Project Planning

 1500 words

Project Planning

1500 words,

Continue using the

Project Charter/Project Management Plan template

that you previously submitted, and add the new pertinent information for the following sections: Work Breakdown Structure (WBS), Project Schedule, Budget, Communications Matrix, and Risk Matrix.

Based on the project charter that you developed in Unit 1, you will now proceed with your project planning. You have determined that you need to define the scope and complete your work breakdown structure (WBS) to the lowest level work package, which will help you develop the activities for the project schedule. You will also determine the overall project budget and plan the communications within the project. You will identify risks that may affect the project. The requirements for this section are as follows:

· Define the scope: Determine what the project objective will be, and define the scope of the project. 

· Create the WBS: Start with the high-level deliverable, and add the lower level elements to include the lowest level work package. 

· Develop the project schedule: Based on the work packages, determine the activities for the project schedule, and add planned beginning and end dates for the activities. You should have a minimum of 10 activities. 

· Determine the budget: Using the WBS and project schedule, determine the overall project budget. Include major categories such as materials, labor, and other expenses. 

· Plan communications: Using the stakeholders you identified in the project charter, create a matrix to show the plan for communicating with these stakeholders. Include each stakeholder’s name, the content to be communicated, the frequency of communication, and the method. 

· Identify risks: Additionally, identify the risks that are associated with the project. Include both threats and improvement opportunities. 

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2

PM

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Project Management Capstone

Project Charter/Project Management Plan

Compensation Plan

NAME

January, 201

8

Table of Contents

Table of Contents

2

1.0 Project Initiating

3

1.1 Project Charter

3

1.1.1 Justifying the Project

3

1.1.2 Aligning the Project to the Organizational Strategy

3

1.1.3 Identification of Stakeholders

3

2.0 Project Planning

4

2.1 Defining the Scope

4

2.2 Work Breakdown Structure

4

2.3 Project Schedule

4

2.4 Project Budget

4

2.5 Communications Matrix

4

2.6 Risk Identification

4

3.0 Project Executing

5

3.1 Quality Assurance Tools and Techniques

5

3.2 Managing the Project Team

5

3.3 Procurements

5

3.4 Managing Stakeholder Engagement

5

4.0 Project Monitoring and Controlling

6

4.1 Cost Control

6

4.2 Risk Control

6

5.0 Project Closing

7

5.1 Project Finalization

7

5.2 Closing Procurements

7

6.0 Program Management and Emerging Trends

8

6.1 Letter to Senior Management

8

6.2 Program Management

8

6.3 Emerging Trends

8

References

9

Appendix

10

1.0 Project Initiating

1.1 Project Charter
1.1.1 Justifying the Project
The purpose of this project is to improve the profits of the business which will be attained through proper compensation of the employees in the business and thereby boosting their morale. In the presentation of a business life, the compensations and benefits given to the employees are important aspects. Fair compensation of employees inspires them to give outstanding performance in their execution of the tasks assigned to them which results in improved performance of the business. A good compensation system in the business also helps to improve the employee’s commitment to their employment.
1.1.2
Aligning the Project to the Organizational Strategy
In order to come up with an effective compensation and benefits plan for the business, I have to come up with a plan which will help me to revamp the existing compensation and benefits plan in the business. During the preparation of this plan, I have to consider what is best for the employees in the company and also the company in terms of sustainability of the compensation plan (Culpepper, 2014). An effective compensation plan must meet the following conditions; first, the plan must be documented on a piece of paper and therefore the company should provide the essential tools for the human resource manager to have access to the materials which are essential to the project. Secondly, an effective compensation plan must contain all the types of compensation given to the employees by the company which includes the following; basic salary, wages, merit enhances, dividends and overtime compensation along with other income sharing plans.
An effective compensation plan should have a policy which governs the number of hours worked by every employee per week. It should also have a policy which clearly defines the bases on which the dividends are awarded to the employees. Finally, an effective compensation plan should clearly indicate the minimum wages for all the job groups in the company and this should be indicated in the job description along with the skills required for different tasks.
On a normal basis, a compensation plan should encourage the employees in their execution of the tasks assigned to them in the company without necessarily having to create a sense of prerogative in the long-run. As the human resource manager, I will present this project to various stakeholders of the company one of which being the higher management in the company in order to seek support for the project. The most important aspects in having a successful compensation and benefits plan are to focus on proving the employees in the company with fair compensation and this among other benefits will help the company to retain the experienced and talented workers in the company. Fair compensation of employees enables them to support and work on achieving the goals and objectives of the company (Culpepper, 2014). The official salary and wage arrangements should be applied in the preparation of salary range in the company. Using the official salary arrangements as the basis for the determination of salary ranges in the company will help in the development of a plan which is fair to the employees and affordable to the company.
According to wages.com, 25% – 75% is the wages range that is proposed by corporations. This range takes into account various advantages and benefits which are reliable to the budgeting preparation of the company. When designing the company’s compensation arrangement, all the types and shapes of compensations and benefits are given to the employees in the company should be included in the compensation plan given that they are available to workers in the company.
1.1.3
Identification of Stakeholders
One of the stakeholders of this project is the management of the company. The successful implementation of any project must have the support of the management. The management is responsible for passing the budget for any project that is implemented in the company and therefore they are the main stakeholders of this project as it will require being sustained by funds provided by the company (eHow, 2014). Employees of the company are the second stakeholders of this project primarily because it involves their remuneration for services given to the company. As I stated earlier, fair remuneration boosts the morale of the employees which increases their productivity in the company. For this reason, it is important to have the employees’ support before the implementation of this project and one way to do this is to involve them in the development of the project. Those who invest with the company are also stakeholders of this project. The investors provide the company with the required capital for various investments and they receive the returns for their investment mostly in form of dividends. Increasing employees’ compensation will increase the production costs which will reduce the returns for the investors and therefore it is important to get their support before the implementation of this project.

2.0 Project Planning
2.1 Defining the Scope

2.2 Work Breakdown Structure

2.3 Project Schedule

2.4 Project Budget

2.5 Communications Matrix

2.6 Risk Identification

3.0 Project Executing
3.1 Quality Assurance Tools and Techniques

3.2 Managing the Project Team

3.3 Procurements

3.4 Managing Stakeholder Engagement

4.0 Project Monitoring and Controlling
4.1 Cost Control

4.2 Risk Control

5.0 Project Closing
5.1 Project Finalization

5.2 Closing Procurements

6.0 Program Management and Emerging Trends
6.1 Letter to Senior Management

6.2 Program Management

6.3 Emerging Trends

References
Project Management Institute. (2013a). The standard for program management (3rd ed.). [VitalSource version]. Retrieved from https://online.vitalsource.com/#/books/9781935589839/cfi/6/2!/4/2@0:13.5
Project Management Institute. (2013b). A guide to the project management body of knowledge (PMBOK guide) (5th ed.). [VitalSource version]. Retrieved from https://online.vitalsource.com/#/books/9781935589815/cfi/6/4!/4/2@0:94.1
Culpepper. (2014). Creating Competitive and Equitable Pay Levels. Retrieved from http://www.shrm.org/hrdisciplines/compensation/Articles/Pages/SalaryStructures.aspx
eHow. (2014). How to Write a Compensation Plan. Retrieved from http://www.ehow.com: http://www.ehow.com/how_2076418_write-compensation-plan.html
How to define the scope of a project. (2015). Retrieved from http://www.cio.com.au: http://www.cio.com.au/article/401353/how_define_scope_project/

Appendix
Each Appendix appears on its own page.