Executive Summary Project myki is a smart-card ticketing system that was designed and implemented for the public transport system in Victoria. The objectives of the project were not apparent to the senior management of the project. Changes in the recent delivery methodSome changes have been made in the system to improve the Myki project management system. The time overrun or cost overrun has been considered as risk factors, but the company has not been able to prevent these factors. PTV issues: the contractual arrangements of the Myki project management along with significant risk factors, were supposed to be identified by the PVT system. Executive Summary Project myki is a smart-card ticketing system that was designed and implemented for the public transport system in Victoria. Such a hands-on way of managementhas resulted in backlogs and delays, leading to a situation in which his enterprise delivered just 51% of the spending target set in the previous year. Just received this email. In New South Wales, a similar system dubbed as Opal was rolled out in 2012 at a cost of $1.5 billion over a 15-year contract term. The project experienced a significant delay in delivering the project deliverables for not having sufficient money in their fund. The changing of the Myki system has led the project to be over budget. 9/1 Pacific Highway, North Sydney, NSW, 2060, Corporate Finance Planning Assignment Help, Financial Statement Analysis Assignment Help, Activity-Based Accounting Assignment Help, Myki project management analysis of risks and failure, (MPM7001) Project management assignment on Dhofar wind power plant project, (PPMP20009) Project Management Talent Triangle assignment on improving leadership skills among managers, (PPMP20009)Project management assignment on EZY MART using 5 lean principles and ADKAR model, (PPMP20009)Project management assignment on lean management at EZY MART, (PPMP20010_2222)Project management assignment on Time-driven project board report, (PPMP20010_2222)Project management assignment for CQ University on its reconciliation action plan, (PPMP20009)Project management assignment on lean transformation at Ezy Mart, (PPMP20009)Lean Transformation project management assignment on Ampol Fuel Station (Sydney). 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The card was invented only for replacing the old and existing Metcard system. However, both the predetermined time and cost failed. Analyzing and managing project risk. A fixed price arrangement cannot help the situation, so that value plus strategy has been adopted to minimize the rate of the card. The Auditor-Generals report isnt the first thats been conducted to look into the myki system. Green Business 7. Back office: the operations of the Myki project management system used to be operated in the back office and cost also used to determine in the back office (Zarei et al., 2017). resettlement housing projects , and apartments upgrading. There are times when it can be beneficial but mostly the cons outweigh the pros. We are committed to making this experience as frictionless as possible for you. The project, experienced a significant delay in delivering the project, deliverables for not having sufficient money in their fund. The Victorian Ombudsman has lambasted the former Labor government for causing major ICT project management issues, with a relaxed approach and inconsistent staff training causing many projects to . I am a client focussed professional with considerable experience in Testing, Project Management, and Delivery, primarily in the finance industry, most recently in the time and risk critical area of Regulatory Compliance within Financial Markets | Learn more about Martin Houston's work experience, education, connections & more by visiting their profile on LinkedIn Metro is a multi-award-winning organization and we pride ourselves on our team of honest, high performing professionals who are talented, inclusive and safety focused and who are at the core of our success. The manager would monitor the performances of the employees to complete the allocated task within time. capslock janitor on 24/04/2021 - 16:04. . Expert Help. These steps will help you have a framework to control issues as they arise in your project. Analyze and present an overview of the failures in risk management strategies of Myki project management. The initial scope of the project has been decreased by the continuous changing of the Myki project management. The project stretches a total length of total 50 kilometers, costing some VND4.12 trillion (US$173 million). Budgeting issues. Most managers consider financial issues as one of the biggest hurdles in effective project management. It was one of the most complex smart ticketing systems in the world. 6. . Despite the availability of multiple resources,project management tools, training materials, and flexible methodologies, companies are still wasting millions of dollars every year and are struggling to tackle the project management challenges and issues they face. myki Project Case Study[16022] - Read online for free. In 2009, the system was still in its introducing model, which is not expected (Currie and Reynolds, 2016). 3. British Food Journal, 120(8), pp.1708-1721. Reference listAshmore, D.P., Stone, J. and Kirk, Y., (2019). Miscommunication is also dangerous for project teams because it affects their teamwork. 1. 3 Analysis of the Issues in this Project 4 3.1 Implementation of Myki 4 3.1.1 Time Frame and Cost in Implementing Myki 5 3.2 Performance Monitoring and Benefit Realization. The allocated tasks could be completed within the budget and time with quality. The selection process may include aptitude assessments, a behavioural event interview, probity (police) check and medical check. A study published in the Harvard Business Review states that one in every six projects costs more than 200 percent of the estimated amount and almost 70 percent of IT projects faceproject delays. How the project has made some changes in its original delivery method would also be evaluated in the present study. Victoria also isnt the only state in Australia with a paperless ticketing system. 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The newly introduced system aimed to serve the metropolitan train services, and however, later in 2010, it started to be introduced in bus and tram also. frees you from constantly tracking teammates, offers multiple views to visualize projects. Good project managers know how to maintain effective communication and keep the company's clients up-to-date. Evaluating pay-on-entry versus proof-of-payment ticketing in light rail transit. . It allows users to efficiently use and access public transp. You'll need your 15-digit myki number to register. Financial Management and Accounting 5. Typically, project issues involve the project deliverable itself, in the form of unexpected technical problems, incompatibilities, bugs or other conflicts. He also complained that the operational plan of his enterprise for 2021-2025 had yet to be approved by higher authorities. Salary: UOM 9 - $129,154 - $134,374 (pro rata for part-time) p.a. 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Myki Project Management: Analysis of Risks and Failure, Analyse and present an overview of the failures in risk, management strategies of Myki project management, In 2009, 29th December, the Victorian government took the, initiative of introducing a new smart card ticketing system. The current scenario deals with the identification of the, central and responsible severe issues that have led the project, to go into vain. Leading a business project can be overwhelming, as managers are often met with several challenges. Transportation Research Record, 2540(1), pp.39-45. The system that was created at a cost of $1 billion in 2005 to replace the ageing Metcard system has been through many hurdles in its implementation process, with lengthy delays resulting in cost blowouts by about $550 million, or 55 per cent. This ensures that any increase in scope (scope creep) during the execution of the project is either avoided or timelines modified as required. This investment decision was based on the expectation that myki would deliver, s population including more efficient, reliable, and, attractive system for commuters. MYKI takes care of remembering your credentials, auto-filling them in the browser and logging you in with a click, generating unique and complex passwords for each of your accounts as well as handling your two-factor authentication tokens making it your own personal authentication hub. Having sufficient money in their fund they arise in your project time with quality budget and time with quality their. Transport system in Victoria for free replacing the old and existing Metcard.. Is not expected ( Currie and Reynolds, 2016 ) Y., ( 2019 ) methodSome changes been. With a paperless ticketing system that was designed and implemented for the public transport system in Victoria project not... And access public transp the biggest hurdles in effective project management system on the other I... 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