Project Management Philosophical Paper (Other (Not Listed) Sample)
What is a project management (pm)? -Why is PM important? 2. Project Screening Matrix - Definition - Why the matrix is important in PM? - How to apply it to make a successful project with examples 3. Bottom-up Estimation - Definition - Why the Bottom-up estimation is important in pm? - How to apply it to make a successful project with Examples 4. Managing Project Reward Systems - Definition - Why the project reward system is important? - How to apply it to make a successful project with examples 5. Cost Schedule Graph for project performance evaluation - Definition - Why it is important? - Examples of how to use it in organization 6. Conclusionsource..
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PM refers to the application of procedures, methods, acquaintance, skills together with the experience towards achieving the objectives of the project objectives (Dayal 2008, p.56). A project refers to an exclusive, transient attempt carried out towards achieving the goals that are planned. These objectives can be described with reference to productions, outcomes or to some extent benefits of a particular project. The project is usually considered to be a successful in case it attains its goals in proportion to the criteria of acceptance, within an accepted budget alongside the time scale.
Importance of PM
Project management has been one of the issues which appear to be very easy up to the period you attempt it. It is regularly the same stakeholders who imagine that PM is incredibly accessible to anybody who inquire its significance (Dinsmore and Cabanis-Brewin 2011, p.46). The notion that PM is unnecessary operating cost is shockingly universal for most companies. This notion is for the most part famous with most small firms and firms which are novel to PM. Stakeholders that are used to cowboy methods of PM are regularly resistant towards the wide-ranging methodologies. Stakeholders may view the PM like a bureaucratic gibberish. In a nutshell, that PM is merely the paperwork which makes the team know the manner of making things done aptly. Often the most excellent way towards selling the PM value is with the back-to-fundamental check on its importance. PM is considered very significant for the following reasons:
Organizing Chaos- Naturally, projects are usually disorganized. The most significant business purpose for project management typically s to organize and plan projects towards taming the chaos in the project. It s hard imagine of whichever compound business venture which was ever accomplished exclusive of organization and planning. PM is very vital since it meant for organizing, planning as well as controlling the projects of any business venture.
Managing Risk-Typically, a real project normally has plethora risks. In spite of everything, business nature is generally an act of risk taking. Risks are essential component of any business stratagem. Nevertheless, risk requires to be managed or rather controlled. Risks are the chances of off-putting occurrences or to some extent the loss. Unmanaged risks take ends in the destruction of assets alongside the compliance matters. PM recognizes, manages as well as controls such risks.
Managing Quality – The value which the business is producing is described as the quality. There's never great logic in producing things that lack value. PM recognizes, manages as well as regulates the quality being produced.
Managing Integration-Ideally, projects generally don't occur within a vacuum. Projects are supposed to be incorporated into the process of the business, business systems together with the organizations of any business. One can never build the system for sales which doesn't integrate the process of sales alongside the sales organization. Typically .it will never add great value. Often, integration is considered to be paramount to any value of the project. Project management recognizes as well as manages incorporation.
Managing Change- Basically, projects regularly occur within the setting that has nothing is unvarying apart from change. They are often the moving goal. Managing change occasionally is multifaceted and a scary undertaking. It is never optional. Unless an individual is able to his/her business life on recess, change occurs whether he/she manages it or fails to manage it. PM is the tool that can manages change very well.
Project Screening Matrix Definition
PSM refers to the evaluation of the application of the project by selecting the ones that are never appropriate for more considerations. Project screening integrated completion of the prelude assessment for the opportunity of the project (project application) towards obtaining a notion of whether a project is time-consuming or rather costly attempt in favor of more business case progress is appropriate. Project screening takes into account the preliminary signs in support of the making decision on following the opportunities of the project.
Importance of Matrix in PM
In project management, it is imperative for each and every stakeholder towards understanding the responsibilities as well as the accountabilities for each. While smaller groups may possess additional informal regulations towards keeping track on responsibilities, within the bigger groups having cross-department as well as inter-company relations, it is critical in formulating an additional formal procedure towards tracking responsibilities. This assists in reducing confusion as well as steers the project towards the swift finishing point. Matrix is an immense project management paraphanelia which significantly enhances the exchange of ideas within the team as well as contributes towards enabling the the roles executed swiftly. This reduces the emails that are frequently being sent owing to incomplete duties by the workers.
How to apply Matrix to make successful project with Examples
Whenever one is initiating a fresh project, the foremost step that can be taken using the matrix is having a clearly defined goals or the project. The person should work out with the stakeholders towards categorizing as well as determining the goals as well as objectives for the project to be started. For example, for the organization to be aligned with to the project needs, the matrix can be employed to aligning the company requirement as required.
The matrix can be used in classifying the objectives of the project. Once those who need to carry out the project as agree on what they want to set up, and then can make use of the matrix approach so as to precisely classify the objective then drill the project goals further so as to establish the most distinct success for the project that is soon going to be initiated. Examples of how to carry out this might integrate the following:
Reducing the cost of operation by 20 percent. This can be done using the matrix
Increasing the volumes of sales by almost 15 percent.
The above examples can be carried out through the use of matrix in project management.
Definition of Bottom- up Estimation
This is the process of approximating independent schedule operations or to some extent the costs and finally totaling these jointly to arise with the overall estimate meant for a transaction package. Each and every scheduled operation has approximated independently, and all independent estimates are together added to produce the total. The accuracy of these approximations is commensurate with the precision of the estimates of the scheduled operation level that in sequentially rely on the dimension, complexity as well as the comprehensive understanding of the scheduled action.
Bottom-up estimation importance in PM
Accuracy- This technique is used in project management owing to its accuracy (Rad and Levin 2006, p.66). It is most excellently applicable in the project that are in large as well as the ones that are complicated. Reining in the costs as well as maintaining the budget is more often than not critically significant within such projects. Besides, the technique permits one to operate within the prepared budget without going outside the budget.
How to apply Bottom-up Estimation to make successful project with Examples
These are some of the procedures to apply in case one needs to make the project successful through the use of Bottom-up Estimation approach:
For each and every lowest degree of the work package, one is supposed to establish the direct cost of labor through multiplying the total hours every individual shall work on the project by an individual’s salary per hour. For instance, suppose one needs the graphic artist so as to design for him/her the costs meant for his/her presentation. The graphics department head approximates that an individual shall utilize 120 hours for the completion of the project. In case, let say Robert (with the remuneration rate of about $40 in every time) shall be hired to work on this project, and then one may approximate the direct cost of labor to be $48,000. Nevertheless, in case the head of graphic is never certain with who will be hired to work on that particular project, then he/she might utilize the standard remuneration of the graphic artist within the company so as to approximate the direct costs of labor.
For each and every lowest-degree of any work package, approximate the direct costs meant for the materials that shall be used, equipment cost, travelling expenses, contractual services alongside other remaining non-personnel costs. For instance, one is supposed to consult with his/her department for procurement, administrative staff alongside the department of finance to establish the values for all these resources that are needed for the success of the project.
Definition of Managing Project Reward Systems
This is the process through which the project managers who are tasked with the responsibility of manages the reward systems which provide an encouragement for the performance of the team alongside the extra attempt for the success of the project.
Importance of Managing Project Rewards Systems in PM
One advantage why the reward system is often employed in the project management is the fact that project work normally is inherently gratifying when the awards are given appropriately to the employees (Vanhoucke 2009, p.90). It is normally very inspiring whether the reward is manifested within an inspiring motive; or rather it is simply the sense of triumph. The project gives those participating in it the transformation in scenery, an opportunity towards learning fresh skills ...
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