Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Due in part to globalization, businesses around the world now require a large degree of project management and innovation. Project management enables companies to maintain their competitive position relative to peers in the industry. To maintain this position management must ensure that time and costs are controlled throughout the duration of the project. This is a critical element as it helps to determine the overall financial performance of a department or business segment within an organization. Strong financial performance ultimately allows the company to continue to innovate as it plows profits into new and better projects. The process of controlling costs and time on specific projects is know as earned value management and is critical to overall organizational success. Through this process management can better detect early warning signs related to projects and proceed to enact mitigation efforts in order to alleviate concerns.
Identify and discuss your projects greatest challenges (at least three) and provide a recommendation for addressing each of the challenges.
My current projects are related to logistics and delivery of packages to customers in my direct metropolitan statistics area. This project has a number of challenges related to creating a profitable network for delivery that would first provide timely delivery of packages while also providing an income to continue expansion of the network. In addition, investments were required in a relatively large number of investments related to property, plant, equipment, and technology. The primary project was to create an app that would...
The budget for the project was 2000 hours which was determined by estimating the amount of time each individual task within the chain would take. Overall, the app was expected to be completed in 6 months.
The first challenge was related to technological innovation and the overall functionality within the app. Due to sheer amount of white space within the industry, an app can be customized to due almost anything. The issue therefore was to first narrow the focus of the app so that earned value management principles can be much beneficial to the project. Here, the project required a basic navigation app and links to package delivery providers as a basis for utilization. All other auxiliary items we not undertaken as they would significantly add to the overall scope and cost of the project. This would ultimately impact the earned value analysis as the scope would increase. The solution was therefore very simple and straightforward. First, the scope of the application design was narrowed specifically for the direct navigation processes of the app. All other side jobs were either relinquished or avoided to ensure that the scope was maintained.
The next challenge related to the project identifying the correct measuring and evaluation criteria. This is critical as it enables proper evaluation of success of the project. As it relates to earned value management, non-discrete effort is called level of effort otherwise known as LOE. As it relates to the application design project, if it contains a significant portion of LOE, and the LOE is combined with discrete effort, EVM results will not be accurate. Some programs either dont have enough reporting information within their overall tasks to…
References
1. Altshuller, G. 1996. And Suddenly the Inventor Appeared: TRIZ, the Theory of Inventive Problem Solving. 2nd edition. Technical Innovation Center, Inc
2. Altshuller, G. and D. W. Clarke. 2005. 40 Principles: TRIZ Keys to Innovation. Extended Edition. Technical Innovation Center, Inc.
Project Manager for an Engineering Firm: Job Description As a project manager for an engineering firm, I am under no illusion whatsoever that my job will be an easy one. This is more so the case given the project intensive nature of engineering industries. In an attempt to enhance my understanding of my prospective job position, I come up with a detailed job description for the aforementioned position. Job Description Roles and Responsibilities Project
Project manager scenario: How to 'fix' the project It has come to our attention that a number of our employees have resigned from a recent project and have created their own company with the funding of a competitor. The first consideration we must discuss is a legal one, namely that company secrets might be used in their new effort. "A non-disclosure agreement is a written legal contract between an employer and
Project Manager and Systems Analyst: Contrast and Compare In any organization, whether technically oriented or not, a project manager traditionally is responsible for the planning, coordinating, implementation and support of a specific project for organization. He or she delegates authority to other workers, and determines how the internal and external materials and finances allocated for the project will be deployed over the course of a project. Also, a manager of a
There is a delicate balance there between natural leadership abilities and office politics, and the employee who crosses it often finds himself or herself ostracized from the group because of the idea that he or she tried to 'take over' the group. In truth, though, that take over had to come from somewhere if the project was to be completed on time and correctly. A project can be completed without
project manager, what is your opinion about risk-Taking? It is impossible to characterize risks as 'good' or 'bad.' The question is if the risks of the project are outweighed by the potential gains the project may offer. "Taking big risks can be beneficial to a firm that is able to accept them because it enables opportunity. For this reason, risk must be defined as including the probability of both good
Project Managers Oversee Virtual Project Teams in the Manufacturing Industry with Consideration for Effective Communication The researcher has taken this matter ' How Can Project Managers Oversee Virtual Project Teams in the Manufacturing Industry with Consideration for Effective Communication' since the researcher has felt there was a growing demand in project management to address this concern. Thanks to a rising global competition, today's companies are no longer limited by geographic location.