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Project Management Concepts
Symeshia Lias
Post University
BUS530_32_Project Management
January 14, 2024
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Project Management Concepts
Role of Project
The project sponsor oversees the whole project to ensure it works well (Kaufmann &
Kock, 2022). As part of their job, they choose the project manager and project team, set success
criteria, ensure the project fits the organization’s goals, and get the tools they need. The sponsor
gives help, advice, and voice throughout the project’s lifecycle.
Decision of Task
The project manager is mainly in charge of assigning tasks for a project (Guo & Zhang,
2022). He/she oversees breaking the project down into tasks that can be completed, giving
people jobs, and making a detailed project plan. Their work ensures that everyone understands
the details of the project, gets everyone involved, and sets the stage for successful project
completion by clearly outlining and organizing tasks.
Choice of Project
When choosing between projects, companies look at several factors, such as strategic
alignment, return on investment, availability of resources, and risk assessment. Strategic
alignment checks that the project fits in with the company’s overall goals and return on
investment looks at the possible advantages and financial gains. The organization’s power to give
people, money, and other resources to the project is measured by resource availability. A detailed
risk assessment also examines the problems and unknowns that might produce each project. The
decision-making process is complex and considers things like how challenging the project is and
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how well it fits with the general strategic vision of the organization (Guo & Zhang, 2022). This
ensures that the best project is chosen per the organization’s goals.
Finalize Budget
The project manager, the finance department, and other relevant people usually work
together to make the project budget. It involves estimating how much things like tools, materials,
labor, and other project parts will cost. Usually, the budget can only be finalized once it is
approved by the project sponsor or another person with power of choice.
Extra Feature
Adding a new feature to project deliverables in the middle of the project needs a
structured method through a change control process. This process carefully checks how the new
feature changes the project’s goals, which could include making its boundaries bigger. The
project plan must be reviewed again because this addition could make deadlines longer. The
changes’ financial effects are also examined to see how they affect the general budget. The
project plan needs to be updated to reflect the changes made if the change is accepted and
thought to be possible and helpful. Communicating clearly and openly with all stakeholders is
essential to keep the project’s ethics and stakeholders’ trust (Kaufmann & Kock, 2022). This will
help everyone understand what is expected of them and the project (Ćirić Lalić et al., 2022).
Construction Project Manager Run Healthcare Project
It is possible for a construction manager to successfully lead a healthcare project by using
transferable project management skills. They would need to learn about the specifics of
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healthcare projects, like the rules and regulations that apply to them. Collaborating with experts
in the field and communicating clearly for success would also be essential.
What to Do on Delay Project
Discovering a project lagging behind schedule midway requires immediate and strategic
action. As a project manager, I would first perform a thorough investigation to find out exactly
what caused the delay. This could mean looking at how the project is run, how resources are
used, and any outside aspects that might affect it. Understanding the root causes is vital for
devising an effective corrective action plan (Guo & Zhang, 2022). This plan could include
changing the project’s schedule, moving resources around to make better use of them, or taking
specific steps to fix problems that have been found. It is essential to keep lines of communication
open and transparent with the project team and clients. This helps everyone know what is
happening, get the new plan, and set their expectations accordingly. Effective communication
makes people feel better about their worries and builds trust in the project’s management
(Kaufmann & Kock, 2022).
Provision Risk Management Plan
Risks grow when a project lasts for a long time; thus, a firm plan for managing them is
needed (Guo & Zhang, 2022). This plan should include initiative-taking risk identification and a
thorough review examining the possible effects and chances of happening. It is essential to have
flexible backup plans and risk mitigation strategies adapted to specific risks. Keeping the risk
record current is essential to stay valuable over time. Setting aside money for a “just in case”
budget protects against financial risks. Also, making the project team more risk-aware is
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particularly important. This will encourage everyone to be alert and report possible risks right
away, allowing the team to respond quickly and effectively to recent problems.
Client Unsatisfaction
It is essential to have a post-project review with the client to determine what they were
worried about in this case. Problems should be dealt with, and ways to improve things should be
considered. I can also ask for feedback, talk openly, and write down what I learned so I can use it
in future tasks. Building a good bond with the client and collaborating with them can be
particularly important for fixing problems.
Completion of Project.
The project should be marked as complete when all the deliverables have been
successfully provided, and the project goals and success criteria have been met (Ćirić Lalić et al.,
2022). Also, all the project paperwork should be finished, and a formal process for ending the
project should include a review to record what was learned. Getting formal approval from the
business or other vital people might also be necessary.
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References
Ćirić Lalić, D., Lalić, B., Delić, M., Gračanin, D., & Stefanović, D. (2022). How project
management approach impact project success? From traditional to agile. International
Journal of Managing Projects in Business, 15(3), 494-521.
https://doi.org/10.1108/IJMPB-04-2021-0108
Guo, K., & Zhang, L. (2022). Multi-objective optimization for improved project management:
Current status and future directions. Automation in Construction, 139, Article 104256.
https://doi.org/10.1016/j.autcon.2022.104256
Kaufmann, C., & Kock, A. (2022). Does project management matter? The relationship between
project management effort, complexity, and profitability. International Journal of Project
Management, 40(6), 624-633. https://doi.org/10.1016/j.ijproman.2022.05.007
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