Unit 327 - Contribute to running a project Essay

In the IT and business field, the stakeholders can be many different people. Talks of tech have a great definition of stakeholders stating that: "Any person who has interests in an existing or

Stakeholders are anyone who has a interest or influences the business in anyway. There are two

A statement of Work (SOW) and work Breakdown Structure (WBS) is identified, which includes a hierarchical set of phases, activities and tasks that needs to be performed. After the WBS has been agreed, an assessment of the effort required to undertake the activities and tasks is made. The activities and tasks are sequenced, resources are allocated and a detailed project schedule is formed. This project schedule will become the primary tool for the Project Manager to assess the progress of the project.

6) notes that uncertainty and change are usually involved in projects. The reason for using projects as a work approach is often the ability coping with uncertainty, related to novel factors within the processes or context of the company or the goals that need to be reached. Kuura et al. (2014, p. 518) note that projects are connected to innovation and have always been used to create or deal with change, even though not all projects and SMEs are entrepreneurial. Projects have been promoted as a powerful, widely usable vehicle for integrating diverse functions, enabling the efficient, timely and effective accomplishment of goals, by using flexible, independent and knowledgeable people in temporary teams (Lindgren & Packendorff, 2011, p. 52). Projects are used to cope with risks and it has been stated that if a company does not fail in any projects, it is not taking enough business risks (Cooke-Davies in Morris & Pinto, 2007, p. 227). Maylor (2010, p. 6) also adds that projects are usually also social constructs with parts that are integrated within the project to create a system of

The budget is an indispensable process for the project management, and it describes the estimated costs of different categories of almost all of the activities in project. An inappropriate budget for the corresponding costs will affect the overall success of the project(Dvir et al., 2003).

Use an example of a project with which you are familiar with or are interested in. Identify the deliverables and organizational units (people) responsible.

(Project definition: Planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations)

Completion and Closing: complete final project activities, identify outstanding tasks and develop a plan for completion, review what went well and any failures; prepare a final report summarizing project actions and measurement against estimated budget, timelines and goals

Achieving project outcomes within agreed time-scales, budget and resources it very important because it will allow the project to be well organised and successful. They are both negative and positive impacts if these project are not achieved within the agreed time-scale, budget and resources.

One of the objectives of the project is to ensure that there is significant cost saving

If there is more risk than benefit to an organisation then there would be no business sense in carrying on with the project. You are also going to break down the cost with a cash flow statement to see what areas of the project the budget will be broken down into to get an exact figure of how much is going to be spent.

Understanding client’s vision - Finishing well means starting well. Even prior to project requirements, understand what client wish to achieve from it and its importance simultaneously considering its priorities.

The project’s ultimate aim is to provide an excellent working environment for its employees to increase their productivity and also at the same time to decrease some the expenses incurred by the company

The life cycle is the only thing that uniquely distinguishes projects from non-projects". If that is true, then it would be valuable to examine just what role the so-called Project life cycle plays in the conduct of project management. The basic life cycle follows a common generic sequence: Opportunity, Design & Development, Production, Hand-over, and Post-Project Evaluation. A project can be defined as the work required Taking an opportunity and converting it into an asset." In this sense, both the opportunity And asset are singular, with the implied use being for generating benefit rather than Consumed as a resource in normal operational activity over a prolonged period. (Kerzner, 1995).

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