Oversight in Project Management
Donald L. Thornton Jr.
INF410: Project Management
Instructor: Dr. Kevin Kuznia
Although it may be temporary, a project is an exclusive endeavor initiated with a defined start and finish point and a set number of tasks that need to be completed to reach a possible set or unset finishing date. In project management, we carry out a group of tasks with a defined set of skills, capabilities, and philosophy acquired over a set period, while developing a finished product for the projects sponsors and stakeholders. There are a set of fundamental processes involved with project management:
During a normal project life cycle, there is usually a set arrangement of phases …show more content…
• Cost-benefit analysis
• Net present value (NPV)
• Return on investment (ROI)
• Whether the project is designed for what it is to be used for. Some of the main factors management uses to initiate the project are critically thinking about scope, time, and cost. Then there are definitive aspects about how the project will affect the environment, especially concerning civil, legislative, contractual, corrective, and fiscal standpoints of the project. Evaluation of the project also needs to be contemplated, especially when involved with the technological environment. Assessing prediction characteristics and evaluating the market, play an important part of the project research. Premature project closure without successful completion can be the result of inconsistent evaluation and inconclusive research of the actual project. With this angle, it is possible that unsuccessful project implementation could result, allowing the project managers to contemplate procedures that were missed. “In this respect, the research is often criticized for being underdeveloped and not founded on solid theoretical and conceptual groundwork” (Ika, 2009, pg. 7). Within each project is an integration of affects that are interconnected with project management. Each phase is dependent on the successive phase, and when one of them falters there can be a drastic effect on the remaining steps. There are teams involved with
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The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on
With the exceptional growth in technology, the present day projects are often large and complex involving a significant risk. So, a Project Management Methodology enables the delivery organization to handle these projects comprehensively, systematically and in an integrated manner, which results in strategic, tactical and operational benefits.
In the current business environment, the demand for project managers is ever growing. In short, project management is a provisional project constrained by time, cost and scope (A guide to the project management body of knowledge, 2013). Between the immense organization, optimization, and communication assets skilled project management brings to a project, it is easy to see why project management is a booming field of study. Furthermore, project management can be both financially and personally rewarding when long term milestones and goals come to fruition.
Project management is short term; it has a beginning, an end, and has identified steps to take throughout the process. The steps of project management are as follows: proposal, initial investigation, detailed investigation, development and testing, trial, operation and closure, as well as, the evaluation. There are measurable benefits to using project management within an organization for certain key objectives or processes that need
In this paper the word ‘project” is defined, discussed and elaborated on. The phases of a project lifecycle and its purpose are to be discussed, and how it is important for organizations to use project management to accomplish tasks will in conclusion be discussed thoroughly. The indisputable word ‘Project” may be defined in numerous unusual ways, some can all have the same meaning and others can mislead a reader. The definition that accurately explains what a project is, comes from the Houghton Mifflin Company (2009) website stating; “something that is contemplated, devised, or planned; plan; scheme.” A definition that can mislead a reader is this definition from the same website just two paragraphs
Larson, E.W. and Gray, C.F. (2012, p. 214). Project Management: The Managerial Process, 5th Ed. McGraw-Hill Learning Solutions. Boston, MA.
Our project is to create a computer system for Kings Estate Agent Company that will help them monitor their assets and also allows employees to access the application system. In this evaluation we will be reviewing literatures discussing the different types of methodologies available to software developers. We will conclude the evaluation with our reasons for selecting the method chosen for our project.
The element of management that specifically associated with the management of the projects is known as Project Management. Inevitably, the stance of project management can be extremely productive and effective for the organizations in particular (Bolles D & Hubbard, 2007). Most of the organizations are now looking forward to consider New
The report describes the tasks performed by me in accordance to the directives given by the course COSC 684 300: Professional Internship in Summer 2015 semester. The internship was scheduled from May 18, 2015 thru August 18, 2015. Mainly, three task areas were selected and agreed upon in the agreement between me and the company.
Most organizations are faced with the problem of allocation of resources that are most often limited across the projects within the organizations. Before any allocations are made there are various propositions that are made within the organization by individuals or organizational units who are the proponents of the projects due to the fact that resources are limited there is need to select particular projects which will be considered first this is what is termed as prioritization of projects. Before these decisions are made there are various factors that need to be considered. In order for the organizations to be sure on the projects to capitalize their funds on, they are required to prioritize the projects that have been proposed. This is a difficult process since the evaluation of specific projects often requires detailed technical knowledge This paper will therefore look at the various data collection tools and methods used by an organization when evaluation and prioritizing projects.
been widely established in areas such as the planning and control of time, cost and quality. In
PRINCE2 is more rigid than PMBOK as it is performance based methodology while PMBOK is based on the facts and Knowledge areas.(PRINCE2 VS PMP, n. d.).
Project management is a series of steps taken in sequence to manage a project through all phases from conception to completion. The steps are documented in a strategic plan. The plan is used to ensure that all parties are working towards a common goal. Project management requires applying knowledge, skills, tools and techniques to specific activities in accordance with established standards and guidelines. There are five basic functions of project management: planning, organizing, staffing, directing, and controlling. Basic activities of project management include: identifying project requirements to define the outcomes; addressing various needs, concerns and expectations of others; setting up, maintaining and carrying out communications; managing others; creating project deliverables; and balancing competing project constraints.
Evaluation is always considered as the center piece of attention and every project or product needs to be properly evaluated before simulated in the real time environment (Cunico and Vecchietti 2015). There are number of different tools, techniques and approaches which can be utilized for assessment of any product, project or services (Pienaar and Vogt 2012). However, in the project management organisation or any organisation which are executing similar tasks or activities related to the project management (PM) need to verify or evaluate their plans (Rosewilliam, Carolyn and Roskell 2011).
Question Discuss the relative advantages and disadvantages of the functional, matrix, and dedicated team approaches to managing projects. [20 marks]