Ealing Hammersmith & West London College | Project Selection | Assignment 1 | | kan paing | 12/10/2012 |
Table of Contents Abstract 3 Project Selection (LO 1.2) 4 Literature reviews 5 Project 1 (Online Book Store) 5 Project 2 (E-Commerce Website) 5 Feasibility Study 6 Formulation of the project (LO 1.1) 8 FlowChart 8 Costs 9 Timescales 9 Standards 9 Legislation 10 Planning (LO 1.4) 12 Agile 12 Project Gantt Charts 13
Abstract From leisure to fantasy, from shopping to studying from education to gaming, internet had its dominance compared to any other form of medium. Internet became the easiest and the cheapest way to reach the global network. He more the internet becomes popular, the more a website becomes important. Because doing business through website save a lot of resources such as money, staff, etc. So building an e-commerce website is one of the best medium for selling products.
Objectives of the development of the website are - * Great, fast loading, modern design * Content Management System (CMS) to easily edit your information pages * Secure account and checkout for customer security * Searchable product database for visitors to find what they need * Basic search engine optimisation to help you rank better * Site map to help visitors find what they are looking for * Email/information request forms to allow visitor feedback and inquiries * Manual submission to Google, Yahoo, and Bing
Project Selection (LO 1.2) Project selection is one of the most important decision time for anyone or any organization who going to choose a project. As soon as the proposals of projects have been received, there is a lot of information that need to take in consideration before choosing the particular project. In choosing the project using the right method is also important because that the method how the chosen project will be carried out.
There are a lot of project selection methods that are used by business organizations. Each and every method has different features and characteristics. So, each selection method is the best for different organizations. Even though there are many different selection methods, the main concepts and principles which lie in each selection methods are the same.
This is the sample diagram of selection method -
At first the value of the projects need to be compared against each other by using Benefit Measurement Methods. In the Benefit Measurement Methods, there are a lot of techniques to measure the project.
Cost-benefit analysis is used by several organizations to assist them to make their selections. Going by this method, you would have to consider all the positive aspects of the project, which is the benefits, and then deduct the negative aspects (or the costs) from the benefits. Based on the results you receive for different projects, you could choose which option would be the most viable and financially rewarding. We could come up with certain criteria that we want our ideal project objectives to meet. We could then give each project scores based on how we rate in each of these criteria, and then choose the project with the highest score.
When it comes to the Discounted Cash flow method, the future value of a project is ascertained by considering the present value and the interest earned on the money. The higher the present value of the project, the better it would be for your organization.
The rate of return received from the money is what is known as the IRR. Here again, you need to be looking for a high rate of return from the project. The mathematical approach is commonly used for larger projects. The constrained optimization methods require several calculations in order to decide on whether or not a project should be rejected.
Project 1 (Online Book Store)
In the last five years with the increase in the use of internet, book purchase through the medium of internet…