Taskbased on the Virtucon/Globex scenario, You are required to develop a charter for the Project including:Include the Project description and overview you developed as part of Assessment 2.Part One:MOV – Measurable Organisational Value(This is the goal of the project and is utilised to define the value that your team project will bring to your client)•Identify the desired area of impact – Rank the following areas in terms of importance: Strategy / Customer / Financial / Operational / Social•With reference to your project, identify one or two of the following types of value:Better – is improving quality important to your client? Faster – does your client want to increase efficiency? Cheaper – is cutting costs important? Do more – does your client want to continue its growth?•Develop an appropriate metric – this sets the target and expectation of all the stakeholders. It is important to determine a quantitative target that needs to be expressed as a metric in terms of an increase or decrease of money.•Determine the timeframe for achieving the MOV – ask yourselves, when do we want to achieve this target metric?•SUMMARISE THE MOV IN A CLEAR CONCISE STATEMENT OR TABLE(Note: the MOV should inform everyone what the project will achieve, not how it will be achieved. It should also focus on the organisation, not on the technology that will be used to build or support the information system).Part Two:Define Scope and produce a Scope Management PlanDefine the scope of the project and detail how the scope will be managed.Provide a list of ResourcesIdentify and detail the resources for the project using MS Project where appropriate, including:People (and their roles), plus any extra personnel that is required for the project. Technology – any hardware, network and software needs to support the team and your client. Facilities – where will most of the teamwork be situated? Other – for example, travel, training etc.Part Three: Using MS Project, develop a schedule using a high level Work Breakdown Structure (WBS). It should include:Milestones for each phase and deliverable This will tell everyone associated with the project that the phase or deliverable was completed satisfactorily. Activities / Tasks Define a set of activities / tasks that must be completed to produce each deliverable. Resource Assignments Assign people and resources to each individual activities. Estimates for Each Activity / Task Develop a time estimate for each task or activity to be completed. Project Budget Develop a budget using the time and resources estimated for each task or activity A summary of the WBS should be clearly provided in the report. Your MS Project (or Project Libre) file must also be submitted for marking.Part Four: Project Risk Analysis and PlanDocument any assumptions you have made about the project Using the Risk Identification Framework outlined in your text as a basis, identify five risks to the project – one for each of the five phases of the methodology. Analyse these risks, assign a risk to an appropriate member, and describe a strategy for the management of each specific risk.Part Five: Quality Management Plan. It should include:A short statement that reflects your team’s philosophy or objective for ensuring that you deliver a quality system to your client. Develop and describe the following that your project team could implement to ensure quality; A set of verification activities A set of validation activities Part Six: Closure and EvaluationResearching for the closure checklist and project evaluationa. To prepare for this task, you will be required to provide an annotated bibliography. (550 words)Write an Annotated Bibliography for three (3) relevant texts or readings around project evaluation. The Annotated Bibliography is a critical examination of the most relevant, recent and scholarly research on the topic area that is not just a summary of the articles you have read.You will submit this as an appendix to your project evaluation documentation.Ensure that the AB submitted by you is your own work and has not been submitted elsewhere and comply with the University’s requirements for academic integrity.Use the following resource to guide you around the research tools:b. Develop a closure checklist that the project team will use to ensure that the project has been closed properly.c. Develop a project evaluation –outline and discuss how your project’s MOV will be evaluated.RationaleThis assessment task will assess the following learning outcome/s:be able to research and critically evaluate how a practising IT project manager applies IT project management techniques, project management skills, methods and software tools in the IT industry. be able to understand and apply appropriate communication practices within a project management context. be able to research and apply established IT project management principles, skills and techniques to a case study.