efficiency of the system Increasing reliability- No data must be lossed during the operation, the data should be available to the user all the time, and thus it increases the reliability of the system Preliminary project requirement The preliminary requirement of the project for the successful migration of the technology is as follows: Availability of the developer for the development of the project Availability of proper funding for the progress of the project Arrangement of the resources required for the development Budget Estimate Action Description Cost Feasibility study Initial investment $10,000.00 Requirement analysis Initial investment $20,000.00 Development of the system Cos of IT group for engaging staffs and develop the project $8,0000.00 Testing of the system Cos of IT group for engaging staffs and test the system $25,000.00 Purchasing license of the web based product Initial investment $10,00000.00 Installation of software Cost of the organization to install new software for proper working of the development system $40,000.00 Hardware cost Cost of the organization to upgrade the hardware for proper working of the development system $1,00000 Training cost Initial investment of the organization $ 10,000 Total cost for the deployment of the new system $1,285,000.00 Financial Analysis The financial analysis is done for the AEGON involving the clients and the chief executive officers for generating an approach focusing on the customer. The CEO needs to simplify the complex financial service of the organization such that the account manager can easily understand the requirement (Menke, 2013). The managers must be informed about the expense and the investment cost associated with the development of the project. The managers is also responsible to calculate the return of investment and the yield they can get from the project. The client information must be shared in the system with limited privilege such that the finance can be calculated form thee system. Schedule estimate Milestone and Deliverable Completion Date Development of the project charter 01/01/2017 Development of the project plan 08/01/2017 Review of the plan and completion 29/01/2017 Kickoff of the project 30/01/2017 Completion of Phase 1 27/02/2017 Completion of Phase 2 22/03/2017 Completion of Phase 3 26/04/2017 Project sign off 27/04/2017 Potential risks There are different risks associated with the migration of the project and they are as follows: Inefficient skill and experience of the technician associated with the development of the project- Sufficient in-depth knowledge is required for the successful migration of the system and the latest technology is required to be implemented (Andersen Kunkel, 2013). The development team should have sufficient knowledge regarding the latest technology and the cultural diversity must be kept out during the development of the project. Lack of realistic and clear road map for the migration of the technology- There are many uncertainties that may arise during the change in the organizational data ad there is a requirement to prepare accurate timeline for the development of the project. The project must be aligned with the organizational goals and objectives and not aligning can cause the business to fail. Loss of data during migration- The more time required for the migration increase the risk of data loss. There are security concern regarding the data which can cause a loss in the faith of the customer (Christensen, 2013). Disruption in the business- The developed system must be available to the client and the organizational staffs all the time because the downtime of the system can have a negative impact on the business. References Andersen, A. B., Kunkel, C. (2013). The Asset Managers Guide to Sustainable Regulatory Advantage. InGlobal Asset Management(pp. 308-341). Palgrave Macmillan UK. Australia. (2016). Aegon. 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