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A Temporary Endeavor Undertaken to Create a Unique Product, Service, or Result

Essay by   •  October 24, 2018  •  Essay  •  531 Words (3 Pages)  •  98 Views

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Chapter 1 Review Questions (p. 19)

  1. Define a project. What are five characteristics that help differentiate projects from other functions carried out in the daily operations of the organization?

A project is “a temporary endeavor undertaken to create a unique product, service, or result”. It must include a goal, timeline, uniqueness, interdepartment participation, and fixed expectations for time, cost, and performance.

  1. What are some of the key environmental forces that have changed the way projects are managed? What has been the effect of these forces on the management of projects?

  • The shortening of the product life cycle has pushed organizations to create cross-functional project teams. In this economy, a delay can cause a loss in revenue. Because of the importance of time to market for new products, speed is now considered a competitive advantage.
  • With increased knowledge, each project has become increasingly complex to execute. More experts are needed from various fields to create a product that includes the latest technological advances.
  • In the age of information, there is increased visibility in company actions. To satisfy buyers, businesses can no longer ignore activities that are harmful to the environment and society. Therefore, projects must make the effort to complete their goals with sustainability in mind.
  • An increase in competition has put pressure on companies to pay more attention to customers to maintain a competitive advantage. Project managers must strive to understand the needs their customers and create customized products and services.
  • Multiple small projects are all occurring simultaneously in today’s fast-pace environment. These small projects may not require a lot of resources but they will soon add up. To solve this issue, companies must prioritize projects that are most aligned with the goals of the organization.
  1. Why is the implementation of projects important to strategic planning and the project manager?

The implementation of projects is important to strategic planning because businesses are reliant on projects to achieve their goals. It matters to project managers because they are responsible for implementing the projects and ensuring that they are completed on time, within budget, and are up to customer standards.

  1. The technical and sociocultural dimensions of project management are two sides to the same coin. Explain.

The technical and sociocultural dimensions of project management can be considered two sides to the same coin because they are both vital in executing a project. Project management involves both managing time, cost, and performance as well as managing a team of differing skillsets and personalities. Therefore, a successful project manager must be able to find balance between the two sides and not be too focused on one aspect while neglecting the other.

  1. What is the impact of governance on managing an individual project? Why is this approach important in today’s environment?

The governance of all projects allows senior management to have an overview of activities, resources, risk, performance metrics, as well as a connection to the projects. This insight is especially important for ensuring that everything is aligned with the external environment and provides management with more control of project management activities. Governance also allows for a transfer of knowledge, skills, tools, and techniques between projects which is beneficial to individual projects.

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