Project Managers are persons with special skills in conflict resolutions
- The 3 goals of a project are performance , cost and time schedule
- Projects have three interrelated objectives to (1) meet the budget, (2) finish on schedule and (3) meet specification that satisfy client.
- If the schedule, budget and specifications are rigidly predetermined, the project is probably doomed to failure unless the pre-set schedule and budget are overly generous of the difficulty in meeting the specifications had been seriously overestimated.
- There are two different paths (life cycles) along which projects progress from start to completion. The S-shape and J-Shape. Identifying the different life cycles helps project managers to focus attention on appreciate matters to ensure to ensure successful project completion.
- Project selection is the process of evaluating individual projects or groups of projects and then choosing to implement a set of them so that the objectives of the parent organisation are achieved.
- The methods for projects selections are :
- Nonnumeric selection methods which include :
- The Scared Cow: The project will be approved and will be shown to be technically, if not economically, feasible.
- The operating/competitive Necessity: This methods selects any project that is necessary for continued operation of a group or facility.
- Comparative Benefits: To select from a list of projects that are complex, difficult to assess and often noncomparable.
2- Numeric Selection Methods :
- Financial Assessment Methods: Selecting the projects on the basis of their expected economic value to the firm.
- Real Options: The project selection employs a financial model that recognizes the value of positioning the organisation to capitalize on future opportunities.
- Scoring Method: It were developed to overcome some of disadvantages of the simple financial profitability methods, especially their focus on single criterion.
- The Management of Risk :
Effective project management requires an ability to deal with uncertainty. There are actions that may be taken to reduce the uncertainty, no actions of a project management can ever eliminate it . Effective Decision Making is predicated on an ability to manage the ambiguity that arise while operate in environment of uncertain information.
The project Portfolio process (PPP) :
- The PPP attempts to link the organisations projects directly to the goals and strategy of the organisation. The Steps in this process generally follow those described in Longman, Sandahl and speir (1999) and Englund and Graham (2000):
- Establish a Project Council: To establish and articulate a strategic direction for projects and allocating funds to those projects.
- Identify Project Categories and Criteria: T list the goals of each existing and proposed project that is , the mission , or purpose , of each project relating these to the organisation’s goals and strategies to allow the council to identify the projects importance to the organisation .
- Collect project data: For each existing and proposed project, assemble the data appropriate to that category’s criteria including the timing, both date and duration for expected benefits and resources needs.
- Assess resource availability: Assess availability of internal and external resources by type, department and timing.
- Reduce the project and criteria set : To reduce the number of competing projects.
- Prioritize the projects within categories.
- Select the projects to be funded and held in reserve : The focus should be on committing to fewer projects but with sufficient funding to allow project completion.
- Implement the process : By Making the result of PPP widely known , the TOP management must now make their commitment to the project portfolio process totally clear by supporting the process and the results.
The Project Manager Roles:
- Facilitator: The PM must ensure that those who works on the project have the appreciate knowledge and resources to accomplished their assigned responsibilities.
- System approach: PM must adopt the systems approach. The project is a system composed of tasks (subsystems) which are in turn composed of subtasks.
- Micromanagement: The PM may work for a program manager who closely supervise and second-guesses every decision the PM Makes.
- Communicator: PM must be a person who can handle responsibility. PM is responsible to the project team, to senior management, to the client and to anyone else who may have a stake in the projects performance or outcomes.
- PM is a facilitator , unlike the traditional manager who is a supervisor . The PM must adopt the system approach to making decisions and managing projects. Multiple communication paths exist in any project and some paths bypass the PM causing problems. The PM Must keep the senior management informed about the current state of the project.
Part (2) to Be Published
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