Critical Thinking Questions - Essay Example

Critical Thinking Questions - Project Management Why do we speak about Project Lifecycle? What does it imply? We speak of project life cycle because projects don’t last forever. Though projects may sometimes seem to last forever, they fortunately do not. It spans logical phases or stages that are completed at a certain point in time. According to Michael Newell (2005), project life cycle defines the beginning and the end of a project and the various phases in between. The project management processes such as initiating processes, planning processes, executing processes, controlling processes, and closing processes may be repeated over and over in each phase of the project life cycle. In studying a project life cycle, one will find that the phases within a project create deliverables and these deliverables allow the project to move forward to the next step or allow the project to be terminated based on quality outcome or condition of the phase deliverable. If we consider the project life cycle, with its one or more intermediate phases, we would find that projects do share many characteristics. 2. What is the difference between Processes and Projects? Provide Examples. A project is a unique endeavor to produce a set of deliverables within clearly specified time, cost and quality constraints. It is different from standard business operational activities as well as from processes as they: 1) are unique in nature without any repetitive processes; 2) defined by a timescale; 3) have an approved budget; 4) have limited resources; 5) involves an element of risk; and, 5) achieves beneficial change. (Westland 2006, p. 2) Meanwhile, all projects, from technology to architecture, are composed of processes – the series of actions with a common, parent goal in order to create result. It is important to highlight the aspect that people perform processes. Processes within project management monitor and move the project phases along. There are two types of processes. These are the product-oriented processes, the activities that complete a project’s phase and life cycle; and, the project management processes, which are the activities that are universal to all projects. (Phillips 2003, p. 85) 3. Why do we use the concept of Work Breakdown Structure (WBS)? Provide a simple example. One of the major problems in project planning is identifying how long tasks will take and what it will cost to accomplish them. Inaccurate estimate is a major threat to a project’s success and that missed cost targets could cause trouble and recrimination in project management. The Work Breakdown Structure or WBS is the most useful tool in addressing these problems. The idea of this method is to subdivide a complicated task into smaller tasks, until one reaches a level that cannot be further subdivided. Through this method, it becomes easier to estimate how long a small task would take and how much it would cost to complete. From a different standpoint, WBS allows an easier task of showing someone the scope of a job to be done. A project, in a WBS form, is clear to most individuals particularly if one has to justify why it costs so much. In addition, this form usually impresses people by its sheer complexity and magnitude. WBS is also a major boon in assigning responsibilities to people. Through WBS it becomes easier to allocate tasks to a particular person who will be responsible for its completion. 4. What are the key requirements for a Successful Project? I believe in four basic elements that would define the success of a project. These are: 1) the project is completed on time; 2) the completed project meets the company’s profit goals and objectives; 3) quality levels are achieved; 4) the project was completed with no unresolved disputes. Indeed, Colin Dobie (2007) posited that there are nine words to describe the criteria for a successful project: “Deliverables produced on time, on budget and to specification.” (p. 14) In order to achieve this basic definition of success in project delivery, it is important to understand the functions of project management as well as the techniques applied and the adoption of a common-sense approach to balance function application with a determination to deliver the project’s objectives. Dobie listed nine functional elements, which form the project management framework: scope management, time management, cost management, quality management, human resource management, communications management, risk management, contract/procurement management and integration management. 5. What does a bid/no bid decision signify? Provide examples. One of the most fundamental decisions for companies and individuals is whether to bid or not. Huge amounts of time and money will be wasted in creating proposals for opportunities if there is no chance of winning a bidding in the first place. The bid/no bid decision is particularly highlighted in bidding in open systems which creates a higher front-end cost for projects. This can lead to increased overheads for unsuccessful contractor. Since a higher overhead rate can contribute adversely to establishing the optimum bid, contractors carefully select the contracts they bid for from those available to them. This stage is hence called a bid/no bid decision. To cite an example, Company A, collates information that would address some factors such as the quality of the company’s relationship with the prospect, the quality of the solution, the company’s advantages in comparison to other bidders, whether they have a winning or competitive price and that whether they can engage the Buyer. If the information and resources gathered yield favorable result relative to these list, then a bid/no bid decision will be made. 6. Why is Planning of key importance? What are the impacts of bad planning? Planning is an important part of the deciding aspect of the project team’s job particularly in thinking about a project’s future in relation to its present in such a way that organizational resources can be allocated in a manner which best suits the project’s purposes. This process makes explicit the objectives, goals and strategies necessary to bring the project through its life cycle successfully. Proper planning has a beneficial effect on the success of the projects and it reduces the stress on the executing project team. In addition it also gives the customer or client and the senior management the best prediction of the outcome of the project. Proper planning compresses the execution time for the project and reduces waste through rework. In light of these, it is easy to conclude that inadequate sponsorship, unrealistic expectations, lack of compelling case for change and problems caused by a team lacking skills are things that often result from bad planning. 7. What are the main Planning Assumptions? Provide examples. There are many planning assumptions that should be thought about while putting together a project. It is usually recommended to fully document them as part of the business case. These assumptions may include those that pertain to schedule, scope of work, project deliverables, constraints, among others. Planning assumptions vary from project to project but they do share common elements. One of the planning assumptions concern that of the resources. For example, the sum total costs for each resource type will provide the grand total estimated resource cost for the project. By documenting assumptions in this area, the complete picture of resource needs is provided. Nonetheless, these are identified during the planning process. For example, it may be assumed that: The project will not change in scope; The resources identified will be available upon request; Approved funding will be available upon request. 8. What is the purpose of the Milestone? Provide examples. An important purpose of any plan is to produce a schedule from which a project progress can be managed. Progress checkpoints must be provided at suitable intervals throughout every network and any schedules that are derived from it. Events or activities that have particular significance can be each designated as milestones. A milestone is achieved when the relevant milestone activity is finished in a precedence network or when a milestone event is achieved in an arrow network. (Lock 2007, p. 215) An example of milestone at work is a computer program that is designed for project scheduling that allow reports to be filtered and printed so that they contain only milestones. These greatly help the assessment of progress against time and costs and are of value in reporting to higher management and (when the contract demands) to the customer. In addition, some milestones can be associated with stage or progress payments, according to contractual agreements between clients and contractors. (Lock, p. 215) 9. What are the prerequisites of a successful Project Manager? The project manager is the key to a successful project. Choosing the wrong person can quickly turn what could have been a profitable enterprise into a disaster. According to James Taylor (2006), it used to be rare that a project manager had any prior formal project management training and that all project management training was done on the job. (p. 149) This underscores the fact that a good project manager must have the cumulative knowledge and the experience to solve the obstacles that would emerge as the project is being managed. Over time, the realm of experience likely offers a precedent to almost any problem. However, experience alone is not enough to make an individual a successful project manager. Experience without imagination to use it constructively and creatively is more likely to be a handicap than an advantage. For some people, for instance, experience serve as a straitjacket and so they are blinded by their past experience and can only repeat what they first learned. 10. What are the purpose and the role of the Project Sponsor? What are his/her main activities? The project sponsor is the individual who serves as the executive-level advocate for the project and represents the interests of the project to the executive control board. The sponsor may be an executive control board member or a key senior manager who assumes responsibility for the project. The primary responsibilities of the project sponsor include: 1) confirming project prescreening results; 2) validating initial project business plan and its subsequent changes; 3) advocating project selection; 4) issuing the project charter upon project selection and funding approval; 5) monitoring project performance, project risk, and key project objectives, thus ensuring adherence to strategic alignment; 6) validating initial resource staffing plans; 7) serving as the initial point of escalation for resource resolution, negotiating at higher levels for resources that may be needed unexpectedly; and, 8) making project selection, continuation, and termination decisions consistent with any higher-level executive control board guidance. (Hill 2007, p. 560) References Dobie, C, 2007, A Handbook of Project Management, Allen & Unwin. Hill, G, 2007, The Complete Project Management Office Handbook, CRC Press. Lock, Dennis, 2007, Project Management. Gower Publishing, Ltd. Newell, Michael, 2005, Preparing for the Project Management Professional (PMP) Certification, AMACOM Div American Mgmt. Association. Phillips, J, 2003, PMP Project Management Professional Study Guide, McGraw-Hill Professional. Westland, J, 2006, The Project Management Life Cycle, Kogan Page. Taylor, J, 2006, A Survival Guide for Project Managers, AMACOM Div American Mgmt. Association. Read More