Project Management

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Project Management

Question 1

In the lifespan of any company, various projects have to be undertaken in order to meet the firm’s goals. Whereas some tasks may seem mundane, they have to be properly planned to ensure that accomplishments are made. Thus, companies need to strategize on the best approaches to use to achieve their targets.

            Initially, goals need to be set by the management. Consequently, the scope of the project has to be determined and a project manager appointed to oversee its completion. Furthermore, this official needs to write a plan outlining the tasks required and the necessary items as well (Meredith and Mantel 35). An estimate of resources needs to be set and deadlines forecast within a reasonable timeframe. The order of tasks is then identified, a risk analysis carried out and communication systems for reporting progress laid out. Such details need to be relayed to investors too. Accordingly, the plan should be executed at a suitable time.

            Similarly, monitoring needs to be done in order to make relevant modifications aimed at aligning assignments to the plan. As such, status reports should be filed on a regular basis and communication to superiors as well as subordinates made to ensure that everyone is carrying out his/her duties well. On completion, a wrap-up is vital since it contains a summary of the steps taken towards the realization of the set targets. In such instances, any alterations made especially budgetary ones need to feature. Furthermore, challenges incurred have to be noted as well as the lessons learnt during the exercise. By so doing, the organization creates a reference for future projects and builds a database for future recruitments or promotions to senior positions within the corporation.

Question 2

Organizational culture is the sets of habits and beliefs that are exhibited at a workplace. Such behaviors are able to influence the success rate of any project thereby determining its viability. Accordingly, members of staff are bound to apply the firm’s values and systems in the carrying out of their duties. Thus, corporations need to integrate strong habits into their work ethic in order to make its workforce more productive.

            Consequently, having a flexible and democratic governance style is helpful in facilitating the faster achievement of goals. This increases the rate of response to crises as well as an empowerment of workers in decision-making processes. As such, they develop a higher self-esteem and feedback mechanisms are more streamlined to avoid costly delays. In addition, good process orientation activities lead to the faster comprehension of people’s responsibilities thereby improving their work ethic. Similarly, it makes the project teams to work harmoniously because participants are knowledgeable on the creation and pursuit of a work plan.

            Likewise, the presence of an ethical training regimen for staff members especially project managers is beneficial to the integrity of the ventures (Meredith and Mantel 14). For example, it would avoid unscrupulous costs as well as the performance of shoddy jobs thereby limiting the company’s expenditure and ensuring that deadlines are met. Improvements in communication channels also enhance the interaction among colleagues thereby leading to the exchange of ideas. Such brainstorming sessions are integral in discovering new techniques for solving problems and this makes the accomplishment of tasks a lot easier. Additionally, insistence on teamwork is recommendable since individuals learn to multitask and this lightens the workload. Therefore, these practices promote a strong project environment that is beneficial to all stakeholders.

Question 3

In the strategic planning phase of a project, conducting a SWOT analysis is vital because it measures its viability. In particular, it gauges the unique skills and expertise that the firm. These things give it a competitive edge. These strengths need to be outlined to offer a glimpse of the foundation that the team has to rely on. Furthermore, the weaknesses section analyzes certain aspects of the business that have a negative influence on its brand. This may include the quality of service or the inadequacy of equipment.

            Similarly, opportunities consisting of new initiatives that can complement existing product lines and increase revenues have to be studied. Such things need to be new to prevent replication of services that may make the workplace environment redundant (Meredith and Mantel 63). External threats to the dominance of the corporation within its industry are also observed to ensure that the firm is engaged in valuable endeavors that can generate income. These considerations have to be proven to have a negative impact on the performance of the organization thereby warranting immediate response.

            Hence, the completion of such a study aids project managers in selecting business ventures that augment the firm’s vision and goals. Additionally, it rallies support from team members to commit to a cause since they understand their roles. In fact, it makes them realize the current economic state of the company, the dynamics of the marketplace and the direction that the management would like it to be. As such, it helps to drive their convictions for the projects and makes the labor force be hegemonic thereby hastening the execution of the tasks. It also gives the company an edge over its rivals.

Question 4

The world has become a competitive market place for different industries due to the ease of setting businesses. This has intensified the need for firms to develop products and services that constantly meet their customer’s expectations. As such, various corporations have resorted to investing heavily in market research techniques aimed at collecting vital data about the clients’ preferences.

            Thus, it has become necessary for management teams to explore the emotional attachment that consumers make towards brands and businesses in order to understand the rationale behind their changing needs. While the collection of empirical data about the frequency of one’s visits to specific stores is important, it has emerged that customers have become choosier when conducting shopping. They have developed particular tastes and opinions for different companies thereby enabling them to shift loyalties rather quickly. This has segmented the market into diverse niches thereby raising the demand for better goods and services.

            Consequently, it is beneficial for businesses to adjust the research techniques in order to build detailed consumer profiles. In fact, the study of decision-making process by them has become vital in determining the changes to be effected to attract more clients. However, since these alterations are centered on their non-verbal actions and reactions, firms are forced to restructure their information-gathering surveys in order to have an in-depth image of the types of clients available. The synthesis of this data is more insightful on the things that facilitate their choices and this could be integrated into the production line to enhance brand loyalty. As such, conventional methods have to be abandoned to generate new profiles that are representative of the population thereby guaranteeing an increase in sales.

Work Cited

Meredith, Jack, and Samuel Mantel. Project Management: A Managerial Approach. Hoboken, N.J: John Wiley, 2006. Print.