...Introduction 1 Project Management 1 1. Definition 1 Vision and Mission 1 Strategic Objectives 2 Importance of Project Management to achieve Strategic Objectives 3 1. Compression of the product life cycle 3 2. Global competition 4 3. Knowledge explosion 4 4. Corporate downsizing 5 5. Increased customer focus 6 6. Rapid development of Third World and Closed Economies 6 7. Small projects represent big problems 7 Conclusion 8 References INTRODUCTION The pace of change in business and technology is accelerating. As a result, no matter what your perspective there is more of everything to contend with – more ideas, competitors, resources, constraints, and certainly, more people doing and wanting things. The accelerated rate of change in technology means that products or processes are evolving at a more rapid pace, and as a result the life cycles of the things we use and rely on are getting shorter. This accelerated rate of change has a direct impact on the frequency and conduct of projects. All of this project activity has spurred a growing interest in ways to plan and control projects, and to organize and lead people, and groups to meet the needs of customers, markets, and society within the bounds of limited time and resources. (Nicholas, 2000). Today’s most successful organizations employ Project Management as a strategic tool to drive change and achieve business objectives. Focusing primarily on developing a project plan with specific...
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...The Importance of Leadership in Project Management Leadership is defined by Merriam-Webster as the capacity to lead (Merriam-Webster n.d.). How do you lead? Being able to lead is a tough task usually taken on by the most confident, most qualified, most organized or most experienced individual available for the task at hand. In the world of Project Management all the qualities previously listed are helpful to be effective and efficient in accomplishing the project goal. Leadership abilities take on a very important role and are vital to the completion of the project. Leadership per say is not one person running the show; that’s the project manager, but leadership is the cultivation of the people involved in each process. Each phase of a project usually has a person or group that specializes in that area and they take on the leadership role in said area or process. Again I state that leadership is vital and the one(s) in the position need to be task oriented and use the five process group to complete the project. The project manager is an essential factor, because it all begins with that individual. The project manager’s responsibilities are to delegate tasks within each process to the staff based upon their strong points and abilities. The project manager is also responsible for relaying information and the status of the project to management and the administration (Bunin 2009). Acting as a liaison the project manager’s leadership abilities are crucial to the success of the...
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...of work and based on my past experience in the project management field, communication is an important aspect of any project. So far into the online master’s programme, the importance of communication has been emphasized by the institution and by the comprehensibility of the need for it. Given the online nature of the Masters programme, the need to constantly and effectively communicate is paramount because communication is like the cord that connects the participants in the absence of a traditional meeting place such as a physical classroom. Through communication, the global community is not just expanding but is fast becoming one global community. Effective communication is a current trend in my current field of work. As an entrepreneur and production manager in my establishment, I receive orders from clients and have to ensure they are delivered them on time, within budget and according to specifications. To do this, I have to ensure that the client’s objectives/requirements are clearly communicated. Maintaining active communication between the supply-chain, production team and the client has been critical to successful deliveries in my business. I also manage contracts which translate into mini projects which like every other project, have to meet the client’s requirements. I need project management skills to keep focused on client needs in order to deliver their objectives. How does communication relate to how projects are managed? The findings of the Standish Group...
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...Research Proposal: The Importance of Project Cost & Communication Management Project Management in general is based on the methodology of the triple constraint. Where the effective management of time, cost and scope/quality can define the success of a project. It is generally expected that the number one concern for project managers is to manage the triple constraint. Although, project managers used the triple constraint to evaluate and balance these competing demands in a project, it also became a measurement of project success. With today’s marketplace and the complexities they bring the triple constraint is not enough to properly define when a project was actually successful. There is evidence where projects have been delivered on time, within budget and meeting all project specification and still not perceived as successful by the stakeholders. The reasoning behind these results is that there are obviously other criteria just as important as the triple constraint to truly classify a project as successful. How to identify project success Identifying the success of a project is not based solely on whether the project was completed on time, there are other factors to measure. Learning from failed projects is also a critical part of creating success in the overall results. Projects can be evaluated in a manner that works for the industry or business the evaluation is being conducted for. This process is not rigid in essence, it may include things such as online surveys...
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...what is and what is involved in project scope management; second analyze why it (its quality) cover a big importance on an IT project. Introduction: Defining the scope of a project is one of the most difficult part of project management. There are different factors that are involved to contribute in a project success, like the user participation, have clear objectives and a good planning about people and budget (Schwalbe, 2011). Project Scope Management (PSM) – what is and what involves: It is possible to define a project scope management (PSM) as an activity that defines the domains, limits and the boundary of a project through the identification of all requirements (as software elements for example) that have to be delivered following a defined plan (Woolridge, R,Hale, D,Hale, J,&Sharpe, 2009). According to Schwalbe (2011) there are five main processes that are involved to define a PSM: 1. Collecting Requirements: Collect and document all needs and expectation from the customer point of view and the processes that have to be used for their realization. 2. Defining Scope: create a scope statement document based on previous requirements and processes identified. In this phase the project document is updated. 3. Creating the Work Breakdown Structure: WBS has purpose to subdividing all project deliverables identified, into smaller and more manageable components. 4. Verify Scope: is the phase where all involved stakeholders check and control the project document created in the three...
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...PM4799 Essay 7.1 Role of Project Management Office October 31, 2015 Role of Project Management Office The importance of the project management office is to help businesses improve the probability of success. PMO is like an umbrella entity within an organization that overlooks project management activities, offering secure executions of projects. The project management office is the source of documentation, guidance and metrics on the preparation of project management. It is important to streamline PMO functions first by standardizing Project Management tools and techniques. This will help in avoiding overall project risks and failures. Eventually, how a project management office (PMO) is designed and staffed for maximum effectiveness depends on a variety of organizational factors, including targeted goals, traditional strengths and cultural imperatives. It is also found that by using established project management approaches increased success as measured by a project's key performance indicators of quality, scope, schedule, budgets and benefits. The Project manager’s job is to focus on the specific project objectives, while the PMO manages major program scope changes which may be seen as potential opportunities to better achieve business objectives. The survey indicates that operating an established PMO is one of the top three reasons that drives successful project delivery. The problems facing an organization, performing informal project management practices would hinder...
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...National Bank, the main problem is that there is no communication and cooperation between departments due to absence of a project manager, who could act as focal point for the integration work. For solving their problem Mohawk National Bank is thinking to consider a new organizational structure: matrix organization. The main obstacle of this project is the hostility at change of most of the employees. For overcome this obstacle Bank top-managers have to find a Project Manager that can motivate and convince people that this change it is important and necessary for Bank’s business life. The first step is to select the right people within the organization. Looking carefully at the interviewed of the most competent employees it seems that nobody it is perfectly suitable for the project, so it is fundamental the support of top Management. Top Management have to choose one of those in trial for some month and then decide if assigned him/her permanently to the position of Project Manager. Question 2: What are some of the major reason why employees do not want to become project managers? Banks are generally traditionalist and regimented, mainly due to strict rules, policies and procedures. Also employees have got similar characteristics: many of them have been in Mohawk Bank between 20 and 30 years and for this reason they will resist to change and fight the project all the time (e.g. Andrew Medina). They won’t accept the new system until they see it works, so the biggest challenge...
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...ch1 1. The advent of project management has been most profound in A. Automobile manufacturing B. Construction C. Information technology D. The U.S. Department of Defense E. Film making 2. A professional organization for project management specialists is the A. PMI B. AMA C. MIS D. IPM E. PMBOK 3. Which of the following is not considered to be a characteristic of a project? A. An established objective B. A clear beginning and end C. Complex tasks D. Only for internal use E. Never been done before 4. Which of the following activities is not considered a project? A. Developing a new software program B. Designing a space station C. Preparing the site for the Olympic Games D. Production of automobile tires E. Developing a new advertising program 5. From among the following activities, which is the best example of a project? A. Processing insurance claims B. Producing automobiles C. Writing a term paper D. Completing a college degree E. All of these are good examples of projects 6. Which of the following constraints is not typically found in managing projects? A. Time B. People C. Cost D. Performance E. Both B and D are not typical constraints 7. Which of the following choices is not one of the stages of a project life cycle? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering 8. In which of the following stages are project objectives established, teams formed, and major responsibilities assigned? A. Conceptualizing B. Defining C. Planning D. Executing...
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...PROJECT MANAGEMENT MODERN PROJECT MANAGEMENT 1. Define a project 2. Identify the stages involved in s project life cycle 3. Determine the roles of a project manager 4. Explain the importance of project management ORGANIZATION STRATEGY AND PROJECT SELECTION 1. Understand the strategic management process and the four activities involved at such 2. Define and explain the need for an effective project portfolio management system 3. Identify the classifications of a project 4. Identify sources and solicitation of project proposals 5. Rank proposals and select projects 6. Explain how to effectively manage a portfolio system in terms of risks and types of projects ORGANIZATION: STRUCTURE AND CULTURE 1. Determine the different project management structures 2. Identify the different ways to organize projects 3. Explain the essence of right project management in terms of both organizational considerations and project considerations 4. Explain organizational culture and justify its implications to organizing projects DEFINING THE PROJECT 1. Identify the different steps involved in defining a project 2. Understand process breakdown structure 3. Explain the responsibility matrices 4. Understand project communication plan ESTIMATING PROJECT TIMES AND COSTS 1. Identify the factors influencing the quality of estimates 2. Understand estimating guidelines for times, costs and resources 3. Compare between top-down and bottom-up estimating 4. Determine the methods...
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...What is a Project? Many people do not understand the basic characteristics of projects. You should focus on the definition of a project as a temporary endeavor undertaken to create a unique product, service, or result. Provide examples of projects to which your students can relate. The attributes of a project should be noted as well. A project: • Has a unique purpose. • Is temporary. Project • Is developed using progressive elaboration. • Requires resources (often from various areas). • Should have a primary sponsor or customer. • Involves uncertainty. Describe several projects with which you are familiar. Students like to hear about their instructor's experiences and share their own. You can also discuss the triple constraint of project management¾balancing scope, time, and cost goals. Use a visual example that will help students remember scope, time, and cost. (I describe a Far Side coffee mug I have that shows Einstein wearing thick spectacles (specs are like the project scope) and looking puzzled at an equation he wrote on a chalkboard. At the end of a complicated math proof is the conclusion that time = $.) Give examples of each constraint on various projects with which you are familiar. Some of these examples should have a stronger emphasis on scope, and others should be more focused on time and cost. The project management course itself can be used as an effective example of a project. The time and cost of the course are fairly inflexible, so the main constraint...
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...Construction Management and Economics (April 2010) 28, 377–391 Perception of various performance criteria by stakeholders in the construction sector in Hong Kong IVAN K.W. LAI1* and FRANKIE K.S. LAM2 1 2 Faculty of Management and Administration, Macau University of Science and Technology, Macau International Graduate School of Business, University of South Australia, Adelaide, Australia Taylor and Francis Received 8 March 2009; accepted 1 December 2009 10.1080/01446190903521515 All construction projects in Hong Kong have in common a cast of key contract participants, consisting of clients, consultants (designers) and contractors. The aim of this research is to examine, from different points of view, these practitioners in regard to the importance of perceived performance criteria and their respective performance outcomes in a construction project. A research model is structured based on nine performance criteria and their respective performances. The data were collected from 324 practitioners who have participated in construction projects in Hong Kong. One-way analysis of variance (ANOVA) and repeated measures ANOVA are used to analyse the data. The relative importance of nine performance criteria and their performances are measured. Timely completion of the project is the most important performance criterion, followed by profit, environmental protection and quality. There are differences in the importance of the performance criteria with respect to performance...
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...Construction Management and Economics (April 2010) 28, 377–391 Perception of various performance criteria by stakeholders in the construction sector in Hong Kong IVAN K.W. LAI1* and FRANKIE K.S. LAM2 1 2 Faculty of Management and Administration, Macau University of Science and Technology, Macau International Graduate School of Business, University of South Australia, Adelaide, Australia Taylor and Francis Received 8 March 2009; accepted 1 December 2009 10.1080/01446190903521515 All construction projects in Hong Kong have in common a cast of key contract participants, consisting of clients, consultants (designers) and contractors. The aim of this research is to examine, from different points of view, these practitioners in regard to the importance of perceived performance criteria and their respective performance outcomes in a construction project. A research model is structured based on nine performance criteria and their respective performances. The data were collected from 324 practitioners who have participated in construction projects in Hong Kong. One-way analysis of variance (ANOVA) and repeated measures ANOVA are used to analyse the data. The relative importance of nine performance criteria and their performances are measured. Timely completion of the project is the most important performance criterion, followed by profit, environmental protection and quality. There are differences in the importance of the performance criteria with respect to performance...
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...Business Project Management MODULE 26340 Module Leader: Dr Ashish Dwivedi Submission date: Monday 02.02.09 Describe the main phases of the project lifecycle. Critically discuss where in this lifecycle failures may occur and explain how effective project management might reduce their likelihood. 1.0 Introduction Projects are being born all around us and can be found in every facet of life – they can range from say the relatively simple task of organising and executing a dinner party to mega projects such as the construction of the Channel Tunnel. This paper aims to investigate some fundamental questions relating to the make –up of the project lifecycle, failures that can occur within it and the effect that good project management has on delivering project success. 2.0 Describe the main phases of the project lifecycle. By implication, whether it be a dinner party or the complex development and construction of the Channel tunnel, the ‘project process’ follows the same route and to this end definable stages can be assigned to the task – these stages are referred to in combination as ‘the project life cycle’. As such the project life cycle, according to the PMBOK (2004), “defines the phases that connect the beginning of a project to its end” (2004, 19). Each of these phases can be referred to as a primary phase and they can be managed independently of each other. At this point, Baynon- Davies (2002) concurs with the PMBOK, advocating that each primary phase can then be broken...
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...1.0 Why project management is important Project Management is the application of knowledge, skills, tools, and techniques to project activities in order to meet project requirements. Project management involves in a series of organizing components of a project. Such activities on the project are like development of new products, launching of a new service and marketing campaign. Project management also involves in planning, organizing, leading and controlling the resources both human and physical to reach the project’s goals effectively and efficiently. Therefore, project management has a very broad term of explaining it, as it covers different techniques, methods, process and strategies and the main purpose of all of them that is to minimize the chances of loss or failure of any projects (MAJEED, 2013). Project management gives a system to help finish objectives. Every project is different, however all impart their beginnings in a thought what could be and a potential for a decent conclusion if that thought is guided into reality. Thus, project management is really essential in determining the success of that current projects. Project Management is important because it monitors closely and control processes and schedules and this can more effectively complete each projects according to its given time, cost and scope. Increasing or decreasing each of these three elements will impact one another. • Timeline The importance of project management is because it gives a clear...
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...Introduction With the initiation of global economy comes an increased interaction between people of different countries and an increase in the need to deal with cultural differences. Thus, there must be an understanding of how the international project will affect people and how people will affect the project. This requires an understanding of economic, demographic, educational, ethical, ethnic, religious, and other characteristic of the people for whom the project affects or who have an interest in the project (Egeland, 2011). Today’s projects have dramatically increased in complexity, which requires a culturally and functionally diverse mix of individuals who must be assimilated into an effective unit – a project team. In order for the project to succeed it will be predicated upon the effectiveness of teamwork during all phases of the project life cycle (Knutson, J, 2001). Therefore, it is critical that organizations involved in international projects take into consideration “cultural risk”, which, if not consciously recognized may lead to ineffectiveness and in some cases prove to be very costly (Sennara & Hartman, 2002). Therefore, it must be understood that the most crucial element in international projects is “culture” (PM Hut, 2012). What is Culture? “Culture” refers to a way of life for a group or community that practices and shares values and common experiences that shapes the way in which the group or community understands the world. These values and practices...
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