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RISK MANAGEMENT INTRODUCTION PROJECT A project is a temporary endeavour undertaken to create a unique product or service. They are goal oriented, have a definite start and finish time, must be done within cost, schedule and quality parameters. Projects involve the coordinated undertaking of interrelated activities (Project Management: Achieving Competitive Advantage). According to Tom Peters, “Projects, rather than repetitive tasks, are now the basis for most value-added in business”. Based on this, it is clear that projects are of utmost importance to businesses in both the service and the manufacturing industries. When we talk about projects, we usually assume they result in tangible products and are usually engineering projects such as constructing a metro system, building a bridge or tunnel, a dam or even making a new aircraft, whilst these examples are projects, they are not all encompassing. Projects also have intangible results like Disneyland’s Expedition Everest, the Apollo 11 Moon Landing, the iPhone 5 launch ceremony, the inauguration of President Obama and even the wedding of Prince William to Kate Middleton. The examples of project with intangible results may seem to be processes, but unlike processes, the defining characteristics of projects are: • Definite start and finish time • Products and results are unique • Limited by budget, schedule and resource availability • Customer focused • Developed to resolve a clear goal or set of goals • Termination upon completion All projects have a life-cycle: Conceptualization: This is the point where the initial goals and technical specifications are developed. Planning: In this stage, all detailed specifications, schedules, schematics and plans are developed. Execution: The ac... ... middle of paper ... ... recommendation is that better protection should be provided for the management of financial risk. Benkol could use the Net Present Value technique to cover that. Benkol also lacks a proper risk assessment method. Benkol does not use a risk assessment matrix, nor scenario analysis and probability analysis is done by the project manager using subjective assumptions. This can be refined by implementing proper probability analysis and risk assessment matrix. WORKS CITED n.d. . Web. Kezner, H. Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 6th. New York: John Wiley and Sons, Inc, 1998. Print. Okafor, Vivian. Risk Management at Benkol Amang Raymond Kelvin. 20th December 2012. Pinto, J. K. Project Management: Achieving Competitive Advantage. 2nd. Prentice Hall, 2010. Print.
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling and Controlling. Hoboken, NJ: Wiley.
For more than 25 years, The Little Black Book of Project Management has been introducing project managers to the incredibly effective and logical project management skill and methods to help them achieve their goal. This book has been flooded with very nee project management techniques as well as the latest standards of the Project management body of Knowledge (PMBOK) .accepted by PMI (Project Management Institute).
Frame, J.D., Managing Projects in Organizations: How to Make the Best use of Time, Techniques and People, third ed., San Francisco: Jossey-Bass,112-117, 2003.
Large and small businesses, governments, and schools strive to build the next new gadget, manage resources more efficiently, and teach or train in more creative ways. If they set out blindly on a task without proper oversight and thought about the process, then surely the result would be a dismal failure. Project management enables these entities, and various others, to carefully consider the many variables before, during, and after the project actually takes place. Project management refers to the careful planning, organization, and management through a single one-time activity. Projects are non-routine tasks that are set out to be accomplished for a specific amount of time (Trelles-Duckett & Lonergan , n.d.). Projects have an absolute
Since the concept of Project Management is broad, many different aspects of a business rely on successful Project Management. “Projects” can include product line development, attaining company goals, boosting employee morale, and product costing, to name a few. This area of business is important because it determines every minute detail required to get the product produced and to the consumer. There are several steps required to assure project success. These steps are briefly outlined in the following paragraphs.
Your project has been chosen, and you have been selected as the Project Manager. Your employment now is to successfully deal with the project to fruition. For your project to be effective, you have to comprehend what precisely constitutes a project, and which criteria are used to figure out if a project is fruitful or not. I’ll tell you why should you use project management. Today 's much focused business environment strengths companies to make superb items at a lower expense and in a shorter span.
Ramroth, Jr., William G., 2006, Project Management for Design Professionals, . Chicago, Illinois : AEC Education.
The purpose of this assignment is to show an understanding of Project Management and all elements involved in the planning and execution of projects.
Some include risks at the enterprise level, managing risks in complex projects and dealing with turnarounds and large capital projects. Liu, Zou, & Gong (2013) explore how enterprise risk management (ERM) may influence the ability and performance of project management risk (PRM) by considering the features of the construction industry, its businesses and projects. Managing risks within projects such as these has become an important process to achieve project objectives in terms of the scope, time and cost. The results show that enterprise risk management can positively influence the implementation of project risk management. This can be achieved through implementing a risk focused culture, setting up risk management departments and setting up risk procedures. This will help control the project risk and improve the performance of project risk management. Communicating the concerns with other team members can help identify the risks earlier on rather than later in the development of the project. If the Stakeholders and managers involved are satisfied then the project outline becomes a
A project may be defined as a one-shot, time-limited, goal-directed, major undertaking, requiring the commitment of varied skills and resources. A project has also been described as "a combination of human and nonhuman resources pulled together in a temporary organization to achieve a specified purpose." A project has a single set of objectives, and when these objectives are reached, the project is completed. Therefore, a project has a finite and well-defined life span. In addition, management must have a very clear idea as to what these objectives are so that there can be no question as to when the project is completed.
First, let’s define what is a project. According to the book “The AMA handbook of project management” edited by Paul C. Dinsmore, PMP and Jeannette Cabanis-Brewin a “Project” can be defined as “a temporary endeavor undertaken to create a unique product, service,
The role of a project manager has been the subject of numerous publications that have attempted to provide a precise set of qualities and responsibilities for the job title. However, the job role is so encompassing that there are still many different schools of thought on the subject and much debate over the precise terminology to best describe a project manager. This paper analyzes five such publications, and attempts to rationalize their research into a cohesive and comprehensive description of the roles of project manager. This paper establishes the roles of the project manager in the current setting in order that a newcomer to the subject matter will be able to understand the concepts as it relates to modern technology and business practices.
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan