ASSIGNMENT 1 FRONT SHEET Qualification BTEC Level 4 HND Diploma in Business Unit number and title Unit 6: Management a Successful Business Project (5039) Submission date Date received (1st submission) 5/3/2024 Re-submission date Date received (2nd submission) Student name NGUYEN THI HONG VAN Student ID BH01062 Class MA06203 Assessor name HOANG VAN DUNG Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I unde making a false declaration is a form of malpractice. Student’s signature: Grading grid P1 P2 P3 P4 P5 M1 M2 M3 D1 D2 Summative Feedbacks:ResubmissionFeedbacks: Grade: Assessor Signature: Date: Internal Verifier’s Comments: Signature & Date: Contents I.1 Brief company introduction .2 Introduction to the report. EXPLAIN AND EVALUATE THE STAGES OF THE PROJECT LIFECYCLE (PLC) AND THEIR IMPORTANCE TO THE SUCCESS OF A PROJECT.
Examine and evaluate the factors to be considered when compiling a project management plan (PMP) 8 3. EXAMINE AND EVALUATE A RANGE OF RESEARCH METHODS AND STRATEGIES AND THEIR IMPORTANCE TO PROJECT MANAGEMENT .1 Secondary data collection method for the project .2 Primary data collection method for the project .5 The importance of research methods to project management. PRODUCE A DETAILED PMP THAT COVERS AIMS, OBJECTIVES, DELIVERABLES, QUALITY, RISK, COMMUNICATION, RESOURCES AND RESEARCH METHODS .1 Background and purpose of the project .2 Scope of project.2 Schedule of the project.4 Project quality management and control.5 Project risk management.6 Stakeholder Communication and Project Resources. PRODUCE A DETAILED WORK BREAKDOWN STRUCTURE AND A SCHEDULE TO PROVIDE TIMEFRAMES AND STAGES FOR COMPLETION .1 Work breakdown structure (WBS) .2 Milestone of the project.
PROJECT LOGBOOK TEMPLATE.1 Brief company introduction Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) was created in 1988 after being split from the State Bank of Vietnam. After over 33 years in business, VietinBank has establish edit self as one of Vietnam's premier commercial banks, offering unrivaled banking and financial products and services. Moreover, VietinBank was the first bank in Vietnam to open a branch in Frankfurt on September 6, 2011, followed by a subsidiary branch in Berlin on May 28, 2012. In addition, Vietinbank maintains agreements with over 1,000 agent banks globally (Vietinbank, 2023) Vietinbank's Logo 1.2 Introduction to the report The author is presently employed at Vietinbank and plays an important role in advising the Board of Directors (BoD) on the implementation of the Corporate Social Responsibility project.
The author is in charge of developing a study strategy to investigate the influence of Corporate Social Responsibility(CRS) on employee satisfaction. Because, nowadays, CSR is a method of taking responsibility for a company's actions and supporting positive impacts on the environment, customers, workers ,communities, and other stakeholders through activities. CSR initiatives not only assist society, nature ,and the community in which the company works, but they also help the firm obtain competitive advantages such as brand recognition, employee retention, and excellent investor connections. The author will develop a comprehensive Project Management Plan (PMP) that covers the project scope ,milestones, deadline, quality, risks, communication, resources, and research approaches, as well as primary or secondary, quantitative or qualitative, survey or interview data collecting.
Further more ,the study examines the stages of the Project Life Cycle (PLC) and describes the components of the Project Management Plan (PMP) II. EXPLAIN AND EVALUATE THE STAGES OF THE PROJECT LIFECYCLE (PLC) AND THEIR IMPORTANCE TO THE SUCCESS OF A PROJECT 2.1 Definition The stages of the project lifecycle The project life cycle outlines the steps required for project managers to successfully manage a project from start to finish. The project life cycle is divided into four phases (also known as the four process groups): beginning, planning, carrying out, and completion (Project Management Institute, 2021). The Project Life Cycle 2.2 Project Initiation The development of a project's initial goal and technical specifications is referred to as conceptualization.
The scope of the work has been determined, the required resources (people, money, physical, plant) have been identified, and key organizational contributors or stakeholders have agreed to participate (Project Management Institute , 2021). Project initiation in the product life cycle (PLC) plays a critical role in shaping and driving the success of a product or service in the marketplace. This phase is an opportunity to capture and reflect market needs, create innovation and define specific project goals. It is also the time to gather resources and establish a detailed plan for project implementation.
By getting off to a strong and strategic start, the project will have a better chance of succeeding and overcoming development challenges and pushing the product or service to the next level.3 Project Planning All detailed specifications, schematics, schedules, and other plans are created during the planning stage. Individual project pieces, known as work packages, are broken down, individual assignments are made, and the completion process is clearly defined(Project Management Institute ,2021) Project Planning plays an undeniable role in product life cycle management (PLC - Product Life Cycle) because it is the most important step to shape and adjust all activities. In each phase of a PLC, from development to marketing to maintenance, a project plan helps define specific goals and manage resources such as human resources, materials, and budgets effectively. Estimating time and budget for each phase is an important part of the project plan, helping to ensure progress and product quality.
The project plan also helps identify and evaluate possible risks. arise, thereby taking preventive measures and adjusting plans when necessary. By optimizing all activities in each phase, the project plan helps enhance product performance and competitiveness in the market. Therefore, project planning is considered an important factor determining the success of a project in PLC.4 Project Execution The actual "work" of the project, the system developed, or the product created and fabricated, occurs during execution.
The majority of project team labor is completed during the execution phase (Project Management Institute , 2021) During project implementation, the implementation phase plays an extremely important role. This is the stage where plans are converted into concrete actions, tasks are implemented and specific goals are achieved. The importance of this stage comes from the fact that it provides an opportunity to turn ideas into reality and achieve the intended results. During the implementation phase, important activities include schedule management, risk management, resource management, and quality control.
Schedule management helps ensure that tasks are performed on schedule and according to plan. Risk management helps identify and minimize risks that may affect the project. Resource management ensures that resources are used effectively. Quality control ensures that the final product or service meets quality standards and customer requirements.
The implementation phase is a key step in turning plans into action and achieving project goals.5 Project Closure The completed project is transferred to the customer, its resources are reassigned, and the project is formally closed out. As specific sub activities are completed, the project's scope shrinks and costs fall rapidly(Project Management Institute , 2021) Project closure is an important phase in the project management process, especially in the product life cycle model. The importance of project closure cannot be denied. This is an opportunity to evaluate whether the project has achieved its initial goals, thereby evaluating the success of the project and learning from failures.
failure and success. Project closure frees up resources and finances for other projects or for other organizational activities, thereby optimizing resource use. It also marks the deployment of a new product or service into production or market, creating opportunities for businesses to attract customers and increase sales. Successful project completion also increases shareholder and stakeholder confidence and provides a basis for support for future projects.
Project closure is not just the closure of a phase, but also an opportunity to learn, improve and progress further in project management and business development. Examine and evaluate the factors to be considered when compiling a project management plan (PMP) 3.1 Project objective Project goals are clear and simple. These are the business goals you want the project to accomplish. In project management, it is most important to clearly state the project goals, as these goals will influence every decision during the project's life cycle.
Project objectives must be measurable and contain key performance indicators that will be used to evaluate the overall success of the project. These metrics will often include criteria such as budget, quality, and completion time (Travel, 2022) Setting goals at work plays an extremely important role, not only helping to determine direction but also shaping specific steps to achieve personal and organizational goals. Setting and achieving goals also demonstrates an individual's commitment to the growth and success of the organization. Setting goals gives you a clear direction.
Specific goals help you know the path you are on and how to go further in your career. Goals help maintain motivation. Specific goals are a source of encouragement to help you constantly strive and maintain diligence. By defining clear goals, you can easily track your progress and evaluate yourself.
Breaking a project into sub goals makes it easier to tackle larger tasks. Instead of feeling overwhelmed by a large project, you can break it down into smaller steps and easily manage your time and resources. Setting goals helps you manage your time more effectively. By setting specific goals and setting deadlines, you can focus on your work in an organized way and avoid distractions (admin, 2022) 3.2 Project scope The project scope encompasses everything about a project, including both work material and intended outcomes.
The project scope consists of specifying the operations to be undertaken, the resources used, and the final products that result, including quality requirements. The scope of a project encompasses its aims, limits, and limitations. Scope management is the role of regulating a project in terms of its goals and objectives through the steps of conceptual development, complete definition, execution, and termination. It serves as the foundation for all project activity and is thus the pinnacle of predevelopment planning.
The scope management process includes of numerous unique processes, all of which are centered on generating a systematic set of plans for the impending project (Pinto, 2019) 3.3 Project budget Project budget is the basis for directing and managing spending plans for project work as well as reporting project progress, and is also the basis for evaluating the estimated cost of a project. before project implementation. The list identifies costs for each job as well as the total estimated project costs. (VietnamBiz, 2020) Budgeting is undeniably important and there are many reasons that make this obvious.
This helps the company shape its operations and better understand priorities and resource allocation helping to optimize resources and reassess areas for improvement. Another important part of budgeting is the ability to set realistic goals. By knowing its financial situation, a company can set specific goals and estimate the time and resources needed to achieve them. Budgeting helps decisions to be supported by numbers and real data, helping to create confidence and certainty in a company's decisions.
Having a clear budget and understanding the financial situation also helps the company adapt flexibly to changes and take advantage of new opportunities (admin, 2021) 3.4 Project timeline A project timeline is a mechanism for communicating the tasks that need to be completed and allocating resources to complete those tasks within a specific time frame. A project schedule is a document that collects all the work required to deliver the project on time (VietnamBiz ,2019) Project timeline management in PMP plays an important role in ensuring project success. By identifying and managing the time required for each task and project phase, we can ensure that the project is implemented on time and according to plan. Project timeline also helps manage risks by identifying and evaluating time- related risks, thereby providing effective prevention and treatment measures.
Project timeline also assists in synchronizing activities between departments and project members.