An Analysis of Project Management Business Plan

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Project Management

Grey Sloan Memorial Hospital was founded in 1982 and has since then offered medical services to the public. The health care organization is located in central Washington DC and has been one of the renowned hospitals in the region. However, in the past six months, the health care organization has experienced a great influx of critical and acute patients needing medical treatment. The chief of general surgery has since then presented a project to be executed with the purpose of expanding the ICU unit of the hospital to cater to more patients. The main objective of the project is to increase the space of the ICU unit in order to cater to more patients. Another objective is also to procure advanced technology that will facilitate the nurses and doctors in the treatment of acute and critical patients. Once completed, Project Grey will have an insurmountable impact on Grey Sloan Memorial Hospital in the sense that not only will the organization offer health care services to more patients, but the increase in the capacity will increase the revenue generated by the company. In addition, the organization will then have the largest ICU ward in the region. This will help elevate the brand name of the organization in the market.

Project Management Principles

The purpose of project management and control mechanisms is to make sure project achievement in attaining the timetable, the financial plan and the expectations set out. Project management principles are frequently well perceived from practice. They have rationality for all projects. These principlesare the perception of the project stakeholders on the process and methodology to implement the project. The following are some of the project management principles:

1. Success Principle

The objective of project management is to deliver an effective, successful product. Devoid of attaining an effective product, there is no value in investing the project management overhead expenses. Contrary to general perception, there have been several unsuccessful projects that have been timely and operated within the allocated budget (Wideman, 1999).

2. The Commitment Principle

An equally conventional assurance between the project stakeholders and the project team ought to exist prior to the execution of a viable project. A project sponsor is a well-informed individual or party signifying the ultimate possessor of the deliverables of the project and who is accountable for providing the essential resources. On the other hand, the project team is the group of individuals eager and willing to undertake the project processes. A mutually agreed upon commitment is one where the scope of the project, quality of deliverables, date of completion and payments are all set out (Wideman, 1999).

3. Communication Principle

A single channel of communication ought to exist between the project guarantor and the project manager or team leader for all decision making that have an influence on the project deliverables. This principle is essential for the effective and well-organized supervision of the project obligation. The project team members have to have a project manager who leads the project to its success. The project manager should have the necessary skills, experience, authority and commitment. More so, it is the project manager that communicates with the project stakeholders (Wideman, 1999).

4. Suitability Principle

A well-versed management ought to provide a reassuring cultural setting to facilitate the project team to generate its best work through a totalistic approach towards management. On the other hand, a supportive setting is one in which the project is supported by the management and the different project members are able to work devoid of administrative interference. This principle takes account of the necessity for management to make sure that the style of leadership and management are fitting to the project organizational structure and its life cycle (Wideman, 1999).

5. The Life-Cycle Principle

This principle vouches for planning first and implementation thereafter. An effective project management process is dependent on two activities, namely- initial planning and execution. These two successive undertakings create the foundation of every project life-cycle, and can be prolonged to take into account the control necessities of every kind of project in each aspect of project management solicitation. The project life cycle, categorized by a sequence of markers defines when the project commences, the different control areas through which it must go through, and when the project is concluded (Wideman, 1999).

Project Planning

Appraisal of the viability of the project and developing success/failure criteria of the project

Project viability and developing success or failure criteria of the project takes into account the following aspects:

1. Scope of the project

Prior to undertaking any significant steps, the scope of the project and its magnitude ought to be clearly predicted based on the needs of the project.

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It is imperative to point out that lack of a clear conception of the project goal and objective makes it difficult and less conceivable to attain a successful project. All of the required resources ought to be pointed out and ascertained that they are accessible.

2. Attaining of data and information regarding the project

The project resources, costs, and expenses ought to be projected in an accurate manner as possible. More often than not, the budgeted amounts and planned timelines are not accurate at all times and therefore, it is frequently necessary for the project team to be confident with the suppositions made.

3. Substantiation of alternatives and assumptions

Taking into account the several assumptions made with regard to the choice of equipment, financing, costs and proficiencies, it is also important to set out alternatives to be taken in case of problems.

4. Planned cost structure

The outlay for the project deliverables are at all times in terms of prices, irrespective of the nature of the products and resources. As a result, it would be ideal to sort all the vital expenses anticipated during the course of the project execution, which in practical terms is considered as cost.

5. Operations set-up

Time management, accomplishment of the project, schedule, and the resources are set out in this phase. These are all necessary for determining the project closure date.

6. Project team

The different project team members ought to be taken into consideration in order to be cognizant of time limitations, assets and also requirements of the resources necessary for the project. Some of the team members included will be the project manager, the team manager, the technical head, and also the head of contractors (Lester, 2014).

Prepare project plans and establish the project organization

Planning is a key aspect in attaining a successful project. There are a number of aspects that ought to be taken into consideration in project planning and establishing the project organization.

1. Project Goals and Objectives

A project has a likelihood of being successful when its goals and objectives are clearly mapped out. Once this is done, it is also important to give such objectives their priorities and sequential order of implementation.

2. Project deliverables

Outline the deliverables of the project with a certain estimated date of completion. During the phase of development, the exact dates of completion will be established.

3. Project Schedule

A set of responsibilities ought to be well outlined for every project deliverable. This encompasses the time required, the resources needed and also the organization in terms of teams.

4. Supportive Project Plans

This includes the different plans that supplement the whole project plan and include Human Resource Plan, Communications Plan, and Risk Management Plan (Lock, 2007).

Apply project scheduling, estimating, and cost control techniques to the project

Project schedule is imperative for the project success as it will provide a basis for monitoring and controlling project undertakings. Secondly, project scheduling will be beneficial in regulating the proper and effective way of distributing resources in order to obtain the project goal and objective. In addition, it offers support in the evaluation of how time delays and postponements will have an impact on the project. More so, with project scheduling, it becomes possible to ascertain where extra resources, if required, are accessible to apportion to the different project units. Lastly, this process will provide a source for tracking the development and progression of the project.

There are a number of cost estimating and controlling procedures that will be employed for the following project:

1. Analogous cost estimating

This approach is employed when an insufficient amount of all-inclusive project information exists. This method utilizes professional ruling, and is also less expensive and detailed but dependable in comparable project conditions.

2. Cost-Change Control System

In particular, a cost-change control system, which is foreseeable within the management plan, distinguishes the scalethat is used to change the baseline of the cost. It takes account of the forms identifications, track structures, and contract levels essential for authorization modifications. This system is integrated with the combined change in control of the procedure (Essays, 2013).

3. Performance Measurement Analysis

Another technique that is considered pertinent for the project is the analysis of performance management. In particular, a system for performance management will be beneficial in the consideration of any extent of discrepancy….....

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