1 2 PM665 Project Management Capstone Project Charter/Project Management Plan Compensation Plan NAME January, 2018 Table of Contents Table of Contents2 1.0 Project Initiating3 1.1 Project Charter3 1.1.1 Justifying the Project3 1.1.2 Aligning the Project to the Organizational Strategy3 1.1.3 Identification of Stakeholders3 2.0 Project Planning4 2.1 Defining the Scope4 2.2 Work Breakdown Structure4 2.3 Project Schedule4 2.4 Project Budget4 2.5 Communications Matrix4 2.6 Risk Identification4 3.0 Project Executing5 3.1 Quality Assurance Tools and Techniques5 3.2 Managing the Project Team5 3.3 Procurements5 3.4 Managing Stakeholder Engagement5 4.0 Project Monitoring and Controlling6 4.1 Cost Control6 4.2 Risk Control6 5.0 Project Closing7 5.1 Project Finalization7 5.2 Closing Procurements7 6.0 Program Management and Emerging Trends8 6.1 Letter to Senior Management8 6.2 Program Management8 6.3 Emerging Trends8 References9 Appendix10 1.0 Project Initiating1.1 Project Charter1.1.1 Justifying the Project The purpose of this project is to improve the profits of the business which will be attained through proper compensation of the employees in the business and thereby boosting their morale. In the presentation of a business life, the compensations and benefits given to the employees are important aspects. Fair compensation of employees inspires them to give outstanding performance in their execution of the tasks assigned to them which results in improved performance of the business. A good compensation system in the business also helps to improve the employee’s commitment to their employment.1.1.2 Aligning the Project to the Organizational Strategy In order to come up with an effective compensation and benefits plan for the business, I have to come up with a plan which will help me to revamp the existing compensation and benefits plan in the business. During the preparation of this plan, I have to consider what is best for the employees in the company and also the company in terms of sustainability of the compensation plan (Culpepper, 2014). An effective compensation plan must meet the following conditions; first, the plan must be documented on a piece of paper and therefore the company should provide the essential tools for the human resource manager to have access to the materials which are essential to the project. Secondly, an effective compensation plan must contain all the types of compensation given to the employees by the company which includes the following; basic salary, wages, merit enhances, dividends and overtime compensation along with other income sharing plans. An effective compensation plan should have a policy which governs the number of hours worked by every employee per week. It should also have a policy which clearly defines the bases on which the dividends are awarded to the employees. Finally, an effective compensation plan should clearly indicate the minimum wages for all the job groups in the company and this shoul ...

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PM665 Project Management Capstone
Project Charter/Project Management Plan
Compensation Plan
NAME
January, 2018
Table of Contents
Table of Contents2
1.0 Project Initiating3
1.1 Project Charter3
1.1.1 Justifying the Project3
1.1.2 Aligning the Project to the Organizational Strategy3
1.1.3 Identification of Stakeholders3
2.0 Project Planning4
2.1 Defining the Scope4
2.2 Work Breakdown Structure4
2.3 Project Schedule4
2.4 Project Budget4
2.5 Communications Matrix4
2.6 Risk Identification4
3.0 Project Executing5
3.1 Quality Assurance Tools and Techniques5

2. 3.2 Managing the Project Team5
3.3 Procurements5
3.4 Managing Stakeholder Engagement5
4.0 Project Monitoring and Controlling6
4.1 Cost Control6
4.2 Risk Control6
5.0 Project Closing7
5.1 Project Finalization7
5.2 Closing Procurements7
6.0 Program Management and Emerging Trends8
6.1 Letter to Senior Management8
6.2 Program Management8
6.3 Emerging Trends8
References9
Appendix10
1.0 Project Initiating1.1 Project Charter1.1.1 Justifying the
Project
The purpose of this project is to improve the profits of the
business which will be attained through proper compensation of
the employees in the business and thereby boosting their
morale. In the presentation of a business life, the compensations
and benefits given to the employees are important aspects. Fair
compensation of employees inspires them to give outstanding
performance in their execution of the tasks assigned to them
which results in improved performance of the business. A good
compensation system in the business also helps to improve the
employee’s commitment to their employment.1.1.2 Aligning the
Project to the Organizational Strategy
In order to come up with an effective compensation and benefits
plan for the business, I have to come up with a plan which will
help me to revamp the existing compensation and benefits plan
in the business. During the preparation of this plan, I have to
consider what is best for the employees in the company and also
the company in terms of sustainability of the compensation plan
(Culpepper, 2014). An effective compensation plan must meet

3. the following conditions; first, the plan must be documented on
a piece of paper and therefore the company should provide the
essential tools for the human resource manager to have access
to the materials which are essential to the project. Secondly, an
effective compensation plan must contain all the types of
compensation given to the employees by the company which
includes the following; basic salary, wages, merit enhances,
dividends and overtime compensation along with other income
sharing plans.
An effective compensation plan should have a policy which
governs the number of hours worked by every employee per
week. It should also have a policy which clearly defines the
bases on which the dividends are awarded to the employees.
Finally, an effective compensation plan should clearly indicate
the minimum wages for all the job groups in the company and
this should be indicated in the job description along with the
skills required for different tasks.
On a normal basis, a compensation plan should encourage the
employees in their execution of the tasks assigned to them in
the company without necessarily having to create a sense of
prerogative in the long-run. As the human resource manager, I
will present this project to various stakeholders of the company
one of which being the higher management in the company in
order to seek support for the project. The most important
aspects in having a successful compensation and benefits plan
are to focus on proving the employees in the company with fair
compensation and this among other benefits will help the
company to retain the experienced and talented workers in the
company. Fair compensation of employees enables them to
support and work on achieving the goals and objectives of the
company (Culpepper, 2014). The official salary and wage
arrangements should be applied in the preparation of salary
range in the company. Using the official salary arrangements as
the basis for the determination of salary ranges in the company
will help in the development of a plan which is fair to the
employees and affordable to the company.

4. According to wages.com, 25% - 75% is the wages range that is
proposed by corporations. This range takes into account various
advantages and benefits which are reliable to the budgeting
preparation of the company. When designing the company’s
compensation arrangement, all the types and shapes of
compensations and benefits are given to the employees in the
company should be included in the compensation plan given
that they are available to workers in the company.1.1.3
Identification of Stakeholders
One of the stakeholders of this project is the management of the
company. The successful implementation of any project must
have the support of the management. The management is
responsible for passing the budget for any project that is
implemented in the company and therefore they are the main
stakeholders of this project as it will require being sustained by
funds provided by the company (eHow, 2014). Employees of the
company are the second stakeholders of this project primarily
because it involves their remuneration for services given to the
company. As I stated earlier, fair remuneration boosts the
morale of the employees which increases their productivity in
the company. For this reason, it is important to have the
employees’ support before the implementation of this project
and one way to do this is to involve them in the development of
the project. Those who invest with the company are also
stakeholders of this project. The investors provide the company
with the required capital for various investments and they
receive the returns for their investment mostly in form of
dividends. Increasing employees’ compensation will increase
the production costs which will reduce the returns for the
investors and therefore it is important to get their support
before the implementation of this project.
2.0 Project Planning2.1 Defining the Scope
2.2 Work Breakdown Structure2.3 Project Schedule2.4 Project
Budget2.5 Communications Matrix2.6 Risk Identification

5. 3.0 Project Executing3.1 Quality Assurance Tools and
Techniques
3.2 Managing the Project Team3.3 Procurements3.4 Managing
Stakeholder Engagement
4.0 Project Monitoring and Controlling4.1 Cost Control
4.2 Risk Control
5.0 Project Closing5.1 Project Finalization5.2 Closing
Procurements
6.0 Program Management and Emerging Trends6.1 Letter to
Senior Management
6.2 Program Management6.3 Emerging Trends
References
Project Management Institute. (2013a). The standard for
program management (3rd ed.). [VitalSource version].
Retrieved from
https://online.vitalsource.com/#/books/9781935589839/cfi/6/2!/
4/[email protected]:13.5
Project Management Institute. (2013b). A guide to the project
management body of knowledge (PMBOK guide) (5th ed.).
[VitalSource version]. Retrieved from
https://online.vitalsource.com/#/books/9781935589815/cfi/6/4!/
4/[email protected]:94.1
Culpepper. (2014). Creating Competitive and Equitable Pay
Levels. Retrieved from

6. http://www.shrm.org/hrdisciplines/compensation/Articles/Pages/
SalaryStructures.aspx
eHow. (2014). How to Write a Compensation Plan. Retrieved
from http://www.ehow.com:
http://www.ehow.com/how_2076418_write-compensation-
plan.html
How to define the scope of a project. (2015). Retrieved from
http://www.cio.com.au:
http://www.cio.com.au/article/401353/how_define_scope_projec
t/
Appendix
Each Appendix appears on its own page.
Project Planning
1500 words,
Continue using the Project Charter/Project Management Plan
template that you previously submitted, and add the new
pertinent information for the following sections: Work
Breakdown Structure (WBS), Project Schedule, Budget,
Communications Matrix, and Risk Matrix.
Based on the project charter that you developed in Unit 1, you
will now proceed with your project planning. You have
determined that you need to define the scope and complete your
work breakdown structure (WBS) to the lowest level work
package, which will help you develop the activities for the
project schedule. You will also determine the overall project
budget and plan the communications within the project. You
will identify risks that may affect the project. The requirements
for this section are as follows:
· Define the scope: Determine what the project objective will
be, and define the scope of the project.
· Create the WBS: Start with the high-level deliverable, and add
the lower level elements to include the lowest level work
package.

7. · Develop the project schedule: Based on the work packages,
determine the activities for the project schedule, and add
planned beginning and end dates for the activities. You should
have a minimum of 10 activities.
· Determine the budget: Using the WBS and project schedule,
determine the overall project budget. Include major categories
such as materials, labor, and other expenses.
· Plan communications: Using the stakeholders you identified in
the project charter, create a matrix to show the plan for
communicating with these stakeholders. Include each
stakeholder's name, the content to be communicated, the
frequency of communication, and the method.
· Identify risks: Additionally, identify the risks that are
associated with the project. Include both threats
and improvement opportunities.