Introduction to Project Management

Project management has become more popular in business since it lowers the risks associated with
projects. In every firm in the world, project management is acknowledged as being essential to success.
It offers all of the information necessary for applying to project activities in order to fulfill project criteria.
It also offers all of the tools and procedures. We are aware that any business, regardless of size, will
eventually develop new initiatives, procedures, and goods in order to stay competitive. By placing a
greater emphasis on operational performance and efficiency, these new business principles will increase
corporate social responsibility. A project is a brief community that strives to produce a distinctive good,
service, or result. This includes a start date, an end date, a scope, and resources.

As stated by researcher Vittal, "Project Management is the art and science of the user experience,
knowledge, skills, tools, and processes efficiently and effectively to fulfill all the stakeholder
expectations." Project management refers to the activities that involve creating a project requirement,
describing the type of work, allocating resources, planning and implementing the project, and
monitoring its progress at each stage (Meredith and Mantel, 2011).

Project Scope
This project component aids in the identification of all the objectives and deliverables, as well as the
tasks, expenses, and associated timeframes. The issue of this project was the continuous raise of cash
rate therefore, their current risk management practice has to be improved. So, they started to develop a
framework for risk management and ensuring its execution for Red Bank with regard to its viability was
the chosen task for this project.

By merging all of the new features into one, this manifests a new wave of framework that will eventually
be rolled out throughout the whole organization.

Project Goals
 To enhance loan approval and repayment control practices for risk management.
 To make Red Bank a number one key player in the Australian financial market.
 To make research with other banks and improve the risk management practice of this bank.
 To provide Red Bank with a highest degree of functionality at a very reasonable cost.
 To build a new system for the Red Bank.
 To give solutions to the identified weaknesses in the project.

Project Objectives
 Improves the overall productivity of the Red Bank System.
 To identify all the Red Bank present situation system with all the strengths and weaknesses and
to create out a new, improved system with all of the capabilities needed to run the system
efficiently.
 To generate a project plan with using all the project management principles and concepts.

The project scope plan includes the following factors. They are:

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  Creation of the Work Breakdown Structure (WBS).
 Creation of the risk management, quality management plan for the system.

Project Constraints
The risks, limitations, and constraints must be successfully controlled for a project in order to prevent
them from throttling the entire building project and making it a huge success.

Also, these can be identified as the triple constraints. This includes the time, scope and the cost of the
project.

Time: The project's completion date is being planned by project management. They utilize a PERT chart
or a critical path to track the time. This is accomplished throughout the project's phase of the project life
cycle (Darwish, Mohamed, 2017).

Scope: All the tasks that must be carried out in order to meet the needs are included in the project's
scope. This is accomplished at the planning stage, where a breakdown structure is employed. The
execution phase will extend if the scope is not established during the planning step. The problem of
scope creep will make the project unsuccessful (Darwish, Mohamed, 2017).

Cost: A project incurs a variety of expenses. To guarantee that the project is finished within the allocated
budget, project managers are in charge of estimating, planning, and managing spending. Cost
management makes sure that every aspect of the procedure is handled (Darwish, Mohammed, 2017).

According to the case study some constraints and risks can happen. They are:

 Sometimes when there is an increase in the cash rate, the Red Bank’s project execution creates
risks to the project management team.
 To build a project, an organization needs qualified individuals from the industries. Therefore,
team member issues can also be function as project constraints (Liu, et, al, 2020).
 It is very much critical to get correct information from the system, since the project is not being
considered as success if it is being completed but does not provide or serve any purpose to the
users.
 Sometimes risks can arise from other companies, where the company structure can be easily
damage.

Work Breakdown Structure (WBS)

WBS is a method for achieving a complicated, multi-stage goal. It's a tactic for breaking up and thwarting
enormous undertakings so that progress may be made considerably more quickly and successfully. The
WBS is a modified tree diagram that represents the project and breaks it down into smaller, more
manageable portions. The work may be organized into a WBS by assigning leaders and subfolders, and
from there it can be further divided into smaller tasks. A large project may be divided into smaller, more
manageable components using WBS. By separating it, it allows individual partners to collaborate, which
boosts group productivity and collaboration (Globerson, 2021).

Code Activity
1 Launch the new system's implementation.

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 1.1 Determining the necessary performance criteria.
1.1.1 Interviewing the users.
1.1.2 Defining all the performance requirements.
1.1.3 Develop the project charter for the related new system.
1.1.4 Get the approval for the project charter.
1.2 Planning for the implementation process
1.2.1 Getting identified all the resource requirements.
1.2.2 Developing the related project plan.
1.2.3 Getting approval of the project plan
1.3 Identifying the related software specifications
1.3.1 Designing the new system
1.3.2 Transferring of data
1.3.3 Designing the related databases for the new system
1.4 Hardware Requirements
1.4.1 Purchase the related hardware equipment’s for the new system
1.5 Training and the related operations
1.5.1 Identify the related training requirements for the new system
1.5.2 Training the users for the system
1.6 Test run
1.6.1 Running the system for a temporary period of time
1.7 Implement the new system.
Table 1 : Work Breakdown Structure

Conclusion
Finally, the research is stating that Red Bank Australian Financial Market employs a cutting-edge
technology to develop and produce the risk management plan without any heft. The primary goal of the
project is to deliver convincing solutions to the Red Bank difficulties, they face. Different types of risks
and constraints are identified along with the dangers. Finally, a Work Breakdown Structure is presented
for the implementation of the new system.

The manner in which projects are managed organizationally are the project's effective factors.
Employees that are frequently working on project-related duties at their employment would greatly
benefit from this. The project management report with project planning and budgeting is the main piece
of paperwork or report for the whole project. This report will help all stakeholders keep track of the
project's progress with the Work Breakdown Structure (WBS). This report will serve as the foundation for
the project team's primary endeavor. The success of a project is tremendously advantageous to a
company and its stakeholders.

It is clear from the organizational behavior on this project that it operates and balances within the
organizational view as a management-based project using project management concepts and theories,
implementing the pertinent theories in the project's most appropriate locations.

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 The hurdles have a big influence on the project, with the most typical problems being completing the
project on schedule, working in milestones to improve delivery, leadership concerns, team issues, and
running out of time and deadline.

Finally, it has been shown that project management expertise is necessary for the industry today in order
to launch a large or medium-sized business, construction-based projects, IT-based projects, or
management-based projects with a high impact on achieving organizational benefits like increased
customer engagement, productivity, revenues, and profits, improved leadership skills, and research
management expertise when compared to organizational basis.

References
Darwish, Mohamed, 2017. Introduction To Project Management. [online] Available at:

<https://www.researchgate.net/publication/319956735_Introduction_to_project_manageme
nt.>

Globerson, Shlomo. (1994). Impact of various work-breakdown structures on project

conceptualization. International Journal of Project Management - INT J PROJ MANAG. 12. 165-
171. 10.1016/0263-7863(94)90032-9.

Meredith, JR & Mantel, SJ 2011, Project Management A Managerial Approach, 8th edn., John
Wiley and Sons Publishing.

Torrens University Australia (2022). JP Red Case Study. PROJ6002 Project Planning and Budgeting –
Assessment Case Study.

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