Project Management for Research and Development Initiatives: A Case Study of KnowHow, Schemes and Mind Maps of Mathematics

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INF6001 Information Systems Project

Management

Table of Contents

• Executive summary.........................................................................................................................
• Project charter..................................................................................................................................
  • Project plan..................................................................................................................................
  • Required resources.......................................................................................................................
  • Estimated costs............................................................................................................................
  • Outsourcing model.......................................................................................................................
• Scope management plan..................................................................................................................
  • Work breakdown structure...........................................................................................................
  • Detailed task list..........................................................................................................................
• Detailed project plan........................................................................................................................
  • Gantt chart based on WBS and DTL...........................................................................................
  • Agile project approach.................................................................................................................
• References......................................................................................................................................

Project charter

Project plan KnowHow has chosen to hire software engineers and programmers to create a database that will assist them fix their existing problems. KnowHow hopes to kick up the project somewhere in the spring of 2019, with a delivery date of about 18 months after that. KnowHow will be applying to a bank for a new company loan, so they hope the project ends up being more expensive than expected. KnowHow has had tremendous achievement over the course of time, being recognised as a best practise instance in terms of distribution methods and winning multiple prizes from the European Commission for the effectiveness of the initiatives in which they participate. KnowHow began off with a group of five, among who was the business's creator, but there has been a lot of fluctuation in the crew over the course of the past five years. At this point, 10 years after they first opened their doors for business, the only person who is still employed by the firm is their director; the rest of the workforce has gone on to pursue other possibilities. Required resources  Every project in which KnowHow is engaged should have an internal staff person capable of creating an entry.  Messaging and distribution strategies (both drafting and finalized copies) should be uploaded with each submission, and the KnowHow and client company personnel engaged should be named and contacted.  It is expected that the director of operations will be capable generate records for approaching studies and creative contests, assign them to relevant KnowHow employees, and have them fill out fields covering things like the last day to submit, potential partners, KnowHow's USP with regard to the rivalry, links to earlier achievements, and follow up behaviours.  From inside the database, employees ought to be allowed to send emails to both new and current customers.

Estimated costs The cost of personalised programming is very expensive in the industry. KnowHow might expect to pay between $75 and $150 per hour for the services of an independent back-end developer. This equates to a yearly income of $145,600 to $312,000 while working full-time. The use of remote programmers is on the rise; therefore KnowHow won't be able to negotiate a lower rate for the development of the back end of their website's business strategy. However, it could still be the best option for some businesses (Patterson, 2022). Outsourcing model There has been an enormous growth in the payment ecosystem. Adapting to new rules and technological innovations may be difficult for established payment providers. Banks may thus consider both in-house contact and transactions administration and the use of third-party vendors to handle payment processing. Banks often form partnerships with FinTechs that provide the latter control over channels like distribution and customer service while enabling the former to keep their focus on developing new products. Regulatory compliance and competitive system upgrades are two factors that might have a significant influence on a company's bottom line. The PaaS architecture may help KnowHow enhance its payment processing capabilities by allowing it to handle a greater number of transactions more rapidly and cheaply than was previously possible (Starns, 2019). All the while maintaining compliance and safety, this enables businesses expand their income and customer base. There is a lot of supervision in the financial sector. Companies feel more pressure to invent new products and services to keep up with shifting customer preferences. In addition, the prevalence of scams and other forms of criminality has made security an absolute must. Since the payments space is highly competitive, businesses operating in it need to find ways to reduce expenses without compromising profit. New technical paradigms may result in minimal profits for industry participants. The initial expenses of the legacy approach for these companies comprise the cost of licensing, conformity, technological advances, programme supervision, and upgrading. Consumer interest in newly developed technologies and developing payment rails continues to rise. Customers and businesses alike depend on their financial institutions for offering them with a full suite of services, not just payment processing. Account forgiveness, multi-currency transaction

Scope management plan

Work breakdown structure The WBS is an organisational division of the activities that must be accomplished by the project team in order to meet the project's objectives and provide the intended results. It aids in providing direction and structure for the whole project. The operations of the project are described in more detail at each succeeding stage. Tasks make up the work breakdown structure. The emphasis on value delivery is shared between internal and external goals. A work breakdown structure (WBS) is a tool used by project managers for the systematic completion of large, multi-faceted projects. By breaking down the scope, cost, and results of a project into more manageable portions, a WBS may serve as a unified tool for the whole undertaking (Hudoyo et al., 2019). A system of task breakdowns may help with project management in a number of ways. To begin, it facilitates a more manageable workload by decreasing the project's total size and scope. The second purpose is that it acts as a roadmap for the different teams working on the project. There are a lot of teams working on a lot of different projects all at once, and they all need to talk to each other and coordinate. Using a WBS, team members can zero in on their specific areas of responsibility and output while still keeping an eye on the big picture. Finally, a WBS is a helpful instrument for monitoring the development of a project, specifying major milestones, and allocating resources. When managers follow the 100% concept, they may be certain that their initiatives will have enough money and won't have any unexpected costs (Ikarwitaza et al., 2021). Following is the work breakdown structure of the project of KnowHow:

Detailed task list  Phase one of the WBS example for an application programme is project management, which includes activities like outlining the project's parameters, creating a timeline, identifying potential obstacles, and dealing with them as they arise.  During analysis, teams gather necessary information via interviews, develop criteria guidelines, and create use cases.  This software development task breakdown instance includes a section dedicated to design. The prototype's layout, the building's fashion, and the site's functionality are all important here.  Inevitably need to put in a lot of time and effort into creating the new e-commerce website, paying close attention to every aspect of the process from the design and user

Detailed project plan

Gantt chart based on WBS and DTL When it comes to managing projects, Gantt charts are the norm for planning and tracking timelines. With the help of a Gantt chart, even the most complicated projects can be broken down into manageable steps, and progress on individual tasks can be monitored in real time. Supervisors of projects, entrepreneurs, leadership teams, and C-suite executives throughout many sectors and functions rely on Gantt charts to organise their work. KnowHow uses Gantt charts to manage programme due dates, accomplishments, and hours spent to prevent setbacks and overruns from preventing the task at hand (Palombarini and Martínez, 2022).

Agile project approach The Agile model for managing projects divides them up into manageable chunks. Sprints are time periods of a few hours to a couple of months during which certain parts of a project are worked on and finished. These gatherings discuss every stage of the process, from brainstorming to quality assurance. Features developed by agile teams may be released whenever they are complete. Teams may prove the value of incremental releases by regularly delivering new features and fixing any issues that have been discovered. The notion is that reducing the potential for a major setback by making small improvements during a project's lifetime. Agile project management (APM) is a technique to managing projects that relies on incremental planning and guidance. Sprints are iterative cycles that are used to complete tasks in a project (Raharjo and Purwandari, 2020). Through the use of agile project management, teams of software developers can complete projects more quickly and effectively while also responding to shifting requirements. It also allows the development group to move swiftly on input, which means adjustments can be made at every stage and product rotation. Through the help of agile management, parts are broken into subparts that become easy. Iteration is the term used to describe the initial phase of software development when using the agile software design approach. Participants from the project's many stakeholders should assess and provide feedback on every phase or iteration. Iterative feedback is used to determine the project's next steps. Agile project management is based on the principles of gradual progress, clear process documentation, and teamwork amongst all involved parties. Constant updates are also a priority since they often integrate user input at each stage of development (Marnada et al., 2022). Teams working with Agile use QA best practises such as frequent iteration and rapid response to feedback. They employ tools that automate processes to streamline the release and utilization of goods via strategies like ongoing implementation and seamless integration. Additionally, agile project management calls for consistent cost and time tracking. Instead of utilising Gantt charts and schedule goals, they utilise velocity, flare downward, and burn upward charts to assess their output. When using agile methods, a dedicated project manager is not needed. The product owner defines the project's scope, and the team members take turns monitoring progress, logging

References

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