...technologyn: Business and Management Project Management Paper University of Phoenix MGT/437: Project Management Project Management Paper November 4, 2012 Project Management Paper Introduction Many would say that the United States is a great place to live. This country gives people choices and many crave the independence of owning their own business. However, owning a business is not as easy as it sounds, it takes hard work and strategic planning. To manage a business you have to have a sound direction in what expertise you would like to tackle. Project management can play an integral role in implementing these plans and attaining these goals. This system is “one of the integral parts of the contemporary management system due to its ability to make sure that the goals set in the beginning of a project correspond exactly to the goals that were achieved later on. It goes without saying that the primarily aim of any project is a certain definite result. Since a project can be applied to various spheres of activity of a company, it automatically gets a wide range of usage (Reynolds, 2009).” The primary purpose of this document is to achieve an enhanced perceptive of project management and to provide information on key elements that is the core of most officially run projects. This document will answer three general questions necessary in the construction of project management. These questions are: What is project management? What are the basic phases of the project lifecycle and...
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...SIERRA READYMIX (PVT.) LTD. MARKETING STRATEGY FOR THE NEW DESIGN & PROJECT MANAGEMENT WING 1.0 Introduction Sierra Readymix (Pvt.) Ltd. (SRL) is a subsidiary company of Sierra Construction group of companies aimed at providing specialized ready mix concrete (RMC) to the Sierra group & to Sri Lankan Colombo-Gampaha-Kaluthara based projects in construction sector. SRL performed well and sustained an exponential growth since inception in 2005 becoming a dominant player in ready mix concrete industry. With 15 competitors springing up in western province, scarcity of materials such as ¾” metal, river sand & constant material price increments due to high demand by Colombo port expansion project & Southern Highway outer circular project, bottom line of the company began to get affected. As to overcome the anticipated materials price shock & competitive low margined market SRL is expecting to diversify into area of construction design development & project management where soft skills would be much stressed upon. 2.0 SITUATIONAL ANALYSIS 2.1 Diversification is required due to : • Price competition due to 15 competitors with much low overheads. • Price hikes of essential raw materials ¾” metal, river sand due to large scale projects such as Colombo port expansion project & Southern Highway outer circular project. • Shrinking bottom line due to above stated reasons. • Company’s product – RMC supply can only cover a limited geographical area in Colombo-Kaluthara-Gampaha districts...
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...Strategic Management Project: Module 1 1. Give a short account of the history of the company, and trace the evolution of its strategy. Try to determine whether the strategic evolution of your company is the product of intended strategies, emergent strategies, or some combination of the two. Walgreens has a long history spanning over a century. Charles Walgreen founded his first store in 1901. His first store was in Barrett's Hotel in Chicago's south side. The early stores experimented with many entrepreneurial ideas. The algreens.com web site, under the Our Past section, states, "Walgreens continued to come up with new, important ways to service customers and - just as importantly - employ thousands of people during this period of extreme economic distress"(5). Walgreens had flourished during very hard economic times, and had 500 stores by the 1930s. Early Walgreens stores used soda fountains to increase revenue. Walgreens became a publicly traded company in 1927. They started radio advertising in 1931. Charles Walgreen died in 1939 at the age of 66. Walgreens is growing faster now than ever before. The Walgreens.com web site, under the Our Past section, explains, "Today, with 500 new stores opening each year and 7,000 Planned by 2010, Walgreens continues to innovate"(7). Walgreens has always maintained a simple strategy. Although the strategy changed over the years to mention newer innovations, the basic principles of the strategy have remained similar. The Walgreens.com...
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...Impact of Risk Management in Application Development Abstract: Nowadays, software is becoming a major part of enterprise business. Software development is activity connected with advanced technology and high level of knowledge. Risks on software development projects must be successfully mitigated to produce successful software systems. Lack of a defined approach to risk management is one of the common causes for project failures. To improve project chances for success, this work investigates common risk impact areas to perceive a foundation that can be used to define a common approach to software risk management. Based on typical risk impact areas on software development projects, we propose three risk management strategies suitable for a broad area of enterprises and software development projects with different amounts of connected risks. Proposed strategies define activities that should be performed for successful risk management, the one that will enable software development projects to perceive risks as soon as possible and to solve problems connected with risk materialization. We also propose a risk-based approach to software development planning and risk management as attempts to address and retire the highest impact risks as early as possible in the development process. Proposed strategies should improve risk management on software development projects and help to create a successful software solution. Table of contents: 1. Introduction ...
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...idea-group.com ITP5149 140 2005 IRMA International Conference Organizations Through Information Technology, Proceedings of the 2005 Information This paper appears in Managing Modern Resources Management Association International Conference, edited by Mehdi Khosrow-Pour. Copyright 2005, Idea Group Inc. Aligning Project Management Office and Strategy: A Brazilian Case Study Leandro Alves Patah, Marly Monteiro de Carvalho and Fernando José Barbin Laurindo Polytechnic School of the Univ. of Sao Paulo, Av. Prof. Almeida Prado, 128, Cid. Universitária, 05508-900, {leandro.patah@siemens.com} {marlymc, fjblau@usp.br} INTRODUCTION In the turbulence of the new economy, characterized by discontinuous, abrupt and sometimes unmanageable changes, companies should be able to make fast and responsive actions and innovative strategies in order to survive (Hamel, 1996). The great majority of companies already has this information and prepare themselves to compete in this new era through the elaboration of daring strategies, although feasible. According to Porter (1996), the strategy essence remains in choosing activities to be made in a different manner or in the execution of different activities in relation to the competitors. What happens, many times, is that the strategies are not put in operation because they do not arrive until the lower organization’s hierarchical levels or because they don not have an ideal medium to implement it. So the strategic planning in a ...
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...119 (2014) 229 – 236 Project portfolio management in a company strategy implementation, a case study Irja Hyväria* a Martela Oyj, Aalto University School of Business, Finland Abstract The aim of this study is to investigate the effectiveness of the project portfolio management in different business organizations. Project portfolio management is seen as a holistic activity, dependent on the organization's strategy. This study aims to determine how the project portfolio decisions are made and how the project portfolio is managed. Also other organizational factors which may affect the efficiency of project portfolio will be considered. In this study, research method was case study carried out in business organizations. The study showed interconnection between company strategy, project portfolio and projects in process and practice. The results indicate that project portfolio management is, however, facing people challenges in managing project portfolio. © 2014 The Authors. Published by Elsevier Ltd. © 2014 The Authors. Published by Elsevier Ltd. Open access under CC BY-NC-ND license. Selection and peer-review under responsibility of the IPMA. Selection and peer-review under responsibility of the IPMA. Keywords: Project portfolio management; business organizations; company strategy; leadership* 1. Introduction Nowadays organizations face challenges in their environment and organizations are changing. Companies need efficient strategy processes in this changing...
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...BALANCED SCORECARD APPROACH TO PROJECT MANAGEMENT LEADERSHIP JAMES NORRIE, director, School of Information Technology Management, Ryerson University, Toronto, Canada; and Doctor of Project Management candidate, RMIT University, Melbourne Australia. DEREK H. T. WALKER, professor of Project Management and program director for Doctor of Project Management, RMIT University, Melbourne, Australia. ABSTRACT In this paper, we discuss ways that project managers can use measurement (using a tool such as the balanced scorecard) to improve the operational performance of their project teams. Project managers will see that attaching measures to outcomes clarifies project objectives and supports well-defined and well-communicated links between the project vision and business strategy. These also enable project managers to more effectively monitor and control project activities for the purpose of improving project results. This paper reinforces the importance of strategy as an added dimension to the traditional triple constraint. We present this information through our comparison and survey of two projects undertaken by project teams at a large North American global telecommunications organization. The results of our study provide early evidence of the usefulness of the balanced scorecard (BSC) as a tool for improving project management effectiveness. Our study also shows that balanced performance measurement is an important technique for establishing on-strategy project delivery. We propose using...
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...organization's strategy? A. | Strategy determines how an organization will compete | B. | Strategy is implemented through projects | C. | Only top management must understand strategy | D. | Project selection should be clearly aligned with strategy | E. | Project management plays a key role in supporting strategy | | 2. | A project selection process that is strongly linked to strategy results in A. | The most profit. | B. | Better utilization of the organization's resources. | C. | More projects. | D. | A larger and more diverse organization. | E. | Stronger core competencies. | | 3. | Which of the following is NOT true about organizational politics? A. | Project managers should not engage in organizational politics | B. | Politics can have a significant influence on which projects receive funding | C. | Politics exist in every organization | D. | Politics can influence project selection | E. | Politics can play a role in the aspirations behind projects | . | 4. | Which of the following terms is often used to denote a project that a powerful, high-ranking official is advocating? A. | Sacred cow | B. | Pet project | C. | Political necessity | D. | Special undertaking | E. | Strategic ploy | | 5. | Why do project managers need to understand their organization's mission and strategy? A. | To reduce project duration and increase the number of projects implemented | ...
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...Through A Project Portfolio Meskendahl (2010) defines business strategies as tactics used by a company to compete in the market compared to its competitors. As organisations strive to beat competition and deliver customer satisfaction effectively and efficiently, the use of projects thus increase. Project portfolio can be used as the bridge between strategy formulation and strategy implementation (Meskendahl 2010; Cleland 1999; Dietrich & Lehtonen 2005; Grundy 2000). Archer & Ghasemzadeh (1999) defines project portfolio as a “set of projects that share and compete for scarce resources and are carried out under the sponsorship and management of a particular organisation”. Thus it is of great importance to structure project portfolio in alignment with the organisation’s strategy so as to archive business objectives. According to Cooper et al. (2002), the following are three main objectives for project portfolio management: • Increasing financial value • Aligning portfolio to strategic goals • Balancing the projects within the firm’s capacities In order to archive this objective there is a need to understand the strategic orientation of the firm or what we call corporate mindset (Meskendahl 2010; Talke 2007). Strategies should consider the position of the business both internally and externally for example, a company’s systematic advantage towards its competitors (Morgan & Strong, 2003). There must be a clear understanding of how strategies are mapped...
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...CASE: TROPHY PROJECT 1.1 Executive Summary Executive leaders are the guardians of an organisation’s preferred culture and behaviour, however this is not evident in this organisation, There is clearly no mutual respect for employees’ rights and support from top-level management as people are intimidated and threatened if they do not deliver results. The organizations behavioural strategy needs to transform from a bureaucratic to a learning organisation where employees operate in high performance teams and where good communication and free flow of information flourish (Pieter Steyn & Erik Schmikl, Pg 112 – Pg 113). The organisation does not address any sort of training, employee development, relationships with customers and other factors bearing on quality. Instead it focuses on mistakes and condemns them instead of viewing them as opportunities for growth and learning. Top leadership failed by not providing a culture of trust, support, cohesion and lacked motivational leadership. Arbitrary induction of methodologies believing it would solve the absence of management acumen. The project manager found himself in an activity trap; he spent more time preparing paperwork, reports and projection, which was needed for his weekly meeting with the corporate, instead of managing the project. (Harold Kerzner, Ph.D. Project Management A System Approach to Planning Scheduling and Controlling, Pg 265) In order to resolve some of these inherent problems, we propose the organisation consider...
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...Continental Computer Corporation (CCC) who is currently undergoing an exercise to include project management as a profession in the corporation. Whilst CCC is a generally profitable and successfully functioning company, there are many internal problems that could lead to the downfall of CCC if not addressed adequately. There is a clear lack of proper leadership skills within CCC. This is evident by way of all three divisions within the corporation operating individually with no cross communication. Project management process, methodologies and governance are not practiced which leads to unclear project approval processes as well as inadequate resource and budget allocation. All divisions have their own organisational structures therefore there is lack of HR leadership. Job profiling and matching seems to be non-existent and salary grades and earning ranges are different within the three divisions although in some cases, the job description is the same. Below are the recommendations for successful change within CCC which have been further detailed in Section 5 of this report: • CCC restructure process • Formulation of corporate business plan and strategy • Formulation of divisional business plans and strategies • Formulation of divisional operational strategies • Appoint HR leadership team • Develop talent management strategy • Develop incentive...
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...Implementation of Strategic Planning on Farm Businesses: Lessons from Danish projects Mogens Lund and Johannes Christensen Danish Research Institute of Food Economics Rolighedsvej 25 DK-1958 Frederiksberg (Copenhagen) The article contains a survey and review of the Danish projects directed the development and implementation of strategic management on farm firms. The aim of strategic management in agriculture, formulation and implementation of the long-term farm strategy and the functioning of research, consultancy and learning are the key issues addressed in the article Correspondent author: Mogens Lund, Danish Research Institute of Food Economics, Rolighedsvej 25, 1958 Frederiksberg (Copenhagen), Denmark. Email: mogens@foi.dk JEL Classification codes: Q12 & Q16 Keywords: Strategic management, farm firms, strategy formulation, strategy implementation, action research, strategic consultancy, learning 1. Introduction In the recent decades we have been working with the development and implementation of strategic planning in Danish agricultural research and consultancy. In this article we will evaluate the obtained experiences and draw some important lessons. The content of the article focus on the questions: • • • • What is the aim of strategic management in agriculture How to develop the vision and long-term strategy on business farms How to implement the formulated business strategy How can research assists in the development and implementation of strategic planning • How can...
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...Little booklet of Risk Management Terminologies Babou Srinivasan, PMP Little booklet of Risk Management Terminologies I dedicate this booklet to all Risk Management Gurus & Project Managers who takes risk management a serious stream in managing their projects 2 Little booklet of Risk Management Terminologies Contents Project Risk.................................................................................................................................................... 5 Risk Management Processes......................................................................................................................... 6 Known Risks - Unknown Risks ....................................................................................................................... 8 Risk Category............................................................................................................................................... 10 SWOT Analysis............................................................................................................................................. 12 Risk Response Planning Strategies.............................................................................................................. 14 Contingency Plan & Fallback Plan ............................................................................................................... 16 Residual Risk ..........................................................................
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...Corporate strategy identifies the goals of a company and defines ways of achieving those goals. Project management takes one of the goals and manages costs, schedules and resources to give the desired result. When small businesses use projects to make progress toward their strategic goals, they have to be aware of the differences between the two processes. While both corporate strategy and project management share planning and control characteristics, the details of their implementation and execution are not the same. Goals: The goals of corporate strategy and project management are different. Those of corporate strategy define the direction of the company and are not usually time limited. A strategic goal of excellent customer service is a continuous process. A project is designed to achieve its goals within a certain time frame. Its goals are to produce the desired result within budget and according to the schedule. Once the goals are met, the project is complete. Corporate strategy may use projects to further its goals, but the projects are steps in the overall process while the corporate strategy carries on. A project is “a temporary endeavor undertaken to create a unique product, service, or result.”Operations, on the other hand, is work done in organizations to sustain the business. Projects are different from operations in that they end when their objectives have been reached or the project has been terminated. A program is “a group of related projects managed in...
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...Introduction Strategy one, in review of CanGo’s requirements, has spent the previous two weeks in discussions to learn and discover the business and needs of CanGo operations. During this period, Strategy One has identified areas that present specific operations issues and has made recommendations for each of these areas below. The issues discovered and discussed are strategic planning, organization, finance, project management, a project team, and project resource allocation and are presented in the information below with recommended resolutions. Week 1 Issues Issue #1 The first issue identified by Strategy One is in the area of strategic planning. CanGo has been a successful company to date by being a trail blazer and leader in the online retail resource vertical. In order for CanGo to continue its success, remain a leader and expand its offerings, strategic planning must be implemented in the management of the company. “The strategic management process is made up of four elements: situation analysis, strategy formulation, strategy implementation, and strategy evaluation. These elements are steps that are performed, in order, when developing a new strategic management plan. Existing businesses that have already developed a strategic management plan will revisit these steps as the need arises, in order to make necessary changes and improvements.” (Bushman, 2007) There is an admitted lack of planning in the current organization. By documenting the trending...
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