Diversity and Avoiding Conflict Pm 582
Diversity and Avoiding Conflict
PM/581
Diversity and Avoiding Conflict
JPMorgan Chase is a leading financial institution throughout the world. Purchasing Bank One Corp. for $58 billion created a need for new software for both companies after a successful merger. Bank One officially merged with Chase Bank in 2004. The merged entity ranked as the number two financial institution in hot pursuit of Citigroup’s number one position (JPMorgan Chase & Co., 2004). With this project spearheading the merger between two conglomerate companies, the creation a new system for faster teller performance is imperative to complete successfully. Upon completion of this project, advertising will generate more customers. The efficiency specifically focused on fewer errors when performing transactions, decreasing fraud, and minimizing wait times for the consumer.
Chase/Bank One System Merger Project
The new system is considered a project rather than day-to-day work because of the level of intricacy. Creating and implementing this system is a one-time effort that has never been done by either company included in the merger. This project’s perimeters include resource, budgetary, and time specifications including performance requirements devised to cater to the needs of the financial institution’s consumers. The established objective is expanding products and services for consumers. The life span from beginning until implementation is clearly defined. Several departments and professionals from all over the United States are involved in the completion of this project. Specific time frames, costs, and performance obligations are required to complete the project within the specified parameters from the planning phase.
The Product Life Cycle (PLC) occurred in just over two years. Most of the time was used in the defining stage. This took the longest amount of time because the specifications, goals, tasks, and responsibilities are developed during this instance (Gray, &
PM/581
Diversity and Avoiding Conflict
JPMorgan Chase is a leading financial institution throughout the world. Purchasing Bank One Corp. for $58 billion created a need for new software for both companies after a successful merger. Bank One officially merged with Chase Bank in 2004. The merged entity ranked as the number two financial institution in hot pursuit of Citigroup’s number one position (JPMorgan Chase & Co., 2004). With this project spearheading the merger between two conglomerate companies, the creation a new system for faster teller performance is imperative to complete successfully. Upon completion of this project, advertising will generate more customers. The efficiency specifically focused on fewer errors when performing transactions, decreasing fraud, and minimizing wait times for the consumer.
Chase/Bank One System Merger Project
The new system is considered a project rather than day-to-day work because of the level of intricacy. Creating and implementing this system is a one-time effort that has never been done by either company included in the merger. This project’s perimeters include resource, budgetary, and time specifications including performance requirements devised to cater to the needs of the financial institution’s consumers. The established objective is expanding products and services for consumers. The life span from beginning until implementation is clearly defined. Several departments and professionals from all over the United States are involved in the completion of this project. Specific time frames, costs, and performance obligations are required to complete the project within the specified parameters from the planning phase.
The Product Life Cycle (PLC) occurred in just over two years. Most of the time was used in the defining stage. This took the longest amount of time because the specifications, goals, tasks, and responsibilities are developed during this instance (Gray, &
References: CNN Money. (2004). $58 B deal set. Retrieved from http://money.cnn.com/2004/01/14/news/deals/jpmorgan_bankone/ Gray, C.F. & Larson, E.W. (2008). Project management: The managerial process (4th ed). New York, NY: Mc-Graw-Hill/Irwin. JPMorgan Chase & Co. (2004). JPMorgan Chase, Bank One complete merger. Retrieved from http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=144508 Lan-ying, D., & Yong-dong, S. (2007). Implement business strategy via project portfolio management: A model and case study. Journal of American Academy of Business, Cambridge, 11(2), 239-239-244. Retrieved from http://search.proquest.com/docview/222851748?accountid=35812 Piatkiewicz, E. (2007). Lessons learned process aligns with project life-cycle, operations and engineering governance. AACE International Transactions, (15287106), PM101-PM101-PM105. Retrieved from http://search.proquest.com/docview/208175738?accountid=35812 Seven "principles" of innovation. (2007). Strategic Direction, 23(1), 38-38-40. doi:10.1108/02580540710716608