Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9781259666094
Author: Erik W. Larson, Clifford F. Gray
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 2, Problem 4RQ
The portfolio of projects is typically represented by compliance, strategic, and operations projects. What impact can this classification have on project selection?
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Mangement
Project management is a discipline that involves planning, organizing, and overseeing the execution of a project from initiation to completion. It encompasses defining project goals, outlining tasks, allocating resources, and managing budgets and timelines. A successful project manager must possess strong leadership skills, effective communication, and the ability to mitigate risks and solve problems efficiently. Collaboration among team members is crucial, as is the flexibility to adapt to unexpected challenges that may arise during the project lifecycle. Continuous monitoring and evaluation ensure that the project stays on track, meeting objectives and delivering value to stakeholders.
Question: How can project managers encourage effective collaboration and communication among team members to ensure the successful and timely completion of a project?
FROM THE TEXT (Project Management): The project team decides the work that will be self-performed—performed by members of the project team—and the work that will be outsourced to others. The procurement strategy focuses on the work that will be outsourced—performed by outsiders.
Luu, Ng, and Chen (Luu, Ng, & Chen, 2003) studied project procurement selection priorities and identified budget and schedule as the most important considerations in the decision to outsource activities. This study of construction projects also identified other items that project managers must consider in developing a procurement strategy, including quality, risk, complexity, and flexibility. Some outsourcing decisions are easy.
Outsourcing Steel and Concrete in New York
A construction company has a contract to build a large building in downtown New York. Most, if not all, the construction materials, such as steel and concrete, will be purchased from companies that specialize in steel and concrete.…
Explain the importance of stakeholder involvement in requirement analysis and its impact on project success.
Chapter 2 Solutions
Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
Ch. 2 - Describe the major components of the strategic...Ch. 2 - Explain the role projects play in the strategic...Ch. 2 - How are projects linked to the strategic plan?Ch. 2 - The portfolio of projects is typically represented...Ch. 2 - Why does the priority system described in this...Ch. 2 - Why should an organization not rely only on ROI to...Ch. 2 - Discuss the pros and cons of the checklist versus...Ch. 2 - You manage a hotel resort located on the South...Ch. 2 - Two new software projects are proposed to a young,...Ch. 2 - A five-year project has a projected net cash flow...
Ch. 2 - You work for the 3T company, which expects to earn...Ch. 2 - You are the head of the project selection team at...Ch. 2 - You are the head of the project selection team at...Ch. 2 - The Custom Bike Company has set up a weighted...Ch. 2 - What is our major problem?Ch. 2 - Identify some symptoms of the problem.Ch. 2 - What is the major cause of the problem?
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- What are the questions to ask to estimate the viability of a DMAIC projectarrow_forwardIn which type of organization does the Functional Manager manage the project budget?arrow_forwardProject B is the development of a facility in a remote area, of about GHS 5 million in value, of approximately 18 months’ planned duration. It is 30 per cent completed. Earned Value analysis shows that the project is not achieving its planned cost or progress targets. The project is also not achieving quality requirements. Some of the specialized components used for this project are only oSbtainable from overseas suppliers and are difficult to transport over the rough terrain near the project site. There has been a delay on ordering these components. The transportation of these components, which must be booked several months ahead, has not been arranged, and there is also difficulty with obtaining tradespeople with the requisite set of skills to install them. There are also several other risks associated with this project, including a quite basic business case, rudimentary project charter, poor definition of expected project outcomes, exchange rate risks and the potential for…arrow_forward
- Describe the process of requirement prioritization and how it helps in making informed decisions during project planning.arrow_forwardA project selection process that is strongly linked to strategy results inarrow_forwardThis is in reference to the AURA resedential development project, which consists of 39 high end units and this project was done by NCB Group in Grand Cayman. This is for a project management course so please answer as such. Critically assess and comment on the success of the project from the following viewpoints: Level or degree of alignment of end results and outcomes to the organization’s strategic goals. Level of success in the management of the triple constraints of time, cost, and scope. Level or degree of customer/user satisfaction of results and outcomes Value created for the organization.arrow_forward
- Describe the role of supply chain management in project management and its significance in guaranteeing the successful completion of the project.arrow_forwardWhat is the minimum cost of crashing the following project at Sawaya Robotics by 4 days? NORMAL TIME (DAYS) CRASH TIME (DAYS) 5 4 ACTIVITY Design (A) Wiring (8) Chip install (C) 7 5 3 4 7 2 2 4 NORMAL COST 300 900 500 CRASH COST 1,100 1,200 350 975 575 Software (D) Testing (E) The minimum cost of crashing the following project at Sawaya Robotics by 4 days is $1,875 (enter your response as a whole number). IMMEDIATE PREDECESSOR(S) 1,300 1,650 A, B сarrow_forwardThere are various types of project organizations. Certain types of project organizations work best for certain types of projects. For example, there are pure project organizations, functional project organizations, centrally-organized project organizations, matrix project organizations, and mixed project organizations. Select any one type of project, such as software development, research and development, building construction (commercial, residential, etc.), public sector work, accounting, procurement, or financial, and discuss the best project organization that would suit the project type you selected.arrow_forward
- Explain the concept of requirement prioritization and its role in managing project scope and resources.arrow_forwardAssuming that the project is performed by an outside contractor, what is the role of the customer's employees in the planning stages of the project life cycle?arrow_forwardAssuming that the project is performed by an outside contractor, what is the role of the customer's employees in the planning stage of the project life cycle?arrow_forward
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