1. A project is defined, according to the Project Management Insitute, as a temporary endeavor undertaken to create a unique product, service, or result.Five characteristics that help differentiate projects from other functions carried out in the daily operations of the organization are as follows:1.
An established objective. 2. A defined life span with a beginning and an end. 3. Usually, the involvement of serveral departments and professionals.
4. Typically, doing something that has never been done before. 5. Specific time, cost, and performance requirements.2. Some of the key environmental forces that have changed the way projects are managed are as follows:(a) Shortening of the product life cycle.
Products life cycle currently averages 1 to 3 years. Projects must be done at a much faster rate to keep up with the ongoing shortening of this cycle. (b) Increased complexity of the projects due to a growth in society’s knowledge and advancements in technology. (c) Increased focus on the utilization of renewable resources, and reducing carbon imprints. “Greener” efforts are practiced much more. (d) Corporate Downsizing.
Project management is replacing middle management. Outsourcing project work is more common. (e) Increased customer attention and competition. Customized products and services that cater to specific needs are being more sought after by the consumers.3.
The implementation of projects is important to strategic planning and the project managers because it can significantly determine the success of a project. Strategic plans must not be independent decisions made by different groups but rather a consicisive decision made by one or few groups. Independent decisions cause conflict, confusion and waste time. Strategic alignment of projects is of major importance to conserving and effective use of organization resources. Selection criteria need to ensure each project is prioritized and contributes to strategic goals.4.
Some suggest that the technical dimension represents the “science” of project management while the sociocultural dimension represents the “art” of managing a project. To be successful, a manager must be a master of both.5. It necessitates combining all of the major dimensions of project management under one umbrella.
Each dimension is connected in one seamless, integrated domain. Integration means applying a set of knowledge, skills, tools, and techniques to a collection of projects in order to move the organization toward its strategic goals.Case Study “A Day In The Life” 1. How effectively do you think Rachel spent her day? In my opinion, Rachel spent her day very ineffectively. She started her day off with the right intentions by arriving at work early but did not spend this additional time as well as the rest of her day efficiently to complete her project.
Rachel, as stated in the case study, still has work to catch up from the previous day so there is not time to waste. Rachel spent much of her day doing just that, wasting her time. She spent too much time socializing, and engaging in conversations with fellow co-workers on subjects which did not add any value to the completion of her ongoing project.This is proven when Rachel’s meeting was delayed by 15 minutes, rather than using this time in an effective manner, such as catching up on her emails, reviewing project reports, or discussing project information with the available co-workers, she decided to instead socialize with her co-workers about last night’s baseball game during this 15 minutes.
This is also shown as Rachel spent much time from her day relaxing, listening to music, and socializing with additional co-workers when this time could have been spent doing tasks to catch up on her project. Rachel spent many minutes discussing ongoing problems which could have been resolved in a much quicker fashion than the time it had taken her.Some of Rachel’s day resulted in value added to the completion of her project but there was too much time wasted and in my opinion with the time Rachel was given, much more could have been completed. 2. What does this case tell you about being a project manager? This case tells me that being a project manager is very hectic. Excellent organizational skills, communication skills, and overall knowledge of the nature of your project are needed attributes for any project manager to be successful.
There is much going on throughout a project manager’s day with many snags along the way. A project manager must know how to spend her day efficiently as well as deal with issues effectively to be successful.Review Questions 1. The major components of the strategic management process are as follows:(a) Goal-Setting: This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective.
Finally, customize the process for your staff, give each person a task with which he can succeed. (b) Analysis: In this stage, gather as much information and data relevant to accomplishing your vision. The focus of the analysis should be on understanding the needs of the business as a sustainable entity, its strategic direction and identifying initiatives that will help your business grow (c) Strategy Formulation: Determine what resources the business currently has that can help reach the defined goals and objectives. Identify any areas of which the business must seek external resources. (d) Strategy Implementation: This is the action stage of the strategic management process. Everyone within the organization must be made clear of their responsibilities and duties, and how that fits in with the overall goal.
Any resources or funding for the venture must be secured at this point. (e) Evaluation and Control: Strategy evaluation and control actions include performance measurements, consistent review of internal and external issues and making corrective actions when necessary.3. The projects and programs that a business pursues are the implementations of a strategic plan.
In other words, projects are the concrete actions that a business takes to execute its strategic plan. For example, during strategic planning, managers might see a certain weakness in a competitor that they might be able to exploit to gain more customers. As a result, the business might launch a new advertising campaign pointing out the weakness. In this case, the advertising campaign is a project that is implemented as a result of the strategic planning process.
