NEED ANSWER OF PART4

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CASE STUDY: Bank of Europa (BOE) Digitalization Project

BOE was the leading bank of Europe, consistently ranked #1 in 1980s and early 90s. However, as technology began taking shape, and new banks started adopting technology, BOE was far behind in technological innovation. Their online banking was non-existent until later in 2000s and as a result, their customer base declined over time. In 2021, their clientele is just 10% of what it used to be at its peak and among the 20-35 age group, they have just 1% of the market.

The BOE has now decided to renovate their IT systems and attract millennials by adopting state-of-the-art banking processes and digital banking. They have brought policies in place to complete account opening completely digital, sign documents via their mobile app as well as conduct banking appointments remotely, eliminating the need to visit in-person in branch, wherever possible. This includes the ability to hold video meetings via the proposed digital app. To keep the data confidential and secure, the app will have to implement its own video calling and scheduling system (and not rely on 3^rd party solutions such as MS Teams or Zoom for meetings). It should be possible to open bank account online, upload documents where necessary and for the bank employees to review the documents and approve/decline them.

After making the decision to revamp their online banking systems, the BOE invited tenders from a few different contractors and did their due diligence regarding the professionalism and quality of the contractors.

They decided to hire, MinMax Software Inc., as their contracting company. BOE wants the digitalization project to commence on September 1, 2021 and be guaranteed completion by Sept 1, 2022. If the project is not completed by then, MinMax Software Inc., will have to refund 25% of the total cost of the contract, which was for $1,000,000 (million dollars).

Part 3: Project Time Management

One of your duties as project manager is to lead the MinMax Software Inc. Team in developing and following a schedule. Youhave only 12 months to complete the project and all of the resources are full-time employees; some of them have been assigned to other projects to work on at the same. In addition to preparing a Gantt chart, you also plan to give everyone a simple milestone report. You make sure you black out weeks when people are working on the other projects. BOE wants all the specifications gathered by September 15, and the software design document completed by September 30. They would like to have an alpha version of the mobile app available by December 15 and a beta version deployed for a public beta testing by no later than June 30, 2022. They would like to go live with the final release on September 1, 2022, coinciding with the banks 30^thanniversary.

Tasks:

1. Identify at least eight milestones for this project. Write a short paper describing each milestone using the SMART criteria.
2. Review the WBS and Gantt chart you created in Part 2 above. Review the key milestone dates BOE provided and a typical schedule for the digitalization project. Develop a simple schedule in the form of a milestone report. For the milestone report, see the sample in Chapter 3.
3. Create a Gantt chart for the project, including the milestones, resources and dependencies.
4. Estimate how many hours each person would work on each task listed in your Gantt chart.

Part 4: Project Cost Management

Recall that your budget is $1,000,000 for this twelve-month project. Also remember that the MinMax Software Inc. team have other contracts though the company has committed to having their team spend between 40% and 60% of their time at the BOE site.

Tasks:

1. Prepare and include a cost estimate for the project. Use the WBS and hours estimates you created in Part 3. Make assumptions as necessary. Include the hours for each person, and calculate the budget for labour costs as well as the fixed costs.