Budget Plan

Topics: Project management, Management, Project manager Pages: 4 (1311 words) Published: June 27, 2011
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 a vital part of project management. Putting together a good project team is no easy task. The goal is to make sure, from beginning to end, that the project runs as smooth as possible. Getting the assembly wrong could cost time, money and result in a failed project. Due to the uniqueness of the acquisition between establishing a core team to complete the project would ensure speed. Core project team members are experienced professionals, which means team members would devote their time and undivided attention to the project (Gray & Larson). Assembling a team with core member can also decrease risk and ensure that projects are completed on time. Another thing to consider is the latest technologies that have been adopted by ABI. It’s vital that this investment remains intact throughout the acquisitions. The core team, based on professional experience, can develop a project that will utilize this technology and maintain ABI’s position as a leading player among regional bank. Once core team leaders are selected they will be given the opportunity to select individuals to help complete the makeup of their teams. Core member will be responsible for the development of their team based on the need of their specific portion of the...

References: www.project-management-knowledge.com/definitions
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