Project Management of Quantum Bank and Ugli Orange - Assignment Example

Quantum Bank case Identification of project management issues in the case It is evident from the case that Quantum Bank is facing competition in the industry from traditional and nontraditional organizations. There is a proposal for digital migration where most of the transactions will be done online through the bank’s Web. These transactions include online bill payment services which will allow customers to apply for credit cards, loans open accounts and manage their investment portfolios. All these transactions are expected to be done through online platform. Coming up with a Website that will manage all these transactions is considered a project management concern. This is considered as a project to be implemented since it has three defined characteristics which include: Established objective-To increase the competitiveness in the industry and meet financial objectives of the bank through customer focus strategy. Requires integrated participation in the organization. Digital migration is something that has not been done before in Quantum Bank. Issues that need to be looked into in this case as far as project management is concerned identifying a good project team leader, who will be the manager and supporting the manager in building an effective project management team. The profound issue in the case of Quantum bank is managing competitiveness of the bank through implementation of digital services. This is an integrated project management which will need a good project manager as well as an effective project team. Thoughtful lessons on project management A successful project management leader has to exhibit technical and personal skills as his or her strengths in managing adoption of a project in an organization. Bill fence for example, is the right candidate to take place as a project manager. Bill has been successful throughout his profession: computer science. His exposure has nurtured his technical ability and personal skills. For instance, solving technical problems as new recruit in the bank reveals his ability to handle technical situations in the course of implementing the project. The other important lesson learnt from this case is that, whenever there is an introduction of new project in an organization, there has to be a change in both mission and strategy. In this case, I will not disregard the actuality that project managers has to understand organization’s strategy for them to be effective advocates of aligning projects to the organization’s mission and strategy. Application of lessons learnt I have to admit that project management concept would help me in various ways. One, in regard to my profession, with the technical and personal skills it will help me build an effective organizational culture. This will entail formation of dedicated teams that would work in different functional units of the organization. Also, the skills adopted will help me provide solutions for complex problems in life. For example, harmonizing the financial position of the company with the new project that needs to be adopted. Factors that would prevent me from application of the lessons learnt 1. The implementation gap Project manager sometimes has to implement the project independently. In this case, there might be lack of consensus between the top management and middle-level management. This might prevent me from forming an effective project team. Financial support also might be a problem. 2. Resource conflict Sometimes might be experiencing financial constrain during the introduction of the new project. In this case, for example, human resources may have overloaded responsibilities which will reduce their effectiveness. Connection with other subjects There is a connection of project management concept with experience like decision making processes and subject like marketing. The project cycle gives the feasibility of the project scope and this information is used to make effective decisions. Project portfolio opens up the avenues that needs to be improved in order to achieve the harmonize goal, therefore marketing will use this information to improve business functions. Comments and changers Knowing the concept of Gantt chart has showed me an effective way of managing project activities within the timeline set. The WBS also would help me assign the responsibilities to the project members effectively. It was interesting experience learning about how to identify a project leader and how to form project team since this has showed me how to build a successful team for any activity that has an objective in real life situation. Recommendations Much of the learnt lessons were through theoretical aspects, it could be more interesting to learn project management aspects through practical aspects where new learners have to exercise their abilities on the Ugli Orange Case Identification of project management issue in the case I and Dr. Roland are direct competitors in the industry since we need the same raw materials from a single seller in the market. Also, the quantity we need is not enough to for us two. Therefore, we need to agree on who will take the right quantity and who will take the remaining which will be less than the required of each of us. The project management issue in this case is to engage in a negotiation process with Dr. Roland and emerge as a successful bidder for the oranges. Mr. Cardoza is a supplier to both of us and he does not want to intervene the situation because he me be considered biased by the party who loses the negotiation. Therefore, in this case the focus on interest rather than positions as well as using objective criteria is the probable best way to be successful in the bidding process. Mr. Cardoza will only sell the oranges to the highest bidder, but then, we both we are working on the project budget which may be the same. The similarity of the project is evident since both of us (the buyers) need the same quantity of Ugli oranges. Thoughtful lessons on project management To be a successful bidder in this case of Ugli oranges, one should have entrepreneurial skills that will help him or her play effectively the role of being an entrepreneur. Entrepreneurial skills would help me to persuade and influence Dr. Roland to accept me as the buyer to the 3000 Ugli oranges. A project manger often engage in various negotiations of which he or she has to be good at this in order to ensure that everything is maintained within the budget. A successful diplomat-in this case, I as a representative of my company-during the process of negotiation has to be a friend. Far beyond building friendship within the project team, a project has to establish the importance building a relationship with the close competitors in the industry. Close competitors are considered enemies to the organization, however, they boost the performance in one way or another through offering pressure to the products and service an organization is producing. Being a politician heightens the alignment with powerful individuals. The negotiation between Dr. Jones (me) and Dr. Cardozo is democratically presented since we are given an opportunity to negotiate as bidders. Application of lessons learnt Entrepreneurial skills during negotiations can be applied in managing customer expectations. As much as one is able to will a negotiation, then he/she also has the ability to derive new ways of meeting customer expectations. Being a constructive friend during negotiation process, especially when the situation is critical means that I can build successful teams in the organization. This attribute is applicable in building corporative project team that will work objectively to achieve customer satisfaction. Having this attribute would help me personally adapt to the culture of high performance in the organization. Political role is applied when directing individuals within the organization towards the mission. As a politician therefore, I will ensure that every strategy within the organization as far as project management is concerned should be customer focus. Therefore, leading people to speak a common language and one voice is an application of politically intrinsic strengths. Factors that would prevent me from application of the lessons learnt 1. Lack of support from top management Some of the new concepts on how to build successful teams may not be supported by the leaders of the organization. Having gained this skill from negotiation process, inability of the top management to empower people towards new ways of doing things may hinder me from applying these lessons. 2. Lack of support from stakeholders supporting collaborative partnership Partnership in this case is entrenched from having the ability to create friendship that leads to teamwork. One of the main partners in this case can be a project manager. The manager can be resistant to the way I handle culturally diverse individuals in the organization thus becoming reluctant in adopting my initiative. 3. Inability to align project goals with organizational strategy Sometimes it is difficult to harmonize project goals and organization’s strategy especially when individuals are reluctant to change. Using political action to drive people towards this objective might not be effective due to a lot of resistance. Connection with other subjects Marketing: Dr. Jones can use his negotiation power market his company. Research: Negotiation open or show areas that needs improvement within the organization. Therefore, research can be used to find better ways of improvement. Comments and changers It was to interesting to learn how one could use entrepreneurial, friendship and political skills to emerge as a winner during negotiation process. I believe having these skills, one can be an excellent diplomat to a company. I also learnt that these skills can be applied in various areas that need effective decisions. Recommendations I do recommend that learning experience should have much on practical session. Having this will help us as students have experience as well as improving our skills such as communication skills. Read More