Project Management: Principles and Strategies Name: Institution: Project Management: Principles and Strategies Introduction Project management refers to a discipline that involves a multitude of processes including organizing, securing, controlling resources and leading…
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Since projects are temporary, they stand in contrast with business operations that are repetitive functional activities (Dinsmore 2005, p. 109). Therefore, the primary challenge encountered by project managers is the achievement of project objectives within the pre-established constraints. Typically, project objectives include time, cost and quality or performance. On the other hand, project management entails dealing with at least four distinct variables namely scope; cost (of resources); quality and time. Project management entails optimal allocation and integration of crucial inputs to meet pre-established objectives. Objectives of Project Management Project objectives refer to the elements that define a project or make it concrete. This means that project objectives are the purposes, which the project aims at fulfilling and within what time. The main difficulty with regard to project objectives is that usually the people involved in the project establish their own interpretations and ideas of what the project objectives should be and sometimes as time moves; the people change their interpretations and ideas (Harrison & Lock 2004, p. 34). Therefore, it is crucial to realize that project management describes project objectives through three notable elements i.e. time, cost and quality. ...
etween the aforementioned project objectives sets the tone of the project by exemplifying where project priorities lie when project managers have to make decisions. This approach is beneficial since it offers intense clarity, as well as the definition of project goals and priorities. However, this approach suffers the shortcoming of becoming excessively internally focused. Simply put; this shortcoming means that projects sometimes focus excessively on outputs rather than outcomes or results. Current project management practice, therefore, includes stakeholder satisfaction as a remedy to this shortcoming (Phillips 2003, p. 37). Because projects are highly complex, project objectives must always be specific and take into consideration the requirements of all key stakeholders. Project stakeholders refer to those entities that have a vested interest in the project’s outcomes. Project stakeholders may be from within or without the organization and encompass entities that sponsor a project, those who have a constructive or destructive impact on the completion of the project or entities that gain from successful project completion (Lewis 2000, p. 185). The definition of project stakeholders occurs in the initial project scoping study. Normally, business project stakeholders include among others project leaders, team members, upper company management, project customer(s), project testers and product user groups. Variables in Project Management Variables in project management refer to elements that correlate to produce the desired outcomes. These include scope, resources, quality and time (Hamilton 2004, p. 19). Scope refers to the features intended for completion by the project while quality refers to the demands for correctness and other positive outcomes. Resources, on the
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Businesses grow and become profitable by carrying out projects. A project is a temporary endeavour, the aim of which is to create a new product, service, or result (Schwalbe 2008, p. 39). It is a sequence of unique activities that are complex and connected to each other, with one aim, which must be accomplished within a specific time period, within budget and according to specification (Wysocki 2009, p. 2).
Stakeholder management can also be defined as the systematic identification, analysis and preparation of actions to communicate with, discuss with and manage the stakeholders involved in any project. Identification of stakeholders of a project holds a lot of significant value for the progress / results obtained from the project.
There are many different stages that project management must go through. I feel that the first part of project management is the planning stage. This must be executed properly because it sets up the rest of the project. This is perhaps the most critical stage of the whole process because only once the problem has been correctly recognized it can be fixed in an appropriate manner.
The specific project management situation in question occurs at Apple, Inc. This organization will be undergoing the development of new form of television. In advancing with this specific project one recognizes that in large part Apple’s organizational culture has remained highly stratified (Lashinksy 2012).
Killen & Hunt (2013) argued that most companies view project management as standard mechanism which can help them to implement particular strategic initiatives but in actual case, deliverables of projects need to get updated in accordance with client expectation in real time manner.
They have relationship with various other organizations as well as individuals. In this part of the assignment those various relationships will be discussed and various factors affecting the performance of the project.
When a project is undertaken, various stakeholders need
The major steps in the project management process involves planning, monitoring, controlling as well as organizing different elements that are involved in the project. The project management technique apart from the well defined processes also comprises of
This study outlined monitoring and controlling policy of Multi-Projects management policy. The researcher has also outlined Earned Value Management for Multi-projects and Programmes. Advantages and disadvantages of establishing a Portfolio management were outlined in terms of management of the project governance structure.
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