Introduction Projects are used today as a way of achieving a variety of outcomes in local or international locations for new constructions, new product development, product improvement, process design, process improvement, utility installation, theory and technology development, and many more. Bringing a project to a successful conclusion requires the integration of numerous management functions like controlling, directing, team building, communication and others. It also requires cost and schedule management, technical and risk management, conflict and stakeholder 's management, and life cycle management. Project Description "Whirlpool Corporation is a global manufacturer and marketer of major home appliances, with annual sales of over …show more content…
"The balanced scorecard attempts to measure and provide feedback to organizations in order to assist in implementing strategies and objectives." (answers.com, 2006) Note that in the strategic-management model, feedback is critically important. Changes can occur that impact all strategic-management activities. Feedback allows these changes to be identified and adjustments to be made. Feedback in the strategic-management process promotes the creation of a climate for two-way communication and, thus, allows esprit de corps to be achieved in an organization. Looking at Perspectives The primary purpose of the scorecard is to help measure the financial perspective of the project. This will help measure reflecting financial performance, for example number of debtors, cash flow or return on investment, Net Present Value (NPV) and Internal Rate of Return (IRR). Several different procedures are available to analyze potential business investments. First, the most important concept of evaluating these investments is the NPV. NPV of a project can be viewed as the difference between an investment 's market value and the cost of that investment. It is only a good investment if it makes money for the company, so a positive NPV will be needed. The projects can be ranked
Project management with its concepts, theories, methodologies, tools and techniques has developed during the last 30 to 40 years. There are number of other methods of project management which have emerged in recent years, and also started to be used in various projects by both the private and public sectors. Although some modern theories of project management are developing, that doesn’t mean that the traditional ones are no longer used or suitable for current project management practices. Both the traditional and modern project management approaches are still used in everyday project practices, though there have been some debates whether to rigorously adhere to the traditionally accepted approach or to apply newer and modern approach, because the traditional ones are considered to be
“First, I would like to start off with a brief introduction of the company that you will be helping increase sales for during this promotional time. Whirlpool Corporation was founded in 1911 in St. Joseph, Michigan. So with over 100 years of experience Whirlpool is the world’s leading global manufacturer of home appliances. Focusing on consumer needs fuels our growth and keeps us relevant in homes around the world. We exist to create purposeful innovation that keeps homes running smoothly so personal and family lives can flourish.”
‘Project management is the application of knowledge, skills, tools and techniques to project activities to meet the project requirements’ (Project Management Institute, 2009, p12). Once a project has been approved a project manager is assigned to the project, and ‘is expected to integrate all aspects of the project, ensure that the proper knowledge and resources are available when they are needed, and ensure that the results are produced in a timely, cost-effective manner’ (Meredith and Mantel, 2010, p5). In order to allow this to happen there are several key aspects of a project which need to be carefully thought out and controlled.
Our company Wireless Software Inc. is an innovative Internet-based company with gross revenues of more than $35 million dollars per year. Our company will be merging with a multinational company Skyguard Software Inc. of equal size, as a result of merging it produced Navitech Software Inc and we will be responsible for developing a project plan to strategically integrate all systems, including databases and infrastructure. Navitech Software Inc. global enterprise operations would provide best software products that will benefit to both companies. This report presents recommendations that allow Navitech Software Inc. to remain successful
Jim and Lisa Decker have decided to build a deck on the back of their home where the backyard slopes. The sloped area of the yard is not of any use to the Deckers and the family wants to add an area for family gatherings, entertaining, and an area that adds a safe escape for their children to play and spend quality time as a family. The potential area for the deck is a sloping hill in the back yard and the Decker’s are looking to increase the safety for their family by building a deck that offers trex decking on the surface and railing around the perimeter. The deck makes the area safe, relaxing, and extremely useful to the whole family by
In the world of technology that we live in today has forced companies in almost every industry to use whatever tools that are available to help them be competitive in their business industry. There are a few ways to do this, one of those ways is the use of Web analytics, which is the collection of raw data from users browsing habits and then taking the raw data and assemble the data into clear comprehensive results. This type of analysis is very useful for companies, as it helps them learn what users are doing and their habits and the best way to target these users.
Effective use of electronic health records (EHR) has been the desired result since the implementation in the healthcare field. According to Barey, E.B., McGonigle, D., and Mastrian, K. (2015), “The four most common benefits cited for EHR are; (1) increased delivery of guideline-based care, (2) enhanced capacity to perform surveillance and monitoring for disease conditions, (3) reduction in medication errors, and (4) decreased use of care” (p. 255). An additional advantage the EHR could provide through project planning includes the ability to assist the healthcare professional with real-time, increased accurate intake and output (I&O) documentation. Alford (2003) encourages, “Nurses have been taught the rules of charting, but style and frequency generally are left to each facility and institution to dictate (p. 288). While maintaining accurate vital signs, the nurse also has a responsibility to interpret was is considered within normal limits. One study completed by Albert and Huesman (2011), provided insight on the effort to acquire an early warning component in the patient’s chart (p. 283). When a patient has the potential for decline, all
The balanced scorecard is a strategic planning and management system is used to help align activities of the vision and strategy of the organization, and apply it to the overall
Thomas, M., & Adams, J. (2005). ADAPTING PROJECT MANAGEMENT PROCESSES TO THE MANAGEMENT OF SPECIAL EVENTS: AN EXPLORATORY STUDY. Academy of Strategic Management Journal, 4, 99-114. Retrieved from https://prx-herzing.lirn.net/login?url=https://search-proquest-com.prx-herzing.lirn.net/docview/215099782?accountid=167104
A scorecard has several measurement perspectives, with the original scorecard having financial, customer, internal business and innovation and learning perspectives. Balanced scorecards are normally a key output from the strategy formulation process. The key goals that are identified as being critical to the success of the business,
Balanced Scorecard is a general methodology that is being used to improve performance within strategic
Until 19th century, in an industry, almost all the projects were handled by engineers themselves. Halfway through the 20th century, project management evolved as a discipline in the field of engineering, construction, manufacturing and defense. As industrial evolution took place complexity of the projects undertaken by industry increased and organizations began applying management tools and techniques to plan these complex projects. Nowadays, from past 30 -40 years, project management has been integral part of almost every industry. Be it a pharmaceutical, IT, healthcare or government agency; project management thrives in it. Hence surely, it has changed the face of industrial project in terms of planning, organizing and controlling the resources to achieve the desired goals. And it will continue to do so in future. The article supports the claim that industrial project management has changed over the years and will evolve more and more in the future also.
The second phase of this project, pricing new system, deals with the defining of requirements for the business system, exploring solution alternatives, and determining economic and technical feasibility. Ted Y. is the responsible manager for realization of all tasks and subtasks; he has been allocated $6098.40 for completion for this phase of the project development.
Project management is an essential part of businesses and industries in order to advance ahead and add value to products. Project management enables companies to innovate, plan strategically, and for the economy to progress. The important parts of projects are often values such as team working, planning, innovation, time and budget management, and leadership. In the modern society, some projects can be pharmaceuticals (inventing new drugs), IT solutions (new technologies), energy and environment (other sources of energy such as solar), and military (new weapons and machines). The similarities are such that these projects are undertaken to improve the lives of
The balanced scorecard can act as different roles in a company. When acting as a measurement of performance, BSC follows two steps. Firstly, it draws objectives and measures from the company’s overall strategy. In other worlds, it converts the vague strategy into detailed actions. Then, by using these objectives and measures as a benchmark, the performance are evaluated from four different aspects including the financial, customer, internal-business-process and learning and growth perspective (Kaplan and Norton, 1996). The financial perspective concentrates on financial health of a company, it is the most direct way for executives to measure organization performance. Usually, the good performance of the other three perspectives of the scorecard will lead to good results of financial performance as the four perspectives are interrelated. In terms of