Strengths and Weakness of Project Management - Assignment Example

Reflective Journal Student’s Name: Course Code: Lecture’s Name: Date of Submission: Chapter 1 Summary This chapter offers an in- depth insight on project management. The chapter presents knowledge on the requisite skills and techniques integral in accomplishing projects effectively and efficiently so that individuals can transfer the same by tying project outcomes with business goals for enhanced value creation and competitiveness. In this regard, two critical themes are covered. The first is the introductory stage that explains and conceptualises what project is and what project management entails. The second domain tackles in an elaborate manner phases of a project. Under the second domain, four sub topics are explored, these include initiation and concept that outlines the initial thinking process and deliverables before the actual project begins; the second tackles the planning and development stage that addresses scoping processes on how the deliverables should be attained over a given time span; the third is the implementation and actualisation that outlines how the deliverables have to be actualised into a reality and the last is the evaluation and closure which informs on handover and assessment process if the project is attaining its intended purposes. Analysis I learnt a new knowledge that projects are significant strategic aspects of attaining organisational goals and competitiveness at any level. The lesson learnt help me see in a different paradigm that project engagements has time limits, budget constraints, quality expectations, and lifecycles and thus, there is need to be equipped with capacity on how to integrate such challenges and deliverable so as to attain organisational needs. Equally I learnt of different types of projects and how they are suited for different kinds of professions or scenarios and the steps/ processes/ cycles in project management. Ultimately, this lesson learn will be useful in my practice especially in strategic planning and coordination of projects in medical biotechnology such as establishing bioinformatics laboratory or pharmacogenomics research centre for drug formulation. Personal Meaning While engaging in this subject, I received it with a mixed reaction. Initially, I was sceptical trying to build connection between project management and medical biotechnology. However, as we indulged deeper, I used to have positive arousal about the same since I had started developing keen interest since I was able to deconstruct concepts and build connection from a wider perspective on the applicability of project management in medical biotechnology. In generic perspective, the whole chapter was enjoyable. Nevertheless, in comparative terms, the subsections that I found more interesting included issues such risk planning, managing expectations, resources & budgets, quality planning, stakeholder management, communication management and team management because I perceive as either being closer to numerous functions in medical biotechnology or they are critical in empowering my managerial skills. The most challenging subsections fell under the planning & development and implementation and execution. These included variance/ change management and budgeting. Action to be taken Based on the above basis, the action that I should take include familiarising myself with budgeting procedures. The rationale for stating why I found it difficult or challenging is premised on financial calculations which I am not well versed. Nevertheless, I have come to the reality that I cannot escape the same since everything has to be budget for financially even in the field of medical biotechnology such as procurement of equipments, chemicals and reactors among others. The second area of action is variance/ change management. Managing change is not easy as it unsettles employees and you are not sure of the outcome. This becomes challenging equally based on my personality trait that I am a caring individual full of empathy and this can block my conceptualisation of change. Thus, I need to equip myself deeply with change management and how to reduce risk associated with it through risk management. Action Taken In order to stay informed on budgeting process so as not to see it as a complicated engagement, I constantly read more about the topic, try out some work outs in the same subject, engage in group discussions and attempt at conceptualising it with by background profession by assuming scenarios on how to budget for resources, equipments and facilities in medical biotechnology profession. Chapter 2 Summary The rationale of this chapter is anchored on the fact that various project manager fails to create a holistic perspective or a wider view of how a project fits within the whole system. Instead, most usually have a narrow focus on the project alone and treats it in isolation yet the success of any project lies squarely on how it is framed within the larger context by managers. Hence, this chapter explains to prospective project managers how to contextualise project management within the broader context of organisational goal, mission, vision and objectives. Therefore, the chapter aims at equipping students with knowledge in project integration management process through strategic planning & project selection; best practices in new projects such as new product development; procedures & methodologies for selection of projects amid competing resources and time within the context of broad organisational goals and expected contribution through factors such as return on investment or net value analysis among others; project portfolio management; project charters; project management plans; stakeholders analysis; coordination & execution through requisite skills such leadership, communication & general management skills; monitoring & control; integrated change control and closure of the project. Analysis The chapter equipped me with knowledge of seeing the larger picture by outlining how to coordinates various resources such as people, plans and works necessary for the completion of the project; conflict resolution and effective communication both at vertical and horizontal level. As such, this was a critical eye opener in strategic thinking which is requisite for competitiveness. The above acquired will be integral in my professional growth since it has broadened my thinking and remodelled my paradigm into a holistic individual. Principal to my growth is the technical and soft skills acquired in this chapter these include technical skills of how to evaluate all prospective projects within the cost-benefit/ SWOT analysis frame and how they fit within the larger organisational needs trough mathematical procedures such as return on investments; formulation of charters and meeting stakeholders expectations so as to churn out winning projects. For instance, I am now able to rationally inform management on plausibility/ viability of any intended project and which should be selected amid competing vested interest and resources. Personal Meaning I really found the section interesting because it entailed strategic alignments so as to produce winning projects. Hence, it created an aura of possibilities within me because I have always dreamt of being successful in all professional encounters by churning out solutions to problems afflicting an organisation. As such, owing to my positive reception of the chapter there is no aspect that I did not dislike. This made my understanding of the chapter much easier as I was now swimming in nearly familiar territories. Nevertheless, there were some engaging concepts that required deep and critical thinking so as to build linkages with the larger discussion as explained within the context of cost benefit analysis or SWOT analysis. In this regard what comes into mind is evaluation of projects so as to establish if they fit with the larger organisational needs. These included weighting scoring model; payback analysis; internal rate of return; return on investment and net present value. Action to be taken The action I intend to take is to engage in more research so as to sharpen my knowledge on how these techniques, steps, methodologies and skills can be domesticated within the context of my profession otherwise, they will act just as an abstract thinking and not a reality. For instance, how return on investment or payback analysis can be framed within medical biotechnology practice. Action Taken To be able to apply the concepts in the profession of medical biotechnology, I have be reading projects initiated by different institutions and laboratories and how they went about and see how they link with the practices and procedures I learnt in this chapter. Since other expectations calls for application of soft skills or critical thinking, the core concern under this chapter is the evaluation basis. While I am have not adequately achieved this intended desire as it appears to me that I am still muddling through, I am positive of the step taken as it will end in a higher note building my cumulative knowledge. Chapter 3 Summary Scoping is a significant aspect in project management as it outlines what is to be attained and the deliverables within these expectations. The chapter explains how to conduct project scope management by outlining how establish and plan for project requirements through stakeholder’s surveys; defining the scope through expert judgement, templates, forms and standards; creating the work break down structure which divides the projects into deliverables which can be done through tabular or phase forms so as to give indications on project management plans, activities, costs, budget, quality, risks & procurement needs; scope verification by stakeholders or reviews/ walkthrough and lastly scope control by influencing factors that might cause scope to shift. Analysis I have learnt the concepts and practices that contribute towards unrivalled project scope that would then guarantee success. I am equally empowered on the steps to be followed in scoping and how to link scoping process with project charter and lastly how to formulate breakdowns within the project. For instance, the chapter enlightened me on how to use various research tools so as to collect relevant data on project requirements. This knowledge made me see the fact that scope if not well refined especially is the scope is too large it might lead to failure of the project. The outstanding feature in future practice is the creation of work break down structure. To me I see this as the core of scoping as it determines what will be down at what stage. For instance, in medical biotechnology, there are numerous minute details that have to be taken into considerations if projects say like establishing a new drug is required. Thus, the core would on how to effectively arrange the same so that no any deliverable is overlooked. Personal Meaning I see what was done as a continual reinforcement of the whole process in project planning. Having built the holistic approach and perception of project as a cyclic process, I had a positive thinking of the same and I saw what was done as a lighter experience as compared to introductory chapter where everything seemed complex. Thus, I found the whole encounter enjoyable and easy to conceptualise. Nevertheless, the challenging aspect was the stage of decomposing project deliverables into reality. The rationale is based the fact that deconstructing a phenomenon is not an easy encounter as it calls for critical logical thinking and time so as to built connections in a holistic manner. Action to be taken Since this one of the most interesting chapters, I will constantly acquire literatures on managing scope so as to capacitate my understanding of the same. The core focus of this pursuit will be on how to contextualise the same in relation to my profession. Since most section were clear, the area of concern will be on work break down structure. Action taken Currently, I am absorbed in incremental learning where I examine previous documents in various fields on how break down structures have been conducted. Indeed, the present are for my specialisation is on work break down structure dictionary so that I can adequately familiarise myself with various items found in break down structure dictionary. Chapter 4 Summary This chapter covers project time management and project cost management. The realisation of this chapter in relation to project management is that adhering to timely completion of deliverables and project in overall is a challenge to project managers. Secondly it appreciates that adhering to budget goals might prove to be a challenge. In the first instance, the chapter outlines project time management process. These include activity definition, activity sequencing, activity duration estimating, schedule development and schedule control. In the second, project cost management process covers principles of cost management, cost estimating, cost budgeting and cost control. Analysis One of knowledge gained is on the need for delivering projects on timely basis, the informing practices and how concepts such as network diagrams and dependencies can be applied in sequencing of activities and how various relevant techniques and tools such as Gantt charts can be used in duration estimation. Secondly, the whole aspect of project cost management was new exposure that I have never critically thought of. The insight gained out of the two domains is that time and cost management is requisite in meeting shareholder’s expectation and ensuring success of the project since these are one of the sources of failure of a project. Personal Meaning While I have heard numerous chance to hear about time and cost management in a generic perspective, this was a whole new experience because I have never interacted with such body of knowledge in an in-depth manner and specifically project time and cost management and the accompanying processes. Hence, it elicited a nervy feeling as I did not know what was expected and what would be the outcome. Nevertheless, as time progressed I really enjoyed various techniques, tools, procedures and processes used in project cost and time management. Specifically the issue of sequencing and use of Gantt chart which used to appear to me as a pipe dream, but was easily deconstructed by the instructor. The other is the whole issue of project management because I have heard reservation of costing and cost management with the imagination that this should be a domain of accountants and thus, felt as an individual who is not only learned, but practically empowered. The only challenging bit in this excursion was cost estimation and cost estimation tools & techniques. This is because they require practical applications this models into reality. The second is the cost control tools because of it non-linear formulation since it requires interlinked thinking anchored on scope, time and cost data. Action to be taken I am a firm believer of the thinking that persistence practice makes perfect. This is supported under incremental learning where one is able to learn from past experience. As already stated the issue of costing and use of the costing tools and techniques are the ones I viewed as most challenging because there is numerous works in terms of expert judgement and experience required to work with tools such parametric modelling and top down estimating among others. To improve my skills on the same I will constantly engage my instructors and colleagues so to build my knowledge and overcome my fears on the same. Action taken I have developed a positive attitude and dropped my fears on financial accounting and budgeting and this is making my response and understanding easier and thus, it will go a long way in helping me sharpen my project cost management capacity because these tools require expert judgement and experience. Chapter 5 Summary The chapter covers project resource procurement management and human resource management. In any project, there has to be procurements so as to meet the numerous deliverables and this implies issues such as outsourcing and contractual agreements with suppliers. In the first instance, the chapter covers the significance of project procurement management. Secondly, the chapter outlines the process of project procurement and the key outputs. Under the procurement process, the subject highlights issues such as procurement planning; solicitation planning; selection of suppliers; formulation of contractual agreements and finalisation of contract. Secondly, this deliverables have to be implemented by employees and this calls for management of human resources so that their synergies can be typed so as to work toward project and organisational goal. In the second instance, the chapter covers planning selecting staff, developing the project team, managing teams and conflict management. Analysis Under this chapter, I had a mixed experience. The plausibility of my argument is rooted on the fact that I have had earlier experience on the topics of procurements and human resource management, but not one customised on project management. Hence it acted as reinforcement lesson. As stated, the new experience mostly related to the 4th step of procurement under project management which is scope baseline that domesticated the whole process within the context of work break down structure. The second new knowledge is on rational determination of whether to make or buy which was well elaborated. The two subtopics in this chapter are important to my future engagements either as an employee or as a manager is guiding me in making sound decision on procurement process such as whether to outsource or to engage in in-house development. Secondly, it empowers me on formulation of contractual agreements s as to avoid numerous litigation processes. Thirdly, the chapter is important in empowering my capacity on staff selection and team building process for unrivalled performance. Personal Meaning This is one area that activates my emotions and urge to indulge in it further because I have a soft spot on issue relating to legal engagements through contractual relations and application of soft/ people’s skills or interpersonal skills in managing people since I am ardent believer in aspects such as leadership. What I enjoyed under this chapter were on issues of contract and contractual relationship starting from types of contract risks associated with them; elements of a complete contract; selection of contractors and tools and techniques. On the other side, I felt all issues on human resource were interesting since human resources are the key driver and success factor. However, motivation was the epitome of all of them. While there are aspects I did not dislike under this chapter, there are recommendation, that I feel should be included so as to broaden the scope of the chapter. The first relate to legal aspects in contractual agreements such as good faith, implied terms and law of tort so as to broaden thinking of project management student on legal implication. Secondly on human resource management issues such as total reward management and performance management and various theoretical constructs should have been added. Lastly, this is one of the areas I found interesting and thus, did not experience any challenge in understanding. Nevertheless, the area I found easy to understand because I could easily relates to is the team development through factors such needs assessment, motivation and interpersonal relationship. Action to be taken This is an area have had interest for over time and it is one of the most dynamic. I need to investigate and research further on how prior knowledge acquired can be framed within the context of project management. Action taken I have had discussions with colleagues on action to be taken on proposals above. My area for action would include legal aspects especially within the context of case laws and how successful leadership have transformed companies and projects through selection, team building and interpersonal skills. Chapter 6 Summary In any project, there are numerous unforeseen challenges whether real or imagined that might distract smooth implementation of project/ deliverable as per the outlined quality, budget, stakeholders’ expectation and time frame. This chapter explains project risk management and how such issues can be analysed and quantified. In detailed manner, the chapter cover importance of risk management; defines risk; attitudes towards risk; what project risk management encompasses; project risk management process through risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning and risk monitoring & control. Analysis While risk is evident in most medical biotechnological works, this experience added more needed knowledge since in most cases biotechnology requires risk minimisation since if anything goes wrong it can lead to catastrophe. Nevertheless, I learnt new knowledge because the chapter offers a wider perspective on risk management. For instance, I am in a position to formulate good project risk management, offer different response tactics for risk management, quantify risks and conduct risk monitoring. Personal Meaning This is the one chapter under project management that I have enjoyed. It greatly inspired me since I saw close connectivity with my profession. Indeed it is one chapter that I holistically enjoyed that it is difficult to single one specific subsection that I over enjoyed than other, but I had a softer spot for risk by identification and risk response planning because this is central to my profession in averting any failure before it grows into a grievous situation. Moreover, I cannot explicitly say that there was a sub section that was easy to understand because risk management cannot be taken lightly. Nevertheless, there are certain segments that I found challenging. These are qualitative and quantitative risk analysis. The rationale for the above argument is that these require mathematical formulas and critical thinking thus, requiring total concentration and concerted effort so as to grasp the concepts. Action to be taken This is a discipline that I intend to pursue further as I see it holding forte in my future. Risk reduction should be a key concern of any organisation so as to ensure success of a project and that of a product. I say this because I have observed that risk reduction is integral in medical biotechnology since errors and chances are not part of this discipline. In any research, in biotechnology, experiments are highly regulated so as to avoid negative repercussions. Action Taken The action I have taken is to constantly read literatures on risk management. Indeed, I have applied these concepts in my numerous activities even if not in project. This gives me an assurance that this unit empowers students or future success. Chapter 7 Summary Quality discourse is an overriding theme in almost any process. To meet expectations, and reduce litigations projects and subsequent products have to be of quality. This chapter addresses project quality management. In regard to the same; it outlines what quality entails, justification for investing in quality and ways of realising project quality management such as quality planning, assurance & control. The later point constitutes bulk of the discussion and in quality planning the chapter covers quality planning inputs; tools and techniques for quality planning and outputs derived from quality planning, in quality assurance issues such as input to quality assurance; tools and techniques are & outputs are addressed. Lastly the section covers aspects of quality control such as prevention, inspection, random causes, tolerance and control limits. Analysis My profession is one area where quality defects has to be reduced almost to zero as specified in quality management and continuous improvement procedures such as sigma six. However, I have never had real engagement on theoretical concepts on quality planning. Step by step I felt like this is new dawn in terms of learning as I was able to visualise applicability of these concepts in medical biotechnology. This newly acquired knowledge is significant in my future growth as I am well equipped with various techniques and tools of ensuring quality planning, quality assurance and quality control. These include flow charting and the various inputs and outputs in these three concepts. Personal Meaning This is where I was concerned since quality debate dominates various procedures especially those are critical to human survival. I enjoyed the whole discussion on quality, but I found quality assurance more interesting even though all the three steps – planning, assurance and control are interlinked. Theoretically, I found this as one of the easier topics to understand and relates to because they it is more practical. Thus, I nutshell, it is a chapter that I would say I had no topic I did not enjoy or had difficulty in understanding. Action to be taken and Action taken I feel I need to investigate issues such as sigma six can be implemented in quality control plans so as to reduce risks. Chapter 8 Summary Communication is an important aspect of developing rapport, influencing and informing stakeholders’ progress of a project and lack of the same can lead to project failure. The chapter outlines project communication management process by addressing issues such as communications planning, information distribution, performance reporting and management of stakeholders. Analysis As a scientist, I took communication earlier as I thought that the results would speak for themselves. In a nutshell, I never took communication as a resource and a principal success factor. Nevertheless, I have learnt that communication is principal in convincing, influencing, and informing. Going into the future, I see communication as a hallmark of the whole process and means of enhancing smooth flow of ideas and galvanising support amongst stakeholders especially with my interest of being a scientist/ research. Personal Meaning This is another area that I enjoyed tackling. First in chapter there was already a preview about the same. Secondly, I could easily resonate with concepts being talked about as there numerous case examples on the same. Subsequently, I cannot say that there is subsection within this chapter that I disliked or found that difficult beyond my comprehension. Action to be taken I intend to make this domain one of my linchpin for success by engage in practice so as to enhance my grasp on the same. Action being taken I observed earlier that in most cases I did not give communication that priority required as I treated I casually. To build my intellectual capacity, I occasionally review articles on the communication secrets of successful managers. Read More