Free

UNIT 5 - Essay Example

Comments (0) Cite this document
Summary
Imperative role of a business plan remains identification of organizational goals and strategies of attaining the defined objectives. It is indispensable for a business manager to set specific goals then follow by…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.9% of users find it useful
UNIT 5
Read TextPreview

Extract of sample "UNIT 5"

Unit 5 Project Management Q1 Beginning and implementation of the goal setting process Any business aspiring to be successful must first design a plan. Imperative role of a business plan remains identification of organizational goals and strategies of attaining the defined objectives. It is indispensable for a business manager to set specific goals then follow by developing measurable and attainable goals. It is also important for business managers to rely on specific measurable, timely, agreed to and realistic (SMART) goals.
Differences between Rightful and Wrong Things
The difference between doing things right and doing the right thing lies in the effectiveness and efficiency of how management conduct things. When management carries out its duties effectively by attaining desired results, then that defines doing things the right way. On the other hand, when management does things efficiently, that is accomplishing set goals in the required way, then that is doing the right thing.
Significance of measurable goals
Setting measurable goals such as budgets and production levels gives the manager a chance to analyze reasons for missing certain goals. Reasonable and measurable goals help managers to expose reasons that results into struggles of working staff. In addition, measurable goals help in preventing miscommunication among members of the organization. Without measurable goals, employees morale decreases because staff members feel that they work without direction. It, therefore, is through setting up of measurable goals that employees prove to their managers their worth and goals.
Critical Dimensions of Project Goals
Every project goal has its critical dimensions. Three of these critical dimensions include cost, scope and schedule of the project in question. For any project, the manager must put into consideration cost of materials that the entire project may require. Secondly, the required release date of the project makes it necessary for a manager to treat schedule with significance (Sanzo et al., 2012). Finally, project managers also need to take care of the project scope. Project scope involves performance requirements and any other set features in the project goal.
Q2
Comparison and Contrast of Different Kinds of Chart of Project Manager’s Selection
The most common types of project manager’s charts are the PERT Chart and Gantt chart. Both PERT and Gantt charts help managers to plan their projects in a manner that enables the project team to visualize the project as a whole or in part (Bowen, 2014). However, PERT and Gantt display varied contrasts. Gantt charts describe tasks dependencies, onset and ending times for project tasks while PERT charts describe parallel activities and that are sequential. Gantt charts mainly depict simple related tasks whereas PERT charts focus on projects that are more complex and their relationship.
Benefits and Limitations of Charts
Charts have various benefits because they enable managers to visualize project tasks and schedule dependencies besides visual representation of every item action as well as milestone. Charts motivate, and they are clear and provide efficient communication. Further, charts also help in time management during project implementation.
However, charts also have numerous various limitations besides its benefits. Gantt charts are resistant to change despite the changes that occur over time in projects. It forces managers to keep updating the charts hence becoming tiresome and inflexible. Charts may also fail to give more details where complex projects are involved, thus limiting the information necessary for the project. Charts may also lead to over-reliance by managers. However, managers should use it alongside other tools such as costs.
Description of the Project and Relevance of a Chart in It
Preparing Microsoft excel using Gantt charts. Using excel provides good conditions to manage project plans because it has grid. When preparing and carrying out a project in excel, using Gantt charts the project useful because it remains easy and productive to undertake.
ReferencesTop of FormBottom of Form
Bowen, R. (April 21, 2014). When Gantt Charts Arent The Answer. Bright Hub PM: Project Management. Retrieved on November 4, 2014 from http://www.brighthubpm.com/project-planning/52723-disadvantages-of-gantt-charts/
Sanzo, K. L., Myran, S., Normore, A. H., & Emerald. (2012). Successful School Leadership Preparation and Development: Vol. 17. Bingley: Emerald Group Publishing Limited. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“UNIT 5 Essay Example | Topics and Well Written Essays - 500 words - 1”, n.d.)
UNIT 5 Essay Example | Topics and Well Written Essays - 500 words - 1. Retrieved from https://studentshare.org/business/1663950-unit-5
(UNIT 5 Essay Example | Topics and Well Written Essays - 500 Words - 1)
UNIT 5 Essay Example | Topics and Well Written Essays - 500 Words - 1. https://studentshare.org/business/1663950-unit-5.
“UNIT 5 Essay Example | Topics and Well Written Essays - 500 Words - 1”, n.d. https://studentshare.org/business/1663950-unit-5.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF UNIT 5

BUSN300 Unit 5 IP

...acceptable efficient and acceptable to employees. It can take three years before everyone involved in project management buys into the changes and the product development process becomes consistent and efficient. When managing a project in an organization, 20% of the people will support the change because they are unhappy with the existing state or they’re so new they have no investment in the existing culture20% of the people will resist the change no matter how beneficial you say it is to them. They have so much invested in the existing process that they see no reason to change. Project timelines Task Name Start Finish Late Start Late Finish Slack (Free) Slack (Total) Sourcing of parts 3/12 5/3 3/12...
4 Pages(1000 words)Research Paper

BUS IP1 Unit 5

...? BUS IP1 Unit 5 BUS IP1 Unit 5 Given that the current exchange rate for one US dollars is equal to eighty euro’s, one million Euro is equal to US$12500. This means that if I won one million Euros, then I have US$ 12500. If this amount is to be left in Irish banks, the total interest per year would be calculated as follows (4/100*1000000) = 40, 000. This means that the total interest earned for one year in the Irish bank will be 40,000 Euros. This means that at the end of the year I will have 1,040,000 Euro. This amount translates into US$ 13000. If on the other hand I choose to take the money to the US banks, then I will earn interest of (2/100*12500). This gives an...
3 Pages(750 words)Essay

FIN unit 5 IP

...?Running head: FOREIGN DOMESTIC INVESTMENT 8th November Vernon’s product life-cycle theory of FDI was developed by Raymond Vernon. According to the theory, a firm starts by exporting its products after which it emulates foreign direct investment. The theory maintains that when a new product is introduced by an organization, it is intended to be produced at the home in order to place it close to the consumers. As the production of the products continues due to the high demand at home, they become mature and the firm starts to export to other countries where the demand for the products is high. By establishing production facilities in other countries especially where the cost of production is low, the firm starts to import its... head: FOREIGN...
4 Pages(1000 words)Essay

Unit 5 discussion board

...The Rebate Shell Game People love getting something for nothing and the lure of a rebate can seem like free money to many shoppers. Faced with the choice of a $30 item, or a $50 item with a $20 rebate, the unsuspecting consumer will often choose the more expensive item. It is human nature to believe that the $50 item is higher quality, even though they are actually paying the same price. Rebate offers may be good for the consumer, yet most seem to favor the manufacturer. They are a short-term business gain that increases ready cash, but may have negative effects on consumer brand loyalty and result in a loss of customers. In 2002, 70% of the notebook PCs sold were offered with a rebate and the concept seems simple enough (McGinn... Rebate...
2 Pages(500 words)Essay

UNIT 5-IP

...on experiences may help you decrease the bad judgments. Live and learn, Good judgment comes from bad experience, and often experience comes from bad judgment. Do not, however, let this deter you from making decisions. People may be on different paths, different cycles in life, but it is important to make a decision and these could be I will or I will not. Action is important! REFERENCES Horning, J. (ND). Quotation Details. http://www.quotationspage.com/quote/820.html Retrieved from the website 2/4/07 3:12 pm LePatner, B. (ND). Quotation Details. http://www.quotationspage.com/quote/989.html Retrieved from the website 2/4/07 3:33 pm http://www.laputan.org/catfish/archives/000018.html Posted by foote December...
2 Pages(500 words)Essay

Individual Project Unit 5

...Managing Information and Technology: Productivity and Performance Enhancement By Stephanie Your Academic Organization Here Appropriate Here INTRODUCTION Todays business world can grow increasingly difficult to manage, as domestic and global expansion efforts, internal corporate policies, and the competitive environment create a need to respond rapidly to changing events. A business owner realizes that his or her future depends on quality decision-making and a sound leadership team who are capable of handling the tasks associated with managing responsibilities. In most modern companies, technology plays a significant role in assisting with profitability and business success. This paper describes how this occurs. RESOURCE... Information and...
3 Pages(750 words)Essay

Unit 5 Individual Project

... from: http://tradeshow.alibaba.com/trade_shows/1104/Dubai_Int_l_Seafood_Expo_2007.html Yoon, E., & Kijewski, V. (1997). Dynamics of the relationship between product features, quality evaluation, and pricing. Pricing Strategy & Practice , 5 (2), 45-60. Brown, A. (2008). Consumer Buying Behavior. Retrieved March 3, 2008, from: http://www.udel.edu/alex/chapt6.html Johansson, J. K. (1985). International Product Positioning. Journal of International Business Studies , 16 (3), 57-75. Kleiner, James A. (2007). Creative Promotional Strategies. 2nd ed. United States, Thomson South-Western: 109-110. Appendices... Type Here] [Type your Paper [Project Type: example Unit Individual Project] Marketing is continuous process which...
8 Pages(2000 words)Essay

UNIT 5

...Business law Business law A contract is a deal engaging two or more people or groups that bind them to perform or not to perform a particular task. Refusing to follow strictly the laid down conditions by the parties is offensive. The particular case between Parker and Shoddy involved a written agreement. With every detail of the agreement well stipulated, it is clear that Mr. Walt Shoddy failed to keep his promise by opening a shoe repair shop where he had agreed. The court would therefore enforce a rule that the competing business be terminated under two conditions. 1. That a signed document is produced to prove the breach of contract. 2. That the plaintiff produces proof of destructions arising because of the broken agreement... law...
2 Pages(500 words)Essay

Unit 5

...Unit 5 Unit 5 Based on your research topic, which of the 5 qualitative approaches best fit your topic? Please provide rationale in your response. The five qualitative approaches that aided and best fitted my topic of study include: I. The single unit analysis approach. This quantitative approach involves the collection of information in a comprehensive manner on a particular analysis unit. This approach mostly takes much time to ensure that there is an in-depth understanding of the topic of study. It is an ideal approach for this research, as it serves as the same institution where the researcher conducts the study; as...
2 Pages(500 words)Assignment

Unit 5

...Unit 5: Questions Unit 5 Give an example of a government-created monopoly. Is creating this monopoly necessarily bad public policy? Explain. Copyrights and patents are some examples of government-created monopolies. Creating these monopolies is a good public policy. This is because the policy promotes innovations, which are instrumental in economic development (Mankiw, 2011). Moreover, the policy creates equality of markets. This is because monopoly eliminates unnecessary competition by eliminating any possible generic products. In addition, certain monopolies such as copyrights encourage innovations. This encourages economic growth, since developments are dependent on...
2 Pages(500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic UNIT 5 for FREE!

Contact Us