OPIM3801: Project Management

University of Connecticut, School of Business

Professor Day

Dream Project Proposal

UConn Bloomberg Awareness Day

PURPOSE

The purpose of this project has two overall objectives:

  1. To raise awareness about the importance of Bloomberg in the Financial Services industry.
  1. To educate UConn students, specifically those who are business majors, about the significance of learning how to use the Bloomberg financial software, and encourage them to get exposedto the Bloomberg terminals located in the School of Business on the 4th floor, room 408.

This project, called “UConn Bloomberg Awareness Day,” is designed to benefit UConn Business students, as well as the reputation of the UConn School of Business and Bloomberg. By exposing students to this critical financial software, it will definitely provide them with a leg up against their competitors in the financial services marketplace. Whether a business student is interested in investment banking, corporate banking, money management, capital markets, equity research, or credit analysis, Bloomberg will play a key role in his or her day-to-day job responsibilities. Those students who know how to successfully navigate this advanced and powerful software will definitely have an advantage over their competition and be able to complete their work quicker and more efficiently – and bringing awareness about Bloomberg to UConn students is the first step to success.

Additionally, the promotion of Bloomberg will enhance the reputation and sophistication of the UConn School of Business. As UConn is always trying to compete with the top public schools in the nation, many of these leading undergraduate business schools already have Bloomberg incorporated in their major requirements and course loads. This is a key differentiating factor of these top business schools which UConn can take advantage of by promoting the use of Bloomberg and encouraging students to master the software and get “Bloomberg Certified.” This project is the stepping stone to not only benefiting UConn Business students, but the overall reputation of UConn on a national scale. Lastly, marketing the use of Bloomberg around UConn will evidently promote the status of Bloomberg, LP as a staple company and software in the business world. At the end of the day, this project will provide advantageous synergies across the board for UConn Business students, the UConn School of Business, and Bloomberg, LP.

OBJECTIVES

A more detailed section of the project’s goals are described below:

  1. Have at least 100 UConn Business students pledge to create a Bloomberg login by signing a contract.

Given the time frame when this project will be executed and the rate of UConn Business students who will be walking between classes, 100 pledges seems like a reasonable goal, especially since creating an UConn Bloomberg login is a small commitment and should only consume approximately five minutes of a student’s time.

  1. Have at least 50 UConn Business students pledge to get Bloomberg certified by signing a contract.

A pledge to get Bloomberg certified is a bit more of a time-consuming commitment (usually takes about 6 – 8 hours, including video tutorials and exams); therefore, the overall goal was reduced to a more manageable outcome of 50 pledges, since students may feel a bit more overwhelmed to fulfill this pledge.

  1. Distribute Bloomberg promotional material providing background information on what Bloomberg is, its significance and benefits, and where UConn students can take advantage of the Bloomberg services on campus.

Given the rush of UConn students to get to their classes or other vital destinations, some students may not have the time to stop and talk to learn more about the pledges; therefore, by distributing this type of “take-home” material, students can learn more about Bloomberg and how UConn can help them get started with this financial software while on the go.

  1. Create a fun and friendly environment for the UConn students who approach us and the members on the project team.

This goal of the project is especially important. In order for the team to reach the other objectives stated above, we must provide a worthwhile and enjoyable experience to attract the attention of UConn students and ensure the overall success and maximum effort put forth by the team. Since the underlying concept of financial software like Bloomberg may seem dull and boring to students, it is essential that we approach this project in a creative and exciting way to get students and the team motivated about this subject. Additionally, having a great experience and turnout will show the team how important and fun project management can be when used correctly, and encourage them to utilize project management in other areas of their life moving forward.

While the above serves as the project’s more specific, main goals, the overall success of the project will be determined by how effectively the team achieves the more general objectives stated in the purpose section. The project definitely wants to achieve the pledge objectives, however, if the team can bring a general awareness of the significance of Bloomberg and how importance it is to succeeding in the business world, and how students can capitalize on using Bloomberg at UConn, then that would also constitute as a successful outcome. However, this must all be done in an enjoyable and fun environment. In order to ensure this, candy will be distributed to those UConn students who are exposed to our project and will be used as another count measure to see how many students the project successfully influenced.

OVERVIEW

The driving force behind this project is the desire to provide UConn Business students with an upper hand in the marketplace by giving them Bloomberg software experience to add to their business “toolkit” of skills. By raising awareness and urging students to be proactive and intellectually curious about how they can make themselves more valuable and attractive will not only pay dividends to their own self-awareness, but will compose a ripple effect throughout the reputation and sophistication of the UConn Business School. This project is designed to accomplish the stated purpose and objectives in a meaningful and fun way. The hope is that this awareness initiative with Bloomberg acts as a stepping stone to boost the overall quality and rating of UConn students and the academic institution itself, and encourage students to find other ways to enhance their skills and profile outside the classroom setting and in a more real-world application.

Before this project can begin, an introductory meeting will commence, serving as an initial get-together with the volunteers of the team. During this time, we can all get to know each other and establish some common ground about the project and discover what each member believes he or she can bring to the table. This meeting will also be a chance for members to clarify any questions they have and finalize any pending details about the project. Clearing the air and getting all team members on board is critical to the success of the project; participatory involvement from the team is also key to building a foundation of confidence and sense of togetherness which will ultimately help drive the overall outcome of the project. During this time, member responsibilities and roles will be created, and each person will be assigned a role that he or she believes they can complete successfully and are interested in performing.

The preliminary project site will be outside the two entrances of the UConn School of Business: the entrance directly across from the Student Union and the main entrance staircase across from Gampel Pavilion. This seems to be the ideal location for the project since the project targets are UConn Business students and these two entrances are the most active pathways in-and-out of the Business school. These sites will serve as the primary project location during the start of typical class times; however, entering the School of Business to walk the halls and check out the Business Café may also be a useful approach during some downtime when students are in class. Once the project site has been established, there will be tables set up outside the two locations which will be used to present the Bloomberg information and materials for students to read and take home with them. Posters may also be attached to the table to entice and attract students to stop by and learn more.

Furthermore, in order to reach our goals of 50 and 100 pledges, and spreading out Bloomberg informational material, the project will need a very active marketing platform which will be supported by a variety of candies and goodies for the student participants. Not only is this a fun and tasty way to grab attention, but also serves as a way to evaluate the success of our project by counting how many students the project was able to influence.

The duration of the project’s event will go on for two hours, hopefully during the peak of academic sessions(to be determined) and the rush of students throughout campus (subject to team volunteers’ personal academic schedule and availability without conflicts). Ideally, the project should be conducted during a day without any rain and preferably sunshine, however, it can still be executed during wet conditions, but may affect the overall success of the project. At least one team volunteer will be stationed at the project table, while the other members can walk about in front of the site to draw students in and grab their attention. Additionally, during downtimes (not class passing periods), team members can wander into the Business School carrying the pledge sign-up sheets, Bloomberg info material, and candy to try to increase the awareness and result of the project’s success; however, one member must always be stationed at the project tables. The project success will be measured by how many candies were distributed to active students as well as how many pledges we obtained and Bloomberg info material we distributed.

SCHEDULE

A detailed schedule has been created and attached in a Microsoft Project file which breaks out specific tasks and task durations, milestone events, total project duration, resources, etc. Additionally, the file includes the predecessor relationships and task and resource interdependences and limitations for the entirety of the project. Overall, the project duration is projected to take approximately two weeks to complete, while ensuring to stay under the contractual agreements of 30 total working-hours. This is a draft schedule, which will be finalized after the initiation of the first introductory meeting with the team members of the project, and upon approval of Professor Day.

RESOURCES

Below is a chart of the project’s budget, capped at a $60 maximum. These resources are needed in order to successfully carry out the project and are the resources listed under the ‘Project Supplies’ summary task in the Microsoft Project file. This budget can also be found in the attached excel spreadsheet of the project’s expenditures which will show more of the calculations, cell-references, and formulas. The product’s prices are based on figures from Walmart stores. Additionally, team members will lend more common materials such as a computer, printer, printer paper, scissors, clipboards, and folding tables (or through the Student Union). There is no charge for the project’s site location. In terms of controlling and monitoring, all resources have been allocated within the 30 hour total limit (5 hour work maximum per person, with 6 team members). This is a cost control measure implemented by Professor Day. The preliminary proposed budget must also be approved.

*Prices based on Walmart quotes

PERSONNEL

The project team will consist of the following 6 members:

  1. Project Manager
  2. VP of Marketing
  3. VP of Design
  4. Team Member 1
  5. Team Member 2
  6. Team Member 3

The Project Manager (PM) serves as the main person in charge for the overall success of the project. The PM is the leader who ensures that the project’s scope and budget remain on track and within the appropriate time-frame. It is critical that the PM is knowledgeable about every aspect of the project and can coordinate the responsibilities of all resources and group meetings.

The VP of Marketing must be a creative and outgoing individual. This person’s main focus will be the creation of the Bloomberg fliers and poster boards and will primarily work in conjunction with the VP of Design. The individual must be able to strategically think of how to effectively promote the Bloomberg information in order to gain students’ attention and bring awareness to them.

The VP of Design has the responsibility of developing the Bloomberg fliers and poster boards as well. He or she will work closely with the VP of Marketing, but this individual must have a better sense of graphic design and an artistic ability using the computer as well as drawing diagrams and pictures.

Team Members 1, 2, and 3 will serve as multipurpose workers who can take on a variety of tasks and effectively complete them in a timely manner. These team members must be able to think on their feet, listen closely, and use problem-solving skills to complete any ad-hoc type of assignments. While these workers may seem to have general responsibilities, they are essential to the success of the project and act as the glue, filling in and holding up all the other areas of the project.

Furthermore, while these are the assigned job titles, it is important to recognize that during the actual execution of the project, everyone will participate in spreading awareness of Bloomberg to the UConn Business students.

RISK MANAGEMENT PLANS

The risk matrix depicted below evaluates the probability of the risk occurring vs. the potential impact of the risk on the overall success of the project. Each risk in the matrix is denoted by a number which corresponds to a key that has a description of the risk and provides information on how we can prevent them or are prepared to mitigate the risk as much as possible.

High
Medium / 4
Low / 1, 2 / 3
Low / Medium / High


  1. Team member cannot complete his or her assigned task on time

This is a low probability, but medium impact risk. There is always the chance that a fellow group member cannot complete his or her task by the projected deadline. We all know that our schedules can be busy, that is why we are prepared to make these goals a bit more flexible so long as the task is completed without delaying any successor start times. Also, each worker is under the 5 hour maximum threshold so no one is working at full capacity, which leaves some room to help resolve this potential conflict.

  1. Team member is not feeling well

This is a low probability, but a medium impact risk. As long as a team member is not sick on the actual execution day of the project’s event, this risk should not present a high impact on the overall success of the project. Either way, we have enough workers to cover a fellow team member if he or she is ill and cannot fulfill a task.

  1. Ineffective marketing campaign

This is a low probability, but high impact risk. This risk should not materialize since there will be strict procedures set in place to make sure our team has the necessary skills and personality type to successfully execute an effective marketing campaign. These workers have social personality types and are outgoing individuals who can grab students’ attention and persuade them to take action. However, if for some reason the team becomes terse and shy, then this could severely affect the overall performance of the project.

  1. Bad conditions: Rainy weather

This is a medium probability and medium impact risk. The potential for rain is there and could prevent a bump in the road for how we execute our project. Obviously, the project site would have to be moved to inside the Business School building. With bad weather conditions, this could create frustrated and less eager students willing to give up some of their time to learn about Bloomberg. However, we are prepared with our extremely friendly marketing campaign and delicious candy treats.

EVALUATION METHODS

The success of the project will be determined by the following criteria:

  1. Did everyone in the project have a fun and enjoyable experience?
  1. This critical evaluation factor will be determined in the meeting following the conclusion of the project event and will further be evaluated by a survey.
  1. Did we successfully raise awareness to UConn Business students about Bloomberg?
  1. This component will be addressed by the number of candies we distribute throughout the project event’s two hour duration. Candy will only be given to students who talk to our team members about Bloomberg, stop by our project’s site to look at the poster boards, or take some of our fliers with additional information on Bloomberg.
  1. Did we complete the project within the estimated time and budget?
  1. This will be evaluated based on the receipts from the expenses and the monitoring of the event’s duration to make sure it stays within the estimated time-frame of two hours.
  1. Did we establish a stepping-stone for future curiosity and self-improvement through Bloomberg and other areas of professional development?
  1. This will be determined based on the number of pledges we receive for creating a Bloomberg login and getting the Bloomberg certification. This is an extremely important factor of evaluation because it not only meets the project’s goals of spreading awareness, but takes it a step further and has the student make his or her own initiative to continue using Bloomberg and improving their business knowledge, outside the project event.