GROUP 4: PROJECT MANAGEMENT EXECUTION; EXECUTION AND BUSINESS PLAN, PROJECT

MANAGEMENT

What is Project Management Execution?

The execution phase in project management involves carrying out the details of your project charter, in order
to deliver your products or services to your clients or internal stakeholders. First comes project planning, then comes
project execution.

Execution Gaps.
Execution gaps are the bits of daylight between your original plans which could potentially grow into huge
divides as you approach deadlines or milestones. There could be any number of reasons why execution gaps begin to
widen as a project rolls on.

Project alignment.
Without clear definition and direction outlined in your project charter, there could be real issues, or just
general confusion, before everyone can get on the same page. Take steps to effectively communicate your process
and gather all the relevant stakeholders and hold a meeting to officially kick off the execution phase.

Scope creep.
Every project involves an amount of iteration and adaptation when the goal posts move slightly. Sticking
rigidly to the plan can be one of the main causes of an execution gap if your plan doesn’t account for these changes.

Team transition and flexibility.

When delegating the project to another team to continue with, you’d hope the transition goes smoothly and
perfectly to plan. But there could be any number of reasons why this doesn’t end up being the case. You may find
your project scheduled benefits from baked-in contingency time, to cover potential time-sinks like team onboarding,
status updates and even illness. Take all these into account and ensure that timelines are adapted accordingly.

PARTS OF PROJECT EXECUTION.

Project execution typically involves three primary components:

-Following processes
-Managing people
-Distributing informatio

EXECUTION PLANNING, also called project management planning, involves creating a strategy for new
projects. It's one of the first stages in project management.

A STRONG EXECUTION PLAN MAY HAVE THE FOLLOWING BENEFITS:

1. Helps teams establish and meet objectives

2. Increases efficiency
3. Minimizes risks
4. Improves communication

COMMON ELEMENTS TO INCLUDE ON A PROJECT EXECUTION PLAN MAY INCLUDE:

Project scope: The project scope, also called the scope plan or scope statement, describes what the team hopes to
accomplish during the project in specific terms.

Goals: The goals section describes the primary objectives, milestones and measurements.It includes both long-term
goals and short-term milestones the team plans to track and measure throughout the project.

Resource plan: In the resource section, team members list the resources they will need to complete the project.
They may also plan for sources or suppliers to gain these resources.
Staffing plan: The staffing plan lists the team members involved in the project, their role and their contact
information. It may also contain information on what task each team member is responsible for.

Budget: The budget includes detailed cost information for each step in the project. It may also contain information
on funding and investments to help project managers allocate their income sources.

Project schedule: The project schedule shows when the team plans to accomplish individual tasks or milestones. It
may also contain information about team meetings and when progress updates are due.

Communication plan: In the communication plan, the project manager can state when and how often the team will
communicate with one another and potential stakeholders.

IF YOU'RE CREATING A PROJECT EXECUTION PLAN, CONSIDERING FOLLOWING THESE

STEPS:

1. Discuss background details

The first step in the execution planning stage is discussing the initial ideas and background details with
relevant team members. This may include investors, stakeholders or an executive board. During this stage, an
individual may discuss what the project would include.

2. Gather feedback
During the initial planning stage, stakeholders and team members can provide feedback to adjust the initial
idea.

3. Establish the final objective

Before writing the specific milestones and resource plans, it may be helpful to think of the final objective.
Consider collaborating with your team to define your desired end result. You can use this idea to plan backward by
dividing the large goal into smaller steps.

4. Choose team members

Next, you can create a list of team members who may work on the project. Think about all the professionals
you may need to complete your objectives.
During this stage, you can collect the team member's contact information to help improve communication.
Also, you can assign a project title for each person.

5. Determine milestones and objectives

After creating individual tasks for team members, consider how you plan to measure and track your team's
successes. Think about the sections within your project.

6. Create the project schedule

Using your list of milestones, you can create a project schedule. Consider when you expect your team
members to complete each milestone. This can help you create deadlines for certain tasks, which can help you
complete the entire project on time.

7. Create a budget
A budget is an important financial tool that can help you manage and plan for your project's expenses. To
create a budget, first, consider the funding resources. Then consider all the costs you may encounter during the
project.

8. Divide and designate tasks

Try to divide tasks into small components, and delegate or assign them to your team members. Consider who
will be responsible for each task. By making a plan for each team member, you can help improve efficiency and
your team's productivity.
9. Evaluate risks
In the risk assessment, you can help plan to reduce challenges before they occur. To assess risk, consider the
potential hazards or challenges your team may face during the project. Then consider which risks are the most
important or which ones would have the greatest impact on your project. If possible, create a plan to help you
remove the risk.
If you cannot avoid the risk, try to create a strategy to help you reduce the overall impact of the risk.

10. Plan next steps and communication strategy

Toward the end of your execution planning, you can describe the overall communication plan. This includes
how team members will communicate with one another regarding the project.

BUSINESS PLAN is a document in which a business opportunity, or a business already under way, is identified,
described and analyzed, examining its technical, economic and financial feasibility. The Plan develops all of the
procedures and strategies necessary in order to convert the business opportunity into an actual business project.

Your business plan will typically include the following:

Business description—What do you plan to do; why are you starting the venture?

Market analysis—Who will be your customers; what do they want from you?

Competitor assessment—Who will you compete against; what do these competitors offer?

Marketing plan—How will you reach your customers?

Operating plan—How do you plan to implement your idea?

Financial plan—How much money will it cost, and where will you get the necessary funds?

Executive summary—What are the fundamentals of the venture?

A Business Plan has a dual function:

MANAGEMENT TOOL is a crucial component of a business plan, as it helps in the execution and monitoring of
the strategies outlined in the plan.

PLANNING TOOL plays a fundamental role within a business plan by helping in the creation, organization, and
visualization of various aspects of the plan. Here's how a planning tool functions as part of a business plan:

Elements of a Business Plan

Section 1. Business Description- This section should introduce your business and its objectives, with a mission
statement to communicate the business's purpose to readers of your business plan.

Section 2. Market Analysis- This section details the market, target customer profile, competition, and strategies to
gain an advantage for a successful venture.

Section 3. Competitor Assessment- In your market analysis, thoroughly review your competitors, as they may have
similar products or functions, and established businesses may not take your entry lightly.

Section 4. Marketing Plan- Marketing plans typically focus on four key areas: product offerings, pricing,
distribution system, and promotional strategies.
Section 5. Operating Plan- The operating plan outlines the internal organizational structure, operations, equipment,
ownership and management, personnel and resource needs, and legal issues for the venture.

Section 6. Financial Plan- The financial plan is crucial for evaluating investment opportunities and estimating
profit potential. It should describe current financial status, forecast future statements, and cover financing type,
repayment terms, and potential return on investment. The plan must be thorough for potential investors, lenders, and
partners to evaluate the venture's financial management.

Section 7. Executive Summary- The executive summary is a concise summary of your venture, aiming to fit on
one page.

PROJECT is “a unique endeavor to produce a set of deliverables within clearly specified time, cost and quality
constraints”.

Projects are different from standard business operational activities as they:

▪ Are unique in nature. They do not involve repetitive processes. Every project undertaken is different from the last,
whereas operational activities often involve undertaking repetitive (identical) processes.

▪ Have a defined timescale. Projects have a clearly specified start and end date within which the deliverables must
be produced to meet a specified customer requirement.

▪ Have an approved budget. Projects are allocated a level of financial expenditure within which the deliverables
must be produced to meet a specified customer requirement.

▪ Have limited resources. At the start of a project an agreed amount of labor, equipment and materials is allocated
to the project.

▪ Involve an element of risk. Projects entail a level of uncertainty and therefore carry business risk.

PROJECT MANAGEMENT is the skills, tools and management processes required to undertake a project
successfully”.

Project Management comprises:

▪ A set of skills.

▪ A suite of tools.

▪ A series of processes.

The Project Lifecycle consists of four phases:

1. Project Initiation

The Initiation Phase is the first phase in the project. In this phase a business problem (or opportunity) is
identified and a business case which provides various solution options is defined. Once the recommended solution is
approved, a project is initiated to deliver the approved solution. A ‘Project Charter’ is completed, which outlines the
objectives, scope and structure of the new project, and a Project Manager is appointed. The Project Manager begins
recruiting a project team and establishes a Project Office environment. Approval is then sought to move into the
detailed planning phase.
2. Project Planning

It is where the benefits and costs of the project have been clearly documented, the objectives and scope
have been defined, the project team has been appointed and a formal project office environment established.

3. Project Execution

This phase involves the execution of each activity and task listed in the Project Plan. While the activities
and tasks are being executed, a series of management processes are undertaken to monitor and control the
deliverables being output by the project. This includes the identification of changes, risks and issues, the review of
deliverable quality and the measurement of each deliverable being produced against the acceptance criteria.

4. Project Closure

Project Closure involves releasing the final deliverables to the customer, handing over project
documentation, terminating supplier contracts, releasing project resources and communicating the closure of the
project to all stakeholders. The last remaining step is to undertake a Post Implementation Review to quantify the
overall success of the project and list any lessons learnt for future projects

INITIATION phase essentially involves the project ‘start-up’. It is the phase within which the business problem or
opportunity is identified, the solution is agreed, a project formed to produce the solution and a project team
appointed.

THE FOLLOWING DIAGRAM DEPICTS THE ACTIVITIES UNDERTAKEN:

 Develop Business Case

 Perform Feasibility Study
 Establish Project Charter
 Appoint Project Team
 Set up Project Office
 Perform Phase Review

2.2 Planning

THIS INVOLVES THE CREATION OF A:

▪Develop Project Plan- includes a hierarchical set of phases, activities and tasks to be undertaken on the project.

▪ Develop Resource Plan- it is where to allocate the resources required to undertake each of the activities and tasks
within the Project Plan.

▪ Develop Financial Plan- is prepared to identify the quantity of money required for each stage in the project. The
total cost of labor, equipment and materials is quantified and an expense schedule is defined which provides the
Project Manager with an understanding of the forecast spending vs. the actual spending throughout the project.

▪ Develop Quality Plan- Meeting the quality expectations of the customer is critical to the success of the project. To
ensure that the quality expectations are clearly defined and can reasonably be achieved.

▪ Develop Risk Plan- The foreseeable project risks are then documented within a Risk Plan and a set of actions to
be taken formulated to both prevent each risk from occurring and reduce the impact of the risk should it eventuate.
▪ Develop Acceptance Plan- It provides the criteria for obtaining customer acceptance, a schedule of acceptance
reviews within which customer acceptance will be sought and a summary of the process used to gain acceptance of
each deliverable from the customer.

▪ Develop Communications Plan- the methods of distributing information to stakeholders, the frequency of
distribution and responsibilities of each person in the project team for distributing information regularly to
stakeholders.

▪ Develop Procurement Plan- It provides a detailed description of the Products (i.e. goods and services) to be
procured from suppliers, the justification for procuring each product externally, as opposed to from within the
business, and the schedule for procurement.

▪ Contract Suppliers- Only at this point will the Project Manager have a clear idea of the role of the supplier and
the expectations for his/her delivery.

▪ Perform Phase Review- This is basically a checkpoint to ensure that the project has achieved its stated objectives
as planned.

EXECUTION phase is typically the longest phase of the project (in terms of duration). It is the phase within which
the deliverables are physically constructed and presented to the customer for acceptance.

1. Time Management- is the process within which time spent by staff undertaking project tasks is recorded against
the project. A Timesheet Register provides a summary of the time currently spent on the project and enables the
Project Plan to be kept fully up to date.

2. Cost Management- is the process by which costs (or expenses) incurred on the project are formally identified,
approved and paid. Expense Forms are completed for each set of related project expenses such as labor, equipment
and materials costs.

3. Quality Management- is the process by which the quality of the deliverables is assured and controlled for the
project, using Quality Assurance and Quality Control techniques.

4. Acceptance Management- is the process by which deliverables produced by the project are reviewed and
accepted by the customer as meeting his/her specific requirements. The Acceptance Form describes the criteria from
which the deliverable has been produced and the level of satisfaction of each criterion listed.

5. Communication Management- is the process by which formal communications messages are identified, created,
reviewed and communicated within a project.

PROJECT CLOSURE is the last phase in the project and must be conducted formally so that the business benefits
delivered by the project are fully realized by the customer.

 Perform Project Closure- it involves undertaking a series of activities to wind up the project, including:
- Assessing whether the project completion criteria have been met?
- Was it delivered within the schedule and budget outlined in the Project Plan?

 Review Project Completion- The final activity undertaken on any project is a review of its overall success
by an independent resource. To determine conformance, a review is undertaken of the level of conformity
of the project activities to the management processes outlined in the Quality Plan.