MY recent purchased
Why is Project Scope important? Based on my information of project scope. Developing a project scope is the initial phase of the project planning process. It typically involves drawing up a list of everything needed to create the framework of the project. This is important to a project goals, deliverables, features, functions, tasks, deadlines and costs. The statement of what the project objectives are, what they are expected to produce, any limitations, dependencies and assumptions, are all factors that form the project scope. Once the project is accepted, scope management is the first step in planning its success.
Contingency Planning
Hello Dr. Howell and Class,
Thank you for your question. When I think about contingency planning is a key part of this preparation. As you can see, contingency planning is not just about major disasters. "On a smaller scale, it's about preparing for events such as the loss of data, people, customers, and suppliers, and other disruptive unknowns "(Gray, Clifford, 2000). That's why it's important to make contingency planning a normal part of the way your business works. Contingency Planning Challenges
You should be aware of two common obstacles as you begin your contingency planning process. People are often poorly motivated to develop a strong ‘Plan B’, because they have so much of an emotional investment in the ‘Plan A’ that they want to deliver. Stress that Plan B needs to be properly thought-through. There’s often a low probability of a crisis occurring, so people often don’t see contingency planning as an urgent activity. Unfortunately, this can mean that it gets stuck at the bottom of their To Do Lists as a task that never gets done.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
Hello Terral and Class,
Thank you for your post and the details of it. I agree with it 100%. However, your post does make me think about why a project scope is important to a project. Based on my information of project scope. Developing a project scope is the initial phase of the project planning process. It typically involves drawing up a list of everything needed to create the framework of the project. "This is important to a project goals, deliverables, features, functions, tasks, deadlines and costs"(Gray, Clifford, 2000)." . The statement of what the project objectives are, what they are expected to produce, any limitations, dependencies and assumptions, are all factors that form the project scope. Once the project is accepted, scope management is the first step in planning its success.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
Hello Terral and Class,
Thank you for your post on Managerial Process how and why it's important to a project. One thing I have learned from this program and working on project. People usually consider project management and process management as two different things having no relation with each other. You must have read people saying that time management, risk management, cost management, quality management etc is very important for running and completing a project successfully but have you heard any person saying that process management is also very crucial for the success of a project? I am sure, your answer will be no. It is due to the fact that we do not have insight information about process management and how it works. "The main purpose of this article is to know that whether process management is required in project management or not and if it is required then how it works and why is it so important. First of all I must tell you that process management is not only included in project management but it is very crucial for it "(Gray, Clifford, 2000)." In fact it acts as a driving force which helps you to perform project management tasks efficiently and effectively. Some of the experts also say that both of them that are process management and project management have a strong relationship with each other and each of them supports or enhance the effect of other one.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
Hello Dr. Howell and Class,
This week reading talking a lot about organization structure and it made me wonder how this apply to project management and the success of a project. So after my reading has taught me is An organizational structure defines how activities such as task allocation, coordination and supervision are directed toward the achievement of organizational aims. "Organizational structure can also be considered as the viewing glass or perspective through which individuals see their organization and its environment" . All of these is important to a project being completed on time, on budget and successful. All Organizational structure is a system that consists of explicit and implicit institutional rules and policies designed to outline how various work roles and responsibilities are delegated, controlled and coordinated. Organizational structure also determines how information flows from level to level within the company.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
Hello Melissa and Class,
Thank you for your post and the details of it. I agree with your 100%. I makes me understand better why Interpersonal Skills and Competencies of a Project Manager is important to a project. It is extremely important for project managers to have interpersonal skills, because directly or indirectly the result of a project will depend on it. "As a project manager, you will need to take the lead and play a key role in case of a conflict "(Gray, Clifford, 2000). Though conflict isn't always a bad thing, it can sometimes lead to disruption of the project plan. You will need to create trust within your team. As a project manager, you might have always been told to involve your core team in decision making. Most times, it is the right thing to do. Other times, it is not extremely necessary. There are few decisions a project manager can take by himself. This is where you can put your decision making skills to test.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
Hello Melissa and Class,
Thank you for your post and the details of it. I agree with your 100%. I makes me understand better why Different Matrix Forms it's important to a project and why if a structure is not set up it can fail. "Manage your small business based on one of the four types of organizational structures, or adopt a hybrid model incorporating elements of the functional, divisional, matrix or flat org structures"(Gray, Clifford, 2000)". But if you want to attract and keep qualified employees to help spread out responsibilities, you need an organizational hierarchy that promotes communication, defines the chain of command and shows employees how to advance their careers up the ladder. Traditional organizational structures come in four general types -- functional, divisional, matrix and flat -- but with the rise of the digital marketplace, decentralized, team-based org structures are disrupting old business models. Before you establish an innovative way to manage your enterprise, take some time to understand the old mold which can be either type of business structure.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
I have worked in all three types of organizations: functional, matrix, and projectized. I can tell you that the structure of the organization influences Project Management greatly. While it is possible to be successful in any of these organizational structures, projects tend to be more successful in the matrix and projectized structures. I think part of the reason projects may not be quite as successful, generally speaking, in the functional structure is that projects often need to pull resources across many different functions. And while these individuals are working on the project, they must still perform the duties of their functional job as well. And since the PM usually doesn't have direct authority, it's the functional managers who actually call the shots. Can you think of a way to mitigate this risk and ensure projects are successful even in a functional organizational structure?
Hello Dr. Howell and Class,
Thank you for your question and the details of it. Dr. Howell I agree with post 100% for a few reasons. points on being project manager are more successful in a matrix organization structure . "A matrix organizational structure is a company structure in which the reporting relationships are set up as a grid, or matrix, rather than in the traditional hierarchy. In other words, employees have dual reporting relationships - generally to both a functional manager and a product manager" (Gray, Clifford, 2000)". Wal-Mart has a matrix structure because they have two chains of command, one along functional lines and the other along project, product, or client lines. This structure has the company as a whole grow and move successful however, it too has it challenges. The matrix organizational form may vary from one in which the project manager holds a very strong managerial position to one in which he plays only a coordinating role. It must be recognized that such a balanced situation, considered by some authorities to be ideal, probably seldom occurs in practice.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
I truly appreciated the amount of information that you included regarding the chapter and the information covered. When information is collected and disbursed it would follow the correlation between organizational structured roles and the work flow dynamic. Completion of tasks, roles, and responsibilities are all aimed in a singular direction towards the unified goal defined by the structural definition. Management is required to meet the needs of all activity that is outside the role of simple task completion and more leadership oriented. The organizational structure assists in defining this path in a way that leadership and subordinates can understand and follow without issue.
Hello Barbara and Class,
Thank you for your post and the details of it. I agree with your post 100%. I agree it's important for the scope to be clear and more importantly understood by the project manager and the team. :The project scope defines all of the work to be completed during the project. The scope describes what is to be accomplished with the project "(Gray, Clifford, 2000)". It defines the end-product to be delivered to the customer by a particular point in time and at a specified budget or cost. Additionally, the scope defines the boundaries of the work, allowing team members to accurately assess what is and is not part of the required effort.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
Creating the Work Breakdown Structure The work breakdown structure provides a common framework for the natural development of the overall planning and control of a contract and is the basis for dividing work into definable increments from which the statement of work can be developed and technical, schedule, cost, and labor hour reporting can be established.[4]
A work breakdown structure permits summing of subordinate costs for tasks, materials, etc., into their successively higher level "parent" tasks, materials, etc. For each element of the work breakdown structure, a description of the task to be performed is generated.[5] This technique (sometimes called a system breakdown structure) is used to define and organize the total scope of a project.
The WBS is organized around the primary products of the project (or planned outcomes) instead of the work needed to produce the products (planned actions). Since the planned outcomes are the desired ends of the project, they form a relatively stable set of categories in which the costs of the planned actions needed to achieve them can be collected. A well-designed WBS makes it easy to assign each project activity to one and only one terminal element of the WBS. In addition to its function in cost accounting, the WBS also helps map requirements from one level of system specification to another, for example a requirements cross reference matrix mapping functional requirements to high level or low level design documents. The WBS may be displayed horizontally in outline form, or vertically as a tree structure (like an organization chart).
The basic purpose of a project charter is to authorize the project manager to start the approved project and allow him to use organizational resources to accomplish the objectives of the project. If the charter is created properly, it also helps executives see the business value of the project. They can also reference the charter to understand how well the project is aligned with the organizational strategies. A project charter should also serve as an executive overview of your project, one that any new executive can reference to evaluate it. A good project charter can help save you from unnecessary scrutiny or having your project shut down because some executive didn’t see the business value in it from their perspective" " (Gray, Clifford, 200
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
Reference:
Larson, E. and Gray, C. (2013). Project Management: the Managerial Process, 6th Edition. New York: McGraw-Hill. Retrieved from The University of Phoenix eBook Collection database.
Hello Dr. Howell and Class,
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During the course of a project, a project manager may have to schedule tasks, purchase products, address risks, replace project team members, re-schedule tasks, and accomplish many, many other things necessary to ensure successful project completion. Keeping track of these tasks can be overwhelming, and knowing how to manage outcomes when different project processes overlap is crucial. Project integration management helps a project manager coordinate differing project activities. |
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Project integration management is one of the ten project management knowledge areas and is the element that coordinates all aspects of a project. Project integration management touches all five phases of a project:
1. Initiating
2. Planning
3. Executing
4. Monitoring and controlling
5. Closing
Benefits of Scheduling Resources
In addition to proper organization, running a small business requires planning and scheduling, two key elements of effective project management. As a responsible business owner it's beneficial to set out a clear plan with an accompanying schedule so that you and your employees can accomplish your goals. Don't reveal the details of your plan little by little. It's best to write the plan down in complete form, distribute it to everyone involved, then make adjustments as needed.
· Reference
Larson, E. & Gray, C. (2013). Project Management: The Managerial Process (6th ed.). Retrieved from The University of Phoenix eBook Collection database.
Dr. Howell and Class,
When you have a written plan and schedule, it's similar to maintaining an ongoing "to-do" list for your business. As a project manager or owners this list is viable to the success of your project. Completing and checking off the items on your plan will help motivate you and your employees to accomplish your project goals. Each item you complete represents a success for you and your business. With the accompanying schedule you can also monitor and celebrate achieving that goal on-time or earlier than scheduled. "Even if you don't meet that timeline, you can use the information to make a more realistic estimate for that type of project in the future. When you plan and schedule your projects, it also helps improve communication among your team"(Gray, Clifford, 2000)." All members have the same guideline to follow when working so they are all on the same page. If any of your employees are confused about the process or timeline, they can simply refer to the written plan. As the manager, you can also use the plan for as a guideline when communicating with your team at progress meetings. Since everything is written down, there is little room for disagreements or confusion.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W.
Hello Melinda and Class,
Thank you for your post and the details of it. I agree 100% for a few reasons however, when I think about Top Down versus Bottom up I focus on before we look at the differences between top-down and bottom-up investing, we should make it clear that both of these approaches have the same goal - to ferret out great stocks. Now, let's look at the different strategies used by top-down vs. bottom-up investors to select companies in which to invest. Top-down investing involves analyzing the "big picture". "Investors using this approach look at the economy and try to forecast which industry will generate the best returns" (Gray, Clifford, 2000)."These investors then look for individual companies within the chosen industry and add the stock to their portfolios. For example, suppose you believe there will be a drop in the project timeline, using the top-down approach, you might determine that the project will benefit from the timeline being increase or additional resources from the macroeconomic changes. You would then extended your search for the project.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Importance of Estimating Time and Cost
Quality time and cost estimates are the bedrock of project control. Past experience is the best starting point for these estimates. The quality of estimates is influenced by other factors such as people, technology, and downtimes. The key for getting estimates that represent realistic average times and costs is to have an organization culture that allows errors in estimates without incriminations. If times represent average time, we should expect that 50 percent will be less than the estimate and 50 percent will exceed the estimate. The use of teams that are highly motivated can help in keeping task times and costs near the average. For this reason, it is crucial to get the team to buy into time and cost estimates.
Benefits of Procurement Planning is the plan considers what is to be procured, which method of procurement to be used based on regulated thresholds, and when and how the processing steps will be conducted. "Effective Procurement Planning is essential for all procuring entities in the implementation of the purchasing objectives for the following reasons is an effective plan saves time and money, an effective plan serves as a conduit to achieving entity’s objectives, an effective plan ensures compliance with regulatory policies, and an effective plan provides a framework to guide procurement officers in the achievement of their tasks and duties" (Gray, Clifford, 2000)".
When procurement practitioners outline their procurement activities prior to the beginning of a fiscal year, this process provides an organized means whereby time and money are saved. This happens when timelines are followed in the procurement of contract packages and when patience is exercised in the use of the right procedures enshrined by law to ensure transparency and competitiveness. Some individuals may argue that the process slower purchasing activities; however, imagine conducting the process of procurement in a hasty manner disregarding the processing steps required by law and ended up with items that are undesirable, unreliable, nondurable and costly.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Hello Dr. Howell and Class
The "Benefits of Procurement Planning is a process whereby procurement practitioners sketch out in advance an arrangement which diagram a plan as to what, which , when and how purchases are to be conducted in a given period"(Gray, Clifford, 2000)." Secondly, an entity’s procurement objectives are achieved when an effective procurement plan is utilized. Each contract package procured has a direct or indirect effect on the general aims and objectives of the procuring entity.
In fact, various public procuring entities specific objectives are tied into the national objectives and goals of the Liberian Government. Ministries, Public agencies, commissions and institutions serve as support bases in the achievement of both the Millennium Development Goals (MDG) and the Poverty Reduction Strategy (PRS) ‘Lift Liberia’. With this in mind, when a procurement plan is being prepared, practitioners must consider the impact these purchases will have on the users of these goods, works and services. If the objective of the entity in question is to build modern roads, schools, hospitals; let the goals of achieving higher literacy, better infrastructures development and a healthier society be achieved also.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Hello Terral and Class,
Thank you for your post and the details of it. I agree with your post 100% for a few reasons one being why communication in Project management is important to a project and a project manager. Communication is an essential process in our day-to-day life, and the entire world revolves around it. Communication is exchanging of information from one point of the project to the other point in an efficient manner. Like this, there are various definitions and concepts about communication in today's world. However, how important is this communication in project management, we can say that this is “Project—Life Blood” as everything in a project is based on how efficiently we perform this. "Communication is an essential tool in the field of project management. It is gaining importance everyday and is the center of all management processes soon"(Gray, Clifford, 2000)."
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
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The success of a project largely depends on the efficiency of its communication network. It starts working from day one of the venture and continues for the entire life span of the project. It provides regular updates to notify the status of the project as well as its performance capacity. But surprisingly, it has been found that most projects experience a breakdown in communications. It has been said that 90% of a project manager's time is spent communicating what is going to be done. This paper details what communication means in a project, the steps required for effective communication, the major obstacles in communication, how to overcome obstacles through communication sharing, the importance of communications in diverse work groups, and a four-step process for effective communication.
A contingency plan is a course of action designed to help an organization respond effectively to a significant future event or situation that may or may not happen. A contingency plan is sometimes referred to as "Plan B," because it can be also used as an alternative for action if expected results fail to materialize. Contingency planning is a component of business continuity, disaster recovery and risk management.
"Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risks they impose" (Gray, Clifford, 2000)."Traditional risk management, sometimes called "insurance risk management," has focused on "pure risks" or possible loss by fortuitous or accidental means but, not business risks. Financial institutions also employ a different type of risk management, which focuses on the effects of financial risks on the organization. For example, interest rate risk is a bank's most important financial risk, and various hedging tools and techniques such as derivatives are used to manage banks' exposure to interest rate volatility.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Hello Brad, and Class,
Wow! Thank you for this detail information regarding why Manager's Leadership Style is important to the success of a project. Leadership styles is vital to the success for the project manager roles because ddifferent types of leadership styles exist in work environments. The culture and goals of an organization determine which leadership style fits the firm best, while personality differences often dictate which is most often used. Some companies offer several leadership styles within the organization, dependent upon the necessary tasks to complete and departmental needs. However, most organizations have a variety of leadership styles, but not every style is right for everyone which is why it's important for the project manager to know its audience and adjust as needed.
Hello Dr. Howell and Class,
When I think of Management and Leadership Skills I think about how to lead the team and how to manage the project. As a Transactional Leader my leadership style receive certain tasks to perform and provide rewards or punishments to team members based on performance results. Managers and team members set predetermined goals together, and employees agree to follow the direction and leadership of the manager to accomplish those goals. The manager possesses power to review results and train or correct employees when team members fail to meet goals. Employees receive rewards, such as bonuses, when they accomplish goals. However, transformational leadership style depends on high levels of communication from management to meet goals. "Leaders motivate employees and enhance productivity and efficiency through communication and high visibility. This style of leadership requires the involvement of management to meet goals"(Gray, Clifford, 2000)." Leaders focus on the big picture within an organization and delegate smaller tasks to the team to accomplish goals.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Hello Brad and Class,
Thank you for your post and the details of it. I agree for it 100% for a few reasons. "When I think of argumentationthe action or process of reasoning systematically in support of an idea, action, or theory it is also lines of argumentation used to support his thesis ("Gray, Clifford, 2000)." Reasoning was not designed to pursue the truth. Reasoning was designed by evolution to help us win arguments. That's why they call it The Argumentative Theory of Reasoning. So, as they put it, "The evidence reviewed here shows not only that reasoning falls quite short of reliably delivering rational beliefs and rational decisions. It may even be, in a variety of cases, detrimental to rationality. Reasoning can lead to poor outcomes, not because humans are bad at it, but because they systematically strive for arguments that justify their beliefs or their actions. This explains the confirmation bias, motivated reasoning, and reason-based choice, among other things."
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Communication Modification is how do you adjust to our audiences so that you are communicated successful to ensure the success of the project. We find ourselves in an ever changing work environment: requirements of the jobs we are working, but throughout all of this we largely remain the same person underneath, even if we find ourselves modifying our behaviour to adapt how do we communicated in this spaces. For example you might be aware that you talk too much, struggle to take on information, or have difficulty articulating yourself in a way others understand. Below all these external facets lie a personality that drives many of these characteristics. There is a simple reason for this – you are not communicating with them in the way they like to be communicated with. Being able to identify your own personality style, and that of others, and then understanding how you will appear to them and how to best modify your behaviour to get the most from them and your relationship, is an important skill to develop in project success.
There are things that I really like for outsourcing because it can help your business succeed in a complex and changing world. Outsourcing most commonly known as off shoring has pros and cons to it. Most of the time, the advantages of outsourcing overshadow the disadvantages of outsourcing. Outsourcing is an allocation of specific business processes to a specialist external service provider. Most of the times an organization cannot handle all aspects of a business process internally. Additionally some processes are temporary and the organization does not intend to hire in-house professionals to perform the tasks. Once the task is outsourced to the service provider, he will take the responsibility of carrying out the tasks and maintaining the organization’s assets. However prior to outsourcing any component of your business to a third-party vendor, it is essential to understand the advantages and disadvantages of outsourcing. Although outsourcing presents a variety of benefits to your organization, it could also pose difficulties if not outsourced to the right service provider.
Hello Donald and Class,
Thank you for your post and the details of it. I agree with 100%. When I think of the ethics of a project manager I think about the purpose of this ethics and how to instill confidence in the project management team and to help an individual become a better leader. We do this by establishing a profession-wide understanding of appropriate behavior. We believe that the credibility and reputation of the project management profession is shaped by the collective conduct of individual practitioners. We believe that we can advance our profession, both individually and collectively, by embracing this Code of Ethics and Professional Conduct. We also believe that this Code will assist us in making wise decisions, particularly when faced with difficult situations where we may be asked to compromise our integrity or our values.
Project Control Process
Hello Shawna and Class,
Thank you for your post and the details of it. I agree with your post 100% for a few reasons one being why project control process is so important to a project being completed on time. “Project controls are the data gathering, management and analytical processes used to predict, understand and constructively influence the time and cost outcomes of a project or program; through the communication of information in formats that assist effective management and decision making ("Gray, Clifford, 2000).” The term "control" does not mean a rod-of-iron dictatorial approach to team associates. Managers should fight to avoid falling into the micro management trap while still retaining control. Rather it refers to the system in place that will help project managers keep the overall project under control when unanticipated circumstances affect it. Because in normal situations, deviations from the project plan can be expected, a mechanism must be in place to prevent deviations from snowballing into major crises. To do this, a project process control system involves the following.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Hello Dr, Howell and Class,
This week our assignment focus on Earned Values Analysis. However, "Earned Value Analysis (EVA) is a method that allows the project manager to measure the amount of work actually performed on a project beyond the basic review of cost and schedule reports"(Gray, Clifford, 2000)". EVA provides a method that permits the project to be measured by progress achieved. The project manager is then able, using the progress measured, to forecast a project’s total cost and date of completion, based on trend analysis or application of the project’s “burn rate”. This method relies on a key measure known as the project’s earned value. Oftentimes the term “earned value” is defined as the “budgeted cost of worked performed” or BCWP. This budgeted cost of work performed measure enables the project manager to compute performance indices or burn rates for cost and schedule performance, which provides information on how well the project is doing or performing relative to its original plans. These indices, when applied to future work, allow for to project manager to forecast how the project will do in the future, assuming the burn rates will not fluctuate, which oftentimes is a large assumption.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Monitoring Time Performance
Hello Dr. Howell and Class,
Monitoring Time Performance is important to the success of a project and the timeline. In many teams the identification of the goal and agreement on specific roles is enough for several individuals to “run off” by themselves to execute their responsibilities, with little or no reference to anyone else until the end of a particular project or major task. Although this self-dependency can be a useful asset, more often than not the overall team result may suffer, particularly when the individual quickly achieves all of his or her tasks and points at other team members for their slackness. In a team-building situation the group should ideally hold regular meetings to avoid this problem and make sure that progress towards the goal is even and planned. After all, a team-based project should be as much about building the team as it is about achieving the assigned objective. This kind of agenda provides plenty of scope for individual input but also imposes a structure on the group such that discussion is focused. Regular review meetings will typically quickly reveal the team’s problems, either in working together or in slipping against its target or ultimate goal. In such circumstances, the group should clearly adopt a mature attitude and seek to make the necessary adjustments immediately.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Managing Risk
Hello Dr. Howell and Class,
How do you managing risk doing a project? "Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events[1] or to maximize the realization of opportunities"(Gray, Clifford, 2000)" . Risk management’s objective is to assure uncertainty does not deflect the endeavor from the business goals. Risks can come from various sources including uncertainty in financial markets, threats from project failures legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Dr. Howell and Class,
Thank you for your question. I like it for a few reasons because when you think about how important resist changes to the project baseline in regards to EVA happens is important for the real reasons. The database and reporting system provide easy consistency analysis of data. Wrong data was easily be detected or corrected depending on the project. Error detection allowed improved practices and provided support for the decision making process, as well a, negotiations with suppliers and 3rd parties. "EVA allowed scope change management to keep the final budget of the project, providing alternatives to decide in what activities to reduce scope or reduce specifications and performance to save money in order to fit cost overruns in other activities "(Gray, Clifford, 2000)". Another interesting contribution is the perception that the SPI – Schedule Performance Index - is NOT a “time” performance index, and it is really a “progress” performance index, related only to physical progress. The SPI index deals with variables planned values (PV) and earned values (EV) expressed in costs, in the vertical axis, but the time is the horizontal axis. The managers can measure delays in horizontal axis. We suggest changing the name from Schedule Performance index to Progress Performance index. It is related to progress, not time.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
"Project Management Information System (PMIS) are system tools and techniques used in project management to deliver information. Project managers use the techniques and tools to collect, combine and distribute information through electronic and manual means"(Gray, Clifford, 2000)." Project Management Information System (PMIS) is used by upper and lower management to communicate with each other. Project Management Information System (PMIS) help plan, execute and close project management goals. During the planning process, project managers use PMIS for budget framework such as estimating costs. The Project Management Information System is also used to create a specific schedule and define the scope baseline. At the execution of the project management goals, the project management team collects information into one database.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W
Hello Dr. Howell and Class,
Wow! What a great question for a few reasons. I agree with your post for a few reasons. One being project have to fail for a few reasons before companies will implement any . A best practice is a method or technique that has been generally accepted as superior to any type of standard practices because it produces results that are superior to those achieved by other means or because it has become a standard way of doing things, e.g., a standard way of complying with legal or ethical requirements. Best practices are used to maintain quality as an alternative to mandatory legislated standards and can be based on self-assessment or benchmarking. Some companies specialize in the area of best practice and offer pre-made templates to standardize business process documentation. Sometimes a best practice is not applicable or is inappropriate for a particular organization's needs. A key strategic talent required when applying best practice to organizations is the ability to balance the unique qualities of an organization with the practices that it has in common with others. Good operating practice is a strategic management term.
Hello Donald and Class,
Thank you for your post and the details of it. I agree with your post 100% for a few reasons. "Performance reporting is an important activity in project communication management. It involves collecting and disseminating project information, communicating project progress, utilization of resources, and forecasting future progress and status to various stakeholders, as decided in the communication management plan"(Gray, Clifford, 2000)". However, effectively managing a project is a many layered process and effort, and there are a number of components that need to be effectively meted out by the project management team leader as well as by individual members of the project management team, or by groups of project management team members, at the assignment of the project management team leader. One of the most essential elements of the effective coordination of the project is the effective and complete dissemination of communication regarding the current performance elements to all of the interested parties. This is accomplished via an established performance reporting plan. In regards to performance reporting, it refers to the specific process that is comprised of the actual collection and dissemination of the sum total of performance information in regards to the project to all relevant parties.
Reference Page
Gray, Clifford F.(2000). Project Management: The Managerial Process (2nd Ed.). Larson, Erik W