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Organizations have resources to complete projects. They include people, materials, knowledge, and money. They invest these in developing and delivering projects that can grow and sustain the business organization.In this milestone, you will complete a resource management plan and you will update your project using MS Project software. QSO 680 Milestone Three Guidelines and Rubric Overview: For the final project in the course, you will analyze the case study Value-Driven Project and Portfolio Management in the Pharmaceutical Industry and additional course resources to create a program performance report for a hypothetical organization. The completion of this assessment will allow you to demonstrate your knowledge of program-level management and your ability to develop key executive reporting following standard frameworks. In this milestone, you will develop a resource management plan and update your project using MS Project software. When building a project plan, project managers use the resources an organization makes available to complete the work necessary to deliver the project. When a project manager builds a project plan, work packages are created that define the specific work activities that need to be completed. It is essential that a project manager understand what work needs to be completed so he or she can determine what resources (people, materials, knowledge, money) are needed, for how long (duration), and when these resources are needed (schedule). Some of this will be known and some unknown. During the early stages of a project (initiation phase), there are many unknowns, so planning is not precise. During the execution phase, accuracy of managing resources is essential for project and program management success. A project manager wants to use organizational resources as efficiently as possible. Ideal resource management ensures the project manager has the right people working on the right work packages at the right time. Prompt I: Thus far in the course, you have completed a case study overview, a project charter, and a project scope statement. You have also set up your project using MS Project software. In this milestone, you will develop a resource management plan and update your project with this material using MS Project software. An Excel spreadsheet template has been provided for your use in creating a resource management plan. If you prefer a different format, you are free to use the format you prefer. You will determine what your resource management plan will need, but at a minimum it should include the following critical elements: I. Provide a list of human resources required for the project. II. Identify the specific skill set needed. III. Describe the roles and key responsibilities for each job type. IV. Provide a list of equipment items to be used. V. Identify the purpose of each equipment item. VI. Identify the types and quantities of equipment needed. VII. Provide a list of materials needed. VIII. Identify people or resource constraints (dates of availability). IX. Identify the specific planning dates when resources are needed. http://search.proquest.com.ezproxy.snhu.edu/docview/232912662?pq-origsite=summon&accountid=3783 http://snhu-media.snhu.edu/files/course_repository/graduate/qso/qso680/qso680_resource_management_spreadsheet.xlsx Prompt II: Once you have completed your resource management plan, you will use this resource plan to update your project using MS Project software. Using the file you created in Milestone Two, update your project to include the following critical elements: I. Assign resources to tasks. II. Create a project calendar. III. Create calendars for each resource. IV. Apply any of the constraints you identified in your resource plan. V. Add to the task Notes field any additional or new information. VI. Document any assumptions you made regarding resources and turn that in (as a Word document) with your assignment. VII. Assign yourself as the project manager and assign your instructor as the project sponsor. This file, which is a combination of Milestones Two and Three, should be submitted as an MS Project (.mpp) file. Do not submit it as a .pdf. As needed, use the following Atomic Learning tutorials to help you set up your project using MS Project software: Infobase: Project 2016 Training D.Resources Rubric Guidelines for Submission: Your resource management plan can be submitted in any appropriate format as long as all critical elements are covered. All citations should be in APA format. In addition, you will submit an MS Project file (.mpp) that combines the work from Milestone Two with this milestone. Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Human Resources Provides a list of human resources required Provides a list of human resources required but list is incomplete Does not provide a list of human resources required 7 Skill Set Identifies necessary skill set Identifies necessary skill set but identification is inaccurate Does not identify necessary skill set 7 Roles and Key Responsibilities Describes roles and key responsibilities for each job type Describes roles and key responsibilities for each job type but description lacks necessary detail Does not describe roles and key responsibilities for each job type 7 Equipment Provides list of equipment items needed Provides list of equipment items needed but list is incomplete Does not provide list of equipment items needed 7 Purpose Identifies purpose of each equipment item Identifies purpose of each equipment item but identification is inaccurate Does not identify purpose of each equipment item 7 Types and Quantities Identifies equipment item types and quantities Identifies equipment item types and quantities but identification is incomplete and/or inaccurate Does not identify equipment item types and quantities 7 Materials Provides list of materials needed Provides list of materials needed but list is incomplete Does not provide list of materials needed 7 https://www.atomiclearning.com/highed/project-2016?cn=snhu Resource Constraints Identifies resource constraints Identifies resource constraints but identification is inaccurate Does not identify resource constraints 7 Planning Dates Identifies resource planning dates Identifies resource planning dates but identification lacks logic Does not identify resource planning dates 7 MS Project: Assign Resources Assigns resources to each task Assigns resources to each task but assignments are inaccurate and/or illogical Does not assign resources to each task 5 MS Project: Project Calendar Creates an MS Project calendar Creates an MS Project calendar but calendar is inaccurate and/or illogical Does not create an MS Project calendar 5 MS Project: Resource Calendars Creates an MS Project calendar for each resource Creates an MS Project calendar for each resource, but calendar is inaccurate and/or illogical Does not create an MS Project calendar for each resource 5 MS Project: Constraints Applies constraints identified in resource management plan Applies constraints identified in resource management plan but application is inappropriate Does not apply constraints identified in resource management plan 5 MS Project: Notes Adds additional information to Notes as necessary Adds additional information to Notes but notes contain gaps in information Does not add additional information to Notes as necessary 5 MS Project: Assumptions Documents assumptions upon which resources are assigned Documents assumptions upon which resources are assigned but assumptions are illogical and/or incomplete Does not document assumptions upon which resources are assigned 5 MS Project: Assign Assigns project manager and project sponsor Does not assign project manager and project sponsor 4 Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 3 Total 100% Sheet2 WBS ID Task Description 1.0 establishment of effective project management. Is the process of developing the basics of the value driven project management 1.1 Target product profile (TPP) the definition of the targeted patient population, the requested efficacy, safety and tolerability characteristics, and technical details 1.2 Decision tree analysis illustrate R&D decision points, the probabilities of uncertain outcomes at each milestone, and potentially resulting decision options 1.3 The relevance of project risk structure resolution of the risks per milestone 1.4 Financial project evaluation use of NPV in the evaluation of the investments in the pharmaceutical industry 2.0 Development portfolio management Qualitative and quantitative evaluation 2.1 Capacity management Evaluation of the available and needed capacities 2.2 Portfolio management in different organisational systems the portfolio management across the different departments and systems in an organization 3.0 Execution of value driven portfolio management the actual execution of the value driven portfolio management 3.1 Evaluation of individual projects along a stage-gate decision process Each individual project is evaluated along stage gate decision process 3.2 Project risk analysis analyzing the threats of the various projects 3.3 Financial evaluation evaluation of the fiancial requirements and metrics for the project 4.0 Control and monitoring the processes after the value driven projects are implemented 4.1 Research portfolio evaluation review all projects every 6-12 months. 4.2 Scoring rating the projects according to the financial performance and other aspects 4.3 Portfolio risk evaluation ensuring that the portfolio is balanced in terms of the risks and rewards Project Scope Statement Chellyn Jones Date: 29/08/2021 1 8 Table of Contents Introduction 3 Project Purpose and Justification 3 Scope Description 3 High Level Requirements 3 Boundaries 4 Strategy 4 Deliverables 5 Acceptance Criteria 5 Constraints 5 Assumptions 6 Cost Estimate 6 Cost Benefit Analysis 6 Introduction Due to the increase in Medicare costs in many companies the issue of shifting towards value driven project management. The concept of portfolio management has been use in most of the industries and businesses and can also be used in the streamlining of the activities within the pharmaceutical industry. The main focus of the value driven project management is the processes and the research & Development. It also focuses on the resource allocation and aligning the goals of the projects with the strategic goals that are in place for the organizations. The concept of value driven project management has been implemented in the process of drug development and also in the research conducted for the development process. Project Purpose and Justification The main purpose of the value driven project and portfolio management is to create an outline for the application of portfolio management in the drug development process and value addition to the process. The value addition comes from proper resource allocation which will ensure that there is minimal wastage of the resources used in the pharmaceutical companies (Derenska, 2018). The purpose of the value driven project management is to analyze the risks of the project and creation of mitigation strategies so that the risks do not negatively impact on the projects. Scope Description The project has a wide range of activities which range from the development of the project management all the way to project analysis and analysis of the outcomes. The primary aspects of the project is four integrated decision making steps that comprise of stage gate decision process, budget and timeline management, and alignment of the sales forecast with the target product profile. The project also involves the application of the of portfolio management in financial analysis and drug development in various companies. High-Level Project Requirements The implementation of the value driven project management is an option that is used in the improvement of an existing situation. Thus, a high level and decision making and the involvement of the concerned stakeholders in the process. The creation of decision tree analysis is an ongoing process and very important in this project (Lampa et al., 2017). Resource allocation and financial risk analysis & preparedness are some other important high level requirements. Project Boundaries The project mainly includes the implementation of value driven portfolio management in the pharmaceutical industry. The project is limited to a few activities as follows; it is currently limited to the implementation of the portfolio management framework in the pharmaceuticals. The implementation will be based on various decision making strategies and processes which will be accompanied by the timeline of the implementation process. The project also involves financial assessments and risk analysis. There will also a basis to be used in measuring the validity of the project and also the basis will be used in ensuring that the highest value is derived from the project. Project Strategy There are various strategies that will be utilized in the project to ensure that it is a success. One of the strategies is cost minimization; since the main aim of the project is to minimize the costs one of the strategy that will be used is ensuring very minimal costs are used in the implementation are as minimal as possible. Another strategy that is useful in the project is ensuring efficient allocation and use of the resources in the pharmaceutical companies (Alkhaffaf, 2018). This strategy will ensure that there is minimal wastage of the resources and that the best outcomes are achieved in the projects. Another strategy is portfolio diversification to ensure that the risks of the projects are well balanced for the pharmaceutical companies; a balanced risk project portfolio will be good for the companies and will ensure good returns and performance of the companies. Project Deliverables One of the primary goals of the project is to ensure that the drug development process is cheaper so that the overall costs of healthcare for the companies go down. In some of the companies there is a quality problem. The solution to the issue will be based on the impact of portfolio management in the drug development and the research processes involved in the project management process. An analysis of the financial metrics and financial analysis are part of what will be delivered by the end of the project as well. These analyses will be found in the product development and process planning. Finally an implementation strategy and decision making strategy for the value driven project management based on the process identified will be delivered. Acceptance Criteria A project has to meet a set of conditions to be accepted. First, a project should consider all the possibilities during the decision making process and also ensure that all stakeholders are involved in the process. The value of the drugs will be based upon the costs used in the production process compared the sales made and the effectiveness of the applications of the drugs. The companies will also consider financial targets that will be set prior to the commencement of the projects; if a project meets set financial targets it is acceptable and vice versa. Project Constraints There are two constraints for the project; time and finances. The project has to be completed within a certain duration and hence a schedule will be needed to help ensure that the project deliverables and milestones are completed within the set time (Tereso et al., 2019). Another constraint is finances where the projects have to be within the set budget and this is because if they are not within the budget the pharmaceuticals will need additional financing and this means that it will add to the healthcare costs which these companies are trying to minimize. Project Assumptions For the success of the project there are various assumptions which will be made in the process. One there is an assumption that if the specifics are well followed then the end product will have the ability to solve the problem at hand. Another assumption is that the stakeholders will agree with the project and it will be completed at the stipulated time and within the set budget. Cost Estimates The following is the cost estimates based on the data sets provided Expense Estimated Budget Expended to Date Estimate to Complete Variance Phase I $100 MM 2007 1yr 0.5 Phase II $300 MM 2009 730 days 1 Phase III $600 MM 2008 3yrs 1.1 Drug Regulatory Submission $220 MM 2009 0.5yrs 0.3 Cost Benefit Analysis The costs involved will include the purchase costs of the materials and supplies for the drug development process. The benefits outweigh the costs. The benefits include value creation which will be decreased healthcare costs, and the increased sales in the pharmaceutical companies (Armenia, et al., 2019). Sponsor Acceptance Approved by the Project Sponsor: Date: <Project Sponsor> <Project Sponsor Title> References Alkhaffaf, M. (2018). The Role of user Involvement in the Success of Project Scope Management. International Journal of Advanced Computer Science and Applications, 9(10.14569). Armenia, S., Dangelico, R. M., Nonino, F., & Pompei, A. (2019). Sustainable project management: A conceptualization-oriented review and a framework proposal for future studies. Sustainability, 11(9), 2664. Derenska, Y. M. (2018). Project scope management process. Lampa, I. L., de Godoi Contessoto, A., Amorim, A. R., Zafalon, G. F. D., Valêncio, C. R., & de Souza, R. C. G. (2017, April). Project scope management: A strategy oriented to the requirements engineering. In International Conference on Enterprise Information Systems (Vol. 2, pp. 370-378). SCITEPRESS. Tereso, A., Ribeiro, P., Fernandes, G., Loureiro, I., & Ferreira, M. (2019). Project management practices in private organizations. Project Management Journal, 50(1), 6-22.