EFTPOS Banking System Development
- December 21, 2023/ Uncategorized
Measurable Organizational Value (MOV)
Discuss about the EFTPOS Banking System Development.
Measurable Organizational Value (MOV) is a benchmark that defines the quality of requirement of the project. In order to determine the MOV of a project, certain aspects related to the project are considered. These aspects are elaborated below.
Desired Area of Impact – In order to execute a project, the project manager first needs to determine the area that he desires to make an impact on. The aim of the project is to deliver an EFTPOS banking system that is aimed to solve the problem of breach of security while making online payments through debit and credit cards. Hence, the desired area of impact for this project is operational i.e. it aims to change the operation through which the customer pays a certain sum of money to the merchant. The areas of impacts are ranked in this project as follows.
- Operational – To solve the operational processing of the fund transfer system
- Social – To solve the problems faced by the customers during cashless payments to the merchants
- Financial – To prevent loss of money by the customers due to security and other issues related to payment through credit and debit cards
- Customer – To solve the issues by the customers for making cashless payments
- Strategy – To solve strategic problems by the banks by directly transferring funds from account to merchant without using the cards
Value – The main value that is to be followed in the context of this project is “Do More”. The client for the project can build on the project and promote online fund transfer during payments to the merchants instead of using credit and debit cards that are not very secure modes of payments. Online fund transfer is also much more convenient for the customers who will only need one click to pay the merchant instead of going through the verification process for the validation of the cards.
Metric – The target metric for the stakeholders to achieve is to complete the entire project in an overall time period of 134 days and within a specific budget of $200,000. Furthermore, the client expects a profit rise of at least 25% at the end of one year after the project is completed and delivered.
Timeframe – The timeframe of the project is set at 134 days within which, all the activities and work packages of the project must be completed.
Summary of MOV – At the end of the project, an EFTPOS banking system application for smartphones will be delivered within a time period of 134 days and using this application, the customers will be able to pay the merchants through direct online fund transfer without having to go through various verification processes.
The scope of the project includes the development of an online fund transfer banking system that is aimed to address the issues faced by customers while making payments through debit and credit cards. In order to manage the scope and ensure scope creep does not occur in this project, the IT Supervisor will need to monitor the progress of the project and report to the project manager. In addition, before the start of the project, it is to be ensured that the developer clearly understands the project charter and the overall scope of the project.
Desired Area of Impact
The human resources for the project along with their standard rates are shown in the following table.
|
Resource Name |
Type |
Std. Rate |
Ovt. Rate |
Cost/Use |
Accrue At |
Base Calendar |
|
Work |
$150.00/hr |
$0.00/hr |
$0.00 |
Prorated |
Standard |
|
|
Project Funding Manager |
Work |
$75.00/hr |
$0.00/hr |
$0.00 |
Prorated |
Standard |
|
Human Resource Manager |
Work |
$100.00/hr |
$0.00/hr |
$0.00 |
Prorated |
Standard |
|
Supervisor of IT and Project |
Work |
$120.00/hr |
$0.00/hr |
$0.00 |
Prorated |
Standard |
|
System Developer |
Work |
$65.00/hr |
$0.00/hr |
$0.00 |
Prorated |
Standard |
|
System Tester |
Work |
$60.00/hr |
$0.00/hr |
$0.00 |
Prorated |
Standard |
Other resources of the project are shown in the following table.
|
Technology |
Hardware for running the software development platform, software platform for the development of the app, testing software, cyber security software |
|
Facilities |
Project room where the developer and the tester will work, utilities for the developer and tester to use |
|
Others |
Travel costs, food, water, restroom for project team, training for the employees regarding management of the application |
A high level work breakdown structure for the project is shown below.
|
WBS |
Task Name |
Duration |
Start |
Finish |
|
0 |
EFTPOS Banking System Development |
134 days |
Mon 5/21/18 |
Thu 11/22/18 |
|
1 |
Project Planning and Discussion Phase |
10 days |
Mon 5/21/18 |
Fri 6/1/18 |
|
1.1 |
Analysis of the Existing Cashless Payment Systems |
4 days |
Mon 5/21/18 |
Thu 5/24/18 |
|
1.2 |
Analysis of Pros and Cons of the Existing Systems |
2 days |
Fri 5/25/18 |
Mon 5/28/18 |
|
1.3 |
Discussion Regarding New Project |
2 days |
Tue 5/29/18 |
Wed 5/30/18 |
|
1.4 |
Proposal of New EFTPOS Banking System |
1 day |
Thu 5/31/18 |
Thu 5/31/18 |
|
1.5 |
Decision Regarding Development of New Smartphone Application |
1 day |
Fri 6/1/18 |
Fri 6/1/18 |
|
1.6 |
Milestone 1: Approval of Project from Supervisor |
0 days |
Fri 6/1/18 |
Fri 6/1/18 |
|
2 |
Detailed Planning and Estimation Phase |
21 days |
Mon 6/4/18 |
Mon 7/2/18 |
|
2.1 |
Gather Team Members for Project |
2 days |
Mon 6/4/18 |
Tue 6/5/18 |
|
2.2 |
Preparation and Development of Project Charter |
9 days |
Wed 6/6/18 |
Mon 6/18/18 |
|
2.2.1 |
Analyze Project MOV |
2 days |
Wed 6/6/18 |
Thu 6/7/18 |
|
2.2.2 |
Determine Project Scope |
2 days |
Fri 6/8/18 |
Mon 6/11/18 |
|
2.2.3 |
Determine Project Objectives |
1 day |
Tue 6/12/18 |
Tue 6/12/18 |
|
2.2.4 |
Estimate an Overall Schedule for Project |
1 day |
Wed 6/13/18 |
Wed 6/13/18 |
|
2.2.5 |
Create Gantt Chart |
1 day |
Thu 6/14/18 |
Thu 6/14/18 |
|
2.2.6 |
Determine Overall Project Budget |
2 days |
Fri 6/15/18 |
Mon 6/18/18 |
|
2.3 |
Determination of Other Aspects of Project |
10 days |
Tue 6/19/18 |
Mon 7/2/18 |
|
2.3.1 |
Risk Analysis |
2 days |
Tue 6/19/18 |
Wed 6/20/18 |
|
2.3.2 |
Create Risk Register |
1 day |
Thu 6/21/18 |
Thu 6/21/18 |
|
2.3.3 |
Determine Risk Mitigation Plan for Project |
2 days |
Fri 6/22/18 |
Mon 6/25/18 |
|
2.3.4 |
Set Quality Standards |
3 days |
Tue 6/26/18 |
Thu 6/28/18 |
|
2.3.5 |
Prepare Quality Management Plan |
2 days |
Fri 6/29/18 |
Mon 7/2/18 |
|
2.4 |
Milestone 2: Proceed to Project Initiation |
0 days |
Mon 7/2/18 |
Mon 7/2/18 |
|
3 |
Project Initiation Phase |
11 days |
Tue 7/3/18 |
Tue 7/17/18 |
|
3.1 |
Procure Budget for Project from Sponsor |
3 days |
Tue 7/3/18 |
Thu 7/5/18 |
|
3.2 |
Hire Developers |
2 days |
Fri 7/6/18 |
Mon 7/9/18 |
|
3.3 |
Allocate Project Duties to Project Team Members |
2 days |
Tue 7/10/18 |
Wed 7/11/18 |
|
3.4 |
Procure Hardware for Project |
2 days |
Thu 7/12/18 |
Fri 7/13/18 |
|
3.5 |
Procure Software for Project |
2 days |
Mon 7/16/18 |
Tue 7/17/18 |
|
3.6 |
Milestone 3: Initiate Project |
0 days |
Tue 7/17/18 |
Tue 7/17/18 |
|
4 |
Project Execution Phase |
84 days |
Wed 7/18/18 |
Mon 11/12/18 |
|
4.1 |
Install and Upgrade Hardware |
5 days |
Wed 7/18/18 |
Tue 7/24/18 |
|
4.2 |
Install Software Development Platform |
4 days |
Wed 7/25/18 |
Mon 7/30/18 |
|
4.3 |
Start Development of Smartphone App |
60 days |
Tue 7/31/18 |
Mon 10/22/18 |
|
4.3.1 |
Develop Application Prototype |
15 days |
Tue 7/31/18 |
Mon 8/20/18 |
|
4.3.2 |
Conduct Alpha Testing |
5 days |
Tue 8/21/18 |
Mon 8/27/18 |
|
4.3.3 |
Install Required Features |
10 days |
Tue 8/28/18 |
Mon 9/10/18 |
|
4.3.4 |
Install Payment Gateway |
5 days |
Tue 9/11/18 |
Mon 9/17/18 |
|
4.3.5 |
Beta Testing |
10 days |
Tue 9/18/18 |
Mon 10/1/18 |
|
4.3.6 |
Develop Full Version of App |
15 days |
Tue 10/2/18 |
Mon 10/22/18 |
|
4.4 |
Testing of the App |
15 days |
Tue 10/23/18 |
Mon 11/12/18 |
|
4.4.1 |
Connect with a Demo Bank Account |
5 days |
Tue 10/23/18 |
Mon 10/29/18 |
|
4.4.2 |
Test for Fund Transfer |
5 days |
Tue 10/30/18 |
Mon 11/5/18 |
|
4.4.3 |
Test for Bugs |
5 days |
Tue 11/6/18 |
Mon 11/12/18 |
|
4.5 |
Milestone 4: Release the App |
0 days |
Mon 11/12/18 |
Mon 11/12/18 |
|
5 |
Project Closing |
8 days |
Tue 11/13/18 |
Thu 11/22/18 |
|
5.1 |
Review the Project |
4 days |
Tue 11/13/18 |
Fri 11/16/18 |
|
5.2 |
Appraisal |
2 days |
Mon 11/19/18 |
Tue 11/20/18 |
|
5.3 |
Documentation |
2 days |
Wed 11/21/18 |
Thu 11/22/18 |
|
5.4 |
Milestone 5: Sign Off and Closing |
0 days |
Thu 11/22/18 |
Thu 11/22/18 |
The activities, tasks, work packages and the resource allocations for the project are shown in the following table that also includes bottom up cost estimation.
|
Task Name |
Resource Names |
Cost |
|
EFTPOS Banking System Development |
$124,720.00 |
|
|
Project Planning and Discussion Phase |
$21,600.00 |
|
|
Analysis of the Existing Cashless Payment Systems |
Project Manager, Supervisor of IT and Project |
$8,640.00 |
|
Analysis of Pros and Cons of the Existing Systems |
Project Manager, Supervisor of IT and Project |
$4,320.00 |
|
Discussion Regarding New Project |
Project Manager, Supervisor of IT and Project |
$4,320.00 |
|
Proposal of New EFTPOS Banking System |
Project Manager, Supervisor of IT and Project |
$2,160.00 |
|
Decision Regarding Development of New Smartphone Application |
Project Manager, Supervisor of IT and Project |
$2,160.00 |
|
Milestone 1: Approval of Project from Supervisor |
Project Manager, Supervisor of IT and Project |
$0.00 |
|
Detailed Planning and Estimation Phase |
$42,640.00 |
|
|
Gather Team Members for Project |
Human Resource Manager |
$1,600.00 |
|
Preparation and Development of Project Charter |
$19,440.00 |
|
|
Analyze Project MOV |
Project Manager, Supervisor of IT and Project |
$4,320.00 |
|
Determine Project Scope |
Project Manager, Supervisor of IT and Project |
$4,320.00 |
|
Determine Project Objectives |
Project Manager, Supervisor of IT and Project |
$2,160.00 |
|
Estimate an Overall Schedule for Project |
Project Manager, Supervisor of IT and Project |
$2,160.00 |
|
Create Gantt Chart |
Project Manager, Supervisor of IT and Project |
$2,160.00 |
|
Determine Overall Project Budget |
Project Manager, Supervisor of IT and Project |
$4,320.00 |
|
Determination of Other Aspects of Project |
$21,600.00 |
|
|
Risk Analysis |
Project Manager, Supervisor of IT and Project |
$4,320.00 |
|
Create Risk Register |
Project Manager, Supervisor of IT and Project |
$2,160.00 |
|
Determine Risk Mitigation Plan for Project |
Project Manager, Supervisor of IT and Project |
$4,320.00 |
|
Set Quality Standards |
Project Manager, Supervisor of IT and Project |
$6,480.00 |
|
Prepare Quality Management Plan |
Project Manager, Supervisor of IT and Project |
$4,320.00 |
|
Milestone 2: Proceed to Project Initiation |
Project Manager, Supervisor of IT and Project |
$0.00 |
|
Project Initiation Phase |
$9,160.00 |
|
|
Procure Budget for Project from Sponsor |
Project Funding Manager |
$1,800.00 |
|
Hire Developers |
Human Resource Manager |
$1,600.00 |
|
Allocate Project Duties to Project Team Members |
Supervisor of IT and Project |
$1,920.00 |
|
Procure Hardware for Project |
Supervisor of IT and Project |
$1,920.00 |
|
Procure Software for Project |
Supervisor of IT and Project |
$1,920.00 |
|
Milestone 3: Initiate Project |
System Developer |
$0.00 |
|
Project Execution Phase |
$43,080.00 |
|
|
Install and Upgrade Hardware |
System Developer |
$2,600.00 |
|
Install Software Development Platform |
System Developer |
$2,080.00 |
|
Start Development of Smartphone App |
$31,200.00 |
|
|
Develop Application Prototype |
System Developer |
$7,800.00 |
|
Conduct Alpha Testing |
System Developer |
$2,600.00 |
|
Install Required Features |
System Developer |
$5,200.00 |
|
Install Payment Gateway |
System Developer |
$2,600.00 |
|
Beta Testing |
System Developer |
$5,200.00 |
|
Develop Full Version of App |
System Developer |
$7,800.00 |
|
Testing of the App |
$7,200.00 |
|
|
Connect with a Demo Bank Account |
System Tester |
$2,400.00 |
|
Test for Fund Transfer |
System Tester |
$2,400.00 |
|
Test for Bugs |
System Tester |
$2,400.00 |
|
Milestone 4: Release the App |
Supervisor of IT and Project |
$0.00 |
|
Project Closing |
$8,240.00 |
|
|
Review the Project |
Project Manager |
$4,800.00 |
|
Appraisal |
Project Manager |
$2,400.00 |
|
Documentation |
System Developer |
$1,040.00 |
|
Milestone 5: Sign Off and Closing |
Human Resource Manager, Project Funding Manager, Project Manager, Supervisor of IT and Project, System Developer, System Tester |
$0.00 |
From this cost estimation, the overall budget is approximately $125,000. Furthermore, the estimated costs for material resources like technology and facilities are estimated at around $75,000. Adding 20% fringe budget, the total budget for the project is $240,000.
During the cost estimation process, it has been assumed that the stakeholders will accept the standard rates for working in the project.
The main constraint is that the prices of material resources vary as per the market condition and hence, more flexibility is required for estimation of costs for material resources.
The risks of the project are identified and mitigation plan is provided as follows.
|
Risk Name |
Responsible Stakeholder |
Mitigation Strategy |
|
Scope creep |
Project Manager |
Define project scope clearly during the development of project charter |
|
Lack of progress in project |
Supervisor of IT and Project, Human Resource Manager |
Monitor project progress, recruit new developers if progress is not satisfactory |
|
Unable to procure resources due to improper budget allocation |
Project Funding Manager |
Allocate funds as per determined in work breakdown structure |
|
System bugs and issues |
Tester |
Test the application thoroughly and address the bugs and issues |
|
Sales not reaching expected values |
Marketing Manager |
Use digital media to advertise the benefits of the application |
The basic philosophy that the team wants to follow is to maintain team work and professionalism throughout the project in order to deliver the best quality outcome for the project.
Some of the verification and validation activities for the project are as follows.
|
Verification Activities |
Analyzing project charter to understand requirements, alpha, beta and final testing of the app to determine issues, bugs and glitches and their solutions |
|
Validation Activities |
Approval of project charter, budget plan, project report document |
Article 1 – Boud, D., Cohen, R., & Sampson, J. (Eds.). (2014). Peer learning in higher education: Learning from and with each other. Routledge.
According to the authors, in order to determine whether the project has been successful or not, project evaluation is necessary. This process is done after the project is completed and the project report document is submitted.
Article 2 – Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
According to the authors, it is the duty of project managers to ensure the project evaluation is done in the right way. He should be assisted by the supervisor or any other similar stakeholder who has been a part of the project execution phase. If during evaluation process, there are some missing requirements or issues identified, the project manager will be able to restart the execution of the project.
Article 3 – Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute.
As per the authors, a project can only be closed once all the stakeholders have agreed that all the project requirements have been fulfilled. A closure checklist can be used that will be marked by the project stakeholders and get approved by the project manager before the project is closed officially.
Closure Checklist
|
Item |
Check |
|
Timeframe has been followed |
|
|
Project completed within allocated budget |
|
|
The application is running in smartphone platform |
|
|
All necessary feature are installed and running |
|
|
Signature |
Project Evaluation Outline
During project evaluation, the main requirement is to determine whether the project MOV has been fulfilled. This can be done using several techniques like PESTEL analysis, cost benefit analysis, cash flow analysis and others.
Abrahamsson, P., Salo, O., Ronkainen, J., & Warsta, J. (2017). Agile software development methods: Review and analysis. arXiv preprint arXiv:1709.08439.
Binder, J. (2016). Global project management: communication, collaboration and management across borders. Routledge.
Boud, D., Cohen, R., & Sampson, J. (Eds.). (2014). Peer learning in higher education: Learning from and with each other. Routledge.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute.
Joslin, R., & Müller, R. (2015). Relationships between a project management methodology and project success in different project governance contexts. International Journal of Project Management, 33(6), 1377-1392.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
