Problem Set #1

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Jan 9, 2024

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Problem Set #1 Santiago Ramirez Bermeo University of The Cumberlands BADM634 - B02 Initiating the Project Margaret Moreno October 29, 2023

PROJECT VS. OPERATIONS EXERCISE 1) Business relies on project management to complete tasks and projects. Understanding projects, continuous operations and comparing them is crucial to understanding project management. Projects are transitory, distinctive endeavors with an aim. Objectives, scope, timeline, and resources define its start and end. Project management approaches like the PMI framework structure project planning, execution, and closure. In addition, creating a new product or preparing a huge event require a devoted team and careful planning. An organization's daily operations support its fundamental functions. These regular, continual tasks ensure the organization's stability and product or service delivery. Regular tasks, resource allocation, and a disciplined workflow are ongoing. Manufacturing, customer service, and IT systems are examples. Projects and continuous operations share several traits: 1. Resource Management: Both require staff, time, and money allocation. Success requires efficient resource management. 2. Planning and Execution: Both require planning for efficiency. Effective project and operation planning reduces risks and enhances results. 3. Skilled Staff: Projects and operations require skilled teams to achieve goals. Despite similarities, projects and continuing operations differ significantly: 1. Temporary vs. continuing: Projects have a fixed end date, while continuing operations are continual.

2. Purpose: Ongoing operations maintain and improve systems and services, whereas projects provide a unique result or deliverable. 3. Change vs. Consistency: Projects emphasize change, innovation, and improvement, while operations emphasize stability. In conclusion, project management is crucial for projects and operations. Continuous operations maintain fundamental functions, while projects are temporary activities with defined goals. Effective management in any firm requires understanding the differences and similarities between these principles to ensure that projects and continuing operations contribute to economic success. 2) Title Project Article #1: Public Library in Progress City: Springfield News source (APA reference): Springfield Times. (2023, April 20). New public library project approved in Springfield. Springfield Times. Web address: https://www.springfieldtimes.com/library-project-approval Brief Description: The Springfield city council recently approved a project to build a new public library. The project aims to construct a state-of-the-art library within 24 months, with a budget of $10 million allocated for the design and construction phase. A specialized architecture and construction team has been hired to oversee the project. Why is this a Project? Unique Objective: The project has a unique objective: the construction of a new public library. Temporary: It has a defined timeline of 24 months.

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