The Art of Time Management - Essay Example

The graphic nature of a work breakdown structure can help a project team or a project manager envisage outcomes of the project based on a range of scenarios. This can ensure that the most favorable decisions are made on whether or not to take up certain procedures or change.

In creating a work breakdown structure, the key objectives of the project are first determined (Limoncelli 25). The next step is identifying the tasks required to accomplish these objectives. A typical WBS takes the structure of a flow chart or a tree diagram. The primary objective is shown at the top the main objectives and then below increasingly specific details. This makes it easier for an observer to reads down. Below is a simple example of a work breakdown structure that a manager used to manage a team of programmers.

No business can operate without risk. Often the bigger the risk the better the reward, any business or project manager must ensure that the business has a sound risk-reward strategy and proper money management. Below are two examples of risks assumed by a manager in charge of managing traders at an Investment Bank and how the manager tackles these risks.
Volatility
In financial markets, volatility is the variation of the price of an instrument within a given duration of time. Adverse movement in price could course serious losses. The manager can tackle this by ensuring that traders trade commodities with zero correlation.