L05.2 - Estimating Guidelines for Times, Costs, and Resources Read the below case study

- Project Life Cycle Selection for New Payment System Founded in 2011, Wealth Easy was one of the fastest online wealth management companies focused on making investment and saving easier for everyone. After a detailed options analysis, the executive board approved the strategic program to move to the new payment processing system. The payment processing system is the backbone of the organization, and it is critical for their earnings to process transactions promptly. You are part of the project leadership team responsible for the planning and execution of this strategic program. In your first assignment to propose the life cycle to the executive board, you have a choice to use any approach (predictive, iterative, incremental, agile, or hybrid) Agile practice guide refers to the following four types of project life cycles:

Predictive life cycle: A more traditional approach, with the bulk of planning occurring upfront, then executing in a single pass; a sequential process. This approach takes advantage of things that are known and proven. The plan drives the work. Value is only delivered at the end.

Iterative life cycle: An approach that allows feedback for unfinished work to improve and modify future outcomes. Prototypes and proofs are planned, and the outputs are intended to modify the plans at the beginning. When complexity is high or when there are frequent changes or scope is unknown.

Incremental life cycle: An approach that provides finished deliverables in steps that the customer may use immediately. Here we plan to deliver successive subsets of the overall project. The team may deviate from the original vision. It uncovers hidden or misunderstood requirements.

Agile life cycle: An approach that is both iterative and incremental to refine work items and deliver frequently. Here we plan and re-pan as more information becomes available. * Agile Practice Guide Published by Project Management Institute, 2017 Key highlights: The total budget allocated to the project is $8M The project is the highest priority in the organization Two development teams (nine members each) are dedicated to this initiative The development team estimated six months of development time Significant coordination is required with all ten partners. This includes briefing partners on the overall execution plan, getting their commitment, providing training to required staff, managing and providing stabilization support The company's financial year ends in March, all transactions after this day must happen on the new system Requirements:

You are required to share The pros and cons of each life cycle approach (3 points) Choose one life cycle approach best suited for the project and clearly highlight the advantage and reasons for your selection (2 points) How will you implement the project with key tasks, dates, and milestones? Share a basic detailed project implementation Plan. (3 points)