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The topic is Revising Employee Compensation and Benefits Package.

Once I have assigned a tutor, I will send Unit II-VII to add to this assignment.

Project Closing

In Unit VIII, you are required to complete the Project Closeout section of your project plan. Refer to your unit lesson and required unit resources to advance your project plan. For this unit, create the section listed below.

Project Closeout: All necessary project closeout documentation should be included. Work completed or soon to be-completed must be identified, along with any configuration management changes.

8.1 Close Cost Accounts: Discuss completing and closing all project cost accounts and other financial closeouts.

8.2 Lessons Learned: Complete a Lessons Learned assessment that identifies key concepts learned and suggestions for future projects. What is your plan for retention of this information?

The Project Closeout section should be a minimum of two pages in length. You will need to add the Project Closeout section to your previous work from Units II–VII and submit a cohesive, complete, polished document for your final project plan. You will submit only one document; you do not have to submit the Project Closeout section separately. Be sure that you have incorporated modifications based on your professor’s feedback throughout Units II–VII.

This assignment should be a minimum of two pages in length, not counting the title page and reference page. Be sure to use proper APA formatting. Citations are not required; however, if outside sources are used, make certain to provide in-text citations and references in APA format. For more elaboration on what you should include in your project plan, refer to pp. 539–542 in your textbook.

The topic is Revising Employee Compensation and Benefits Package. Once I have assigned a tutor, I will send Unit II-VII to add to this assignment. Project Closing In Unit VIII, you are required to
Project Close-out—In this section, all necessary project close-out documentation and sign-offs must be included. Work completed or soon-to-be-complete must be identified, and configuration management changes, all sign-off documentation, warranties, notices of completion, supplier contracts, and charges for or against suppliers must be recorded and formally documented. Include copies of client sign-off, including satisfaction of contracted terms and conditions. See Chapter 14 for examples of steps in project close-out. 7.1Close cost-accounts—Complete and close all project cost-accounts and other financial closeouts. 7.2Lessons Learned—Complete a Lessons Learned assessment that identifies all exceptions and other problems, mitigation strategies employed, success of the strategies, and suggestions for the future, and include sign-off documentation that key project team members participated in Lessons Learned meetings. Develop and embed an action plan for future projects in the Lessons Learned documentation.
The topic is Revising Employee Compensation and Benefits Package. Once I have assigned a tutor, I will send Unit II-VII to add to this assignment. Project Closing In Unit VIII, you are required to
6 Revising Employee Compensation and Benefits Package Columbia Southern University December 14, 2021 Project Overview Purpose, Scope, and Objectives Employees are essential stakeholders in business as they are the engine of the company. Employees are directly involved in production of goods and provision of services that are consumed by consumers. The success of a business is directly linked to the welfare of employees (Odeku & Odeku, 2015). The proposed project involves revising and improving employee compensation and benefits package. Compensation and benefits earned by employees are essential variables in business life since they are part of operating expenses to the business and motivating factor to employees. Satisfied employees remain committed to their job which leads to outstanding performance. On the other hand, unsatisfied employees lack the energy and commitment to work hard and give their best, leading to poor performance. The best way to inspire and motivate employees is having a competitive compensation plan and benefits package. An employee compensation plan is a combination of different payments to employees such as hourly wages, overtime, monthly and annual salaries, bonuses, commissions, benefits, and incentives (Proctor, 2021). A compensation plan should be presented on a paper, whereas managers should have capacity to derive essential information from the document. The plan should contain a policy regarding working hours, minimum wage rate, dividend payout, compensation schedule, as well as other provisions of individual off days, sick leaves, and holidays. The plan should categorically outline minimum wage rate based on personal skills, knowledge, job description, and designation. A competitive compensation plan is beneficial since it helps to attract and retain top talents. The package should create a sense of prerogative by showing that they will be compensated promptly and fairly. A dynamic and strategic compensation program describes specific employee needs, operating objectives as well as organization’s pay and compensation philosophies (Carpenter, 2007). It helps to establish a competitive business in the industry based on base pay, benefits, and incentives; and serves as a great motivator for employees to perform well. While compensation to employees have positive impact on business, it causes other limitations since it increases operational expenses of a company. As compensation and benefits increase, operating expenses and employee motivation increase. Thus, having a great pay scale can have negative impact on business if the benefits derived are less than the cost incurred. Project Deliverables The project is approximated to take eight weeks. The team should present the compensation arrangement which highlights key elements such as valid salary, overtime, pay supplement, and incentives. The package should also contain paid time off, 401k arrangements, health and fitness benefits, and other income sharing plans. A successful compensation and benefits plan should demonstrate strategic support to organizational goals and objectives. It should present fair compensation, and focus on retaining employees. Additionally, provisions for compensation and allowances should be based on company size, industry averages, as well as individual levels of skills and knowledge. Project Organization Key people who will be involved in the project include the human resources (HR) manager, finance manager, production manager, information and technology (IT) manager, sales and marketing manager, senior accountant, and senior IT technician. It is the principle duty of the HR manager to ensure that employees are fairly compensated. Finance manager and the accountant will contribute advice on cost implication and help in determining appropriate compensation rate. Production manager will present job specifications to ensure that productivity is factored in. Finally, sales and marketing manager will present valuable information concerning the market and industry. An effective compensation plan is developed by professionals from different departments, who bring together resourceful ideas, knowledge, and experiences. References Carpenter, S. (2007, January 06). Design the Right Compensation Plan for Your Business. Kauffman Entrepreneur. https://www.entrepreneurship.org/articles/2007/06/design-the-right-compensation-plan-for-your-business Odeku, O. F., & Odeku, K. O. (2015). Importance of the welfare facilities in the workplace: Issues in perspectives. SOCIOECONOMICA, 4(7), 23-34. https://doi.org/10.12803/sjseco.4712315 Proctor, P. (2021, November 19). How to Create a Desirable Compensation Plan. Business News Daily. https://www.businessnewsdaily.com/15831-create-compensation-plan.html
The topic is Revising Employee Compensation and Benefits Package. Once I have assigned a tutor, I will send Unit II-VII to add to this assignment. Project Closing In Unit VIII, you are required to
Revising Employee Compensation and Benefits Package Columbia Southern University Work Breakdown Structure (WBS) Work breakdown structure is a hierarchical outlay of specific elements of a project. It is an overview of the projects which illustrates all small and large components that are needed to achieve the goal of the project (Lee et al., 2010). The work break down structure is categorized in four major phases namely initiation, planning, execution, control, and closeout. The initiation phase involves evaluating available information and solutions to make recommendations. Thereafter, a project charter is developed and delivered to Sponsors for review. The project sponsor reviews the charter and if he is satisfied, he authorizes the project manager to move to the planning stage by signing the charter. In the planning phase, the Project Manager establishes a preliminary scope and the project team. A meeting is held to start the project, and a project plan is developed. The project plan is submitted for approval, before executing the plan. Once the plan is approved, the project is ready for execution. A formal meeting is held, where user requirements are reviewed and clarified. The new system is designed, and all necessary software and hardware components are acquired. The new system is installed and tested. All managers and users are trained on using the new system until they get conversant. The control phase comes after the execution phase and it involves the overall project management. The system in closely observed and monitored closely for any errors and defects. This is essential in risk management, as the project manager is able to rectify and update the plan. When they system is fully implemented and functional, the project enters the closeout phase. All software and hardware purchased are audited. All lessons learned from the project are documented by the Project Manager and the team, and files are updated. A formal acceptance of the project is granted by the Project Sponsor, and all documents are archived. Task Description Documentation Developing a compensation strategy is a complex process that incorporates several key elements. The top most key element involves developing a compensation philosophy. Organizational leaders should understand the compensation strategy since it is vital in determining organizational success. Compensation philosophy outlines the basic principle in the compensation plan and provides guidance on how much an employee should be paid in form of salary/wages, incentives, and benefits. A good compensation philosophy supports organization’s operations and strategic plans, which enhances competitive advantage. Another task involves conducting job analysis for all positions held by employees to evaluate duties and responsibilities for each position. Different jobs are grouped together based on the level of expertise required. Similar jobs are placed under the same general pay rate. The compensation program is then communicated to all employees. Communication helps to create transparency and in building trust with employees. Employees are constantly planning for their professional development, so it is necessary for them to know how competitive their compensation is. Finally, the program is assessed and updated consistently based performance reviews. Organization Breakdown Structure (OBS) Organization breakdown structure (OBS) is established in the initial project planning stage to enhance successful integration of a project’s scope, schedule, and budget (Shtub & Rosenwein, 2017). It describes the organizational structure and shows how the organizations relate to each other. It identifies all the project’s key managers as well as other project team members who are incorporated in the project. Project Manager Sales and Marketing manager Human resources (HR) manager Information and Technology (IT) manager Production manager Finance manager Senior Accountant Senior IT technician Responsibility Assignment Matrix (RAM) Team Project Members Duties and Responsibilities Project Manager The project manager manages all deliverables and objectives of the project to ensure the goal is successfully achieved. Human resources (HR) manager Research on employee welfare based on job analysis to evaluate employees’ level of motivation and understand what they need. Finance manager Interpretation of financial data with emphasis on expenses incurred from salaries, wages, and benefits. Production manager Provides relevant data information on productivity and performance in different departments. They explain how employee motivation impact productivity. Information and Technology (IT) manager Developing and maintaining software applications that record and store employee information including specific compensation and benefits. Sales and Marketing manager Proving data and information on market research to determine competitiveness of the current compensation plan and benefits based on industry averages. Senior Accountant They perform actual financial analysis to show the impact and relevance of salaries, wages, and other benefits on employees. Senior IT technician Developing and maintaining software applications that record and store employee information including specific compensation and benefits. Project Charter Project Title: Employee Compensation Plan and Benefits December 21, 2021 Project Manager: Wilna Cuthbert Email: [email protected] Executive Sponsor: Lauren Saville Email: [email protected] Objective Statement: To design and develop an exceptional compensation and benefits package. Goals: The goal of the project is to develop a sustainable and competitive compensation and benefits program that not only motivates employees to achieve high performance, but also supports a positive work environment. Business Case Objectives: The primary objective of compensation plan is to comply with applicable federal and state laws and regulations. An effective compensation plan ensure competitive and consistent payment practices, which enhances administrative efficiency. Project Scope: Performance & recognition, compensation, benefits, development and career opportunities, and work-life balance. Timeline: The project should start in January 20, 2021 and end in April 20, 2021. Risk and Assumptions: Major risks include time management as the project may take longer than anticipated. Operating Principles: Key operating principles embraced by the team include promoting cooperation, fulfill commitments, collaboration, enhancing effective communication, and attending all meetings as scheduled. Lessons Learnt: Different ways to develop effective compensation and benefits programs. Commitment: The team will put down their signature as a sign of acceptance and commitment. References Lee, J., Deng, W., Lee, W., Lee, S., Hsu, K., & Ma, S. (2010). Integrating process and work breakdown structure with design structure matrix. Journal of Advanced Computational Intelligence and Intelligent Informatics, 14(5), 512-522. https://doi.org/10.20965/jaciii.2010.p0512 Shtub, A., & Rosenwein, M. (2017). Project management: Processes, methodologies, and economics. Pearson.
The topic is Revising Employee Compensation and Benefits Package. Once I have assigned a tutor, I will send Unit II-VII to add to this assignment. Project Closing In Unit VIII, you are required to
Risk Assessment Columbia Southern University January 10, 2022 Risk Assessment Projects encounter numerous risks that may interfere with the progress and hinder successful completion of the project. A risk refers to any challenge or obstacle that may arise during project development and can potentially threaten the success of the project. Risk management involves identifying and analyzing potential risks so as to mitigate the risk and lessen potential impact (Barghi & Shadrokh Sikari, 2020). Identifying potential risks is a vital process in risk management because it helps in overall planning of the project. Potential risks facing the project to revise employee compensation plan and benefit packages include performance risks, organizational risks, as well as user and functional requirement risks. Poor assessment of risks can lead to major complications that may be costly to the project team and the management. Thus, effective leadership and management of risk is paramount. Failure to embrace management principles effectively may lead to financial overruns, resistance by team member, loss of valued workers, delays, and efficiency plunges. Risk Assessment Matrix Major categories of risks associated with revising employee compensation plan and benefits packages include human resources risks, scope of work, and technical risks. The human resource team is very critical in revising employee compensation plan and benefits packages. They are a great risk to the project because any challenges such as incompetence, disagreements, and conflict can affect delivery of the project. Incompetence can result in high time wastage while trying to learn and understand the scope of work. Poor team cohesion result into conflict that affect team performance in project delivery. A poorly designed scope of work that lacks essential details and information can cause confusion and pose a great risk in project delivery. It can easily result in scope creed due to rapid and unexpected changes in the scope of the project, which may lead to unwanted cost increments and delays in completing the project. Technical risks may arise from government policies and guidelines for employees and employers. Federal employment policies and regulations regarding minimum wage rate and employee benefits will dictate the flow and structure of the project. Going against government policies may lead the organization into great risks. Risks Description Probability of Occurrence Severity of Risk Consequences of Risk Human Resources Team The project team fails to deliver the project. High High Failure in human resources leads to wastage of time and resources, as well as loss of trust and confidence in the team. Scope of Work Work is poorly specified and lacks important information. Medium High Poorly design compensation plan that is not effective. Loss of time and resources. Technical Risks They are risks that the organization has no control over. For instance, government rules and regulations. Low Medium Government may institute policies on minimum wage rate and employee benefits packages, which may interfere with the project. Risk Mitigation The primary objective of risk management is to identify potential risks facing a project, and mitigating them so as to have a smooth journey in project delivery. The organization should appoint highly trained dedicated employees to be part of the project team. The project team should comprise of competent members who have vast knowledge on issues surrounding employee compensation and benefit packages, including government policies and guidelines. Additionally, there should be minimal changes in the scope of work and all changes should be clearly communicated to the team project to enhance team cohesion and unity. The project team should understand well the mandate and objective of the project to avoid confusion and time wastage. The project manager should use agile methodology to avoid the risk of scope creep. This is achieved by breaking the project into several phases that are easy to monitor and evaluate. Quality Management Report Quality management is the process used to ascertain all project activities involving designing, planning, and implementing a project are applied effectively and efficiently to serve the purpose and objective of the project (Steyn, 2008). A quality project is determined by several variables such as timeliness, reliability, performance, and functionality (Fakhravar & Ouabira, 2021). The project to revise employee compensation plan and benefit packages is deemed quality if it is started and completed within the stipulated time, and is functional. The project should perform its intended function which is to boost employee satisfaction and enhance retention. A reliable project should perform as intended. Performance refers to how well the project performs the intended function. The project team should deliver a dynamic and strategic compensation program that is not only desirable, but also able to attract and retain top talent in the organization. The human resources manager should monitor and evaluate the new plan to determine if it is quality. Quality measures for employee compensation plan and benefit packages are determined the market and industry averages as well as employee expectations. The project is considered quality if it value and benefits surpass the market average and employee expectations. Key measures of success for the project include employee reviews, performance, and turnover ratio. Employees should provide feedback regarding the project outcome. Positive employee reviews show satisfaction with the project outcome. Performance and productivity of employees may be useful in quality evaluation. High performance, dedication and increased productivity show that employees are very motivated and happy with the new plan. References Barghi, B., & Shadrokh Sikari, S. (2020). Qualitative and quantitative project risk assessment using a hybrid PMBOK model developed under uncertainty conditions. Heliyon, 6(1), e03097. https://doi.org/10.1016/j.heliyon.2019.e03097 Fakhravar, H., & Ouabira, M. M. (2021). Effective project management and the role of quality assurance throughout the project life cycle. European Journal of Engineering and Technology Research, 6(5), 84-88. https://doi.org/10.24018/ejers.2021.6.5.2345 Steyn, H. (2008). A framework for managing quality on system development projects. PICMET ’08 – 2008 Portland International Conference on Management of Engineering & Technology. https://doi.org/10.1109/picmet.2008.4599741
The topic is Revising Employee Compensation and Benefits Package. Once I have assigned a tutor, I will send Unit II-VII to add to this assignment. Project Closing In Unit VIII, you are required to
Revising Employee Compensation and Benefits Package Columbia Southern University January 18, 2022 Project Schedule A project schedule is a timetable that outlines the milestones and deliverables of a project, together with their start and end dates. It indicates what needs to be done and essential resources that should be utilized for the project to be completed on time. The project manager is able to understand the scope of the project and assemble all necessary resources that are needed for the project (Ben Issa & Tu, 2017). The manager is also able to identify and predict potential challenges and obstacles that the project is likely to face. As a result, the manager is in a good position to avoid and mitigate obstacles that may come along the way to facilitate successful completion of the project. Scheduling ensures that the project workflow is maintained as organized as possible (Ben Issa & Tu, 2017). Additionally, project schedules are also beneficial to external users especially clients as it provides clear expectations on when the project should be completed. Activity Duration Estimates Activity duration estimates outline key dates in which individual activities in a project are scheduled to start and end. It allows the team to determine activity milestones that must be met in order to meet the final project deadline. The team is able to track time, evaluate the project, and reforecast the project timeline and budget. Activity Duration Estimates Activity Number Activity Predecessors Optimistic Duration (Days) Most Likely Duration (Days) Pessimistic Duration (Days) Estimated Duration (Days) Start Project __ Outline Project Outcomes Interview Employees 11 11 Research Wage Market 12 12 Establish Wages and Benefit Packages C,D 10 10 Designing Software Application 10 14 13 Acquire information for Hardware and PCs 12 10 Conduct Cost-Benefit Analysis F,G 10 End Project Gantt chart A Gantt chart is a graphic representation of a project activities in the form of horizontal bars (Istrate et al., 2014). Time duration is contained in the horizontal axis, while project activities are placed in the vertical axis. Gantt chart is useful in communicating and controlling projects. They are used during project planning and in performance control. All planned activities for the project are presented as: Start Outline Project Outcomes Interview Employees Research Wage Market Establish Wages and Benefit Packages Designing Software Application Acquire information for Hardware and PCs Conduct Cost-Benefit Analysis End Project Activity Network In project management, a network diagram is a graphical representation of project activities. It demonstrates sequential relationships of project activities using nodes and arrows. Arrows show the flow and order of activities from the beginning of the project to the end (Bagshaw, 2021). The nodes represent actual activities and contain essential details and information about the activity. They indicate early start time and late start time of activities, as well as the early finish time, late finish time of each activity, and the approximate duration of the project. 13 11 10 10 12 Where; ES stands for early start time, EF stands for early finish time, LS stands for late start time, and LF stands for late finish time. A network diagram is very useful in determining the critical path of the project. The critical path is A-B-D-E-F-H-I. It represents all major activities that should be undertaken without delay. It ensures the project is completed within the stipulated duration. References Bagshaw, K. B. (2021). NEW PERT and CPM in project management with practical examples. American Journal of Operations Research, 11(04), 215-226. https://doi.org/10.4236/ajor.2021.114013 Ben Issa, S., & Tu, Y. (2017). Integrated multi-resource planning and scheduling in engineering project. Journal of Project Management, 11-26. https://doi.org/10.5267/j.jpm.2017.5.003 Istrate, L., Marian, L., & Ferencz, I. S. (2014). The use of a project management application in managing investments in a public administration institution. Procedia Economics and Finance, 15, 1732-1739. https://doi.org/10.1016/s2212-5671(14)00648-0
The topic is Revising Employee Compensation and Benefits Package. Once I have assigned a tutor, I will send Unit II-VII to add to this assignment. Project Closing In Unit VIII, you are required to
Revising Employee Compensation and Benefits Package Columbia Southern University January 25, 2022 Project Budget A project budget is a tool used by project managers in estimating the total cost of a project. It contains a detailed estimate of all costs and expenses that are likely to be incurred while undertaking the project (Kwon & Kang, 2018). A project budget provides an outline of all resources that are essential for the project including the associated costs that are incurred. Project managers are required to have an estimate of all resources that are needed in a project. It is useful in planning as it ensures funds and resources are readily available. Project budget is useful in controlling as it helps in measuring and evaluating performance (Kwon & Kang, 2018). It is useful in identifying anomalies, like when there is wastage or embezzlement of resources. Whenever there are deviations from the budget, the project manager may take appropriate measure to address the variance. The nature and the complexity of a project are key determinants of its cost. Complex and lengthy projects are likely to be costly because they require more resources in terms of time, technology, and manpower. Revising employee compensation and benefits package is not a complex and time consuming project. The project involves the following key activities: Outline Project Outcomes Interview Employees Research Wage Market Establish Wages and Benefit Packages Designing Software Application Acquire information for Hardware and PCs Conduct Cost-Benefit Analysis Project Resources Key project resources that are needed in Revising employee compensation and benefits package project are human resources. The project requires professionals with intellectual expertise in different areas such as accounting and finance, employment law, human resources, research and marketing, and information and technology (IT). Therefore, salaries and wages are significant costs in this project. Time is also a significant resource that is used in the project. The projected is estimated to take 60 days as outlined in the project schedule. Starting Project- 5 days Outline Project Outcomes- 7 days ii. Interview Employees- 11 days iii. Research Wage Market- 12 days iv. Establish Wages and Benefit Packages- 10 days v. Designing Software Application-13 days vi. Acquire information for Hardware and PCs- 10 days vii. Conduct Cost-Benefit Analysis- 8 days Ending the Project- 5 days Other Costs Other Costs that would be incurred in this project include legal fees and per diem, transportation fees, utility expenses, and miscellaneous expenses such as meals and cleaning expenses. Cost Estimates Ballpark, comparative, and feasibility estimates are common cost estimation methods that are used in formulating project budgets (Amade & Akpan, 2014). Ballpark estimates are normally based on limited information retrieved from different project companies. It is used when resources key resources such as time and information are scares. The accuracy of retrieved data is estimated at about 70 percent. Comparative estimates are based on historical data that is retrieved from past similar projects and personal experiences. They produce a solid estimate that is highly reliable. Feasibility estimates are based on real figures that are derived from preliminary project design work. A feasibility estimate is estimated to be 90 percent accurate since it is based on the actual analyzed project. Activities Ballpark Estimates Comparative Estimates Feasibility Estimates Starting Project $1,400 $1200 $1,000 Outline Project Outcomes $2,000 $1500 $1,200 Interview Employees $3,500 $3300 $3,000 Research Wage Market $4,000 $4500 $5,000 Establish Wages and Benefit Packages $6,000 $5500 $5,000 Designing Software Application $5,000 $5500 $6,000 Acquire information for Hardware and PCs $5,000 $4500 $4,000 Conduct Cost-Benefit Analysis $3,500 $3300 $3,000 Ending the Project $1,500 $1300 $1,000 TOTAL $31,900 $30,600 $29,200 Time-Phased Budget A Time-Phased Budget indicates the planned expenditure and costs of the budget over time. It is shows how resources and finances are needed in a systematic way (Aminian et al., 2016). For instance, it is estimated that the project would cost a total of $30,600. However, only $1200 is needed to initiate the project from day 1 to day 5. Thereafter, another $1,500 would be needed from day 6 to day 12. Activities Duration (days) Start (day) Finish (day) Costs Starting Project $1,200 Outline Project Outcomes 12 $1,500 Interview Employees 11 12 23 $3,300 Research Wage Market 12 12 24 $4,500 Establish Wages and Benefit Packages 10 24 34 $5,500 Designing Software Application 13 34 47 $5,500 Acquire information for Hardware and PCs 10 34 44 $4,500 Conduct Cost-Benefit Analysis 47 55 $3,300 Ending the Project 55 60 $1,300 TOTAL $30,600 References Amade, B., &Akpan, E.O.P. (2014). Project Cost Estimation: Issues and the Possible Solutions. International Journal of Engineering and Technical Research, 2(5), 181-188. https://www.researchgate.net/publication/280805190_Project_Cost_Estimation_Issues_and_the_Possible_Solutions Aminian, V., Rahimi Nejad, A., Mortaji, S. T., & Bagherpour, M. (2016). A modified earned value management using activity based costing. Journal of Project Management, 41-54. https://doi.org/10.5267/j.jpm.2017.3.002 Kwon, H., & Kang, C. W. (2018). Improving project budget estimation accuracy and precision by analyzing reserves for both identified and unidentified risks. Project Management Journal, 50(1), 86-100. https://doi.org/10.1177/8756972818810963