...Why Is Project Management Important Why Is Project Management Important Nelson Santiago PM3110 Abstract What’s project management first of all? According to the PMBoK guide it reads as follows, “a project is defined as “a temporary endeavor undertaken to create a unique product or service.” Think About how amny times we have done project management in our everyday lives. Even if I didn’t take this class I would still be using some of the key principles of project management as defined in our book even though I might not know exactly what they are called the process is still the same. Why is Project Management Important Project management is a very important part of business epically in the information technology field where technology is always changing. If you really think about how businesses use project management its mainly used to try to gain a competitive edge on their competitors, to draw customers to their products or services. You may not realize it but you use project management in everyday life such as writing a paper, taking this course and even trying to graduate. It can be as simple as doing homework or as complex as building a new football stadium where millions of dollars are on the line. . Why is it important to have project management? I think it can be describes in one word structure. Without structure it would make things very difficult to accomplish anything worth doing. It would make things very chaotic and disorganized without it. Structure...
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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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...Discussion Questions Chapter 2 1. Why is it important to understand the different perspectives and approaches to management theory that have evolved throughout the history of organizations? Management is constantly changing. It changes over time to meet new needs. if we know what happened in the past (WHAT WORK/ WHAT DIDN'T) WE WILL be able to understand the present and plan for the future. Some ideas from the past (stock ownership, open book management) are still relevant to management today. it is also important for us to understand the evolution of management because it allows us to learn from the mistakes made by others, so as not to repeat them and use the success in order to use them at the appropriate time. 2. How do societal forces influence the practice and theory of management? Do you think new management techniques are a response to these forces? Social forces deal with the society. The people in the society their beliefs, culture and needs. so new management techniques are a response to these factors because management is always evolving to meet new needs of society. 3. Based on your experience at work or school, de-scribe some ways in which the principles of scientific management and bureaucracy are still used in organizations. Do you believe these characteristics will ever cease to be a part of organizational life? Discuss. Scientific management and bureaucracy are still use in organization today, for example we are still operating in a bureaucratic way...
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...Is management the same throughout the world? Is it the same throughout the organization? Is it the same across organizations? Why or why not? Answer:- ✓ No it is not, why not throughout the world? It is because management depend on • Politics • Culture of the society • Economy and • Other environmental facture And also its half part is an art therefore depend on the managerial • Practical knowledge • Personal Skills • Creativity • Practice • Goal oriented ✓ Why not throughout the organization? It is because management depend on the organizational rules, structure and goal of the organization. Also discussed above it depend on the manager knowledge, personal skill, creativity and practice. ✓ It is also not the same measurement from one side to other side of the organization according to the organizational behaver , measurement structure and also organization type • Business organization • Governmental organization • Non –business organization (charity ) Q 2 Management is both a science and an art. Is one of these aspects more important than...
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...durability, serviceability, aesthetics, and perceived quality. In contrast to manufacturing, service organizations produce a product that is intangible. Q5. Why is communication within an organization an important part of the quality improvement process? It is difficult to devise a coherent strategic plan relating to quality when communication is imprecise. One important attribute of a strategic plan is functional alignment or consistency. If different departments in a company understand quality differently, then the strategic plan will not be in alignment. Understanding that different definitions and dimensions of quality exist allows measures to be taken to provide a good basis for communication and planning. Q7. Describe the “systems view” that underlies modern quality management thinking. Which of the perspectives of quality discussed in chapter 1 is most closely aligned with the systems view? The system view involves the understanding that product quality is the result of the interactions of several variables, such as machines, labor, procedures, planning, and management. Operation management focuses on the management and continual improvement of conversion processes. This system view focuses on interactions between the various components that combine to produce a product or service. The system view focuses management on the system as the cause of quality problems. Q9. Research has shown that quality is still a major concern of the majority of CEOs in American corporations...
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...35% edition Understanding Business Table of Contents Page No. Introduction 1 TASK 1 1-6 1.1 Human Resource Management (HRM) 1-3 1.2 Accounting 3 1.3 Marketing 4-6 1.4 Operations Management 5 TASK 2 Analyzing the Key Issues 7-9 2.1 Human Resource Management (HRM) 7 2.2 Marketing 8-9 Conclusion and recommendations 10 References 11 Introduction Understanding business is very important when a company is going to operate for the first time. Without understanding business and its core component like HRM, Marketing, accounting, and operational management it is difficult to initiate business efficiently. That is why these issues can play a big role in an organization and it is very necessary to understanding business. Eastern food is going to launch its business. So this organization should consider accounting, marketing, operational management and HRM factors so that Eastern food can overcome its challenge when it is starting its business. Task 01 1. human resource management: In the time of consideration of success in any business, human resource management (HRM) is the key player to go forward towards the goal. Only the effective and efficient employee can make every single complex task easier that is the main point to overall success in a certain period. Human resource management itself being thought responsible to operate some major function namely retreatment process, training, and other motivational work events. In the arrival of HRM it maintains...
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...Business Strategy Review Questions Chapter 1 The Nature of Strategic Management 1. Distinguish between long-range planning and strategic planning. Long-range planning is used to optimize for tomorrow the trends of today, whereas strategic planning is used to exploit and create new and different opportunities for tomorrow. 2. Compare a company’s strategic plan with a football team’s game plan. A strategic plan is, in essence, a company’s game plan. Just as a football team needs a good game plan to have a chance for success, a company must have a good strategic plan to compete successfully. 3. Describe the three activities that comprise strategy evaluation. The three fundamental strategy-evaluation activities are (1) reviewing external and internal factors that are the bases for current strategies, (2) measuring performance, and (3) taking corrective actions 4. How important do you feel “being adept at adapting” is for business firms? Explain. The strategic-management process is based on the belief that organizations should continually monitor internal and external events and trends so that timely changes can be made as needed. 5. Compare the opossum and turtle to the woolly mammoth and saber tooth tiger in terms of being adept at adapting. Students’ answers will vary, but students are likely to make the argument that those species that are adept at adapting are able to survive, while those that are unable to adapt are more likely to perish...
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...Project Management: Achieving Competitive Advantage, 3e (Pinto) Chapter 1 Introduction: Why Project Management? 1.1 True/False Questions 1) Projects, rather than repetitive tasks, are now the basis for most value-added in business. Answer: TRUE Diff: 1 Section: 1.0 Introduction Skill: Factual AACSB Tag: Reflective 2) Projects are typically ongoing, day-to-day activities that have goods and services as outputs. Answer: FALSE Diff: 2 Section: 1.1 What Is a Project? Skill: Definition AACSB Tag: Reflective 3) A typical project stays within functional and organizational boundaries. Answer: FALSE Diff: 2 Section: 1.1 What Is a Project? Skill: Definition AACSB Tag: Reflective 4) The special nature of projects relieves project managers from their routine of planning, organizing, motivating, directing, and controlling. Answer: FALSE Diff: 2 Section: 1.1 What Is a Project? Skill: Factual AACSB Tag: Reflective 5) A project exists outside of the standard line organization. Answer: TRUE Diff: 2 Section: 1.1 What Is a Project? Skill: Factual AACSB Tag: Reflective 6) Product life cycles are longer now than twenty years ago. Answer: FALSE Diff: 2 Section: 1.2 Why Are Projects Important? Skill: Factual AACSB Tag: Reflective 7) The emergence of global markets has made project management skills more critical. Answer: TRUE Diff: 1 Section: 1.2 Why Are Projects Important? Skill: Factual AACSB Tag: Reflective ...
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...Risk Management in the Asian Banking Sector “What is the best strategy for the implementation of Enterprise Risk Management in the banking sector of the highly expansive but volatile Asian economy?” I chose to do an in-depth study of this area of risk management because as I am Australian, it is extremely important for me to start to fully understand the workings of our closest economic partner and the future of our economy which is driven by the expansive growth that is rolling through Asia. I was also intrigued into the steps needed to fully adopt a risk management system in an entity. It should be noted that the focus of this paper is on the developing region of South-East Asia and less on the more developed parts of Asia including China and Korea. Matthew Dichiera 11167674 Contents 1 – Introduction 2 – 1997 Asian Financial Crisis and effect on vision of risk management 3 – Overview of risks faced by banks in the developing Asian region 4 – Importance of Enterprise risk management (ERM) 5 – Strategies of implementing ERM and the challenges associated. 6 – Conclusion 7 – References Introduction The Asian economy is a vehicle of highly expansive growth and even higher volatility, it is an area of the economic world which must be treated with much anticipation and be viewed with excitement but also must be monitored and watched extremely carefully as was shown by the infamous Asian financial crisis of 1997. Opportunities for growth are high, which...
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...successful online student” (short 2:48 mins) and answer the following questions thoroughly (these are directly from the video): 1. What is time-management? Why is it important in an online class and what are some challenges? According to Leighann, what are some necessary steps to for time management? Time management is being able to manage your time accordingly because when you are not able to attend class, you forget to keep up with due dates and assignments. Some steps are keeping a calendar or a planner and knowing when and what is due. 2. How is the setting/location in which you do your work important to your success in an online course? According to Nicholas, what are some ways you might need to adjust your study/work location for an online course? Setting is important because one can be relaxed and not feel motivated to do the work, Nicholas attended a library because he saw other students there and it motivated him, one can also attend the school computer lab. 3. How frequently should you check your email while enrolled in an online course? Why? According to Sally, why is this important? One should check their email every day because there is constantly new information to keep up with and you don’t want to fall behind. 4. How should you approach online course assignments? Why do you want to approach them this way? What are some tips that Nik suggests in order to be successful? What about Stephen? Stay on top...
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...Introduction In this Strategy and Planning Paper we will explain the three types of goals that are very important to the strategy of any organization. Also will explain why the many different types of planning and organizing are very important to any business and or organization. Also we will thoroughly examine all of the elements and or factors that are involved in creating an effective strategy for an organization. Hopefully all questions will be answered. Explain why the three types of goals are important to the strategy of an organization. Strategic goals are set by and for top management and on objective for the organization as a whole. (Pg., 143) Strategic goals and planning would be important to any business or organization because it gives the organization or business a direction and what goals are reachable in the set amount of time and which ones are not reachable in that time period and why they are not. But as any business or organization they to give thought about the outlines and are they realistic? There are many steps that need to be set out and followed like they are supposed to be followed. If not followed correctly something major could go wrong. Also when you are working on a strategic goal for your business or organization make sure are financially ready for this and make sure all of your employees are well aware ahead of time of what will be going on. Tactical goals are next in line when talking about goals and planning. Tactical goals...
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...MGT115 – Management and Organization Tutorial 1 – Answers 1.1. Who are Managers? a) Explain how managers differ from non-managerial employees? A – Managers differ from non-managerial employees in the sense that they are responsible for coordinating and overseeing the work of their subordinates (who maybe non-managerial or managerial) so as to ensure the organizational goals are met. Non-managerial employees however are only responsible for the task(s) assigned to them. b) Describe how to classify managers in organizations. A – Managers can be classified in to * First-line managers: - Individuals who manage the work of non-managerial employees * Middle managers: - Individuals who manage the work of first-line managers * Top Managers: - Individuals who are responsible for making organization-wide decisions and establishing plans and goals that affect the entire organization. 1.2. What is Management? a) Define management. A – Coordinating and overseeing the work activities of others so that their activities are completed efficiently and effectively. b) Explain why efficiency and effectiveness are important to management. A – Because both efficiency (getting the most output for the least inputs) and effectiveness (attaining organizational goals) are important to ensure that there is low resource waste and high goal attainment. 1.3. What do managers do? a) Describe the four functions of management. A – The four functions...
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...Chapter 1 Management and Organizations |GUIDE TO SELECTED REVIEW AND DISCUSSION QUESTIONS | | 1. How do managers differ from nonmanagerial employees? The answer to this question used to be straightforward, but the line between managerial and nonmanagerial employees has blurred as more employees take on task once reserved for managers. To keep the answer from becoming too complicated, the best way to address this question is to focus on the fact that a manager’s job is about helping others do their work. 2. Is your course instructor a manager? Discuss in terms of managerial functions, managerial roles, and skills. Course instructors (in contrast to individuals who hold positions such as department head) are not usually classified as managers. In most situations, a course instructor does not fall within the definition of a manager when utilizing managerial functions, mainly because students are clients rather than employees. In some cases, an instructor has little input about course content or how it is to be taught. In these instances, the instructor makes few managerial decisions. In terms of managerial roles, course instructors may be involved in some ways in the interpersonal, informational, and decisional roles. For example, a course instructor could be seen as a liaison (interpersonal role), a monitor and disseminator (both informational roles), and a disturbance handler and...
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...1. Why have the Toyota’s management principles and systems been so widely copied by American companies? List five reasons and explain why you think they are important. Reasons: 1. Toyota principles pushed its employees to strive for perfection. Employees’ energetic attitudes of working are very important for a company’s development. Employees are company’s core competitive strength, only if employees strive for their work, the company can get success. 2. Toyota production system designed to eliminate waste and improve quality. Eliminate waste and improve the quality means reduce the cost. It absolute very important for any kind of companies, so other US companies need to learn from Toyota’s management system. 3. Toyota’s management principles can applied in many diverse ranges of industries and companies and help them to be the world largest company. 4. Toyota systems encourage the teamwork with colleagues and suppliers. Teamwork is very important for a company. It is difficult to coordinate the relationship with the employees in a big company, so Toyota’s success experience of communication can be learned by other companies. 5. Toyota always focuses on improving the company’s critical culture and make innovation. Only keep innovation, a company can keep its standing in keen competition. 2. Why does the phase the Toyota Way really mean? List the elements of this system of management. Why are these principles important to...
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...SUPPLY CHAIN MANAGEMENT CONCEPT 1. Discuss the differences between supply chain and supply chain management. A supply chain refers to the activities associated with the flow and transformation of goods from the raw material stage, through to the end user, as well as the associated information flows. Supply chains are not a new concept in the sense that through the years organizations have been dependent on suppliers and organizations have served customers. Although any organization can be part of a supply chain, supply chain management requires overt management efforts by the organizations in the supply chain. Moreover, supply chain management cannot be successful unless the participating companies adopt an enterprise-to-enterprise perspective. 2. Discuss the SCOR and GSCF models of supply chain management. The SCOR model identifies five key processes—plan, source, make, deliver, and return—associated with supply chain management. Each of the five processes indicates the important role of logistics in supply chain management. There are eight relevant processes in the GSCF model—customer relationship management, customer service management, demand management, order fulfillment, manufacturing flow management, supplier relationship management, product development management, and returns management. Logistics also plays an important role in the supply chain processes in the GSCF model. 3. What are four key attributes of supply chain management? The chapter...
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