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Reflection and Discussion Forum Week 7
Atiq Nurani
BADM633 - M50 Planning the Project
Dr. Laura T Dolley
15/06/2021
Reflection and Discussion Forum Week 7
Chapter Summary
This week, the assigned readings are from Chapters 7 and 8 of the course text. Chapter 7 is about the first stage of the project life cycle which is project initiation. Being the first stage of the project life cycle, there are various activities that take place during this stage. For example, this is the stage during which the business problem is defined. Also, during the initiation stage, the project is formed. The most important activity that takes place during this stage is appointing project team members. The project manager should ensure that all the team members possess the necessary skills that they will use to perform their various duties (Watt, 2019). Also, this chapter talks about capital budgeting methods that can be used to compare projects. They include the Net Present Value (NPV), Internal Rate of Return (IRR), and the Payback Analysis. With the help of these methods, it would be easy for a company to invest in the most profitable project. Lastly, this chapter talks about the project charter. According to Watt (2019), a project charter approves that a project is ready to proceed.
On the other hand, Chapter 8 is about the second phase of the project life cycle (project planning). After the approval of the project charter, it then means that the initiation phase is complete and the team is ready to proceed to the second phase (project planning). The primary purpose of the project planning phase is to establish business requirements, establish costs, schedule, and delivery dates, and establish a resources plan. The various activities that take place during this stage include planning the scope, preparing the Work Breakdown Structure (WBS), resource planning, budget planning, procurement planning, quality planning, and risk management. The project plan will be prepared and sent to the sponsor for approval. After it has been approved, then the team is free to move to the third stage which is project implementation.
Answer to Question 1
According to Schwalbe (2009), the weighted scoring model refers to a project management technique that can be used to weigh project decisions. The most important thing about the weighted scoring model is that it helps the project manager to figure out their priorities during the second phase of the project life cycle (project planning phase). The project with the highest weighted score is always the best option to invest in. So, the weighted scoring model can make it easy for companies to invest in projects that are more likely to succeed. If I was to choose the next project between Projects A, B, and C, I will choose project C. This is because its chances of succeeding are high since its weighted score is 17.
References
Schwalbe, K. (2009). Introduction to project management. Boston: Course Technology Cengage Learning.
Watt, A. (2019). Project Management, 2nd Edition. BCcampus Open Education.