6UAPM - Advanced Project Management

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South Eastern University of Sri Lanka *

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4341

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Management

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Nov 24, 2024

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Sampath Bank PLC is a regulated commercial bank that was formed in Sri Lanka in 1987.The bank was initially established as Investment and Credit Bank Limited in the year 1988. Presently, there are a total of 229 branches, including 13 super branches, that offer extended banking hours throughout the year. Additionally, there are more than 400 ATMs and cash deposit KIOSK machines available. The organization employs over 4000 individuals and has branches in all 25 districts of the country, as well as overseas representation in several Middle Eastern countries. Bank products and services encompass a diverse array of offerings, spanning from retail individual consumer banking to corporate and treasury activities. There are currently 24 licensed commercial banks and 44 finance companies operating in the market. These entities cater to various customer segments in the market [ CITATION Sam23 \l 3081 ]. The global business models have been significantly affected after COVID-19 epidemic, leading to a multitude of challenges for various organizations, including the financial sector. To fulfil the demands of customers and stakeholders while prioritizing employee safety, the bank has initiated a project known as "Generative AI" enabling the banking customers to resolve their issues using AI technology. The project is being supported by a specialized team from the IT department and the electronic banking unit. They are actively engaged in the necessary system development activities to enable timely completion of the project by the third quarter of 2024. The involvement of a substantial project team consisting of approximately 300 individuals, including members from the field of Informatics and third-party suppliers affiliated with IBM, is crucial for the successful implementation of the system installation at the bank branches in the main districts of the country.

Question 1 25 Marks (875 words) Sampath Bank is a widely recognized corporation that holds a significant influence over the sentiments of individuals in Sri Lanka. The financial institution, established in 1987, has seen significant advancements and emerged as a pioneering global leader in the industry. The company's persistent focus on innovation and its business model centred around meeting client needs. The Sri Lankan banking system has witnessed several pioneering developments, such as the use of automated teller machines, extended banking hours, and the adoption of slip-less banking, among others. The Bank is currently undergoing a gradual process of transitioning into a financial services provider that is heavily reliant on technology, all the while maintaining its commitment to our long-standing traditions and principles. Sampath Bank has made the decision to introduce Generative AI" enabling the banking customers to resolve their issues using AI technology. The implementation of personalization strategies enables banks to customize their offerings and services according to the specific requirements and preferences of each customer. This approach has the potential to enhance customer satisfaction levels. An AI-driven personal finance management tool has the potential to enhance clients' comprehension and control over their financial matters, hence resulting in enhanced financial well-being and contentment. An AI-driven conversational agent has the capability to offer tailored responses to consumer queries, thereby enhancing the customer experience and fostering trust [ CITATION For17 \l 3081 ]. However, the successful completion of the proposed project might be affected by the external environment which can be explained as follows. A robust interrelation is observed between the banking sector and the overall economy. The availability of capital for banks is dependent on the income stream, which is in turn determined by the economic condition, whether it is characterized by growth or contraction, particularly during periods of economic downturn. The borrowing and spending patterns exhibited by bank clients are shaped by their individual spending habits and the underlying variables that motivate them. Furthermore, in the case of a substantial rise in inflation, the bank is exposed to adverse repercussions. Inflation exerts an influence on the currency and its valuation, so engendering a state of instability. Foreign investors exhibit caution when considering the allocation of their financial resources in instances where the value of a specific nation's currency is elevated [ CITATION Chr23 \l 3081 ]. Accordingly, Sampath Bank might have to face difficulties in sourcing necessary funds to initiate the proposed project successfully. Cultural elements, such as shopping patterns and vital needs, exert an influence on the perception and utilization of banking choices. People often turn to financial institutions for advice and assistance in obtaining loans for a range of purposes, including commercial ventures, residential properties, and educational pursuits. Consumers proactively seek out information from bank tellers regarding a range of financial matters, including savings accounts, credit cards provided by the bank, investment prospects, and other pertinent subjects. Consumers prefer a banking experience characterized by a seamless and uninterrupted flow of services. Technological advancements are facilitating the ease of consumer product purchases, eliminating the need for direct bank support [ CITATION Kit21 \l 3081 ]. Accordingly, Sampath Bank will be able to achieve the intended objectives of the project successfully through offering the customers with seamless banking experience.

The banking sector adheres to stringent regulations pertaining to privacy, consumer protection, and trade frameworks in order to establish robust structures within the industry. These structures are necessary to accommodate both domestic clients within the designated country and customers from international locations [ CITATION Chr23 \l 3081 ]. It is an important concern for Sampath Bank to ensure the confidentiality and the privacy of the customer information as the new project is aimed in using AI technology which removes any human involvement to the process. The ambition of Sampath Bank is to become a prominent entity in the financial industry of Sri Lanka, aiming to be a "Growing Force." This objective is pursued by upholding exceptional levels of customer service and delivering superior value to our clientele. Furthermore, we maintain the belief that the foundation of progress is in ensuring client pleasure. According to this perspective, it is imperative that we deliver exceptional service to our customers, even under challenging circumstances. However, the aims must not compromise with the security of the customers and their sensitive information [ CITATION For17 \l 3081 ]. The government is responsible for ensuring that the financial industry is held accountable for its conduct. The provision of services is determined by the prevailing political landscape and the legislation in place during a given period. Moreover, financial institutions are susceptible to the fluctuations of the economy. The adverse effects of inflation, which erodes the purchasing power of currency, can prove to be detrimental to the prospects of banks. The increased accessibility of apps and online services facilitated by technology has resulted in enhanced convenience for clients in managing their financial transactions, hence facilitating both expenditure and savings. In contemporary times, individuals are no longer needed to physically visit their banking institution in order to carry out a multitude of ordinary activities. Consequently, this practice leads to a reduction in paper consumption and gas usage associated with commuting to different banking facilities. In the realm of legislation, banks duly consider consumer laws, trade agreements, and privacy rules. Due to the rising prevalence of technology adoption in banking operations, the imperative for robust cyber security measures has become equally vital.

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Question 2 25 Marks (875 words) Project management encompasses the utilization of specialist expertise, competencies, methodologies, and tactics to efficiently provide a meaningful end result to relevant stakeholders. Examples of activities that can contribute to the enhancement of business processes include the creation of software and the construction of physical structures. Projects are characterized as brief endeavours that aim to provide value by delivering a distinctive product, service, or outcome [CITATION Naw16 \l 3081 ]. Every project possesses distinct characteristics and deviates from the regular operations and continuing activities of a business. Projects are considered to be completed when the desired objective has been accomplished. Leadership is the skilful practice of motivating and guiding a collective of persons towards the attainment of a common objective. This entails providing guidance and instructions to employees and peers in order to develop a strategic approach that aligns with the organization's objectives within a corporate environment. As previously said, a project refers to a specific endeavour that involves the delivery of a valuable outcome to others. Consequently, it constitutes a combination of diverse activities and collaborative efforts. The presence of a team necessitates the importance of effective leadership in ensuring the successful outcome of the tasks [ CITATION Per19 \l 3081 ]. A project encompasses multiple activities. There are multiple levels and types of tasks. Organizations should possess the knowledge required to identify the best suitable individuals for undertaking a certain activity. Within the realm of project management, the possession of leadership skills is seen important in order to effectively execute and actualize the project. Leadership within a project setting, similar to leadership in other domains of business, requires a diverse range of talents and behaviors. Effective leadership plays a crucial role in ensuring the successful outcomes of projects, encompassing several aspects such as team leadership and project governance. Project management and leadership are closely interconnected. In the capacity of the project lead, we assume dual responsibilities of project management and team leadership. An integral aspect of effective leadership involves establishing a clear vision and motivating the team to collaborate harmoniously in order to attain it. This significance becomes particularly evident within the context of a project. Project leadership refers to the amalgamation of art and science in guiding a team towards the achievement of project objectives. Due to the collaborative nature of project leadership, it facilitates the convergence of individuals towards a shared goal, resulting in enhanced collective productivity compared to individual efforts. Furthermore, it is desirable to foster a positive and enjoyable collaborative working environment. In his role as a project manager, he concurrently assumes the responsibilities of both leadership and management. He assumes the responsibility of directing and supervising the work and project process, while also providing encouragement and leadership to the team. Effective leaders utilize a multitude of important qualities and capabilities in the field of project management. Research has shown that projects that possess robust leadership and have substantial backing from executives tend to achieve higher levels of success compared to those without such attributes. There are three primary advantages associated with effective project leadership. The significance of leadership in project management cannot be overstated. The influence of this factor on the achievement of project objectives and the generation of value for the organization is predominantly favourable.

One positive aspect is that the most effective project management training also incorporates leadership concepts, so providing a comprehensive comprehension of the essential qualities required to effectively lead a project. Leadership within the context of project management plays a crucial role in guiding and influencing the trajectory of work, so facilitating the team's progress towards the intended goal in a consistent and efficient manner. The individuals in question can infuse their work with an element of enjoyment, thereby fostering a sense of motivation among all members of the group to strive for excellence. In the absence of robust leadership, the project team may have difficulties in identifying the optimal course of action, potentially resulting in a lack of clarity regarding their ultimate objectives. Leadership plays a crucial role in ensuring that the team remains aligned with the right objectives and timelines, so facilitating the efficient achievement of business and project goals. Therefore, the entire direction of the project would be guided by an effective leadership while ensuring that the team specification like budgets and deadlines are met orderly. The Generative AI project of Sampath Bank is not just reliant on the IT department or other third parties involved to implement the project. This project is imperative for the expeditious resolution of issues, while acknowledging the intention to implement enhancements gradually over a specified duration. In light of the current pandemic situation, it is imperative for Sampath Bank to prioritize the provision of secure and exceptional services to their customers. In order to engage in novel and innovative projects. This primarily involves the IT department's project, which is the first experience in Sri Lanka with a Generative AI system implemented by Sampath Bank. It is imperative that every employee possesses information about this project in order to effectively introduce it to society. It is imperative for individuals to assume responsibility on behalf of the organization. The project's success is contingent upon the criticality of teamwork and leadership. Without effective leadership and cohesive teamwork, the likelihood of this project achieving success is diminished.

Question 3 30 Marks (1050 words) There are many different kinds of dangers associated with a project. These risks might result in problems with the project's cost, schedule, or performance, in addition to causing various forms of unfavourable effects for the business. The risk analysis of a project entails the continuous monitoring of its performance throughout its entire lifecycle, aiming to mitigate or eliminate potential losses or the occurrence of business failure. Multiple aspects can contribute to the emergence of dangers, encompassing the characteristics of the project, its level of intricacy, and its duration. The objectives of a risk analysis for a project encompass the identification and assessment of potential hazards, the evaluation of their potential impacts, and the development of strategies to effectively manage and mitigate these risks [ CITATION Dov19 \l 3081 ]. The following are the most prevalent dangers associated with projects: When a project exceeds its first allocated budget, there is a potential for it to exceed the budgetary constraints. In the first stage of project planning, the presence of budgeting that is excessively optimistic or lacking in precision might result in potential financial risks. For example, the project team may possess sufficient grounds to anticipate that the project will be completed below the designated budget. In order to enhance project preparedness, it is advisable for the project team to conduct a comprehensive inventory encompassing all project elements and their corresponding expenses [ CITATION Bak10 \l 3081 ]. If the project team of Sampath Bank was unable to manage the funds allocated for the project successfully, then it would create the risk of not achieving the project outcome as expected. Time risk, often known as project schedule risk, pertains to the potential occurrence of project tasks exceeding their projected duration. The failure to meet deadlines may have consequential impacts on various aspects, including the budget, delivery date, and overall performance. The project manager is at risk of frequently experiencing this common difficulty. During the initial planning phase of a project, there is a tendency to underestimate the time required for team members to complete their tasks, particularly when the project team is not directly involved in the execution of the job and when there are several complex components included in the project [ CITATION Bak10 \l 3081 ]. Managing time is much important for the project team of Sampath Bank to make sure that the agreed deadlines are achieved. The phenomenon of inadequate resources to complete a project is commonly known as the resource risk. The phrase "resources" encompasses several elements such as "time," "skills," "money," or "tools." The project manager assumes the responsibility of procuring resources for the project team and disseminating information to the team regarding the present status of resources. The allocation of resources should ideally commence during the initial planning stage of the project, often ranging from one to two months prior to the project's implementation, contingent upon the project's magnitude [ CITATION Bak10 \l 3081 ].

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According to the above Risk tracking cycle, Sampath Bank should consider on handling the risk involved with managing the proposed projects. The process of identifying every risk that might have an impact on the project, whether positively or negatively, is known as risk identification. Seeking feedback from all project stakeholders, even those who are not part of the core project team, is crucial during the risk identification phase [ CITATION Zwi11 \l 3081 ]. The likelihood of successfully capturing every project risk rises when team members and stakeholders communicate and provide input often. These conversations ought to aim to pinpoint project-related errors, omissions, and presumptions. The first list of hazards that have been identified should be the outcome of these working sessions. Each identified risk's likelihood and impact are ascertained during the analysis step, which also assigns a risk priority for management consideration. Effective risk analysis necessitates critical thought and input from experts in the field that could be impacted by the potential risk. The project team creates response plans and backup plans during response planning in order to lower project risks. Response planning helps project teams plan ahead for potential risk events and determines how they will avoid, transfer, minimize, or accept project risks. Planning for responses needs to take into account the resources at hand as well as any possible consequences. Coordinating risks with a suitable reaction based on the risk's intensity as well as financial, logistical, and practical factors is the aim of response planning [ CITATION Bak101 \l 3081 ]. The ultimate phase of risk management involves the activities of monitoring and control. The establishment of a systematic framework is necessary to monitor possible risks, supervise the execution of risk mitigation strategies, and assess the efficacy of risk management protocols. The process of monitoring and control should be implemented consistently over the whole duration of a project's lifespan, as it plays a crucial role in enhancing and directing the overall risk management process. The use of monitoring and control measures is vital in order to uphold a high level of effectiveness and efficiency in risk management. These measures serve as a gauge to assess the efficacy of the risk management strategy that has been devised. In the event that monitoring and control activities indicate that specific risks are not being adequately mitigated or avoided according to the predetermined plan, it becomes necessary to make adjustments to the response plan. Similarly, in the event that monitoring and control activities indicate that a previously recognized risk is improbable to occur, adjustments can be made to the plan in order to revaluate the prioritization of the risk to a lower level [ CITATION Zwi11 \l 3081 ]. The implementation of a clearly defined risk management procedure has the potential to significantly enhance the success of projects and programmes. Nevertheless, risk management has historically been disregarded and is perceived by several individuals as one of the more ambiguous aspects of project management. Organizations that possess substantial capital expenditures should establish explicit protocols and expectations pertaining to risk management as a fundamental requirement. It is imperative for these organizations to effectively convey the significance of risk management, provide comprehensive training to their workers, and diligently oversee projects with high risk profiles to ensure adherence to established risk management procedures. Question 4 20 Marks

(700 words) Conflict within a collaborative project is frequently inevitable, although it can serve as a constructive and beneficial catalyst for the advancement of the project. The manner in which one addresses disagreement can serve as a significant indicator of their aptitude in project management, potentially distinguishing them as either a successful project manager or merely a satisfactory leader. Diverse approaches to managing project conflict within teams exist, with the Thomas-Kilmann model of conflict resolution commonly employed in commercial contexts for measurement purposes. This model presents an analysis of five prevalent conflict management strategies employed by individuals and provides an evaluation of their effectiveness [ CITATION Nis14 \l 3081 ]. 1 Competing If the project team of Sampath Bank adheres to this particular approach, their primary focus will be on fulfilling their personal requirements and giving precedence to their own perspective. Managers that adopt this particular style tend to assertively advocate for their preferred technique, emphasizing its advantages, while displaying a lack of interest in considering the merits of alternative approaches or methodologies [ CITATION Gup14 \l 3081 ]. Team leaders that use this conflict management approach may occasionally exclude their team members from the decision-making process, opting to make all decisions independently without soliciting opinion from other individuals involved in the project. 2 Avoiding Neither prioritizing one's own needs nor the needs of others will effectively address unresolved problems, potentially resulting in crucial decisions being disregarded and leading to delays or errors. Genuine collaboration is contingent upon the acceptance and thorough examination of divergent viewpoints. Merely deferring or dismissing decisions as inconsequential to evade conflict results in the neglect of relevant concerns, ultimately leaving both parties dissatisfied [ CITATION Gup14 \l 3081 ]. 3 Accommodating The accommodating approach to conflict management can be considered as a near antithesis to the competing approach. A manager who adopts this style prioritizes the satisfaction of others' requirements while disregarding their own needs or viewpoints. However, it is important to note that relying solely on the ideas and experience of the project manager may not always be the most effective method [ CITATION Gup14 \l 3081 ]. 4 Collaborating The antithesis of avoidance. This approach critically analyzes the matter at hand and endeavors to ascertain the requirements and desires of all involved stakeholders in order to arrive at a mutually agreeable resolution. Typically, this results in the utilization of inventive approaches that enable both parties to fulfill their most urgent needs and address their worries. The transformation of conflict into a positive outcome is a possibility; nevertheless, it is important to note that this particular approach tends to be time-consuming [ CITATION Gup14 \l 3081 ]. 5 Compromising

This particular approach encompasses a combination of the four preceding conflict management techniques. Achieving a mutually beneficial outcome in a negotiation involves striking a delicate equilibrium between assertiveness and cooperation. This entails one party obtaining certain desired attributes or conditions in return for relinquishing others, as per the preferences or requirements of either themselves or the opposing party [ CITATION Gup14 \l 3081 ]. Even if relying on a single tool or strategy won't be enough to improve the conflict resolution abilities of the project team of Sampath Bank, using the Thomas-Kilmann model can help the project team resolve disagreements more successfully and constructively. The project team needs to put in the effort to practice and refine other talents that are related to this one, such as being self-aware, in order to further expand their capabilities in this area. This includes having an awareness of the own feelings, triggers, prejudices, and values, as well as the ways in which these factors influence the conduct in circumstances involving conflict. Their should also make it a goal to develop the emotional intelligence, which is being able to comprehend the feelings that the other person is experiencing and responding to them with respect and compassion. In addition to this, it is essential to have great communication skills, meaning that the project team should be able to communicate oneself in a direct and confident manner while also being able to actively listen to others. A thorough analysis of the issue and the formulation of potential remedies both require strong problem-solving skills. Lastly, learning skills are essential for drawing lessons from one's experiences and actively seeking criticism in order to develop [ CITATION Nis14 \l 3081 ].

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Reference list 1 Bakker, K., De Boonstra, A., & Wortmann, H. (2010). Does risk management contribute to IT project success? A meta-analysis of empirical evidence. . International Journal of Project Management. 2 Bakker, K., De Boonstra, A., & Wortmann, H. (2010). Does risk management contribute to IT project success? A meta-analysis of empirical evidence. . International Journal of Project Management. 3 Christoper, O. (2023). Influence of External Environmental Factors on the Performance of Access Bank PLC. International Journal of Research and Innovation in Social Science. 4 Doval, E. (2019). RISK MANAGEMENT PROCESS IN PROJECTS. Review of General Management. 5 Forcadell, F. J., Aracil, E., & Ubeda, F. (2017). The Influence of Innovation on Corporate Sustainability in the International Banking Industry. Sustainability. 6 Gupta, M. C., & Kerrick, S. A. (2014). A Conflict Resolution Tool for Project Managers: Evaporating Cloud. Journal of International Technology and Information Management. 7 Kitsios, F., & Giatsidis, I. (2021). Digital Transformation and Strategy in the Banking Sector: Evaluating the Acceptance Rate of E-Services. Journal of Open Innovation: Technology, Market, and Complexity. 8 Nawaz, A. l., & Mudasar, M. (2016). The Impact of Project Leadership and Team Work on Project Success. International Journal of Humanities and Social Science. 9 Nischal, S. (2014). Application of Thomas Kilmann Conflict Resolution Mechanism for Conflict Management in HR of Manufacturing Sector. IISUniv.J.Com.Mgt. 10 Pereira, G. (2019). LEADERSHIP AND PROJECT SUCCESS IN PROJECT–BASED ORGANIZATION. A FUZZY– SET ANALYSIS. ORGANIZATION AND MANAGEMENT SERIES . 11 Sampath Bank PLC. (2023). Annual Report. 12 Zwikael, O., & Ahn, M. (2011). The effectiveness of risk management: an analysis of project risk planning across industries and countries. Risk Analysis.

6UAPM - Advanced Project Management

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