Project Management Essay example

staff, management, and goals are in place to include them in the grid. Future plans must

This is to ensure that the necessary raw materials and physical resources are available at each stage, and that the workforce on site has the right skills for the scheduled work. The project management team will need to produce a series of planning documents that can be accessed throughout the project. Each member of the project management team must know their role and responsibilities, including which sections of the workforce they will be directly managing.

The first proposed action would be the setting up of management objectives for the project and milestones for the project to confirm whether the current cost structure and the present duration is within the scope and objectives of the project. Setting up of milestones would also be ideal for evaluating the project success by looking at the earned value of the project. The evaluation of project success should happen on a continual basis for the project implementing team to have a structure for making changes whenever there are opportunities to hasten the pace of finishing individual tasks.

This project charter is planned to help O’Donnell & O’Donnell LLP who will lead the project management team take place the parade smoothly. This parade for welcoming home troops will be organized in Colorado Spring which has a long history of military. This project charter’s goal is making sure project management team and sponsors understand all details and tasks of this parade and getting an agreement between these two parties. Some important tasks can be directed with the project charter. For examples, raising fund, arranging thousands of soldiers and planning a lunch

Star Appliance is looking to expand their product line and is considering three different projects: dishwashers, garbage disposals, and trash compactors. We want to determine which project would be worth doing by determining if they will add value to Star. Thus, the project(s) that will add the most value to Star Appliance will be worth pursuing. The current hurdle rate of 10% should be re-evaluated by finding the weighted average cost of capital (WACC). Then by forecasting the cash flows of each project and discounting them by the WACC to find the net present value, or by solving for the internal rate of return, we should be able to see which projects Star should undertake.

1. Discuss the principal reasons why project management has become such a popular business tool in recent years.

In today's business it is in the best interest of companies to have project managers. Common sense isn't always easily accomplished. Anyone who's ever worked on a project in a technical setting knows this. Indeed, much of working with others consists of solving unexpected problems and learning from mistakes along the way. Knowing this and having the proper tools a project manager will be able to manage and complete the most intense project out there.

Project management and by extension portfolio management are curious disciplines. They attempt to present simple methodologies for guiding an activity (or group thereof) through all its stages from inception to completion, within defined cost and time boundaries. Many of

This case study analyzed five different projects Target Corporation had to decide on capital spent for which project created the most value and the most growth for the company and its shareholders. By analyzing the financial statements and exhibits of each project, I was able to determine the positives and negatives of each of these alternatives. The alternatives were Gopher Place, Whalen Court, The Barn, Goldie’s Square, or Stadium Remodel.

providing more insight about the long term goals of the organization and how certain projects

Volkswagen of America’s new process for managing priorities is much more methodical than how things were done previously. Companies can successfully manage priorities by adhering to the following guidelines: defining the company’s value, developing “logical, fact-based prioritization processes”, creating frameworks that “resolve resource allocation conflicts… [and] encourage employee collaboration” (Townsend). The new process seemed to follow these guidelines very closely. VWoA identified and ranked business goals and designed a blueprint for the company. The new process called for business units to communicate their projects, which would be laid out against VWoA’s blueprint. At this stage, business units could not only see how their projects affected company goals but also how they related to other business unit projects. Business units drew up their own project proposals and ranked them in the order they desired. Projects were then placed in portfolios of enterprise goals and executed in order of portfolio rank.

All of the 11 projects are primarily ranked based on quantitative measurements. We have to also take into consideration of other quantitative aspects like length of the project, initial investment and anticipated payback period. Moreover, this

Project management is an essential part of businesses and industries in order to advance ahead and add value to products. Project management enables companies to innovate, plan strategically, and for the economy to progress. The important parts of projects are often values such as team working, planning, innovation, time and budget management, and leadership. In the modern society, some projects can be pharmaceuticals (inventing new drugs), IT solutions (new technologies), energy and environment (other sources of energy such as solar), and military (new weapons and machines). The similarities are such that these projects are undertaken to improve the lives of

If the project is carried out with full effort there will be less likelihood for a need of reparations in the future which can beneficially save the investing company money and effort.

Stakeholders are an integral part of a project. They are the end-users or clients, the people from whom requirements will be drawn, the people who will influence the design and, ultimately, the people who will reap the benefits of your completed project. Stakeholders are any individual, group or business with a vested interest (a stake) in the success of an organization is considered to be a stakeholder. A stakeholder is typically concerned with an organization delivering intended results and meeting its financial objectives. It is extremely important to involve stakeholders in all phases of your project for two reasons: Firstly, experience shows that their involvement in the project significantly increases your chances of success by building in a