Discussion post and peer reviews - Business Finance
DISCUSSION POST MUST BE 10+ SENTENCES AND THE PEER REVIEWS MUST BE 7+ SENTENCES PLEASE USE YOUR OWN WORDS AND DO NOT COPY FROM OTHER SITES STAY ON TOPIC ,BE POSITIVE , AND DO NOT COMMENT ON GRAMMAR ERRORS. TALK DIRECTLY TO CLASSMATES IN PEER REVIEWS!!! YOU MUST COMPLETE BOTH PEER REVIEWS AND DISCUSSION QUESTION!! THANK YOU 1) DISCUSSION POSTMany of you may believe that you have never worked in project management, but in reality, most of you have already at some point in your life. Think back to a time when you organized a key event (e.g., birthday parties, weddings, yard projects, house renovations, family vacations, projects at work) that meets the definition of a project.
Describe the event you planned.
Summarize the things that went well and / or things that went wrong.
Be sure to reference some of the key skills covered from the chapter.2) PEER REVIEW #2 (STACEY)Hey, Professor Dr. William Stieber and my fellow classmates,The only thing that I can think of as of right now is when I planned my wedding and it turned out the great just like I wanted it to, even though it was a small wedding with just family and a few friends. The food was great and everything just turned out so great, as well! I had to send out the invitations and everything, which turned out fine and then we all had to do the ceremony, too, which turned out amazing, as well! Plus, I had to order the cake and it sure was a fine cake, too! The wedding was not a wedding that had a lot planning and such things that usually go with a wedding because it was basically walking down the aisle, and saying our vows to one another, as well. It was just a plain and small wedding as I have stated before. Also, there is something that should be known about project management and that is when you are doing project management, there is a difference between everyday tasks and routine operations, as well. I made this statement because in the discussion question it states to reference some key skills from the chapter. Understanding why project management is so crucial in the real world is also important, as well, and there are also stages in the project management cycle, too. You also have to be able to manage the technical parts that come with project management, as well, and if you do not then you will not be that successful when it comes to doing project management. Lawyers, accountants, administrators, scientists, contractors, public health officials, community advocates, and teachers all do not have the titles of project managers, but they all can manage and handle project management quite well, though. This is what the webtext for this class states, as well, and I would have to say that I agree with it, too. I also agree with the statement that the webtext says about project management not being a title, but a job requirement, though because you have to be able to handle and manage things like this in the real world no matter what your job title is. Have a nice and blessed rest of week number one and God bless! Thank you all a lot for reading!3) PEER REVIEW #2 (HEATHER)I recently finished a project at work that launched this past Friday. I am off from work until Wednesday, so I am eager to see how it is going when I return. My project was to create a new efficient process for pharmacists in North Carolina to apply for credentials with Blue Cross Blue Shield of North Carolina for them to become an approved medical provider for the third-party insurance plan. Managing this process is already part of the day-to-day operations that I support. However, the reason why this was different and considered a project is because when my project reached completion, a new process existed. The existing process is antiquated and tedious, so I needed to make some process improvements to improve communications and reduce the overall time utilized operationally on this portfolio in the future. Furthermore, I utilized resources beyond the typical resources necessary for standard operations. I think overall the project went well, but there was one road bump along the way that was unexpected. Some of the wins, I was able to successfully work cross-functionally to develop the plan and receive the support from others involved. I learned to use new technology in my workplace. The road bump I mentioned that I experienced was related to the time budget I had. Since I needed the program to be ready to launch for this past Friday, I was expecting to work on the majority of the tasks during Christmas week and New Year’s week because we typically expect those days to be slow for our day-to-day operations due to so many people both internal and external taking time out of work for holiday and travel. However, we were very busy on Christmas Eve and I didn’t have the opportunity to work on my project as I expected, which set me back a day. I was worried about not meeting my timeline, but I was able to flexibly move my schedule around to make up for the time lost and the project still launched on time.
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Chapter 1
Modern Project Management
© McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No
reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
An Overview of Project Management
7th ed
© McGraw-Hill Education.
1-2
Learning Objectives
1. Understand why project management is
crucial in today’s world
2. Distinguish a project from routine
operations
3. Identify the different stages of project life
cycle
4. Understand the importance of projects in
implementing organization strategy
5. Understand that managing projects involves
balancing the technical and sociocultural
dimensions of the project
© McGraw-Hill Education.
1-3
Chapter Outline
1.1
1.2
1.3
1.4
What Is a Project?
Current Drivers of Project Management
Project Governance
Project Management Today—A SocioTechnical Approach
© McGraw-Hill Education.
1-4
What Is a Project?
• Project Defined (according to PMI)
– A temporary endeavor undertaken to create a
unique product, service, or result
• Major Characteristics of a Project
– Has an established objective
– Has a defined life span with a beginning and an
end
– Requires across-the-organizational participation
– Involves doing something never been done before
– Has specific time, cost, and performance
requirements
© McGraw-Hill Education.
1-5
Program versus Project
• Program Defined
– A group of related projects designed to accomplish
a common goal over an extended period of time
• Program Management
– A process of managing a group of ongoing,
interdependent, related projects in a coordinated
way to achieve strategic objectives
– Examples:
▪ Project: completion of a required course in project
management.
▪ Program: completion of all courses require for a
business major.
© McGraw-Hill Education.
1-6
TABLE 1.1 Comparison of Routine
Work with Projects
Routine, Repetitive Work
Projects
Taking class notes
Writing a term paper
Daily entering sales receipts into the
accounting ledger
Setting up a sales kiosk for a
professional accounting meeting
Responding to a supply-chain request
Developing a supply-chain
information system
Practicing scales on the piano
Writing a new piano piece
Routine manufacture of an Apple iPod
Designing an iPod that is
approximately 2 X 4 inches,
interfaces with PC, and stores 10,000
songs
Attaching tags on a manufactured
product
Wire-tag projects for GE and WalMart
© McGraw-Hill Education.
1-7
FIGURE 1.1 Project Life Cycle
(1 of 3)
© McGraw-Hill Education.
1-8
FIGURE 1.1 Project Life Cycle
(2 of 3)
• Defining
–
–
–
–
Goals
Specifications
Tasks
Responsibilities
• Planning
–
–
–
–
–
Schedules
Budgets
Resources
Risks
Staffing
© McGraw-Hill Education.
1-9
FIGURE 1.1 Project Life Cycle
(3 of 3)
• Executing
–
–
–
–
Status reports
Changes
Quality
Forecasts
• Closing
–
–
–
–
–
Train customer
Transfer documents
Release resources
Evaluation
Lessons learned
© McGraw-Hill Education.
1-10
The Challenge of Project
Management
• The Project Manager
– Manages temporary, non-repetitive activities and
frequently acts independently of the formal
organization.
▪ Marshals resources for the project.
▪ Is linked directly to the customer interface.
▪ Provides direction, coordination, and integration
to the project team.
▪ Is responsible for performance and success of the
project.
– Must induce the right people at the right time to
address the right issues and make the right
decisions.
© McGraw-Hill Education.
1-11
Current Drivers of Project
Management
• Factors leading to the increased use of project
management:
–
–
–
–
–
Compression of the product life cycle
Knowledge explosion
Triple bottom line (planet, people, profit)
Increased customer focus
Small projects represent big problems
© McGraw-Hill Education.
1-12
Project Governance
• Integration (or centralization) of project
management provides senior management with:
– An overview of all project management activities
– A big picture of how organizational resources are
used
– A risk assessment of their portfolio of projects
– A rough metric of the firm’s improvement in
managing projects relative to others in the
industry
– Linkages of senior management with actual project
execution management
© McGraw-Hill Education.
1-13
FIGURE 1.2 Integrated Management
of Projects
• Organizational Culture Environment
– Strategic Alignment
– Portfolio Management
– Project Management
© McGraw-Hill Education.
1-14
Alignment of Projects with
Organizational Strategy
• Problems resulting from the uncoordinated
project management systems include:
– Projects that do not support the organization’s
overall strategic plan and goals.
– Independent managerial decisions that create
internal imbalances, conflicts and confusion
resulting in dissatisfied customers.
– Failure to prioritize projects results in the waste of
resources on non-value-added activities/projects.
© McGraw-Hill Education.
1-15
A Project Management Today: A
Socio-Technical Approach
• The Technical Dimension (The “Science”)
– Consists of the formal, disciplined, purely logical
parts of the process.
– Includes planning, scheduling, and controlling
projects.
• The Sociocultural Dimension (The “Art”)
– Involves contradictory and paradoxical world of
implementation.
– Centers on creating a temporary social system
within a larger organizational environment that
combines the talents of a divergent set of
professionals working to complete the project.
© McGraw-Hill Education.
1-16
FIGURE 1.3 A Socio-Technical
Approach to Project Management
• Sociocultural
–
–
–
–
–
–
Leadership
Problem solving
Teamwork
Negotiation
Politics
Customer expectations
• Technical
–
–
–
–
–
–
Scope
WBS
Schedules
Resource allocation
Baseline budgets
Status reports
© McGraw-Hill Education.
1-17
Key Terms
•
•
•
•
Program
Project
Project life cycle
Project Management Professional (PMP)
© McGraw-Hill Education.
1-18
End of Presentation
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reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
1-19
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