‘Project management is the application of knowledge, skills, tools and techniques to project activities to meet the project requirements’ (Project Management Institute, 2009, p12). Once a project has been approved a project manager is assigned to the project, and ‘is expected to integrate all aspects of the project, ensure that the proper knowledge and resources are available when they are needed, and ensure that the results are produced in a timely, cost-effective manner’ (Meredith and Mantel, 2010, p5). In order to allow this to happen there are several key aspects of a project which need to be carefully thought out and controlled.
According to A Guide to the Project Management Body of Knowledge (PMBOK® Guide), - Third Edition,
Project management, is a strategy that works proportionally with the effort put into it from every aspect, whether it’s human resource, Physical resource or time. The skill and knowledge of an individual/team put into the application of techniques, and the tools and materials for the realisation of the project should all be taken into account to build what is called a successful project.
Since the early stages, the project was inundated with concerns and issues with the project scope. From the perspective of project management, the initial scope was not defined well enough. Details of the design were over looked and aspects such as the details of the air conditioning ended up increasing the original scope by $200 million. This supposedly led a prosperous project to an uncertain economic ordeal. Initial estimates of the project had been $5.5 billion and by the time of its actual completion it been delayed by a year and increased to $15
Without accurate time and cost estimates project control is ineffective. Inaccurate estimates can make the difference between profit or loss.
The budget for this project began at $280,000; each task was contracted out with an estimated cost during that period. Specific pieces for each resource fluctuated according to certain elements, such as flexibility, reputation, and skill. Usually resources with more skill had higher starting bids. This affects the overall estimated budget, bidding too high on a resource can exceed that period’s estimated budget. For example, this continuously happened with our Project Manager, Brian Michelson, whom scored exceptionally high in reputation, ethics, flexibility, and interpersonal skills, but his rate per hour may have been too high for this project. Now seeing how this and some additional high priced resources can cause cost control issues, we should have bid lower or chose a less
need to be upgraded and the existing data will need to be transferred into the new
22. Many activities have slack time; if we add these slack times together, this represents the potential improvement in early completion for the project.
Part 1: Search the internet for the term "IT outsourcing". Find at least two articles that discuss outsourcing, whether beneficial or controversial. Summarize the articles and answer the following questions in a two to three page paper:
Prepare a five to seven paragraph response proposing leadership styles you would recommend for the Denver Airport Project. Please choose a combination (two or three) of the eight leadership styles presented in the Thompson textbook (Chapter 11: Leadership: Managing the Paradox). Please note that you are to also use three other sources from the internet or the DeVry online library. All sources must be cited.
The Project Management Body of Knowledge (PMBOK) is a collection of processes and knowledge areas generally accepted as best practice within the project management discipline. PMBOK recognises 5 basic process groups and 9 knowledge areas typical of almost all projects. The basic concepts are applicable to projects, programs and operations. The five basic process groups are:
According to A Guide to the Project Management Body of knowledge (PMBOK Guide), Third Edition, “Project Management is the application of
Question 1. What project selection method described in the chapter will ABI probably employ for this proposal? Answer According to the description, the project selection method is profitability of numeric model. We might see the points from the business strategy 1) Bid only on good margin products that have the potential for maintaining their margins over a long term. 2) Pursue only new products. 3) Utilize the most advanced technology in new projects. “ project champion” approach to innovation and creativity. no more than 480 employees. 4) Foster the
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.
A cost estimate is a prediction of the likely cost of the resources that will be required to complete all of the work of the project