As a project manager what can or should you do if your company 's sales force signs project contracts that are either underspecified or underpriced? A project manager has ultimate responsibility for the success of a project. An underspecified or underpriced project carries unnecessary risk. It is important to work with the sales force to avoid underspecified and underpriced projects. Communication is an important part of mitigating this issue in the future. Make the sales force part of the project team. Once the deal is closed that should not end the relationship between the sales person and the project. As the sales person gets more exposure to the execution side of the equation he/she will get better at sizing and realize the importance …show more content…
To me, in my projects, risk management is a key success factor. I think it 's never too early to start talking about risk in a project. People tend to be very optimistic. By really enumerating the risks and how the will be mitigated and what "plan b" might look like, I think you will have a better project. I always try to have what I can an "Eeyore" on my projects. This is the team member who always sees the cloudy side. I assign this person the job of risk management. This person will identify risks and mitigations and be responsible for ensuring all risks are mitigated as the project progresses. Rarely do organizations have enough money to authorize all the projects that are feasible. What set of criteria should be used in the project selection process and which criteria should have the most weight? If you feel that this depends upon the situation, define a specific situation in order to answer this …show more content…
Projects are assessed using specific criteria including cost then ranked from highest priority to lowest priority. A waterline is drawn. Any project above the waterline is authorized. Those below the waterline are rejected or deferred. The criteria to assess a project include impact and difficulty. You want to work on the high impact low difficulty projects first. In addition you need to factor in projects that need to be completed due to a compliance issue. If a project has to be done, it has to be done and this is more important than other
Concrete practices related to project selection and prioritization would help to focus on the critical projects.
Projects priority is another aspect that is highly considered by the grant makers. They always emphasize on certain activities and make it clear that low priorities bring in the low likely hood of getting the grant awards. Applicants should always ensure that very limited projects are highlighted in one application. When there are multiple projects highlighted in a single project, there are low chances of getting the funds. The presence of numerous projects makes answering narratives more complicated.
First is to examine each of those projects to the corporate objectives, compare and contrasting project selection criteria and justify why a project meets the selection criteria.
As a project manager, one must understand the procurement concepts, regardless of whether you are a buyer or a seller. Needless to say, procurement management helps identify a suitable supplier or contractor to procure goods or services. In most cases, a procurement contract is created. A procurement contract is an agreement in which the buyer agrees to acquire goods or services from a seller in exchange for consideration. A contract is a legally binding agreement between two or more parties. Usually, one party is known as a buyer and the other as the seller. This binding agreement is the key to the buyer and seller relationship and this provides the framework for how they will transact with each other. These contracts are mostly
2. Every project will contain the triple constraints being time, costs and resources, and a project scope. Time is often recognized by the duration in time the project will take. This is directly affected by the other two
For decision making purposes, the projects can be further divided into two groups which is independent project and mutually...
Identification of major problems in the processes by selecting a project and defining its targets, and determine the vital few factors to be measured, analyzed, improved, and controlled. Project goals and customer (internal and external) requirements are identified at define phase.
There has always been a saying that the customer is always right and in this modern age and and with new methodologies emerging in software development. There is always room to go to the past to get fresh new ideas. Customer here needs to feel that he is right and their opinion is being heard. The most important factor here is that everyone needs to leave the table happy and for a project manager, Customer walking with knowing he is right is always good even though you know they are a bit out of place.
Project management is said to be completed within time when it completed within the “triple constraints”: cost, time and quality. And in a lot of causes, one them is sacrificed so as to meet the other two. Project managers prioritize which ones are the most important.
No one of the above financial measures is adequate for project prioritisation. Most firms use two or more of these financial measures to prioritise projects. Since economic evaluations are done using spreadsheets, there is no reason not to calculate all these financial measures, and then use the appropriate ones during project prioritisation.
One step in the project selection process include the development of a set of criteria against which the project will be evaluated. These will be used to evaluate potential projects and support project selection. In the related case study it could include subjects as:
Using most project management principles, there are many differences ways in which are applied throughout the business world. Moreover, almost all businesses are constantly in search of best practices and ways in which they can improve their respective processes. Most organizations often tend to make huge investments in technology, in both hardware and software. These types of project initiatives require enormous amounts of funding and in most cases the amount of funding is just not available in most businesses. Therefore, decisions are usually made in regards to which projects should get funding, also which should get limited funding and which should get no funding as well (Wysocki, 2012). The dollars funding to fund these
There are definitions of projects in the literature and one of the best has been offered by Tuman (1983) which is a project is an organization of people dedicated to a specific purpose or objective. Projects generally involve large, expensive, unique, or high risk undertakings which have to be completed by a certain date, for a certain amount of money, with some expected level of performance. At a minimum, all projects need to have well defined objectives and sufficient resources to carry out all the required tasks.
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
This paper examines the legal aspects of procurement management and specifically how procurement management can be used as an effective tool for the overall management of a project. This paper focuses on the basics of common contract laws, the basics of agency law, the Uniform Commercial Code (UCC), and some aspects of that pertaining to the Federal Acquisition Regulations (FAR). A summation of the company’s position in relation to a given supplier (provided the company decides not to procure all of the material in a contract) will be examined along with how that position is strengthened by understanding the legal aspects of procurement management. Finally, the paper will analyze how the project manager is supported by the contract management function. Fleming (2003) posited that there is a clear and important distinction that should be made that delineates the work of the project from the inside work of the company.