Project Management for Revolut's Success

Introduction:

Project management is the practice in which project manager sets relevant strategies to make proper application of skills, knowledge and expertise of workforce to meet project requirements. Project management is a useful tool in today’s business world, which assists a company to execute, initiate, evaluate, monitor and close project efficiently. This report will discuss how Revolut, the British financial technology company, will carry out its project by using relevant tools and strategies. additionally, the report will also discuss how this company will overcome risks or challenges that can make potential constraints on successful completion of the project. the report will discuss as well as evaluate the usefulness of different project management strategies such as setting project plans, stakeholders’ analysis, risk assessment using project methodology and budget management, that are going to be implemented by Revolut to meet project objectives

Company overview:

Revolut is a UK Based technological financial organisation that has headquartered in London, United Kingdom. Vlad Yatsenko and Nikolay Stronosky had jointly founded this company on 1st July 2015. It is a private financial organisation that offers verity of products and services such as peer to peer payment, current and savings account facility, debit card and credit card facility, currency exchange and insurance. Revolut also offers other banking serves such as GBP as well as EUR bank account facility, stock trading and cryptocurrency exchange. the mobile app of Revolut supports withdrawal or maximum 120 currency exchange. based on annual report of Revolut during 2019, it has 1596 employees who are highly efficient in managing financial and technical projects

Overview of the project:

As mentioned by Kerzner (2017), a project can be defined as the group of tasks that assist an organisation to meet desired goals by accomplishing successful project management process. Revolut is going to carry out this project to change the cubicle workspace to open plan office. the overall features of this project are as follows

Project aims:

The aim of this project is

To change the existing cubicle workspace to open plan office to develop the workforce efficient by building synergistic relationship among staffs.

Through forming open plan office at workplace Revolut aims to develop highly productive and effluent workforces that will assist the company to grab strong competitive advantages in domestic as well as in international market

Scope of the project:

Open plan office will bring about following scope for Revolut:

Develop strong relationship-developing interaction among staffs

Develop highly productive and efficient workforce

Perfect collaboration of diverse knowledge, skills and abilities in workplace

Effective communication among managers, supervisors and staffs regarding project goals and organisational profitability

Improved customer service

Reduce office expenses through transforming cubicle workspace to open plan office

Develop relevant as well as innovating marketing and business strategies

Positive and healthy work culture that triggers employee motivation and employee engagement

Project deliverables:

Project deliverables are the desired outcomes that can be achieved by accomplishing the project (Fuller et al. 2017). Through carrying out and completing the project, the project manager of Revolut is going to achieve the following project deliverables:

Improved staff morale and productivity

Strong decision-making ability with developing collaborative working\

Develop interdependence

Effective communication and interaction among staffs, managers and higher officials

Modification of business and marketing strategies with using innovative thoughts and decisions

Improved financial service provides t customers

Improved the overall connectedness among all work units through developing open plan office structure

Improve the overall work process such as customer dealings, setting marketing strategies and implementing innovative market decision.

Constraints

Project constraints are the challenges as well as risks that the project managers on an organisation while carrying the overall project (Padalkar and Gopinath, 2016). There are several types of project risk such as financial, social, environmental, structural and company-related. Here the project manager of Revolut can face the following constraints while carrying out the project:

As this is a newly set up company in Fintech industry, the project manager can face fund constraints.

Project manager can also face lack of proper support from internal stakeholders of this company to carry out the project

Lack of proper resources such as physical and non-physical resources can be one major constraint in accomplishing project efficiently

Project can face conflict and mismanagement in et workforce regarding et response of staffs towards et new d4ecision of developing open-space office.

Constraints can be developed in obtaining proper IT support and technical back up while carrying out the project

Project managers can also face constraints in budget management due to lack of financial support from stakeholders

As Revolut is newly set up company it can face several issues while carrying out this project. the major constraints that the project manager will face is the financial constraint due to lack of financial support from internal stakeholders such as investors, shareholders and board of directors of this company. moreover, the company can as face constraint in managing sufficient budget, as organisational board of director as well as shareholders may allocate very low amount of fund that will make difficulties for project mange to meet the project objective accordingly. In addition to this, the project initiative to developing open plan office in workplace in place of existing cycle workspace can create severe conflict and mismanagement in workforces a majority of staffs may not agree with ten new project aims. Lack of resources availability is a common constraint that project manager of Revolut can face which will make the manager unable to use modologies as well as tools that are intended to be used in carrying out project successfully.

Role of project manager

Project manager can be defined as the concerned person who is involved in initiating, managing, monitoring, executing and closing project in terms of achieving the desired project objectives (Banihashemi et al. 2017). The project manager of Revolut has the following responsibilities

Planning, managing, executing and monitoring of the project to achieve the project aim, opening plan office in the workplace

Determining and arranging resources such as financial, social, physical, technical, environmental resources, that are required for meeting project objectives

Planning activities and strategies in efficiently carrying the entire project with using proper resources efficiency

Maintaining proper time management in accomplishing project before deadline

Conducting proper budget allocation as well as cost estimation

Ensuring consistent fund flow into project management process which will assist the company to carry out the project without facing any difficulties

Determining and eliminating possible risk and challenges associated with the project such as financial risk, technical risk and social risk.

Monitor ad and evaluate the overall performance and productivity of workforce.

SMART objectives:

Explanation:

As shown in the above-mentioned table, the specific objective of the project is to change the cubicle workspace to open plan office at workplace of Revolut. SMART objectives are one of the important in setting effective strategies in managing and implementing a project in effective manner (Meredith et al. 2017). After accomplishing the project, the usefulness of the Revolut can measure the effectiveness of the project by evaluating different aspects such as the productivity of workforces as well as of entire organisation, performance standard of staffs, professional relationship among employees, quality of customer service and overall standard of service delivery process. For achieving this objectives project manager of Revolut has taken different strategies such as conducting proper training to staffs, evaluating and monitoring project progress, evaluating performance standard of et entire workforce, managing the proper fund and developing proper risk assessment framework. the project aims that Revolut has taken to develop open plan office is highly realistic to its compony needs, as there are many real-world examples in which companies have implemented this project objective effectively and achieved desired outcomes.

Stakeholders analysis:

As mentioned by Heagney (2016), stakeholders’ analysis is the process that assists the project manager to analyse the responsibilities as well as the contribution of different stakeholders of the company to achieve project objectives. Following are responsibilities as well as the contribution of internal and external stakeholders of Revolut that the project manager needs to consider while carrying out the project

Internal stakeholders

External stakeholders:

Project methodologies

Agile methodology:

Agile methodology is the practices that promote the continuous development and modification of different stages of project throughout its lifecycle (Rasnacis and Berzisa, 2017). This methodology can be highly beneficial to the project manager of Revolut, in terms of assisting the company to maintain strong connection between stakeholders and staffs. in addition to this this this methodology will be highly effective for Revolut to make continuous review of work process and performances of staffs at any stage of the project management process. project manages of Revolut will be able to maintain effective communication with staffs as well as other stakeholders of this company regarding the successful accomplishment of the project. In addition to this agile method will assist staffs to work in partnership with manes and higher officials with developing highly effective decision making and ideas sharing process in the workplace

Waterfall method:

The waterfall method is the traditional method of project management, in which project managers need to follow the systematic process while carrying out the project, in which there is no or little scope of backtracking (Adiga, 2019). In this type of project management process, the team members can move to next stage after proper completion of the previous stage and they are not able to make any changes or modification in the previous stage after they move to next one. The methodology although is sometimes thought to be irreverent and backdated to current project objectives, this model can assist project manager of Revolut to analyse the design, planning and requirement of the entire project. additionally, the waterfall method will assist the project managers of Revolut to develop highly effective project structure and design that will be highly relevant to the objectives as well as aims of the entire project. Waterfall methodology will assist the project manager to have a highly organised and structured team that works under the data-focused paradigm.

1.7 Budget management:

Planning and management of the budget is an important stage in the project management process that assists the project mange to determine fund that is required to carry out and complete the entire project effectively (Kerzner, 2017). During the budget management process project manager of Revolut will focus on the following aspects:

The project manager would ensure that prices that are enlisted in budget highly justified as well as relevant to the current financial condition of Revolut

The project manager needs to make proper market research on the price of individual items that are needed to carry out the project

The budget management process needs to conducted in such a manner that will reduce the overall cost of the company

Risk assessment framework

Risk assessment process assists the project manager of an organization to determine, execute, manage and eliminate the risk associated with the project to carry out the project smoothly. The project manager of Revolut needs is going to implement following a risk assessment framework to assayer that all possible risk will be determined ad eliminate properly to accomplish the project efficiently.

Determining the type of risk:

In this process, the project manager of Revolut will determine the types of risks that can be faced during carrying out the project such as financial, social, technical, environmental and organisational risks. Revolut can face the following risks throughout the project:

Lack of fund

Lack of proper technical backup

Conflict among staffs regarding the decision of changing cubicle workspace to open plan office

Evaluating frequency of risk:

In this stage, the project manager of Revolut will measure and evaluate the frequency or severity of the impact of possible risk on overall project outcomes. For example, while dealing with the risk generated through the poor technical backup, the project manager will consider the aftermath of technical errors the staffs can face while managing project such as network connection errors, difficulties in downloading and sharing electronic database and unable maintaining connection with the higher official through the online communication process.

Examining solution:

The project manager of Revolul will connect to the local dealers, IT contractors and suppliers to get the instant solution of the issues. here the project manager will contact IT dealers to get temporary technical staffs and temporary network back up to carry out the project without facing any delays.

Implementing solution:

In this stage, the project manager of Revolut will implement the strategies ad or solution logically and systematically to assayer that the project is now free from any and of inconveniences

Monitoring results:

This is the final stage of the risk assessment process, in which project manager will check the usefulness of the solution to analyse whether the risk is proper assessment and eliminated. Here the project manager of Revolut will analyse where the project is carrying out the project without facing any issues.

5Ms of management

By using this process, the project manager of Revolut will be able to manger different types of resources in project in terms of achieving et project objectives.

Communication plan:

Project termination:

The project is expected to be terminated on 30th June 2021 with changing cubicle workspace into open plan office at the workplace, which will assist Revolut to have highly productive workforces and high-quality customer service

Conclusion:

From above-mentioned discussion, it can be concluded that project management is the process in which a definite project is executed, monitored, evaluated and designed to meet the expected outcomes. Project management process is associated with several important tools and methods such as the setting of proper project plan, determining scope, setting project aim and objectives, budget management, risk assessment, resources management and communication management. Through managing a project systematically, the company can make the expected changes and meet the desired outcomes that will enhance the profitability and productivity of the company.

Reference list:

Adiga, S.K., 2019. Challenges faced by managers while migrating from waterfall to agile methodology in service-based it companies in India (Doctoral dissertation, Dublin Business School).

Banihashemi, S., Hosseini, M.R., Golizadeh, H. and Sankaran, S., 2017. Critical success factors (CSFs) for integration of sustainability into construction project management practices in developing countries. International Journal of Project Management, 35(6), pp.1103-1119.

Fuller, M.A., Valacich, J.S., George, J.F. and Schneider, C., 2017. Information Systems Project Management: A Process and Team Approach, Edition 1.1. Prospect Press.

Hoda, R. and Murugesan, L.K., 2016. Multi-level agile project management challenges: A self-organizing team perspective. Journal of Systems and Software, 117, pp.245-257.

Marchewka, J.T., 2016. Information technology project management: Providing measurable organizational value. John Wiley & Sons.

Padalkar, M. and Gopinath, S., 2016. Six decades of project management research: Thematic trends and future opportunities. International Journal of Project Management, 34(7), pp.1305-1321.

Papke-Shields, K.E. and Boyer-Wright, K.M., 2017. Strategic planning characteristics applied to project management. International Journal of Project Management, 35(2), pp.169-179.

Rasnacis, A. and Berzisa, S., 2017. Method for adaptation and implementation of agile project management methodology. Procedia Computer Science, 104, pp.43-50.