Management Tools and an Analysis of the Projects Outcome - Coursework Example

PROJECT MANAGEMENT: PRINCIPLES AND STRATEGIES By Student name Code + course name Professor name University name City, State Date This is a final report paper on the analysis of the rand international research and development project. The purpose of this paper is to critically analyze the project stating its objectives, scope of formation as well as the analysis of its stakeholders (Terry 2002 p30). The paper seeks to make a review of the management tools and an analysis of the project’s outcome. The RAND International and Research Project was aimed at surveying how quantitative risk analysis and risk management methods are used in planning and execution of projects by project planners, particularly those aimed at using new untried scientific and technological methods. According to the projects objectives new studies had indicated that such methods being strongly advocated for were not used as planned to manage technological satellites. This paper has analyzed the recommendations of the RAND project in relation to evaluation of the applicability of these methods. This paper focuses on the RAND’S self sponsored research project and its related appraisals. This paper results from RAND’s continuing program of self-sponsored (Terry 2002 p35). The origin of this project was based on the events surrounding the RAND view of the United States government space program. The project had a number of managerial and technical difficulties. These difficulties needed the RAND management to sit down and make review briefings on make evaluations of the projects proposals. The project was aimed at meeting the cost and schedules targets of air space programs. The project incurred some difficulties that were noted such as that the contractors did not meet the requirements of techniques for evaluating costs and risks from the proposed literature on risk analysis of the space program (Terry 2002 p46). The RAND Project under review used pedagogic literature that lead to a more detailed review on risk analysis measures and project management. Throughout the project questions had to be raise as to whether the methods used in the project were appropriate. The project being a high technological project required use of high tech tools as well as contractors innovations in selecting appropriate data collection strategies. Issues related to risk management of space control; in regards to the cost likely to be encountered are the major points of concern (Roberts et al, 2003 p108). The project analysis tool involved in the project was a SWOT analysis tool. Often we talk of the best way for a project manager to identify important aspect related to a project. A SWOT analysis was considered the best option for identifying the strengths weakness opportunities and threats associated with the project. The tool is important in safeguarding a project’s ventures. SWOT analysis begun with analyzing the projects strengths and weaknesses. The project had great strengths over others in that it (Raymond 1999 p50). The RAND team had expert developers holding unique programming to manage the project such that it was far much ahead of other competitors in the field. As a matter of fact, the experience shared by the embers of the rand group was exceptional; each member was equipped with skills related to problem identification and management strategies relating to air space control. The weakness associated to the project were that the expertise needed for the running of the project were rather expensive and demand for more capital in the running of the project. Collection of information proved to be a major issue for the implementation of the projects objectives. The cost incurred during data collection as well as installation of technological systems needed a lot of money which according to the group was not easily accessible (Raymond 1999 p56). Stakeholder management is very important in the management and success of all projects in an organization. Project managers should engage the right people in their projects rightfully to ensure the success of their projects. The right people to engage in a project are influential people, those who have political power. The success for the rand space control project was that the stakeholders involved included the United States government through the defense ministry, and the agency for space control NASA. Since the project was aimed at finding possible solution for risk management on space control, parties influenced had great powers to channel the success of the project (Joseph and Lara 1998 p64). The stakeholder approaches proved to be important for the project as it enabled the project attract powerful stakeholders who made it possible to win the necessary resources. Through early communications, the stakeholders helped in supporting the project where need was needed. But to maintain the stakeholders required a lot of efforts. First the project managers identified the potential stakeholders, particularly those influenced by the need to have a risk management program on space control. Under this segment of stakeholder approach the need to have stakeholders is given an upper hand by the Rand management (Roberts et al 2003). The basic issue of whom to be informed of the projects progress was settled with the identification of stakeholders. These included the boss, workers within the Rand organization, customers, government, NASA, analysts, interested group as well s the press. The second step carried out was the prioritization of stakeholders. This implied that managers had to identify the stakeholders of major influence and importance (James 1999 p 67). They included the government and NASA. The organization made sure that those of greater power were given first priority in receiving information on management, monitoring and were kept satisfied at all times. Key stakeholders are given special interest in the form of understanding their financial interests, motivation towards the project, how influential they were in the project. Rand project directly involved the stakeholders through one on one communication to ensure a stable relationship is established (Bedford & Roger 2001 p90). According to SWOT analysis opportunities and threats are slightly different from strengths as well as weaknesses. The latter are factors external to the associated project and can offer a chance for increased success in the project. The rand project had a lot of open opportunities in that the organization carried the project out with a new shift in interest towards new technological advancements that gave their project an upper hand over other market ventures. The market can easily accommodate business idea from similar organization with an orientation of finding possible solution to improve the air space. The Rand project was coped with major threats in that there were looming hazard affecting the projects progress (Vose, 2000 p76). These were the law passed by the congress regarding research on the American air space. The congress proposed that the eagle rule be amended which affected the projects timeline progress. The secret to a successful project manager is keen identification of the four SWOT analysis aspects (Vose, 2000 p80). Through identifying the SWOT aspects the rand project management committee was able to ensure that the project ran through. The objectives of the project were fully implemented with the space control measures being implemented. Risk management strategies were proposed and implemented to the United States government. In conjunction with North American Space Agency NASA, Rand Corporation ensured that the risk management project overcame the obstacles it encountered. The management in charge of the project observed the protocol reserved for successful project planning. Planning ahead has its own benefits such as completing the project within the stipulated time, avoiding incurring extra cost or having to undergo through long measures to achieve the projects goals. Consequently, lack of proper planning can lead to projects failure as well as dismissing of the manager (Vose, 2000 p88). In conclusion, as a manager the strategies learnt from the success of the RAND project implies that as a project manager one should consider analysis tools such as stakeholder analysis before embarking on a project campaign. As a project manager, it is important not to overlook the potential risks associated with your project. For instance, one should review the effect of the project on the people as well as the relevant cost likely to be incurred in the implementation of the project. Consequently it is advisable to always have in mind the easiest ways to achieve the projects goals. In future projects as a manager I would not relay on aids from stakeholders rather look for potential ways to raise resources, and only turn to aids if situations do not go as planned for. Success of a project is determined by the input levels of the concerned parties, therefore I would ensure all stakeholders do their share through equal diligent distribution of duties. Reference List Bedford .T. and Roger .C. 2001 Probabilistic Risk Analysis Foundations and Methods Cambridge: Cambridge University Press Joseph, B., 1996. Bayesian Methods and Ethics in Clinical Trial Design. New York: Wiley Publishers James, S, H., 1999. Things You Can Do with a Bad Model Rand. California: Santa Monica Kadane, Joseph B. and Lara J. W, 1998 “Experiences in Elicitation,” The Statistician, 47, pp. 3-19 Raymond, F., 1999. “Quantify Risk to Manage Cost and Schedule,” Acquisition Review Quarterly, Spring Pp. 147-155. Roberts, B., Clayton, S., and David. F., 2003. “Risk-Based Decision Support Techniques for Programs and Projects,” Acquisition Review Quarterly, Defense Acquisition University, spring Terry, W., 2002. Modeling Complex Projects. New York: Wiley Publishers Vose D., 2000., Risk Analysis: a Quantitative Analysis Guide. New York: John Wiley and Sons Read More