Commercial Realities in Project Management - Coursework Example

Project management is a discipline that involves management of resources in a project to achieve the set goals and objectives. Project managers’ plan, organizes, and controls all the activities of the project to realise the set goals. The project must be appraised by use of various methods to determine its viability. Somalia is a country that does not a centre of training its cadets. There is a lot of expenditure in training the cadets outside the country. Somalia and xyz defence team wants to initiate F-15, Tornado and Typhoon Aircrafts Maintenance Training Facility and complete training program.

There is demand for the facility from Somalia and other foreign nations. This project will involve large sums of money, and many logistics must be put in place. There will be many interested parties involved, and therefore there will be many issues arising. These activities includes; purchase, supply, finance and contract management issues. Somalia requires an in-depth analysis of the project to assess it viability. In the process of establishing F-15, Tornado and Typhoon Aircrafts Maintenance Training Facility and complete training program, there will be many contacts between Somalia and other firms.

The procurement firms must ensure that the goods procured are of the right quality. Supply of low quality goods will amount to breach of contract. If the construction is done with the low quality materials, it is the procurement firm to take the losses. Management is a doctrine that is useful in the successful running of the business organization. Through management, the various business owners are able to delegate some authority to their subordinates. This is necessary enough to ensure the effective running of the business or project.

A project entails many different activities that are all correlated in ensuring the success of the overall business endeavour. Duties, challenges, obligations are assigned to the employees of any organizational setting. Delegation is an essential part in the management. Project management is a part of management that concentrates on the effective management of a project until its completion. Through technological usage of resources that are not costly and cheap in the end one is able to make skilful use of the available resources to put into practice the application of the project.

Proper monitoring of all the transactions that transpire during the project will ensure its overall success. Evaluation tools are in existence in the establishment of viability of any business portfolio. The use of Net Present Value, IRR, and other mathematical tools enable one to establish mathematically the viability of any business endeavour. In most government projects, the government is entitled to inspect all the materials. Many potential disputes are likely to arise since it is an enormous investment.

These must be handled with clear laws governing the contracts. The project will be evaluated by use of various methods to ascertain its viability. Since it is a capital-intensive project,