Project Management Principles (Essay Sample)

Project Management Principles
Student’s Name
Institutional Affiliation
Project Management Differences and Similarities
Project Selection
The Guri Dam Project
The Guri Dam project is the second largest hydro power project. This project was necessitated by the massive hydroelectric potential of the Caroni River. The project was also favored by the presence of high rainfall of about (2,800 mm). Favorable temperatures also played an important role in the selection of the project (BBC News, 2006). A summary of the factors that led to the selection of the Caroni river project are listed below
Diminishing oil reserves in the country
Diminishing carbon reserves
High hydroelectric potential of the river
Favorable climatic factors: high annual rainfall, low evaporation rates and medium temperatures.
Economic implications of the project to the country as a whole.
A research intensive model was adopted to justify the study. Absence of adequate technology moved the Venezuelan government to hire foreign researchers. The model of study aimed at justifying the high cost of investment against the economic implications of the project. Cost estimation was carried out using a comparative study of similar projects within the region and beyond. This estimate was significant for the government and other donors such as the World Bank. Initial studies also identified the urgent need for local skills to run the dam after its completion. This led to initiation of a suitable training program for locals by foreign companies. Quality standards in the construction and management of the Dam were identified as a cornerstone pillar for its success.
Springfield Interchange Improvement Project
The Springfield Interchange Improvement Project is one of the dynamic multimillion transport project in the United States. The $ 700 million transportation megaproject was necessitated by a number of factors hereby listed:
Heavy Traffic in the area of interest
Multiple accidents leading to loss of lives and property
Outdated traffic patterns leading to accidents.
Comparison Table of the Guri Dam Project and the Springfield Interchange Project
SimilaritiesDifferences Guri Dam
WhereasSpring Field Interchange ProjectProjects had serious economic implications owing to their high cost and economic benefits Involved Construction from scratch Was in aid of existing infrastructures.Incorporated intensive research prior to their initiationRequired foreign technology during implementation face.Did not require foreign technology to implement. Flexible constraints present in both projects.Required a relocation plan for affected persons Did not require any relocation plan Valued cost minimization Did not attract public contempt and oppositionAttracted opposition from hundreds of investors and locals. Involvement of the public and private sectors in its implementationInternational funding including by world bank
Locally funded by the government Comprehensive environmental, quality and risk managements standards identified in the initial stagesNo quality, risk management and environmental standards were identified during the planning stage. No political interference in the planning stage. Professional feasibility studies conducted during the selection stage. Presence of political interference leading to planning errors with multiple implications on the entire project. Proper financial control systems identified in the planning stage to enhance proper flow of the projects cash. Poor Financial control systems due to failure to identify such systems in the initial stages of the project. 
Project Management Evaluation
Project Selection
Guri Dam Project
The Guri dam was successfully selected, funded and implemented to the benefit of millions of Citizens in Venezuela. However, there are various setbacks and lessons to be learnt from the project for any future operations. The decision of the government to hire foreign personnel to carry out the preliminary studies can be lauded as the first bold step towards professional planning. The foreigners came with adequate skills and technologies needed to successfully prepare the most economically viable project to be implemented in the Caroni River. Cost estimates were prepared through comparison with similar projects. This was another significant success since it led to proper budgeting and funding for the project. Despite the numerous economic challenges faced by Venezuela during the implementation face, initial funding helped push the project to its completion. Comparison also helped set reasonable timelines and overall scope which played a significant role in the control and implementation of the entire project. Strategic planning also helped meet the cost of the second phase of the project. Part of the funds that were used to implement the second phase was drawn from profits gained from the operation of the first phase. This 10, 000Mw project was completed before time owing to successful planning during the preliminary stages of the project. However, errors in the initial selection model posed a number of challenges. Initial planning led to overrating of the first phase of the project. Lesso...