Description
Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page. Students must mention question numbers clearly in their answer. The answers must be at the end and only black. Avoid plagiarism as possible as you can, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be Submissions without this cover page will NOT be accepted. APA style reference use only 3 good references The quotation must be correct as well as attention should be paid to numeric signs such as comma and period Dr. Very strict. The answer must be direct ,answer all parts of each question and contain one idea without moving to more than one idea in the same question to facilitate understanding for the reader. The number of words is important, of course, but the quality of the solution is more important to me, so that the answer is of good quality without increasing the number of words just because I prefer that the answer always be more than 200 words.
Unformatted Attachment Preview
Commission a break-even study for the laser printer.
Very little in the way of concrete savings was identified, although there
was consensus that time could be compressed to the market launch date, but
at additional costs.
Lauren met with the marketing (Connor), production (Kim), and design
(Gage) managers, who yielded some ideas for cutting costs, but nothing
significant enough to have a large impact. Gage remarked, “I wouldn’t want
to be the one to deliver the message to top management that their cost
estimate is $1,250,000 off! Good luck, Lauren.”
1. At this point, what would you do if you were the project manager?
2. Was top management acting correctly in developing an estimate?
3. What estimating techniques should be used for a mission-critical project
such as this?
Case 5.2
Post-Graduation Adventure
Josh and Mike met as roommates during freshman year at Macalester
College in St. Paul, Minnesota. Despite a rocky start they became best
friends. They are planning a two-week adventure together to celebrate their
graduation in June. Josh has never been to Europe and wants to visit France
or Spain. Mike spent a semester abroad in Aarhus, Denmark, and traveled
extensively in northern Europe. Even though Mike has never been to France
or Spain, he wants to go to someplace more exotic, like South Africa or
Vietnam. For the past week they have been arguing over where they should
go. Josh argues that it will cost too much to fly to South Africa or Vietnam,
while Mike counters that it will be much cheaper to travel in Vietnam or
South Africa once they are there. They agree that they can spend no more
than $3,500 each on the trip and could be gone for only two weeks.
One evening when they were arguing with each other over beers with
friends, Sara said, “Why don’t you use what you learned in your project
management class to decide what to do?” Josh and Mike looked at each
other and agreed that made perfect sense.
1. Assume you are either Mike or Josh; how would you go about making a
decision using project management methodology?
2. Looking first at only cost, what decision would you make?
3. After cost, what other factors should be considered before making a
decision?
page 164
Appendix 5.1
LEARNING OBJECTIVES
After reading this chapter you should be able to:
A5-1
Use learning curves to improve task estimates.
LO A5-1
Use learning curves to improve task estimates.
Learning Curves for Estimating
A forecast estimate of the time required to perform a work package or task
is a basic necessity for scheduling the project. In some cases the manager
simply uses judgment and past experience to estimate work package time or
uses historical records of similar tasks.
المملكة العربية السعودية
وزارة التعليم
الجامعة السعودية اإللكترونية
Kingdom of Saudi Arabia
Ministry of Education
Saudi Electronic University
College of Administrative and Financial Sciences
Assignment 2
Project Management (MGT 323)
Due Date: 30/03/2024 @ 23:59
Course Name: Project Management
Student’s Name:
Course Code: MGT323
Student’s ID Number:
Semester: 2nd
CRN:
Academic Year:2023-24
For Instructor’s Use only
Instructor’s Name
Students’ Grade: /10
Level of Marks: High/Middle/Low
General Instructions – PLEASE READ THEM CAREFULLY
•
•
•
•
•
•
•
•
The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented, marks may be reduced
for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted. Peer-Reviewed Journals are required as
references.
Avoid plagiarism, the work should be in your own words, copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No
pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
• Do not make any changes in the cover page.
Assignment Workload:
• This Assignment comprise of a Case Study questions.
• Assignment is to be submitted by each student individually.
Assignment Purposes/Learning Outcomes:
After completion of Assignment-2 students will able to understand the
1. Defining the concepts, theories and approaches of project management. (L.O-1.1)
2. Analyze to work effectively and efficiently as a team member for project related
cases. (L.O-3.1)
3. Evaluate to monitor and control the project. (L.O-3.2)
Assignment-2: Case Study
Assignment Case study Question:
(Marks 10)
Please read the Case-5.2 “Post Graduation Adventure.” from Chapter 5
“Estimating Project Times and Costs” given in your textbook – Project
Management: The Managerial Process 8th edition by Larson and Gray page
no: 93 also refer to specific concepts you have learned from the chapter to
support your answers. Answer the following questions.
Case study questions
1. Assume you are either Mike or Josh; how would you go
about making a decision using project management
methodology? Explain in 150 words (3 Marks).
2. Looking first at only cost, what decision would you
make? Explain in 150 words (3 Marks).
3. After cost, what other factors should be considered
before making a decision? Explain in 200 words (4 Marks)
Answers:
المملكة العربية السعودية
وزارة التعليم
الجامعة السعودية اإللكترونية
Kingdom of Saudi Arabia
Ministry of Education
Saudi Electronic University
College of Administrative and Financial Sciences
Assignment 2
Project Management (MGT 323)
Due Date: 18/02/2023 @ 23:59
Course Name: Project Management
Student’s Name:
Course Code: MGT323
Student’s ID Number:
Semester: Second Semester
CRN:
SEU ELITE
Academic Year:2022-23
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: /15
Level of Marks: High/Middle/Low
General Instructions – PLEASE READ THEM CAREFULLY
The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented, marks may be reduced
for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted. Peer-Reviewed Journals are required as
references.
Avoid plagiarism, the work should be in your own words, copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No
pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
Do not make any changes in the cover page.
Assignment Workload:
This Assignment comprise of a Case Study questions.
Assignment is to be submitted by each student individually.
Assignment Purposes/Learning Outcomes:
After completion of Assignment-2 students will able to understand the
1. Defining the concepts, theories and approaches of project management. (L.O-1.1)
2. Analyze to work effectively and efficiently as a team member for project related
cases. (L.O-3.1)
3. Evaluate to monitor and control the project. (L.O-3.2)
Assignment-2: Case Study
Assignment Case study Question:
(Marks 15)
Please read the Case-5.2 “Post Graduation Adventure.” from Chapter 5
“Estimating Project Times and Costs” given in your textbook – Project
Management: The Managerial Process 8th edition by Larson and Gray page
no: 93 also refer to specific concepts you have learned from the chapter to
support your answers. Answer the following questions.
Case study questions
1. Assume you are either Mike or Josh; how would you go
about making a decision using project management
methodology? Explain in 250 words (5 Marks).
2. Looking first at only cost, what decision would you
make? Explain in 250 words (5 Marks).
3. After cost, what other factors should be considered
before making a decision? Explain in 250 words (5 Marks)
Answers:
Project Management Methodology
Question 1
Project management methodology is a systematic approach for managing
projects, which includes using specific tools and techniques to plan, execute, and close a
project. Assuming I was either Mike or Josh, I would use the project management
methodology to develop a well-informed and organized decision. When making a
decision using project management methodology, it is crucial to take into account the
following actions: Identify the issue or advantage: Determine the issue or advantage that
the choice must address. Gather information: Collect all relevant information needed to
make an informed decision. This could include data, expert opinions, or feedback from
both parties.
Generate options: Develop a list of potential options for addressing the problem or
opportunity. Evaluate options: Analyze and evaluate each option based on specific
criteria, such as feasibility, impact, and risk (Gray et al., 2021, p.93). Select the best
option: Choose the option that best meets the project’s goals and objectives while
minimizing risks and negative impact. Implement the decision: Develop a plan to
implement the selected option and put it into action. Monitor and control: Monitor the
progress of the decision and take corrective action as needed to ensure it is on track to
meet the project’s goals and objectives. Close the project: Evaluate the results of the
decision and document the lessons learned for future reference. By following these steps
of project management methodology, one can easily come up with a decision that is wellinformed, organized, and aligned with the project’s goals and objectives, resulting in a
higher chance of success.
Question 2
Decision-making is an important aspect of project management, and this is
especially true when it comes to planning an adventure. One of the key considerations
when making a decision on where to go on an adventure is the cost and the funds
available. By using project management methodology, you can ensure that your decisionmaking process is systematic and thorough and that all relevant factors are taken into
account.
The first step in the decision-making process is to define the project objectives. In
this case, the objective is to plan an adventure within your budget. Once the objectives
are defined, the next step is gathering information about the options available. This can
include researching different destinations, looking at costs for transportation,
accommodation, and activities, and comparing these costs to your budget (Gray et al.,
2021, p.93). The third step is to evaluate the options based on the information gathered.
This can include assessing the pros and cons of each option and considering factors such
as cost, safety, and the level of adventure offered. Once the options have been evaluated,
the fourth step is to make a decision.
In the final step, the decision is implemented by making the necessary arrangements
for the chosen adventure. This can include booking flights and accommodation, arranging
transportation and activities, and finalizing any other details. Throughout the process, it is
important to monitor progress and make adjustments as necessary to ensure that the
project stays on track and within budget. By using project management methodology, you
can make a well-informed decision about where to go on your adventure while ensuring
that the costs and funds available are taken into account. This will help you to plan an
adventure that is both exciting and affordable.
Question 3
When planning an adventure using the project management methodology, there are
several factors to consider beyond just cost. The first factor is Scope: Clearly define the
objectives and goals of the adventure. This includes identifying the objectives, goals, and
deliverables of the adventure. This will help determine the necessary resources and
activities required to achieve them. Time: Establish a realistic timeline for the adventure,
taking into account factors such as permit and reservation requirements, weather, and the
physical demands of the activity. Resources: Determine the necessary resources, such as
equipment, transportation, and personnel, and ensure they are available and allocated
appropriately.
Risk Management: Identify potential risks and hazards associated with the
adventure and develop a plan to mitigate or manage them. This includes factors such as
weather, terrain, wildlife, and emergency response. Communication and Coordination:
Establish clear lines of communication and coordination among all team members,
including designated roles and responsibilities, regular updates on progress, and any
issues that may arise (Gray et al. 2021, p.93). Stakeholder Management: Identify and
manage the expectations of both parties involved in the adventure. Quality: Quality
standards should be established and adhered to to ensure that the adventure is completed
to the satisfaction of both parties. Monitoring and Control: Implement a system for
monitoring progress and controlling deviations from the plan. This includes regular
check-ins, progress reports, and adjustments as necessary. By considering these factors
and utilizing the project management methodology, it becomes easy to ensure that the
adventure is planned and executed in the most efficient, safe, enjoyable, and successful
manner possible.
In conclusion, project management methodology can be an effective tool when
planning an adventure with friends. However, it is important to remember that the most
important aspect of planning an adventure with friends is to have fun and enjoy the
experience. Therefore, a balance should be struck between utilizing project management
techniques and not focusing too much on the planning process.
Reference
Gray, C, D., Larson, E, W., & Desai, G, V. (2021). Project Management. The Managerial
Process. 8th Edition, 93.
المملكة العربية السعودية
وزارة التعليم
الجامعة السعودية اإللكترونية
Kingdom of Saudi Arabia
Ministry of Education
Saudi Electronic University
College of Administrative and Financial Sciences
Assignment 2
Project Management (MGT 323)
Due Date: 18/02/2023 @ 23:59
Course Name: Project Management
Student’s Name:
Course Code: MGT323
Student’s ID Number:
Semester: Second Semester
CRN:
SEU ELITE
Academic Year:2022-23
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: /15
Level of Marks: High/Middle/Low
General Instructions – PLEASE READ THEM CAREFULLY
The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented, marks may be reduced
for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted. Peer-Reviewed Journals are required as
references.
Avoid plagiarism, the work should be in your own words, copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No
pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
Do not make any changes in the cover page.
Assignment Workload:
This Assignment comprise of a Case Study questions.
Assignment is to be submitted by each student individually.
Assignment Purposes/Learning Outcomes:
After completion of Assignment-2 students will able to understand the
1. Defining the concepts, theories and approaches of project management. (L.O-1.1)
2. Analyze to work effectively and efficiently as a team member for project related
cases. (L.O-3.1)
3. Evaluate to monitor and control the project. (L.O-3.2)
Assignment-2: Case Study
Assignment Case study Question:
(Marks 15)
Please read the Case-5.2 “Post-Graduation Adventure.” from Chapter 5
“Estimating Project Times and Costs” given in your textbook – Project
Management: The Managerial Process 8th edition by Larson and Gray page
no: 93 also refer to specific concepts you have learned from the chapter to
support your answers. Answer the following questions.
Case study questions
1. Assume you are either Mike or Josh; how would you go
about making a decision using project management
methodology? Explain in 250 words (5 Marks).
2. Looking first at only cost, what decision would you
make? Explain in 250 words (5 Marks).
3. After cost, what other factors should be considered
before making a decision? Explain in 250 words (5 Marks)
Answers:
Q1.
Decision-making may be based on a number of project management approaches which
are often very analytical and helps the project managers to be more effective and also
improves their level of success. Under, are some of the methodologies that Josh and Mike
may apply for an effective decision-making process. They include (Kerzner, 2018):
Agile: Cross-functional teams make choices using the agile methodology, which places a
strong emphasis on flexibility and quick iterations.
Scrum: methodology stresses a set of roles and procedures for effective decision-making.
Scrum is a subset of Agile.
Decisions are made by a project manager or other designated decision-making body using
the waterfall methodology, which is linear and sequential.
Lean: Teams use data-driven methods to make choices, with an emphasis on eliminating
waste and maximizing value.
Six Sigma: This methodology places a strong emphasis on the elimination of flaws and
the application of statistical analysis to decision-making.
Therefore, if I were Josh, it would be necessary to consider being flexible and take
sample data of the hotels and utilities that we would use for the two weeks we would be
staying in my designation in either Spain or France (Larson, Gray & Desai, 2011). This is
important since it could seem viable to visit either France or Spain based on the travel
cost, yet the stay is more expensive. I would thus use lean methodology to make this
decision.
As Mike, South Africa, or Vietnam are also very good decisions, and it is necessary to
optimize the vacation, the methodology I would leverage is the scrum methodology that
ensures I am more flexible as well as accommodative of the viable options based on the
findings of Josh and the present data.
Q2.
Choosing a project’s budget and resource allocation entails making judgments about costs
in project management. This includes calculating the price of the supplies, personnel, and
machinery required to finish the project, as well as any unforeseen extra expenses that
might occur. Making trade-off judgments and reconciling the project’s budget with its
aims and objectives are other aspects of this process (Papke-Shields & Boyer-Wright,
2017). Careful planning, continual monitoring, and necessary adjustments are needed for
effective project management cost decision-making to ensure the project stays under
budget. Therefore, looking at the planned project and or vacation by Mike and Josh,
which is set to take up to two weeks to undecided destination with a fixed budget of
$3500 per person, it is necessary to have a robust plan with data or statistics to help
inform the decisions (Larson, Gray & Desai, 2011). The first step that Mike and Josh
need to make is to acquire the necessities and or the basics, such as hotel rates or costs for
the two weeks. They thus also need to analyze the cost of food as well as other additional
expenses plus emergencies. It is necessary not to have a fixed and or exact budget but to
have extra money just in case. Thus the first decision would be made based on the cost
data, which would mean carrying out research about the cost of accommodation in the
four suggested locations, which includes France and Spain for Josh and Vietnam or South
Africa for Mike. This would ensure we have tangible and reliable costs that will make it
easy to make provisions as well as factor in all the other cost elements, such as adventure
costs for all the activities we might engage in, so that we don’t exceed the set budget of
$3500 each.
Q3.
When making project management decisions, a number of additional elements should be
taken into account in addition to cost:
Time: When making decisions, it is important to consider the project’s deadline and the
time allotted for completion (Papke-Shields & Boyer-Wright, 2017). In the case above,
Mike and Josh have decided that the adventure and or the graduation vacation will last
for two weeks. Hence they have additionally set the timeline that they are going to
undertake this project.
Scope: The project’s objectives and goals should be well-defined and understood, and any
changes to the project’s scope should be carefully weighed against the project’s
overarching objectives. As noted by Mike and Josh, one of the objectives of this project
is to adventure and visit new places. They have agreed to consider destinations they are
both not familiar with to help celebrate their long-awaited graduation (Larson, Gray &
Desai, 2011). They were looking to have a good time.
Quality: Since it directly affects the project’s success, the quality of the project’s
deliverables should be taken into account in all choices. The quality that Mike and Josh
are looking for is to have the best experience hence the debate about the destinations,
which is also characterized by cost, as noted in the case.
Risk: Risk management measures should be implemented to reduce potential risks
associated with the project after they have been identified and evaluated (Kerzner, 2022).
Factors such as safety as well as the risk of spending over the budget have been the main
point of discussion between these two friends, Mike and Josh, as they are worried about
the costs. They are afraid of risking their budget and ending up going overboard.
References
Kerzner, H. (2018). Project management best practices: Achieving global excellence. John
Wiley & Sons.
Larson, E. W., Gray, C. F., & Desai, G. V. (2011). Project management: The managerial
process. “Estimating Project Times and Costs” 8th Ed. p93
Papke-Shields, K. E., & Boyer-Wright, K. M. (2017). Strategic planning characteristics
applied
to
project
management. International
Journal
of
Project
Management, 35(2), 169-179.
Kerzner, H. (2022). Project management metrics, KPIs, and dashboards: a guide to
measuring and monitoring project performance. John Wiley & Sons.
Because learning changes everything.
Chapter One
Modern Project
Management
© 2021 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom.
No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
®
An Overview of Project Management 8th Ed
© McGraw-Hill Education
2
Learning Objectives
1-1
Understand why project management (PM) is crucial in
today’s world
1-2
Distinguish a project from routine operations
1-3
Identify the different stages of a project life cycle
1-4
Describe how Agile PM is different from traditional PM
1-5
Understand that managing projects involves balancing the
technical and sociocultural dimensions of the project
© McGraw-Hill Education
3
Chapter Outline
1.1
What Is a Project?
1.2
Current Drivers of Project Management
1.3
Agile Project Management
1.4
Project Management Today: A Socio-Technical Approach
© McGraw-Hill Education
4
Examples of Projects Given to Recent College Graduates
• Business information: install new data security system
• Physical education: develop a new fitness program for senior citizens
• Marketing: execute a sales program for a new home air purifier
• Industrial engineering: create a value chain report for every aspect of a key product from
design to customer delivery
• Chemistry: develop a quality control program for an organization’s drug production facilities
• Management: implement a new store layout design
• Pre-med neurology student: join a project team linking mind mapping to an imbedded
prosthetic that will allow blind people to function normally
• Sport communication: create a promotion plan for a women’s basketball project
• Systems engineers: develop data mining software of medical papers and studies related to
drug efficacy
• Accounting: work on an audit of a major client
• Public health: design a medical marijuana educational program
• English: create a web-based user manual for a new electronics product
© McGraw-Hill Education
5
1.1 What Is a Project?
Project Defined (according to PMI)
• A temporary endeavor undertaken to create a unique product, service,
or result
Major Characteristics of a Project
• Has an established objective
• Has a defined life span with a beginning and an end
• Involves several departments and professionals
• Involves doing something never been done before
• Has specific time, cost, and performance requirements
© McGraw-Hill Education
6
Program versus Project
Program Defined
• A group of related projects designed to accomplish a common goal
over an extended period of time
Program Management Defined
• A process of managing a group of ongoing, interdependent, related
projects in a coordinated way to achieve strategic objectives
Examples:
• Project: completion of a required course in project management
• Program: completion of all courses required for a business major
© McGraw-Hill Education
7
Comparison of Routine Work with Projects
Routine, Repetitive Work
Projects
Taking class notes
Writing a term paper
Daily entering sales receipts into the
accounting ledger
Setting up a sales kiosk for a
professional accounting meeting
Responding to a supply-chain request
Developing a supply-chain information
system
Practicing scales on the piano
Writing a new piano piece
Routine manufacture of an Apple iPod
Attaching tags on a manufactured
product
© McGraw-Hill Education
Designing an iPod that is approximately
2 X 4 inches, interfaces with PC, and
stores 10,000 songs
Wire-tag projects for GE and
Wal-Mart
TABLE 1.1
8
Project Life Cycle
© McGraw-Hill Education
FIGURE 1.1
9
The Challenge of Project Management
The Project Manager
• Manages temporary, non-repetitive activities and frequently acts
independently of the formal organization.
• Marshals resources for the project.
• Is the direct link to the customer.
• Works with a diverse troupe of characters.
• Provides direction, coordination, and integration to the project team.
• Is responsible for performance and success of the project.
• Must induce the right people at the right time to address the right
issues and make the right decisions.
© McGraw-Hill Education
10
1.2 Current Drivers of Project Management
Factors leading to the increased use of project management:
• Compression of the product life cycle
• Knowledge explosion
• Triple bottom line (planet, people, profit)
• Increased customer focus
• Small projects represent big problems
© McGraw-Hill Education
11
1.3 Agile Project Management
Agile Project Management (Agile PM)
• Is a methodology emerged out of frustration with using traditional
project management processes to develop software.
• Is now being used across industries to manage projects with high
levels of uncertainty.
• Employs an incremental, iterative process sometimes referred to as a
‘rolling wave’ approach to complete projects.
• Focuses on active collaboration between the project and customer
representatives, breaking projects into small functional pieces, and
adapting to changing requirements.
• Is often used up front in the defining phase to establish specifications
and requirements, and then traditional methods are used to plan,
execute, and close the project.
• Works best in small teams of four to eight members.
© McGraw-Hill Education
12
Rolling Wave Development
• Iterations typically last from one to four weeks.
• The goal of each iteration is to make tangible progress such as define
a key requirement, solve a technical problem, or create desired
features to demonstrate to the customer.
• At the end of each iteration, progress is reviewed, adjustments are
made, and a different iterative cycle begins.
• Each new iteration subsumes the work of the previous iterations until
the project is completed and the customer is satisfied.
© McGraw-Hill Education
FIGURE 1.3
13
1.4 Project Management Today: A Socio-Technical Approach
The Technical Dimension (The “Science”)
• Consists of the formal, disciplined, purely logical parts of the process.
• Includes planning, scheduling, and controlling projects.
The Sociocultural Dimension (The “Art”)
• Involves the contradictory and paradoxical world of implementation.
• Centers on creating a temporary social system within a larger
organizational environment that combines the talents of a divergent
set of professionals working to complete the project.
© McGraw-Hill Education
14
A Socio-Technical Approach to Project Management
© McGraw-Hill Education
FIGURE 1.4
15
Text Overview
• Chapter 2 focuses on how organizations go about evaluating and
selecting projects.
• Chapter 3 discusses matrix management and other organization forms
and also discusses the significant role that culture of an organization
plays in the implementation of projects.
• Chapter 4 deals with defining the scope of the project and developing a
work breakdown structure (WBS).
• Chapter 5 explores the challenge of formulating cost and time estimates.
• Chapter 6 focuses on utilizing the information from the WBS to create a
project plan in the form of a timed and sequenced network of activities.
© McGraw-Hill Education
16
Text Overview (Continued)
•
Chapter 7 examines how organizations and managers identify and manage
risks associated with project work.
•
Chapter 8 explores resource allocation and how resource limitations impact the
project schedule.
•
Chapter 9 examines strategies for reducing project time either prior to the
initiation of the project or in response to problems or new demands placed on
the project.
•
Chapter 10 focuses on the role of the project manager as a leader and stresses
the importance of managing project stakeholders within the organization.
•
Chapter 11 focuses on the core project team and combines the latest
information on team dynamics with leadership skills/techniques of developing a
high-performance project team.
© McGraw-Hill Education
17
Text Overview (Continued)
•
Chapter 12 discusses how to outsource project work and negotiates
with contractors, customers, and suppliers.
•
Chapter 13 focuses on the kinds of information managers use to
monitor project progress and discusses the key concept of earned value
•
Chapter 14 covers closing out a project and the important assessment
of performance and lessons learned.
•
Chapter 15 discusses agile project management, a much more flexible
approach to managing projects with high degree of uncertainty.
•
Chapter 16 focuses on working on projects across cultures.
© McGraw-Hill Education
18
Key Terms
Agile project management (Agile PM)
Program
Project
Project life cycle
Project Management Professional (PMP)
© McGraw-Hill Education
19
Because learning changes everything.
www.mheducation.com
© 2021 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom.
No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
®
Because learning changes everything.
Chapter Two
Organization Strategy
and Project Selection
© 2021 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom.
No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
®
Where We Are Now
© McGraw-Hill Education
2
Learning Objectives
02-01
02-02
02-03
02-04
02-05
02-06
02-07
02-08
02-09
Explain why it is important for project managers to understand
their organization’s strategy
Identify the significant role projects contribute to the strategic
direction of the organization
Understand the need for a project priority system
Distinguish among three kinds of projects
Describe how the phase gate model applies to project
management
Apply financial and nonfinancial criteria to assess the value of
projects
Understand how multi-criteria models can be used to select
projects
Apply an objective priority system to project selection
Understand the need to manage the project portfolio
© McGraw-Hill Education
3
Chapter Outline
2.1
Why Project Managers Need to Understand Strategy
2.2
The Strategic Management Process: An Overview
2.3
The Nee
