Budget Plan

1324 Words Jul 10th, 2011 6 Pages
When managing a project, there are several factors that project managers must consider that will ensure a successful project. The steps will help assemble, develop and manage a project team. In addition, planning allows for smother execution and addresses how managers can evaluate the progress and performance during the project. American Bank of Indiana (ABI) has recently acquired First America Financial Service Group (FAFS), this acquisition will require the project manager to structure a project that will widen the bank’s portfolio as well as implement the latest technologies.
Assembling a project teams takes thought and consideration. Since the success of the project depends on the engagement of the members of the team, the assembly is
…show more content…
Another important factor in the project management process is the execustion phase. Project execution phase refers managing the individual work components that is required to advance the process of the project development. The goal of managing a projects execution is to guide the project to the ultimate goal (www.project-management-knowledge.com). Since the execution phase is directly related to the success of the project, developing a contingency plan can prepare the project for any unforeseeable obstacles. According to Lewwongcharoen and Milosevic, a contingency plan has a positive impact on the outcome of a project. When a contingency plan is prepared, project managers can handle the anticipated changes that occur in the later stages of the project life cycle (Lewwongcharoen & Milosevic, 2010). The banking industry is predictably unpredictable, project managers must be able to adapt to any changes that many occur throughout the course of the project.
Tracking the progress and performance evaluation is another important measure of project management. One of the major goals of progress reporting is to catch any negative variances from plan as early as possible to determine if corrective action is necessary (Gray & Larson, 2008). Control chart is a method frequently used to monitor a projects progress. When progress charts are used, managers are able to mark milestones. Mangers can also identify key
Open Document