BIRMINGHAM CITY UNIVERSITY

POSTGRADUATE DEGREES.

Courses: MSc Accounting and Finance.

COURSEWORK: Assessment One 50% Weighting

MODULE TITLE: PROJECT & RELATIONSHIP MANAGEMENT

MODULE CODE: ACC7030

MODULE LEADER: Paul Withers

ISSUE DATE: 18th September 2023.

HAND IN DATE: Wk8 Monday 6th November 2023 12 noon

HAND BACK DATE: 4th December 2023.

PASS MARK: Students must achieve an overall mark of 50%.

Project Overview: Implementing an Inventory Management System

In order for 1+1=3 Tech Ltd. to resolve the problems it is experiencing, the firm has to put into

place an efficient inventory management system (IMS) that will increase productivity, cut down

on mistakes, and provide real-time insight into inventory levels. The following strategy is offered

as a way to keep within the parameters that have been established while also addressing Sasha's

concerns:

Understanding Differing Perspectives: A thorough investigation that considers the points of

view of all of the parties concerned is required to be carried out. In order to get insight into their

experiences in the workplace, we will be conducting interviews with important staff, such as the

Manufacturing Coordinator, Purchasing Supervisor, Stores Supervisor, Design Engineers, and

others. Barcode scanning is closely connected to Aisha's area of expertise, and it offers a solution

to the problems that are created by human input. As a result, Aisha's suggestion to employ

barcode scanning is likely to generate a lot of attention.

System Solution: It is advised, considering the time restrictions and the financial limits, to

develop a cloud-based IMS that readily interacts with the 123Insight MRP system that is already

in place. In this post, we'll take a look at a few different solutions and the characteristics that set

them distinct from one another, such as automated stock transfer updates, real-time tracking,
barcode scanning, and compatibility with MRP software. In order to figure out which course of

action is most beneficial, we are going to do a detailed cost-benefit analysis.

Project Management Plan:

1. Selection Phase (2 weeks):

Individual needs should be developed in agreement with the appropriate parties. Demonstrate

and experiment the finest IMS choices. With the assistance of Aisha, create a workable prototype

of a barcode scanning system.

2. Implementation Phase (10 weeks):

Choose the IMS based on stakeholder input and a cost-benefit analysis. Collaborate with the

selected supplier as you make changes to 123Insight MRP. Hold training sessions for your

personnel to ensure a smooth transition to the new system. Put the IMS through its paces in a lab

setting to get relevant data for future tuning.

3. Testing and Refinement Phase (2 weeks):

To detect and rectify any difficulties, extensive testing of the combined IMS-MRP is required.

Make modifications depending on what you discover while testing. Transfer data from the old

system to the new IMS without making any mistakes.

4. Deployment and Monitoring Phase (2 weeks):

Distribute the IMS-MRP integrated system to all operating units. Provide continuing assistance

and direction through any difficulties that may develop during the first installation. Keep a record

of the system's statistics and user input. Any difficulties that develop after a system has been

established must be addressed immediately.

To guarantee interoperability with 123Insight MRP and, in particular, Aisha, you must employ

Design Engineers to create the barcode scanning system and connect it to the desired IMS.

Utilise the Stores Manager, Manufacturing Coordinator, and Purchasing Manager to assist with

data transfer, user training, and system testing. Allocate a part of the project manager's time to

project management, stakeholder cooperation, and issue resolution.

Budget Considerations: To ensure a smooth rollout, you will need to allocate funds for staff

training, the modification and acquisition of software licences, and maybe even consultancy fees.

Be sure that the solution you choose to go with is not just pocket-friendly but also comes with all

of the features that are required.

By using this method and putting a supplemental inventory management system into place,

1+1=3 Tech Ltd. may be able to increase their level of productivity and accuracy within the

allotted amount of time while also resolving the input problems that have been afflicting the

existing MRP system.

Project Cost Estimate: Implementing an Inventory Management System

In order to successfully implement the Inventory Management System (IMS) while adhering to

the allotted spending limit of 30,000 British pounds, it is required to itemize each and every

expense in painstaking detail. This includes the costs associated with the software, hardware, and

the labor force.

1. Software and Hardware Costs: The cost of the hardware and software will take up around

28,000 GBP of the total budget. This total takes into consideration the anticipated 20,000 GBP

cost for licensing and modification fees associated with the IMS software. With the extra 5,000
British Pounds, we will be able to buy barcode scanners and any other essential hardware

components. A contingency fund consisting of an additional £3,000 will be established in order

to cover expenses such as cloud hosting and minor software upgrades.

2. Employee Time Allocation (Estimated in GBP): A significant amount of the budget, around

40,400 British Pounds, would be set aside to pay for staff hours. In order to guarantee an

efficient utilization of the available resources, the roles and duties have been elucidated in great

detail.

 Project Manager (You): During the course of the four months, you will devote half of

your time to managing the project, talking with stakeholders, and identifying solutions to

any problems that may develop. This will guarantee that competent project management

is carried out for the whole of the activity, and the cost is expected to be 8,000 GBP.

 Design Engineers (Aisha and Team): A barcode scanning system that is simple to

integrate with the IMS is going to be developed by the design engineers, and Aisha will

be in charge of leading them. Over the course of the next four months, their activities will

consume sixty percent of their time and cost twenty-one thousand six hundred pounds. If

a trustworthy, individualized solution that is tailored to the needs of the organization is to

be developed, there will inevitably be costs of this kind involved.

 Manufacturing Coordinator, Purchasing Supervisor, Stores Supervisor: The

procedures of testing the system, transferring data, and training personnel will all largely

depend on the cooperation of these essential individuals. They have collectively decided

to devote thirty percent of their available time, as well as 10,800 GBP, to the initiative.
 For the upgrade to the new IMS to go off without a hitch, adequate training and support

are absolutely necessary.

Total Project Cost Overview: It is anticipated that a total expenditure of 68,400 GBP would be

incurred for this project. Because of this, you will be able to get the tools you want without

having to worry about going over a predetermined budget of 30,000 pounds (or whatever

currency you like to use). For the development, testing, and eventual deployment of the

Integrated Management System (IMS), more financing for staff time is absolutely necessary. It is

essential to the success of the project that resources and funds be allotted, as well as efficiently

planned, in order for the group to be able to overcome the issues that are currently being faced,

and to develop an efficient inventory management system that is in accordance with the aims and

objectives of the organization.