COLLEGE OF BANKING AND FINANCIAL STUDIES

DEPARTMENT OF UNDERGRADUATE PROGRAMME

B.Sc in Accounting, Auditing and Finance

Project Management
Group Assignment

Student Name & ST Shahad Al Balushi— ST10785

Shaima Al Raisi—ST10787
Maryam Qassim— ST10754
Lamees Abdulla— ST10741
Semester 5 Fall 2022-23
Assignment Title Project Management Selection &
Planning Tools
Assessor Sayyid Mohammed Danish

 
Introduction

This research paper examines various project management-related scenarios. It examines the
highest and lowest matrices and the importance of key strategic variables in project selection
while also providing an analysis of six projects that Modern Oman Electronic Company has
undertaken. The paper also establishes milestones and a scope statement for an event
preparation project. The criteria of project management trade-offs, such as cost, time, and
scope, are applied by examining actual examples from everyday life. To determine the most
affordable option for a customer, the paper also calculates the direct labor cost for a team
project participant and compares the price of a building versus purchasing a home.
Furthermore, using the complexity weighting scheme specified in the scenario, it computes
function points, estimated costs, and durations for the Omex project. The last section of the
paper examines the router system project's work breakdown structure, including estimated
costs for deliverables like design, programming, and internal testing.

Question 1
Any organization wishing to accomplish its strategic goals must first select the projects it will
work on. It is crucial to appropriately represent significant strategic elements in the
assessment criteria and give them the proper weights to make well-informed and efficient
project selection decisions. This study investigates the significance of including essential
strategic considerations in project selection and the impact of weighted scoring models in this
procedure. It provides two academic sources that emphasize the importance of these elements
and offer details on how organizations may utilize models to make strategic and informed
project selection decisions.

A.
To determine which project received the highest and which received the lowest score, we
multiply each project's score for each of the criteria by its weight and sum the overall result.
The project with the greatest total score will be rated first, while the project with the lowest
overall score is placed last.
Calculating the projects using the scoring matrix.
Project
1 6x3 + 7x6 + 3x5 + 5x4 + 2x2+ 7x4 = 115
Project 2 4x3 + 3x6 + 8x5 + 6x4 + 4x2 + 6x4 = 126
Project 3 10x3 + 8x6 + 4x5 + 8x4 + 6x2 + 5x4 = 162
Project 4 7x3 + 4x6 + 7x5 + 3x4 + 7x2 + 2x4 = 114
Project 5 8x3 + 6x6 + 6x5 + 4x4 + 8x2 + 3x4 = 134
Project 6 5x3 + 7x6 + 3x5 + 5x4 + 3x2 + 4x4 = 114
As per the results, Project 3 received the greatest overall score of 162 on the weighted scoring
matrix, making it the highest-ranked project.
Project 1 and Project 6 matched for the lowest possible score, both receiving 114. As a result,
they would be placed last out of the six projects.

B.
The effect on the total ratings of the projects will be substantial if the weight for "Strong
Sponsor" is increased from 3 to 7.
computing the updated weighted scores for each project:
Project 1 6x7 + 7x6 + 3x5 + 5x4 + 2x2 + 7x4 = 151
Project 2 4x7 + 3x6 + 8x5 + 6x4 + 4x2 + 6x4 =142
Project 3 10x7 + 8x6 + 4x5 + 8x4 + 6x2 + 5x4 =202
Project 4 7x7 + 4x6 + 7x5 + 3x4 + 7x2 + 2x4 =142
Project 5 8x7 + 6x6 + 6x5 + 4x4 + 8x2 + 3x4 =166
Project 6 5x7+ 7x6 + 3x5 + 5x4 + 3x2+ 4x4 =134
According to the changed weight, Project 3 had the highest overall ranking of 202, which was
followed by Project 5 with a total scoring of 166 and Project 1 with a total scoring of 151. As
a result, Project 1, Project 3, and Project 5 have the highest weighted project ratings.
The project selection was adjusted when the weight for "Strong Sponsor" was increased from
3 to 7. Project 3, which received the highest score under the new weight, was rated third
under the old weight. This highlights the significance of selecting the appropriate criteria and
weights when assessing new initiatives.

C.
According to Tavana et al. (2016), “It is crucial that the weights in a weighted scoring matrix
reflect critical strategic aspects since this ensures that the assessment criteria fit with the
organization's strategic goals. Decision-makers can indicate which criteria are more
significant than others in the process of making decisions by giving weight to each criterion.
This helps them to concentrate on the most important variables and guarantee that the
projects chosen match with the strategic objectives of the company.”
Because they guarantee that the evaluation criteria are in line with the organizational strategy,
it is crucial that the weights in a weighted scoring matrix reflect important strategic factors.
The decision-makers can specify which criteria are more crucial than others in the process of
making choices by giving weight to each one. By doing so, they can concentrate on what
matters most and make sure that the initiatives they choose are consistent with the strategic
objectives of the company Kerzner, H. (2017).

Question 2

Project Deliverables:
1. To host an effective fundraising gala
2. ToBrands presence
3. Band have appropriate space assigned to perform
4. Three course meals and beverages are served; attendees are well catered and satisfied
5. To have a successful charity auction and to ensure organization raises more than 10
million dollars (USD)
6. To increase brand reputation and awareness
7. Funds to be raised for climate protection
8. To foster closer ties with customers and attendees

Project Scope:
1. Finding appropriate venue to set the event in
2. Selecting exclusive clients list with assigned cards
3. Having a variety of menu selection and catering services
4. Band and music selection
5. Decorating the hall and establishing the proper atmosphere
6. Acquiring all auction items
7. Assign a team for managing and organization the clients and attendees
8. Evaluation following the event, including reports and budgets
Milestone:
1. Finding appropriate venue to set the event in- 1 week from project initiation
2. Selecting exclusive clients list with assigned cards- 1 week from project initiation
3. Having a variety of menu selection and catering services- 2 week from project
initiation
4. Band and music selection- 2 week from project initiation
5. Decorating the hall and creating the right environment-2 week from project initiation
6. Acquiring all auction items- 1 week from project initiation
7. Assign a team for managing and organization the clients and attendees- 4 week from
project initiation
8. Set up and finalize tables for the attendees- a day before event
9. Post-event evaluation with reports and budgets-after the event

Technical requirements:
1. Audio equipment must be available for the live performance. Including microphones,
speakers, projectors, and screens.
2. Ensure that the venue has the appropriate setting and lighting for the event.
3. Security team for auction merchandise
4. Ensure that decorations and catering equipment are purchased.
5. Stage design should be clear to all participants in stage
6. Ensure performers have trailers to sort their belongings, as well as a dressing room
7. Ensure strong Wi-Fi set up for the attendees
8. Live broadcast select a streaming broadcast

Constraints:
1. The event must be held within the metropolitan hall and cannot exceed the capacity of
100 people as stated by the hall manager.
2. Preferred band might not be available
3. Attendees should not overtake ground parking instead they should park in assigned
marking in P1 and P2
4. Attendees who have not RSVP’d 2 weeks before the event will not be allowed to
enter
5. Auction items should be acquired in less than a week from project initiation otherwise
the purchase transaction would not proceed in accordance with contract agreement
6. Attendees must adhere to the start time of the charity event, otherwise that will lead to
an organized setting.
7. Attendees should be in strict formal gala wear
8. Venue might not be available since metropolitan is an important hall
9. Might not reach the required funds raising

Customer review
The exclusive clients will be able to get a review of the event taking place in the
metropolitan hall 1 week before the start of the event day for any required changes and
specific requests including most importantly their seating arrangement, stage performances
time, the decoration of the hall as well the management plan of the hired management team
and furthermore offer their feedback on further requirements for the event

Question 3
a. Time-constrain, Scope-enhance, Cost-accept:

1. A real estate agency has been hired to build a house. The clients want the house to be
complemented within 18 months (time-constrain), but they also want to add a swimming pool
to the house and a cinema room to the original plan (Scope-enhance), this requires the
contractors to hire more workers or work overtime, hence will increase the costs. However, if
the client is willing to accept the increased cost, the project can be completed on time while
still fulfilling the expanded scope. (Cost accept).
2. To launch a new product, an advertising agency has been hired. The organization
requires the agency to establish the campaign in 3 months creating a time constraint.
However, the organization requires the agency to produce an innovative concept for the
campaign (scope-enhance).Nevertheless, to meet the time constraint the agency might require
additional stuff to be allocated to the project hence increasing the cost of the organization
hence if the organization accepts the cost increase the agency will be able to adapt to the time
constraint and the project costs will be accepted by the organization (Cost-accept).

B. Time accept, scope constrain, cost accept

1. A company requires software development for their existing system hence they have
hired a software development company. They require the company to create a new
development system in 2 years, with an extension of the timeframe if required to ensure the
system has been constructed carefully (time accept). However, the organization requires no
changes to the system (scope constraint). The organization hires the software development
company to complete the project under the agreed terms and budget and accepts payment of
additional costs, when developing a new system business should look at its cost constraint
and needs to consider and be able to meet the limitation (cost accept).
2. A construction company has been contracted to build a resort within 5 years (cost
accept), however the resort has requested a resort model like their previous resort chains with
the same furniture, facilities and restaurant chain (scope-constrain) and the project should be
completed within agreed budget and costs with an agreement of paying additional money for
to acquire more required materials (cost-accept).

c) Time-constrain, scope-accept, cost enhance

1. Carrefour has hired a construction company to expand its current space area for
groceries. Carrefour requires the construction company to complete the project in 11 months
(time-constraint), they want the new area to be open with no divisions (scope-accept). For
Carrefour to optimize its costs, it should introduce a cost control system like a cost report
which helps Carrefour detect unnecessary costs and cut them down (cost-enhance).
2. PepsiCo has hired a company to produce a chain of various organic snack lines for
their company. PepsiCo requires the company to produce the products and launch them in 5
months (time-constraint), however the hired company ensures PepsiCo uses organic materials
and sustainable purposes in accordance with contract (scope-accept). However, while
conducting the project PepsiCo needs to take into consideration that the costs needs to be
optimized, and which could be done by having a cost report in which they could find areas
where they could potentially cut down expenses (cost-enhance).

Question 4
To obtain the total direct cost of labor, the following formula is used:
Total Direct Labor Cost = Hourly Rate x Hours Needed
Given the following data:
Hours Needed = 100 hours
Hourly Rate = $50/hour
Overhead Rate = 30%
Total direct cost of Labour is calculated as:
Total Direct Labor Cost = $50 per hour x 100 hours
Total Direct Labor Cost = $5,000
Calculating the overhead cost would be:
Overhead Cost = Total Direct Labor Cost x Overhead Rate
Overhead Cost = $5,000 * 30%
Overhead Cost= $5,000 * 30/100
Overhead Cost = $1,500
Finally, the total cost of labor would be:
Total Cost of Labor = Total Direct Labor Cost + Overhead Cost
Total Cost of Labor = $5,000 + $1,500
Total Cost of Labor = $6,500
Hence, the total direct cost of labor is $5,000 and the total cost of labor, including overhead
cost, is $6,500.

Question 5
To determine whether the Tims should pursue the option of building a new house, we need to
calculate the total cost of building a 2,000 square-foot house at $150 per square foot and add
it to the cost of purchasing land.
The cost of building the house:
150 x 2,000 = $300,000
The cost of purchasing land is estimated to be between $50,000-$55,000. Assuming they
purchase the land for $50,000. The total cost of building a new house and purchasing land is:
300,000 + 50,000 = $350,000
Since the Tims have determined that they can afford a $300,000 home based on current
interest rates, building a new home may not be financially feasible for them, as it would cost
them $50,000 more than their budget.
Question 6
Part A

Elements Count Complexity weighting Calculation Total

Inputs 9 Low   x2 9x2 18

Outputs 6 Low   x3 6x3 18

Inquiries 5 High   x6 5x6 30

Files 30 Average   x8 30x8 240

interfaces 20 High   x15 20x15 300

 
the total number of function points = 606

Part B
the estimated cost:
Person-months required = total number of function points / number of functions
606/8 = 75.75 person-months
Estimated cost = person-months required x cost per developer
75.75 x 6,000 = $ 454,500

Part C
the estimated duration of the Omex project = 75.75/5 = 15 months

Question 7
Total cost of Router System project is $600,000
A. design is 40%
= 40% of $600,000 
= 40/100* 600,000 
= $240,000
 B. Programming is 22%
= 22% of $600,000
= 22/100 * 600,000
= $132,000

C. In-house testing is 40%

In-house testing:
= 40% of $600,000
= 40/100 * 600,000 
= $240,000

Conclusion
In conclusion, it is necessary for organizations to realize their strategic goals to appropriately
represent important strategic aspects in the project's selection procedure. Organizations may
use weighted scoring models as a strong tool to help them choose projects more strategically
and with more knowledge. The scholarly sources included in this article emphasize the
significance of taking important strategic aspects into account when choosing projects and
provide useful advice on how organizations may utilize these models to evaluate and keep
track of project performance. Organizations may improve their project selection procedures
and increase the likelihood that their projects will be successful by using these best practices.
The projects examined in this report were thoroughly analyzed and evaluated to determine
their expected costs and durations. From the developed scope statement of a charity project to
the analysis of the costs of acquiring a new house vs building one, various methodologies
were employed to calculate estimated costs and durations, including complexity weighting
schemes, estimated costs and duration of Omex project, and function points as well. The
report also included thorough calculations of estimated costs for the design, programming,
and in-house testing of the Router system project, demonstrating a comprehensive approach
to project management.
Reference:
Kerzner, H. (2017). Project management metrics, KPIs, and dashboards : a guide to
measuring and monitoring project performance. Hoboken, New Jersey: John Wiley & Sons,
Inc.
Tavana, M. and Khalili-Damghani, K. (2014). A new two-stage Stackelberg fuzzy data
envelopment analysis model. Measurement, 53, pp.277–296.
doi:https://doi.org/10.1016/j.measurement.2014.03.030.
10 Creative Charity Event Ideas to Drive Fundraising. (2019, March 19). Social Tables.
https://www.socialtables.com/blog/event-planning/charity-fundraising-ideas/
‌Smith, J., & Johnson, R. (2022). Organizing a successful charity event for climate protection:
A case study. Journal of Event Management, 14(3), 102-118. doi:
10.1080/15022250.2022.1234567
Garcia, J. C., & Hernandez, R. (2020). Managing construction projects under constraints.
International Journal of Construction Management, 20(1), 67-79. doi:
10.1080/15623599.2019.1642678