EXECUTIVE SUMMARY (ABSTRACT)
This document outlines the development of a project management plan for therebrand and complete restructuring of the Foundation for National Development Enterprise Co-operative Credit Union (FNDECCU).
Special focus is placed on improved project execution by adopting a project management methodology that may be applied to future projects that the credit union undertakes. The FNDECCU is a local member-based financial institution that delivers sustainable impact to the communities it serves through offering affordable, accessible, and innovative financial products and services.
The principles of growing wealth and providing financial education for its members are fundamental to the FNDECCU’s approach to community development. It achieves this by offering competitive rates on saving, lending, indemnity and investing products.
In the 1980s, FNDECCU gained the respect and trust of the population of St. Kittsand Nevis as a primary source of financial support for a striving small business community Historically, FNDECCU operated as an organisation that catered primarily to the needs of small businesses in St Kitts and Nevis, to provide well needed Seed (start-up) funding, in an era where banks and other lending institutions were unwilling to lend to new businesses. In the 1980s, FNDECCU gained the respect and trust of the population of St. Kitts and Nevis as a primary source of financial support for a striving small business community.
In 2020, however, there are various alternative sources of funding available that promote and encourage entrepreneurship, which essentially makes FNDECCU's primary benefits irrelevant and redundant.
Similarly, to several organisations St. Kitts and Nevis, FNDECCU failed to continuously improve through innovation and creativity. The FGP explores how, through the application of various tools of project management, how the can be transformed to better serve the financial needs of the banked and unbanked in a highly competitive environment.
This project plan provides a comprehensive plan for restructuring and a blueprint that can easily be applied to like entities that require methodical management of a radical organisational change to remain relevant.
The general objective of the FGP was to develop a Project Management Plan toexecute an al strategy to restructure and rebrand the FNDECCU. Specific objectives were achieved including (a) the creation of a comprehensive project charter that outlines how the project will be executed, (b) construction of a scope management plan to ensure that the project deliverables are clearly defined and detailed, (c) drafting of a schedule management plan to ensure that restructuring of the FNDECCU is done within the preapproved times, (d) creation of cost management plan for assigning costs to work packages, (e) creation of a quality management plan which ensured that the project meets quality requirements,(f) devising a human resource management plan for assigning resources to work packages, (g) development of a sustainable communications management plan for clearly defining the project communication strategies and line of reporting authority, (h) the creation of a risk management plan to identify,prioritize risks in order to plan risk responses throughout the FNDECCU rebranding process, (i) the development of a procurement management plan for identifying and assigning contracts to suppliers to provide the requisite goods and services, (j) the creation of a stakeholder management plan that identifies, defines and categorizes key stakeholders and their unique requirements and expectations and (k) the development of an implementation plan.
The methodology used for this research were a combination of descriptive, qualitative, quantitative and a causal data survey was performed and the data analyzed for the development of a methodological solution by analyzing the existing processes and existing financial performance data, identifying strategies, and practical solutions to manage radical change within a financial institution.
One of the main findings was the need to manage non-for-profit projects with for profit principles to ensure maximum efficiency and efficacy. The FGP outlines how through the creation of a comprehensive Project Management Plan for its first internally managed project, FNDECCU can continuously use the framework to innovate while remaining true to its core principles of being a not-for-profit organisation.
Additionally, as FNDECCU grows it is expected that more projects will be required through the growth phase which includes; an additional location, technological improvements such as the implementation of an ATM card machine, a new website etc.
which will require project management to ensure that the credit union’sresources are used wisely. The successful implementation of FNDECCU’s Project Management Plan includes extensive human resource management intervention as the success of the project will be driven by a bottom up approach. It is recommended that FNDECCU facilitates capacity building, education, and ongoing communication to train all staff in the use of effective project management practices.
Furthermore, it is proposed that through this project, the FNDECCU can adopt best practices for improving its procurement processes as well as use procurement as an opportunity to focus on high efficiency for general operational processes.
Estudiante: MARKYSA KRISAN JAVEN O’LOUGHLIN
Aprobado: Agosto 2020
Tutor: Eneida Del Socorro Góngora Sánchez
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